Bitcoin....who's gotten into it?

[Mustonen]

I bet you wish you understood what you just posted, amirite?? Because it’s exhibit a for why unregulated decentralized currency is a shit idea we moved on from a long long time ago.

[Mustonen]

From the link I posted, "... we must seek greater clarity on how the adoption of Bitcoin as legal tender may impact El Salvador’s financial and economic stability, as well as El Salvador’s capacity to effectively combat money laundering and illicit finances."

Bob sponsored legislation trying to say that BTC was going to facilitate money laundering in El Salvador. Bob got busted for fraud. I think that's entertaining. Do you understand yet?

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No. Because those things don’t actually link together in a meaningful or logical way. If bob got busted for laundering money with bitcoin, sure. But it was fucking gold bars you dipshit.

[bennymac]

Bob’s corruption somehow legitimizes El Salvador spending a couple billion on a failed experiment with BTC…

[Tri-Ungulate]

Winter is coming. Is it getting cold in here? Are you all ready for some BRRRRRR?

Not me, I got my mining rigs to keep me warm, yay! Bitcoin energy conservation FTW!!!1!!1!

[shroom]

closing the loop!!

[J. Barron DeJong]

This is good for Bitcoin though, because it’s corrupt TradFi, or something?



https://x.com/followtheh/status/1706...sR_NcRK2VkCfkg

[stalefish3169]

This is good for Bitcoin though, because it’s corrupt TradFi, or something?



https://x.com/followtheh/status/1706...sR_NcRK2VkCfkg

Nothing to see here. Chase definitely hasn't done anything to facilitate [checks notes]... the literal raping of children.

https://www.cnbc.com/2023/09/26/jpmo...n-islands.html

[stalefish3169]

Also this.

https://twitter.com/JasonYanowitz/st...35818374164583

[schuss]

Ah yes, crypto, so trusted and usable.
https://techcrunch.com/2023/09/25/ha...company-mixin/

Whoopsy, all gone.

Also given that most crypto has zero know your customer law interactions (or are actively hostile to it), it's heavily used by lots of sanctioned folks and the people even tradfi consider too deplorable to do business with (which is a pretty low bar).

[J. Barron DeJong]

Also this.

https://twitter.com/JasonYanowitz/st...35818374164583

Ah, diversions. So it’s not good for Bitcoin then.

[schuss]

Unfortunately for digital currencies, there's also this that just rolled out from the fed - https://www.frbservices.org/financia...now/about.html
Instant payments and options for digital wallet providers being agents of people, obviating the need for an intermediate currency. Some detail on the startup implication side here: https://techcrunch.com/2023/09/26/fe...-payment-apps/

[stalefish3169]

Ah yes, crypto, so trusted and usable.
https://techcrunch.com/2023/09/25/ha...company-mixin/

Whoopsy, all gone.

Also given that most crypto has zero know your customer law interactions (or are actively hostile to it), it's heavily used by lots of sanctioned folks and the people even tradfi consider too deplorable to do business with (which is a pretty low bar).

That's an expensive way for people to learn the importance of self-custody and to not keep their money on a centralized cloud-based service. Secondly, you're KYC viewpoint is laughably out of date. KYC is required on almost all on/off ramps now. Lastly, the extreme majority of crypto transactions are not illicit. https://www.cato.org/blog/overstatin...nt%20in%202022.

Unfortunately for digital currencies, there's also this that just rolled out from the fed - https://www.frbservices.org/financia...now/about.html
Instant payments and options for digital wallet providers being agents of people, obviating the need for an intermediate currency. Some detail on the startup implication side here: https://techcrunch.com/2023/09/26/fe...-payment-apps/

Also, just LOL. FedNow is not any sort of real competitor with BTC. This is the Fed's legacy. https://twitter.com/KobeissiLetter/s...04573113368658

[neufox47]

Oh cool so I just have to keep $200M on a bunch of physical wallets and hope I never get them stolen, destroyed or forget the key…


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[CarlMega]

Oh cool so I just have to keep $200M on a bunch of physical wallets and hope I never get them stolen, destroyed or forget the key…

In a FIAT world, Bitcoin fanatics be like: "not (under) your mattress, it's not your money"

Which is why when I purchase stock in a company, I just physically take property as collateral.. Office furniture, emails and/or IP documents and maybe a bit of earth from under their head quarters. This is the only practical way.

[neckdeep]

Trading volume in Bitcoin now down 85% from peak.

Google search activity related to cryptos now down 95% from peak.

The new reality of crypto: boring, burned out and bankrupt.

From hot shit to cold turd in record time. What a difference two years makes. It's down to the long unwind as the whales try to manipulate the narrative and lure the sunk cost bag holders into doubling down on a broken dream. Every spike met with an immediate sell down.

Death spiral inevitable.

[schuss]

That's an expensive way for people to learn the importance of self-custody and to not keep their money on a centralized cloud-based service. Secondly, you're KYC viewpoint is laughably out of date. KYC is required on almost all on/off ramps now. Lastly, the extreme majority of crypto transactions are not illicit. https://www.cato.org/blog/overstatin...nt%20in%202022.




Also, just LOL. FedNow is not any sort of real competitor with BTC. This is the Fed's legacy. https://twitter.com/KobeissiLetter/s...04573113368658

You used one anecdote to say tradfi is into rape enablement, knife cuts both ways boss.

Paid in seconds is still faster than real BTC processing, which maxes out at 7 transactions per second last time I looked (as to your point, we're not using intermediaries).

[byates1]

Trading volume in Bitcoin now down 85% from peak.

Google search activity related to cryptos now down 95% from peak.

The new reality of crypto: boring, burned out and bankrupt.

From hot shit to cold turd in record time. What a difference two years makes. It's down to the long unwind as the whales try to manipulate the narrative and lure the sunk cost bag holders into doubling down on a broken dream. Every spike met with an immediate sell down.

Death spiral inevitable.

That's like your opinion man.

We could certainly see a mass unravelling of the system. The traditional system. Which would def wreck BTC . Or not.

Time will tell. To say BTC is done is very myopic. I hope the mass crypto/nft/hype train is done. Was fun for a short bit.

I hope you are here 10 years from now. You may have to amend your post.

[neckdeep]

That's like your opinion man.

We could certainly see a mass unravelling of the system. The traditional system. Which would def wreck BTC . Or not.

Time will tell. To say BTC is done is very myopic. I hope the mass crypto/nft/hype train is done. Was fun for a short bit.

I hope you are here 10 years from now. You may have to amend your post.

You've spent so long staring into that crystal ball that you're forgetting to just look out the window.

[byates1]

The window I look out of has no mortgage on it. The BTC I own was paid for by the gains in BTC I made.

What window are you looking out of?

[skaredshtles]

The window I look out of has no mortgage on it.

Hey! The window I'm looking out is also mortgage-free.

[J. Barron DeJong]

That's like your opinion man.

We could certainly see a mass unravelling of the system. The traditional system. Which would def wreck BTC . Or not.

Time will tell. To say BTC is done is very myopic. I hope the mass crypto/nft/hype train is done. Was fun for a short bit.

I hope you are here 10 years from now. You may have to amend your post.

Your Bitcoin gains are only on paper until you cash out, at which point you’ve locked in other Bitcoin holders losses.

Surely you can see how that isn’t a viable method for all Bitcoin buyers to get rich.

[stalefish3169]

Your Bitcoin gains are only on paper until you cash out, at which point you’ve locked in other Bitcoin holders losses.

Surely you can see how that isn’t a viable method for all Bitcoin buyers to get rich.

Unless BTC is your unit of account. I have part of my BTC stash that I'm literally planning on never selling. And there are plenty of psychos like me doing the same thing for an asset with finite supply.

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[stalefish3169]

In a FIAT world, Bitcoin fanatics be like: "not (under) your mattress, it's not your money"

Which is why when I purchase stock in a company, I just physically take property as collateral.. Office furniture, emails and/or IP documents and maybe a bit of earth from under their head quarters. This is the only practical way.

Gold too.

https://www-cnbc-com.cdn.ampproject....few-hours.html

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[J. Barron DeJong]

Unless BTC is your unit of account. I have part of my BTC stash that I'm literally planning on never selling. And there are plenty of psychos like me doing the same thing for an asset with finite supply.

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Byates isn’t using Bitcoin as his unit of account though, is he?

[skaredshtles]

Byates isn’t using Bitcoin as his unit of account though, is he?

Do people who have Bitcoin *actually* use it as a unit of account? I'm skeptical at this point...