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

[JimmyCarter]

I think it's worth noting that the argument stating BTC must be useable for small transactions has been heavily pushed by the Roger Ver/big block crowd and is not explicitly stated in the white paper IIRC. Additionally Satoshi is on record saying that BTC was designed as defense against central bank money printing, which is why I am stacking Sats. I agree with you that BTC's primary use case now is SOV with occasional transactions, not everyday spending. Although as 2nd layer tech improves, more frequent spending may become more attractive.

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If the primary use case is now store of value it’s fucking terrible at that. I assume you’re trying to argue it as protection against inflation, but then it has no value outside of the fiat it’s converted into.

Why would deflationary currency be a good thing?

If it’s a store of value, that doesn’t help poor people at all.
If it’s an investment vehicle, that doesn’t help poor people who don’t have it yet.

Why is it so hard to just come out and say “the main point of btc is as a means for me to make myself money”

[stalefish3169]

If the primary use case is now store of value it’s fucking terrible at that. I assume you’re trying to argue it as protection against inflation, but then it has no value outside of the fiat it’s converted into.

Why would deflationary currency be a good thing?

If it’s a store of value, that doesn’t help poor people at all.
If it’s an investment vehicle, that doesn’t help poor people who don’t have it yet.

Why is it so hard to just come out and say “the main point of btc is as a means for me to make myself money”

Zoom out bro.

https://www.youtube.com/watch?v=XbZ8zDpX2Mg

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[JimmyCarter]

Zoom out bro.

https://www.youtube.com/watch?v=XbZ8zDpX2Mg

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So, nothing?

[stalefish3169]

So, nothing?

So, it's a really good SOV if you have a low time preference.

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[pureantigravity]

Exhibit A: Krakens* new "Terms of Hodl".

Translation: whatever you see on that chart is meaningless. You got STOPS? Well you might not. You looking at our live trading c(s)harts? So what. That chart is 'just a rough idea' aka a 'privileged look into a murky reality'.

I guess they gotta CYA somehow. Never trust that a chart or volume indicator or other 'apparent fact' of the market is real. Unless you STOP or BUY or SELL or whatever actually gets called, the price never moved there or did and somehow skipped over your exchange entry.



*Payward, Inc. and its wholly owned subsidiaries (collectively, "Payward", "Kraken", "we", or "us")

[MakersTeleMark]

That is why we have oracles and multiple charts for multiple exchanges, Donny.

I can assure you that my harmony trade closed at $0.0861.

[stalefish3169]

Bitcoin naysayers wring their hands over how Bitcoin can't go mainstream. They gleefully worry that Bitcoin will not make it across the innovation chasm:

• It's too complicated
• It doesn't have the right governance structure
• The security is too hard to get right
• Existing and upcoming fiat payment systems are or will be superior
• It's too volatile
• The government will ban it
• It won't scale

The response from the Bitcoin community is to either endlessly argue over the above points or to find their inner Bitcoin Jonah with platitudes like:

• Bitcoin the currency doesn't matter, it's the block chain technology that matters
• It would be better if the block chain technology were used by banks and governments
• Bitcoin should continue to be a niche system for the bit-curious, it's just an experiment
• Fiat and Bitcoin will live side-by-side, happily ever after
• Bitcoin is the Myspace of 'virtual currency'

Seems like that could've been written yesterday. Interestingly, it was written 7 years ago in a severe bear market. Now that's some fucking conviction.

It's an all around great read, but I think the one part that is really relevant to this thread is, "Bitcoin will not be eagerly adopted by the mainstream, it will be forced upon them. Forced, as in "compelled by economic reality". People will be forced to pay with bitcoins, not because of 'the technology', but because no one will accept their worthless fiat for payments."


Full article:

https://nakamotoinstitute.org/mempoo...lative-attack/

[Bunion 2020]

Huh.... that read like it was 7 years old.

[stalefish3169]

Huh.... that read like it was 7 years old.

"Bitcoin will not be eagerly adopted by the mainstream, it will be forced upon them. Forced, as in "compelled by economic reality". People will be forced to pay with bitcoins, not because of 'the technology', but because no one will accept their worthless fiat for payments."

[stalefish3169]

How interesting.

https://www.cnbc.com/2021/06/08/fbi-....PostToTwitter


The FBI’s breach of a bitcoin wallet held by the cyber criminals who attacked Colonial Pipeline is all about sloppy storage, and not a reflection of a security vulnerability in the digital currency, crypto experts told CNBC.

“Following the money remains one of the most basic, yet powerful, tools we have,” said Deputy Attorney General Lisa O. Monaco in a statement on Monday.

“Because these transnational, organized criminal groups are facilitating these payments in cryptocurrency, and because of the transparency and traceability that cryptocurrency provides, you can actually more effectively follow the money and potentially mitigate and arrest illicit activity within this ecosystem, than you can with traditional finance and fiat currencies and payments,” explained Jesse Spiro, Global Head of Policy for Chainalysis, a company that provides blockchain forensic and investigative services to private sector companies, including crypto exchanges."

[Bunion 2020]

"Bitcoin will not be eagerly adopted by the mainstream, it will be forced upon them. Forced, as in "compelled by economic reality". People will be forced to pay with bitcoins, not because of 'the technology', but because no one will accept their worthless fiat for payments."

Gimme a hint, written recently or 7 years ago?

[stalefish3169]

Gimme a hint, written recently or 7 years ago?

Read the article. Or don't.

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[shera]

Plot twist, Elon required to accept bitcoin payments in El Salvadore. HAHAHAHAHAHAHAHA

Really though I wanted to tell you that Lex Fridman's second interview with Vitalik is making me think even harder than the first one. Lots of philosophy, I am enjoying it in small doses. If you like: https://www.youtube.com/watch?v=XW0QZmtbjvs

[subtle plague]

And boomer...dang... I think I am half a decade younger than you...

I just here for the nice burns since I don't have any money to invest.

[stalefish3169]

Plot twist, Elon required to accept bitcoin payments in El Salvadore. HAHAHAHAHAHAHAHA

Really though I wanted to tell you that Lex Fridman's second interview with Vitalik is making me think even harder than the first one. Lots of philosophy, I am enjoying it in small doses. If you like: https://www.youtube.com/watch?v=XW0QZmtbjvs

Nic Carter's Spaces with El Presidente last night was legendary.



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[bennymac]

Cringe worthy

[stalefish3169]

Cringe worthy

Which part don't you like? The empowerment of Latin America? Or the clean geothermal Bitcoin mining that's coming?

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[carpathian]

Plot twist, Elon required to accept bitcoin payments in El Salvadore. HAHAHAHAHAHAHAHA

Really though I wanted to tell you that Lex Fridman's second interview with Vitalik is making me think even harder than the first one. Lots of philosophy, I am enjoying it in small doses. If you like: https://www.youtube.com/watch?v=XW0QZmtbjvs

I got through all of it, techno jargon and all. Here is another take

[carpathian]

This guy is worth following

[bennymac]

Which part don't you like? The empowerment of Latin America? Or the clean geothermal Bitcoin mining that's coming?

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I find evangelicals cringe worthy. Even more so when they seriously follow meme trends like laser eyes.

[pureantigravity]

Now if it could mine cocaine I'd be impressed. Oh wait! Maybe that's the whole point of the Latin American connection. Force the citizens to cash out the coke lords BTC bags. Brilliant! I guess that means a lot of BTC gonna be selling ...
HODL!

[stalefish3169]

Now if it could mine cocaine I'd be impressed. Oh wait! Maybe that's the whole point of the Latin American connection. Force the citizens to cash out the coke lords BTC bags. Brillaint.

What county do you think buys most of the Cocaine? Get fucked, you racist piece of trash.

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[Vt-Freeheel]

Yo Droopy, Hows the face hanging? Haven't seen any updates.

[pureantigravity]

What county do you think buys most of the Cocaine? Get fucked, you racist piece of trash.

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I don't think you understand or perhaps I wasn't clear. I'm not suggesting that Latin America buys the most cocaine. (Although probably more than thought because they need something to assuage their constant grief from being lorded over by ruthless dictators and evil regimes.)

What I'm saying is that the only logical reason to El Salvador's news on BTC is so that those holding it there, will now have a legally mandated means to unload their bags. It isn't to benefit the citizens. The citizens there are smart and would never buy into buying BTC in the first place.

The people selling will most likely be people with ill gotten gains in the form of BTC from the SALE of drugs to other countries.

At least that's my perspective on the situation.

[subtle plague]

So if i have cut the sea to sky gondola cable and Extremist squirrels paid me 17 BTC to do it, I should go to El Salvador and turn it into 5670 to 870062 Dollar depending on how hot shera's appartement is? Sounds like a Plan.