Bitcoin and Crypto Thread

Australia Sucks said:
You still have not addressed Cynlo's comments about Bitcoin being outdated technology in the crypto sphere and how it may get leap-frogged by a technically/technologically superior crypto within the next 10 - 20 years (or sooner even).
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Maybe we will get a better number 0, or rediscover America again. Bitcoin, absolute scarcity, was a discovery.

Stop thinking in the fiat paradigm. This is the biggest hurdle. Everything you know about the world is wrong. When Neo wakes up from the matrix, he doesn’t believe the real world. No one can be told what the matrix is, you have to see it for yourself. Accepting how wrong I was, about almost everything, requires a lot of humility. The brain wants to protect itself. That’s why Bitcoin is so hard to see. Don’t let your ego get in the way of seeing this. Read some books, or listen to some podcasts. If what I’m saying only has a 10% chance of being correct, it will still be the best ROI on 100 hours of study that you’ve ever spent.

Bitcoin is not a tech start-up. Its not PayPal, that will soon be replaced with Venmo. This is open source, free range artificial life. It can happen once. There cannot be a do-over for people that wish they had got in earlier. Affinity scams seeking exit liquidity from desperate young people are never going to leap frog anything. There is no need to re-discover what has already been discovered and is being used by people, successfully, worldwide.

I really want you to see it, because it’s beautiful. Free your mind.
 
The only advantage Bitcoin has over other cryptos at this point is adoption. All the technical aspects of Bitcoin can eventually be be improved upon. (if they haven't already). Its just the confidence in Bitcoin and the adoption which are hard to replicate. Bitcoin had the first mover advantage. But history shows that first mover doesn't always win and its a double edged sword (due to competitors having time to see the flaws of your product and create something new and better without the legacy issues). Sometimes first movers win (like Amazon) sometimes first movers lose (like Myspace).

Yes adoption matters due to network effect but we have not yet hit critical mass of adoption. The crypto race is yet to be won.

If 1 billion worldwide (as opposed to 1 billion wallet addresses) owned Bitcoin it would be very hard to supplant due to network effect but we are not there yet.

Also Warren Buffet pointed out many decades ago that gold is a non-productive asset (he pointed this out about fiat also). He wrote an article about how over very long periods of time productive assets tend to outperform non-productive assets.

If you own a 1 kilo bar of gold a hundred years later it still sits there as a 1 kilo bar of gold. It hasn't produced anything in the meantime and has just cost insurance and storage etc. Whereas if you own a house and rent it out it has produced rent, if you own an apple farm its produced tonnes of apples. If you own profitable businesses they have likely paid you large amounts in dividends. The same criticism of gold can be made in regards to Bitcoin in that 1 Bitcoin is still 1 Bitcoin 100 years later and has not produced anything.

The counter argument to Buffet of course is that something has to be money and money should not be productive, money is purposely designed to be non-productive as it functions better that way. However Buffett's counter argument would be that long-term wealth should not be stored in any kind of money or non-producitve asset more generally but rather invested in productive assets wherever possible.

By the way I own both gold and Bitcoin so I am not in favour of Buffett's viewpoint but the opposing viewpoint needs to be heard.

Also I feel that both Bitcoin and gold have a place. Gold is a physical asset (and furthermore it does not need a title deed) which is useful if the digital system ever gets disrupted
 
@Australia Sucks everything you say is true, while trapped on the fiat treadmill.

Investing is great, for investors. What about people doing real work, like building homes or writing software...they should be doing their real jobs, instead of investing, but they can't, because the money is broken.

During Warren Buffets life, the best money available in the world lost 98% of its value. Everything he said about productive assets vs savings is true - in a world without Bitcoin.

As far as Bitcoin being supplanted by something better, I've stated why it is not analogous to MySpace. I know that my explanation will not get you there. It requires self study, proof of work from you. Just like getting 6 pack abs, there isn't a shortcut. If I have a small chance of being correct in your mind, it won't be a waste of your time.
 
Cynllo said:
There are very few major projects where the leads/founders are unknown. Going through the top 30 coins, I think it's only Monero that is lead anonymously.

Trading pits specifically refer to human traders. Every one I've been in (online trading communities) have been 99%+ right-wing. In 2021, talking about the fake virus threat was about as common as talking about Bitcoin price action. The rest you have written from there on is an argument you've started with yourself. That is the theme of your post. There are several argumentative points you've made that no one has brought up, within the frame of saying everyone here is stupid. Everyone here has there own take on where this is going. If anyone here gets it right for the right reason, I will take my hat off to them.

The portion of one post you have quoted is correct. Most of the developers, executives and managers are either European or Chinese. Go in pretty much any trading community and it will be almost all young males, and right-wing. There are the unicorn people too, but most crypto is held by young males who skew heavily to the right.
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Monero isn't lead anonymously, Fluffy Pony lead it but when their community hot wallet recently was hacked, due to the guy's history, he started getting serious threats & he stepped down. Fluffy Pony, like most project leaders, never touched a line of code, and "leads" & "founders" make no decisions without large, community consensus (see BIP). Again, most of the devs in crypto are anonymous. "Leads"/"founders" like fluffy pony are mostly responsible for server maintainance, marketing, etc & don't make important decisions.

The top crypto exchanges are mostly, coinbase, binance, etc in US & Seychelles. Not sure where you get they're "European or Chinese". Bitmain is based out of China & they mostly monopolize the ASIC industry right now, even that being, the top pool by hashrate is in the US. Most crypto wealth is in the US.

Look at the symbolism on Eth docs. Does this look like "young right wing males"? All pos coins (ie most of the top coins) follow Vitalik's lead. Vitalik is most definately not right wing...

Satoshi Nakamoto, the founder of bitcoin, is very likely to be lead by Peter Thiel. The guy is openly gay & works closely with the CIA.

Let's check out your most recent post; Shrapnel. "A strong play" as per you. The first thing we see is a black woman holding a gun. Let's check out the Shrapnel team. Right off the bat, their team is 25% women including Agatha Casillas aka "BossLady" & Ms. Lackaff, who appears to be a bull dyke. Several weird looking guys with eyebrow work, African/Asian/etc immigrants... nice & diverse. To top it off, they don't even have a github & their entire project is an erc20 token which means they probably don't even code, or a typical scam coin.

"trading pits"... the largest one being wallstreetbets, right? Where they casually talk about lewd sexual acts behind dumpsters & make references to their wives' boyfriends'? At least they're honest about what they are, which is degenerate junkies.

Sorry, but crypto is the belly of the beast & much of what you say is misleading & downright wrong about what finance & especially crypto actually is.
 
@larom the beauty of Bitcoin is it doesn't matter who created it. Even if it was the CIA or CCP. Can't change the rules, they are transparent, and they apply to everyone who voluntarily opts in. Features have been added, but the basic rules of Bitcoin have never changed. If some future change in Bitcoin is not something you want, no one is coercing you, you are again free to leave. Bitcoin is for enemies.
 
Australia Sucks said:
Currencies and money have overlapping features and are not mutually exclusive. And some monies are also currencies. In fact being a currency is one of the functions of money.
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No, it only goes one way. Currencies often (as in fiat) are NOT money, in reality. They are permissioned spending tools, proxies for other things, which have been thrown away but vestiges as a result with trust from the older times. Money of course can be currency, but again currency is not hard to make, come by, or something we need a solution for. This is where you go astray, not understanding the meaninglessness of currency as we have stated.
 
Australia Sucks said:
However Buffett's counter argument would be that long-term wealth should not be stored in any kind of money or non-producitve asset more generally but rather invested in productive assets wherever possible.
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He only knows an inflationary system. We don't care what he thinks because as chance has said, his days have been over for some time now. He hasn't been meaningful for over 20 years, and what he did make in his career was more based on being the son of a politician and being born in the country he was, with "investments" in monopoly power. Buffet's life, like most people with vast sums of money, is a survivor bias or worse, an actual scam.
chance vought said:
During Warren Buffets life, the best money available in the world lost 98% of its value. Everything he said about productive assets vs savings is true - in a world without Bitcoin.
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Precisely.

When you think about a world with a deflationary asset that is accepted as the hardest money, you can't unsee it. You realize that all the dumb arguments of "deflation" are lies by the money printing class that wants to steal your labor and consume. Deflation is NOT bad. Want proof? Look at who is telling you it is bad. If you don't want to believe that, just focus on the whole point of technology and innovation ... wait for it ... deflation!!!

It's hard for you to kick at the goads.
 
In previous historical cases, the unit aspect was more obvious and the system buy-in aspect perceivable only more abstractly and indirectly. With Bitcoin, however, the system buy-in aspect is more obvious and explicit, whereas the unit aspect is only perceivable more abstractly and indirectly. It is literally no longer possible to miss the system aspect because Bitcoin units are comprehensible only within the context of the decentralized ledger system that enables reliable first appropriation (mining), storage, and transfer. The underlying reality underpinning its unit aspect is technical and difficult to grasp.

In contrast, precious metal coins, though also fully embedded in a social trading system, stood out from that system by their concreteness and tangibility. With a metal coin, one could still naively imagine that it somehow held value all by itself. However, this was never true. Exchange value is ever dependent on the willingness of a buyer to buy. A medium of exchange value component is likewise always dependent on the implicit expectation of future acceptance by at least one other party. A trading unit can only work within a social trading system.


On the Origins of Bitcoin:
Stages of Monetary Evolution​

Konrad S. Graf​

October 23, 2013​


 
Holy cow arcblock/abt and lcx are both flying the past couple days. I added them to my watch lists a week ago but did not buy.

Abt has got has high as $1.63 today and was 26 cents a couple days ago. It’s probably due for some pull back and could really rocket during the bull run next year. It was mentioned by a few of the guys I follow but I basically told myself my bags were packed and I’d do a little dca the next month or 2 and no new buys other than that, then hopefully the halving and bull run arrive and we are off to the races and just periodically sell off my coins and not really think about buying more.


Good job for you guys that bought abt in the 20 cent range I did not buy . But that has to feel good for the guys that timed it well.
 
Re-test of 38k here?

The thing about getting too cute (again, I thought the recession was coming so I predicted a move to maybe mid to low 20s, never happened) is that the upside is WAY too high for any haggling over a few thousand here, and there is a high possibility that a big market quake will be because more banks failed, which actually sends BTC higher, as we saw with SVB.
 
Blade Runner said:
Does this suggest less worry, so more HODLing and even buying?

In the next 3 months I see another bank consolidation, a geo event that spikes oil prices, the BTFP issue, or all of the above ...
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Yellow, orange and red are always DCA and buying opportunities according to this indicator, For instance last time it was rejected at hope, it was when bitcoin when from 9.8k to 12k before the big move upwards to 69k. Going green to fast never ends well.
 
Diadem said:
The Solana Saga 2 is available for pre-order. The first phone came with a bunch of airdrops that were worth more than the cost of the phone. Anybody buying one of these?
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In all humility my core competency is as an Enterprise Lead Info/Cyber Security Architect which has paid me well.

Out of curiosity I clicked on the Solana link and was confronted with a bunch of fluff and pump marketing spin with no tech specs. Unlike, for instance, the Librem 5 secure phone, for example, built by Purism, an American company specializing in privacy-oriented products. The phone is fully transparent and publishes source code and hardware details for anyone to see, unlike SolanaMobile which has released precious few details next to its big promises.

Librem is based on Linux, a free and open-source operating system.

I like the idea of an advanced cryptographic secure cell/satellite phone - however one that does not record my every call, text, email or link forever on a blockchain. All companies are competitive as in succeed or perish - a nod to academia's publish or perish admonition.

I prefer success is secrecy and secrecy is success.

So I will not be jumping onboard the SolanaMobile Train's Pumping Hype.
 
Deepdiver said:
I like the idea of an advanced cryptographic secure cell/satellite phone - however one that does not record my every call, text, email or link forever on a blockchain. All companies are competitive as in succeed or perish - a nod to academia's publish or perish admonition.
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I agree.

Anyone have an opinion on Mr. BlackWater's phone?
 
Blade Runner said:
I agree.

Anyone have an opinion on Mr. BlackWater's phone?
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I like the concept of Eric Princes $1,100 UP phone project and I liked his interview on the former US Navy Seal/CIA operative's Shawn Ryan show where he introduced the UP phone - basically a phone he could use on spec ops/black ops back in the day.

However being the CIA DoD contractor type Prince is there is no open source code github repository like most non scam crypto projects.

Understandable though, why give your copyrighted IP and possibly patentable algorithms away free... one of the reasons Nikola Tesla died penniless.

Plus add the fact that you are still using someone else's TRIANGULATING Cell tower networks the Overlords can still easily locate you even without GPS.

I would be more impressed if he (Eric Prince "Mr. Blackwater") held a standing no limits hacker challenge to a sandboxed UP Phone Cell network to see if the highest IQ Israelis, Chinese and Russian or NSA hackers et.al. can crack them.

In the mean time my cheap android phones are running Bitdefender Mobile security suite (Includes Cloud AI anti-ransomware) with Bitdefender's VPNs (On my phones and notebook PCs) with Bitdefender Total Security 2024 full malware/firewalls suite on my PCs... I will also get a new Bitdefender Box DHCP ip packets vectoring Firewall as well since their advanced AI Cloud zero day filters keep flagged traffic from ever hitting you PCs or Phones when on your home WiFi or hard wired Gig-Ethernet lines.

So far no ransomware hacks/attacks knock wood.
 
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