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  1. #11351
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    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.

  2. #11352
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    I hear that.

  3. #11353
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    Is that guy casting from a closet?

  4. #11354
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    Quote Originally Posted by MultiVerse View Post
    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.
    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.

  5. #11355
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    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.

  6. #11356
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    Quote Originally Posted by stalefish3169 View Post
    Thanks TB12 and Giselle! Winners win.

    https://news.bitcoin.com/super-bowl-...-exchange-ftx/
    Brady and Giselle FTW!

    #winnerswin

  7. #11357
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    The 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.
    ….

  8. #11358
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    Sounds like genesis and grayscale are next possibly. Let it all happen.

  9. #11359
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    everything happens for a reason

  10. #11360
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    https://nymag.com/intelligencer/2022...to-future.html

    nymag has a slew of articles looking at different aspects of the FTX saga

  11. #11361
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    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

  12. #11362
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    Quote Originally Posted by 4matic View Post
    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
    from 1:20.

    Maybe some people actually work at the sec.

    https://youtu.be/KttoNAiuwRk
    It's a war of the mind and we're armed to the teeth.

  13. #11363
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  14. #11364
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    Quote Originally Posted by subtle plague View Post
    from 1:20.

    Maybe some people actually work at the sec.

    https://youtu.be/KttoNAiuwRk
    Only lawyers who have no trading experience. They need shit explained to them like a 2 yr old. See madoff

  15. #11365
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    Quote Originally Posted by byates1 View Post
    Wyoming... getting into the crypto game.

    Heh.


  16. #11366
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    they been leading it for half a decade. you've been too busy being uninformed elsewhere

  17. #11367
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    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

  18. #11368
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    Quote Originally Posted by byates1 View Post
    they been leading it for half a decade. you've been too busy being uninformed elsewhere
    If you say so.


  19. #11369
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    ^ username checks out

  20. #11370
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    Quote Originally Posted by byates1 View Post


    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
    "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

    ----

    Hmmm what poster was on here pumping Brady and Giselle's FTX pump and dump scheme?

  21. #11371
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    Quote Originally Posted by byates1 View Post

    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
    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.

  22. #11372
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    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.

  23. #11373
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    Quote Originally Posted by byates1 View Post
    ^ username checks out
    If you say so.


  24. #11374
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    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

  25. #11375
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    Dec 2005
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    Are you new? We don't talk about losses in here. That's blasphemy.

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