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

[Skidog]

Are Afghan refugees paying in BTC to GTFO?

Probably why its taking so damned long? I heard transactions are slow.

[stalefish3169]

You do understand that Ripple could be a scam - AND bitcoin could be bad for the environment.....at the same time!

Do you ever notice that other BTC holders don't follow the cult as devoutly as you do?

Trust me when I say that many other BTC holders are MUCH more fervent than me. I am not a BTC maximalist. Although over time, and many hours of study, I have come to realize why it's so important. What many of you see as flaws, are thought by many, including myself, to be its strongest traits.

[MultiVerse]

So this Satoshi guy could be the ultimate perverse genius having invented a game whereby bitcoiners exterminate other bitcoiners for financial gain?

Heh, there's talk among bitcoiners about abandoning in-person conferences and gatherings because it's an easy way for other people to identify them.

[Dexter Rutecki]

It's called personal having some personal responsibility, genius. We're lucky in that we live in the USA and have never had to deal with things like this in our lifetimes.

https://www.theatlantic.com/business...saster/274096/

"Imagine you woke up one day to discover your bank account has been raided by another country's government. Just like that, $1 in every $16 of your supposedly safe money is gone. If you're wealthy enough to have more savings, it could be $1 in $10. Is it a nightmare? The opening chapter of a Kafka story? A Bond villain plot to start a bank run and bring down the government?

Nah, it's just the new reality facing bank depositors in Cyprus. And it might just set off a fresh wave of financial panic in the euro zone. Because we haven't had enough of that lately."

or this

https://www.thenation.com/article/wo...cial-collapse/

"But their dollars were gone: The now-barricaded banks had lent them to the central bank, and the central bank had spent them over the years, buying liras to prop up an artificially inflated exchange rate. The institution that was supposed to have been the nation’s lender of last resort had turned into something more akin to a shell company running a collapsing Ponzi scheme out of an abandoned warehouse in an insalubrious part of town. A hundred and 30 billion dollars’ worth of deposits had vanished into thin air."

But hey, things are going great here. It's not like we had an attempted coup only a few months ago. Very stable society we have here.

Yeah, the entire banking system was in the verge of collapse. If you were as scared as I was... well, you weren't even remotely scared. Idea hadn't even occurred to me until right now.

Literally, what in the fuck are you talking about? You'll just post anything to justify what you want to believe no matter how divorced from reality?

[stalefish3169]

Probably why its taking so damned long? I heard transactions are slow.

I'd rather wait a few minutes and be 99.999999% sure my transaction was going to go through in a critical situation versus relying on some bank or payment service that could confiscate my transaction. But for real tho, how many Afghanis fleeing do you think even have access to banks or money transmitter services? Hint: not many.

Or there is the BTC lightning network which works in seconds. Unless of course your avatar is MultiVerse and you're in utter complete denial that it works.

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[stalefish3169]

Yeah, the entire banking system was in the verge of collapse. If you were as scared as I was... well, you weren't even remotely scared. Idea hadn't even occurred to me until right now.

Literally, what in the fuck are you talking about? You'll just post anything to justify what you want to believe no matter how divorced from reality?

Reality? I just posted 2 links to true stories form the last decade. One of them is still very much ongoing.

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[MultiVerse]

lol, the decentralized BTC lightning network does not work. Centralized pseudo-networks calling themselves "lightning networks" like Strike do.

[stalefish3169]

lol, the decentralized BTC lightning network does not work. Centralized pseudo-networks calling themselves "lightning networks" do.

$tAleFiSh iS deLusioNAL

https://twitter.com/DocumentingBTC/s...834743302?s=19

https://twitter.com/DocumentingBTC/s...850536449?s=19

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[Dexter Rutecki]

Reality? I just posted 2 links to true stories form the last decade. One of them is still very much ongoing.

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Ok, you make a good point for those Americans who use Cyprus/Lebanon based banks. And you did post two entire stories, so clearly this should fundamentally change how we think about the money supply and banking.

For real--you tried to make the point that somehow our system is insecure and the apparent lack of any kind of security w BTC isn't a problem. Can you see that what you cited actually proves the opposite? I have essentially zero concern that money held in U.S. banks is insecure or might be lost, like in the stories about Lebanon/Cyprus. Not sure what your game is trying to make the case that this is wrong, except you think it will provide a BTC justification. Which is why it's all bullshit--you're on a big confirmation bias excursion and not considering reality.

[MultiVerse]

$tAleFiSh iS deLusioNAL

https://twitter.com/DocumentingBTC/s...834743302?s=19

https://twitter.com/DocumentingBTC/s...850536449?s=19

Your demos are cute but not reality. Because to make it work lightning nodes like Strike's had to centralize their network. Strike only accepts payments from trusted channels because they were getting so many payment failures. As is the case with the exchanges, Strike is acting more like a centralized bank. Which begs the question: if everyone is on the same lightning network, doesn't that kinda miss the point of the whole thing?

Don't take my word for it, this what Jack Mallers has to say, "Leaving our nodes open to any incoming connection allowed anyone to open channels to us. Almost all of these channels were bad channels and resulted in difficulties for our nodes. Our nodes were struggling and encountering memory spikes correlated to payment failures."

https://mobile.twitter.com/JackMalle...03528116883456


More on the Lightning Network and its vulnerability to attack from untrusted channels:

https://antoine-riard.medium.com/why...g-ee3692de1a55

https://www.coindesk.com/bitcoin-lig...-exploited-yet

https://np.reddit.com/r/Buttcoin/com...is_it/dvm0haj/

[stalefish3169]

Ok, you make a good point for those Americans who use Cyprus/Lebanon based banks. And you did post two entire stories, so clearly this should fundamentally change how we think about the money supply and banking.

For real--you tried to make the point that somehow our system is insecure and the apparent lack of any kind of security w BTC isn't a problem. Can you see that what you cited actually proves the opposite? I have essentially zero concern that money held in U.S. banks is insecure or might be lost, like in the stories about Lebanon/Cyprus. Not sure what your game is trying to make the case that this is wrong, except you think it will provide a BTC justification. Which is why it's all bullshit--you're on a big confirmation bias excursion and not considering reality.

You do you bro. I'm stacking Sats.

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[stalefish3169]

Your demos are cute but not reality. Because to make it work networks Strike had to centralize their network. Strike only accepts payments from trusted channels because they were getting so many payment failures (thread below). As is the case with the exchanges, Strike is acting more like a centralized bank. Which begs the question: if everyone is on the same lightning network, doesn't that kinda miss the point of the whole thing?

More on the Lightning Network and its vulnerability to attack from untrusted channels:

https://antoine-riard.medium.com/why...g-ee3692de1a55

https://www.coindesk.com/bitcoin-lig...-exploited-yet

https://np.reddit.com/r/Buttcoin/com...is_it/dvm0haj/

I admit, the LN is still very immature and not without flaws. However, the tech is improving very rapidly. Strangely, most of the people criticizing LN are pushing their own solutons.

I've said it before and I'll say it again. It's 1996 and you're shouting that the internet will never scale because Netscape crashes on you sometimes.

[Dexter Rutecki]

It's 1998 and you're pumping pets.com.

[MultiVerse]

It's not 1996 or even 1998 for that matter because 12+ years have transpired. So it's more like the 2000s in the modern web metaphor and it still doesn't work. That's why bitcoin developers are proposing centralized custodial providers instead.

[stalefish3169]

It's 1998 and you're pumping pets.com.

Show me the chart where pets.com crashed by 85% and rallied to new all time highs multiple times.

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[Skidog]

It's 1998 and you're pumping pets.com.

yep was just going to say...bunch of people made bank on the internet pre .com bust....but it was a huge bubble. Still very few companies that are soley internet based turn a profit. its all based on "future potential". Kinda what Stale and all the other BTC fanbois say..... "its coming man...I can feel it..get in NOW".

[stalefish3169]

yep was just going to say...bunch of people made bank on the internet pre .com bust....but it was a huge bubble. Still very few companies that are soley internet based turn a profit. its all based on "future potential". Kinda what Stale and all the other BTC fanbois say..... "its coming man...I can feel it..get in NOW".

I bet you felt really smart in Jan. 2018 when you said that BTC was going bust, didn't you?

[Dexter Rutecki]

Show me the chart where pets.com crashed by 85% and rallied to new all time highs multiple times.

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Show me on the chart where that previous next best thing is now (and unlike BTC pets.com actually had utility that didn't have to be endlessly contrived/justified by its proponents).

[stalefish3169]

Show me on the chart where that previous next best thing is now (and unlike BTC pets.com actually had utility that didn't have to be endlessly contrived/justified by its proponents).

BTC is the thing dude. There have literally been thousands of competitors trying to eat its lunch and it's still #1. Will that be the case forever, I can't say. But right now there is no real competitor for store of value. You want to put your money in shiny rocks?



Or maybe you want some of those sweet yielding 10 year T-bonds.

[dunfree]

It's 1998 and you're pumping pets.com.

pets.com had a business model. He’s a dumbfuck in a boiler room pumping a penny stock to widows and incels.

[stalefish3169]

pets.com had a business model. He’s a dumbfuck in a boiler room pumping a penny stock to widows and incels.

Sure a penny stock that's actually worth 48 thousand dollars, give or take, and solved a computer science problem which stumped many of the smartest people on the planet for decades. But why split hairs?

You also realize that nearly every major bank in the world threw teams of quants at BTC, to break it or build something superior, and all just happen to now be scaling up their BTC programs.

Take a lap, bro.

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[MultiVerse]

In the meantime decentralized stablecoins, not bitcoin, have become the real peer-to-peer electronic currency owing to the exponential rise in global users.

So maybe this is the better analogy: bitcoin is to stablecoins as Pets.com is to Chewy.com

[dunfree]

Fine. JDSU. Wicked smart, solved problems, made money, hardly worth fuck all now.

[stalefish3169]

In the meantime decentralized stablecoins, not bitcoin, have become the real peer-to-peer electronic currency.

Decentralized. You keep using that word. I do not think it means what you think it means.

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[MultiVerse]

Does it rhyme with RAI and DAI?