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

[dunfree]

Nothing about tether a chicom commercial paper?

[byates1]

if btc continues to become what the leaders in the space say it will be, it will be(and is) the most sound layer one asset the world has ever known. what an interesting time to be alive, the creation of computers, mobile devices, social networks, the de-materialization of things(kodak, blockbuster etc) and the first layer one hard digital asset.

i'm putting another 60 g's into btc. in 12 years it went from 0 to 60k. with the hyper pace of tech and the digitization of everything, in another 10 years btc should easily filp the gold market cap(prob 5 yrs), a 500k per coin valuation.

a 10% allocation of your net worth can double your net worth. btc still has a 10-20x in front of it.

and yes, if it moons hard in the next 6 months i'll take some seed money off the table.

own bitcoin. not owning bitcoin is a bad decision.

[byates1]

so listen to this re: inflation, ubi, btc, etc..

[bennymac]

[stalefish3169]

You're an interesting specimen. You get all flustered when people talk about BTC price, even though it is the has the strongest network and fundamentals, by far. But then you go and post price charts for complete shit coins that have incredibly high likelihoods of burning noobs.

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[shera]

Everything looks the same from the outside. It's all "crypto". People from the trad world view bitcoin as a speculative play, not the future of money. It will take a few more years along the adoption curve. Even then, how many people understand tcp/ip or DNS or any of that stuff?

[bennymac]

You're an interesting specimen. You get all flustered when people talk about BTC price, even though it is the has the strongest network and fundamentals, by far. But then you go and post price charts for complete shit coins that have incredibly high likelihoods of burning noobs.

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LOL. Who got flustered and triggered by a price chart not even directed at anyone or anything? You have to transparently twist and distort anything I post to serve your own childlike ego which is as frail as tissue paper. You basically lie. It’s behavior I see in 8 year olds. Perhaps that’s your age though. It’s clearly your maturity level.

Save us the “I’m just here to help”. You clearly get triggered off mags getting money from shit alts.

I’m about to blow both of your minds. Here goes. People that understand crypto at the same level as you (ie you are not as special as you think) can own BTC, can totally understand it’s value, and…wait for it….still profit from shitcoins and garbage NFTs. Because they understand the space. In fact that may be a sign they understand the bigger picture more than you do. Vibes as that sinks in.

[MultiVerse]

Everything looks the same from the outside. It's all "crypto". People from the trad world view bitcoin as a speculative play, not the future of money. It will take a few more years along the adoption curve. Even then, how many people understand tcp/ip or DNS or any of that stuff?

I suppose you mean Bitcoin is similar to TCP/IP in that it allows packets of data to travel through the network. But the fact remains, unlike TCP/IP and DNS, Bitcoin is crypto 1.0 and is inefficient & poorly designed for scalability:

- Handles less than 8 transactions per sec
- The price is manipulated by insiders
- Inequality: 4% own 96%
- Inability to Scale
- Often plagued by Network Congestion
- Slow & Expensive

Inevitably in response to all of the above someone mentions the lighting network. To save time, the earlier discussion describing the myriad problems with lightning is linked below:

https://www.tetongravity.com/forums/...27#post6389927

[stalefish3169]

LOL. Who got flustered and triggered by a price chart not even directed at anyone or anything? You have to transparently twist and distort anything I post to serve your own childlike ego which is as frail as tissue paper. You basically lie. It’s behavior I see in 8 year olds. Perhaps that’s your age though. It’s clearly your maturity level.

Save us the “I’m just here to help”. You clearly get triggered off mags getting money from shit alts.

I’m about to blow both of your minds. Here goes. People that understand crypto at the same level as you (ie you are not as special as you think) can own BTC, can totally understand it’s value, and…wait for it….still profit from shitcoins and garbage NFTs. Because they understand the space. In fact that may be a sign they understand the bigger picture more than you do. Vibes as that sinks in.

Dude, I'm fine with people getting into alts. I have owned and still own many. But the irony of you ranting and raving about BTC and then posting a SHIB chart is rich. If people want to straight up gamble, then by all means, they should buy SHIB. There have been multiple people in this thread who commented about buying DOGE (similar risk/reward profile to SHIB) around the beginning of the year and I think they mostly got rekt. There were others in this thread trying to "help" by warning against such behavior. So if you want to ride on your high horse while shilling one of the riskiest coins ever, be prepared to get called out.

I suppose you mean Bitcoin is similar to TCP/IP in that it allows packets of data to travel through the network. But the fact remains, unlike TCP/IP and DNS, Bitcoin is crypto 1.0 and is inefficient & poorly designed for scalability:

- Handles less than 8 transactions per sec
- The price is manipulated by insiders
- Inequality: 4% own 96%
- Inability to Scale
- Often plagued by Network Congestion
- Slow & Expensive

Inevitably in response to all of the above someone mentions the lighting network. To save time, the earlier discussion describing the myriad problems with lightning is linked below:

https://www.tetongravity.com/forums/...27#post6389927

Once again, you just don't get it. Four percent of people don't own 96% of BTC. GTFO out of here with that nonsense.

https://insights.glassnode.com/bitco...-distribution/

Keep living in denial. But the reality is, Proof of Work is still THE primary innovation in crypto.

[MultiVerse]

Once again, you just don't get it. Four percent of people don't own 96% of BTC. GTFO out of here with that nonsense.

According to your glassnode source ‘2% of Network Entities Control 71.5% of All Bitcoin’. While other more recent analysis shows Bitcoin's ownership concentration is much higher: About 95% of Bitcoin supply is held by just 2.4% of accounts and the distribution is skewed toward the largest accounts.

Either way, and regardless of which % anyone thinks is correct, there are a few hundred guys who own a massive percentage of the market. As with other markets, large individual holders and large institutional holders can and do collude to manipulate price.

Keep living in denial. But the reality is, Proof of Work is still THE primary innovation in crypto.

This is the part of the conversation where folks falsely claim Bitcoin will spur a renewables revolution. Quite the opposite, Bitcoin-mining frees the most stranded of fossil-fuel assets. Just one of many examples:


Stronghold Digital gets hefty state credits for burning waste coal, exploiting a Pennsylvania law deeming this to be somehow environmentally friendly.

Stronghold Digital Mining Inc. is a cryptocurrency producer with a twist, one that features prominently in their recent IPO filing. Aware that Bitcoin has an ESG problem because of all the coal burned to produce it, Stronghold is buying its own power plants which … burn coal. Not just any coal; waste coal. Which is, in fact, worse than coal.

It’s “not economic” to burn waste coal without the state’s credits. In return, Pennsylvanians get dubious benefits. That subsidy implies $16 per ton of waste coal burned, about half the estimated cost of just removing the refuse. So it looks like a bargain — but only if you ignore the emissions. At a notional $50 carbon fee, each ton of waste coal generates another $65 of cost to the environment.

Of course, there’s an arbitrage of politics and perception to exploit here, whereby local, tangible pollution takes precedence over the universal, abstract — but nonetheless real — kind. The upshot is that while the windfalls will be privatized, it isn’t just Pennsylvanians subsidizing them. Ultimately, we all are.

https://www.bloomberg.com/opinion/ar...-digital-s-ipo

[shera]

Either way, and regardless of which % anyone thinks is correct, there are a few hundred guys who own a massive percentage of the market. As with other markets, large individual holders and large institutional holders can and do collude to manipulate price.

I agree with this! They've been reporting whales at all time high levels lately. Between 100-1000 coins, iirc. I also agree that the price is manipulated. Institutions are coming in now, big money. I don't think a futures based etf will solve the matter at all, actually will exacerbate it. But Gensler wants to protect retail, hahahaha, what a joke.

I’m about to blow both of your minds. Here goes. People that understand crypto at the same level as you (ie you are not as special as you think) can own BTC, can totally understand it’s value, and…wait for it….still profit from shitcoins and garbage NFTs. Because they understand the space. In fact that may be a sign they understand the bigger picture more than you do. Vibes as that sinks in.

I've heard about you people before. And I agree with you, if you are selling nfts and/or making money off dog coins or even taking advantage of defi for more gains, then you know more than me about that part of the space. A lot more! There's so much going on...

[MontuckyFried]

[MultiVerse]

But Gensler wants to protect retail, hahahaha, what a joke.

If the feds are going to regulate crypto accounts, in particular interest bearing accounts, that begs the question whether there will be some sort of FDIC insurance. I think both are a bad idea: no to regulation and no to insurance.

[stalefish3169]

I get that this a joke, but it also conflates a lot of issues to mislead viewers.

Of course, if you're not into Bitcoin, you can always rally behind the very serious people who think minting a trillion dollar coin is a viable move.

[shera]

If the feds are going to regulate crypto accounts, in particular interest bearing accounts, that begs the question whether there will be some sort of FDIC insurance. I think both are a bad idea: no to regulation and no to insurance.

In a free market, corporations and various wall street entities would not receive welfare from the federal government. We do not have a free market (nor a democracy). I have only come to understand that of late and I don't really know what to do about it. I hear that they are protecting pensioners, so there's that. But it seems young/poor people are increasingly left behind. Whatever happened to the american dream? Was it always a lie?

I guess that is my "meta" comment to your viewpoint. Currently I have assets at coinbase and celsius, so how would regs affect me?

[bennymac]

omg thank you that was hilarious. will be shared widely.

* just because something is humorous doesn't mean it's a joke*

[MultiVerse]

But it seems young/poor people are increasingly left behind. Whatever happened to the american dream? Was it always a lie?

While it's undoubtedly true a lot of people are being left behind, I would argue the root cause is the slowing overall pace of innovation. It's one of the reasons why I tend to focus less on the price/speculative conversation surrounding crypto and more on the technology/efficiency aspects of crypto. Bitcoin was great at the time but it is now surpassed by more innovative crypto technology.

In wealth per capita terms however, the kids are alright. Young folks have as much or more wealth than people of previous generations did at the same age:

Attachment 388658

https://economistwritingeveryday.com...st-generation/

[jm2e]

So, are you mags selling (ETH & BTC) or hodl-ing right now?


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[shera]

Thanks for sharing that, MultiVerse, I will consider.

[shera]

So, are you mags selling (ETH & BTC) or hodl-ing right now?


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I am selling btc into fiat and eth into link.

I should add, I am mining btc and eth and I have a long term hodl stash of btc. Context.

[shera]

Thanks for sharing that, MultiVerse, I will consider.

What do you say to the conventional wisdom that the 1% have a disproportionate slice of the pie compared to the last century? to levels not seen since the gilded age? I guess I could dig up some data/chart if you need it

[stalefish3169]

While it's undoubtedly true a lot of people are being left behind, I would argue the root cause is the slowing overall pace of innovation. It's one of the reasons why I tend to focus less on the price/speculative conversation surrounding crypto and more on the technology/efficiency aspects of crypto. Bitcoin was great at the time but it is now surpassed by more innovative crypto technology.

In wealth per capita terms however, the kids are alright. Young folks have as much or more wealth than people of previous generations did at the same age:

Attachment 388658

https://economistwritingeveryday.com...st-generation/

LOLOLOLOLOLOL Let's just take out the price of houses, you know the primary asset most Americans use to store their wealth.

You're such a tool if you're really gonna try and make this case. Look at WaPo chart in his post.

[JimmyCarter]

LOLOLOLOLOLOL Let's just take out the price of houses, you know the primary asset most Americans use to store their wealth.

You're such a tool if you're really gonna try and make this case. Look at WaPo chart in his post.

You realize he’s using the EXACT same data as the WaPo chart right?
Did you read the article?

[Bunion 2020]

What do you say to the conventional wisdom that the 1% have a disproportionate slice of the pie compared to the last century? to levels not seen since the gilded age? I guess I could dig up some data/chart if you need it

I don't think that is anything shocking or new, that same shit has been happening for a long time and a lot of people grasp that reality, unfortunately a lot do not, probably close to 35%. Question is, what to do about it?

[jono]

LOLOLOLOLOLOL Let's just take out the price of houses, you know the primary asset most Americans use to store their wealth.

You're such a tool if you're really gonna try and make this case. Look at WaPo chart in his post.

So housing is expensive and people need homes, but isn't BTC more important? Confusing.