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Thread: Bitcoin....who's gotten into it?
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11-20-2022, 09:02 AM #11351
The way Jack kept repeating Bitcoin is physics is more than a little obnoxious bordering on dishonest. It shows the media doesn't have a clue about the technology. Bitcoin proof-of-work is impressive tech but it's still computer code. It's not solving complicated math, it's just a distributed game of guess a really big number. It's only physics in the sense everything is physics at a low enough level.
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11-20-2022, 09:14 AM #11352
I hear that.
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11-20-2022, 09:53 AM #11353
Is that guy casting from a closet?
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11-20-2022, 11:11 AM #11354
At heart, a consensus mechanism is about economics, and in particular, it's about imposing a cost. For proof-of-work, that cost is the cost of computation, which I suppose is about physics. For proof-of-stake, that cost is the cost of locking up an asset. Is a "physics" based consensus better/safer than any other? Maybe, but who cares?
Nobody is saying "crypto is bad because the consensus mechanisms don't work." There are plenty of other, much better reasons to doubt crypto.
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11-20-2022, 12:09 PM #11355
The larger point is that consensus mechanisms are code. Code changes all the time. The fact that bitcoin devs are more circumspect about changing code is a good thing. What I think Jack was trying to imply however to a lay audience is that bitcoin is something other than code. As if the laws of physics not code determines its scarcity and is therefore exempt from the problems facing other crypto.
Bitcoin has a deterministic supply that can only be changed by the consensus of a majority of users on the network. That's very clever. It makes decentralized money possible. It solves the problem of a single point of failure like an exchange, like FTX. But bitcoin transactions are also very slow and the lightning network is plagued with problems, another thing Jack played fast and loose with the truth in the interview. Which is also why exchanges and other central points of potential failure are needed.
As exciting as bitcoin is in terms of economics, and it is, it still doesn't have much in the way of real world use cases. Instead there's this weird amalgamation of economists, computer scientists and devs trying to improve the world and at the same time charlatans, scammers and Ponzi schemers taking advantage of people who don't know any better.
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11-20-2022, 12:38 PM #11356
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11-20-2022, 02:32 PM #11357The FTX bankruptcy will send bitcoin down to around $11,000, below the current price of $16,387 as of Sunday, according to a survey of crypto fund managers conducted by BDC Consulting and published last week. Only one respondent thinks bitcoin will go over $17.000 in the near term, and three think it will crash to $0 in value. The majority of investors, some 21%, said it would fall to $12,000.
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11-20-2022, 04:06 PM #11358
Sounds like genesis and grayscale are next possibly. Let it all happen.
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11-20-2022, 04:11 PM #11359
everything happens for a reason
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11-20-2022, 06:23 PM #11360
https://nymag.com/intelligencer/2022...to-future.html
nymag has a slew of articles looking at different aspects of the FTX saga
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11-21-2022, 08:07 AM #11361
Last summer:
Grayscale Sues SEC Over Bitcoin ETF Application Rejection.
The SEC rejected Grayscale's application to convert its Grayscale Bitcoin Trust to an ETF
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11-21-2022, 09:05 AM #11362
from 1:20.
Maybe some people actually work at the sec.
https://youtu.be/KttoNAiuwRkIt's a war of the mind and we're armed to the teeth.
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11-22-2022, 04:27 PM #11363
Wyoming is badass.
https://cowboystatedaily.com/2022/11...-stable-token/
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11-22-2022, 04:31 PM #11364
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11-22-2022, 05:46 PM #11365
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11-22-2022, 06:05 PM #11366
they been leading it for half a decade. you've been too busy being uninformed elsewhere
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11-22-2022, 06:07 PM #11367
this guy laying the smack down. i never paid much attention to ftx, but shit is going to get real. that dude is going to go missing permanently me thinks
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11-22-2022, 06:17 PM #11368
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11-22-2022, 06:25 PM #11369
^ username checks out
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11-22-2022, 06:38 PM #11370
"When you have Brady and Giselle doing these commercials - it looks like a pump and dump scheme. People get very influenced by celebrities. People that look like a gimmick are selling a gimmick." - Terry Duffy
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Hmmm what poster was on here pumping Brady and Giselle's FTX pump and dump scheme?
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11-22-2022, 06:43 PM #11371
Nah, same shit as always. People get a lot further when they prioritize getting credible names in early and playing the game. Look at Theranos - they had Kissinger involved. You get people that are out of their expert area but are credible in their own to jump in by blowing smoke up their ass with enough sniffs of credibility to make it seem realistic. Once you get a few, the rest figure "hey, if they're in, why wouldn't I?"
He's just calling it like it is. There's no conspiracy, it's just con games perfected.
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11-22-2022, 08:01 PM #11372
Cathie Wood said today she predicts BTC will be a million dollars each by 2030...
Last edited by bennymac; 11-22-2022 at 08:37 PM.
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11-22-2022, 08:27 PM #11373
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11-22-2022, 09:09 PM #11374
did anyone lose their shirt here with sfx or are the evangelists still waiting to be wiped out in the future?
j'ai des grands instants de lucididididididididi
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11-22-2022, 09:22 PM #11375
Are you new? We don't talk about losses in here. That's blasphemy.
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