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

[Mustonen]

So... in April that R8 was valued at ~$127,000... but today it's valued at ~$258,500.

It begs the question... what's an R8 really worth?

Holy hell. Could you imagine the utter fucking chaos if we actually tried to price items with bitcoin? Without something stable to reference to?

[PNWbrit]

Any company that does business across borders has to do this very thing with dynamic currency conversion on the sales channels (upfront dev & install + ongoing 3rd party fees), in marketing and planning new product strategies & on the backend in terms of managing the financial risk of taking receipts in multiple currencies. Back in the 90s there was a backlash from industries that were defrauded by unscrupulous investment banks hawking 'easy and safe' currency hedging products. Nowadays it's a particularly large risk to developing countries along with investors and companies utilizing eurodollar-based debt. Every time the USD spikes in a sustained fashion the Fed has to intervene to prevent Asian/Latam crises redux scenarios.

And that's the brave new world of bitcoin you're promoting... for every transaction?

No thanks.

[garyfromterrace]

And that's the brave new world of bitcoin you're promoting... for every transaction?

No thanks.

Hear fucking hear!

[XXX-er]

Makes sense in a digital world.

well my argumant is not that Bitcoin is not worth anything

my argument is that Bitcoin is not stable

but it IS OK to treat Bitcoin like a mining stock

I have extremely boring investments that are very stable and I like that

SO how come Bitcoin is not stable ... cuz nobody trusts it ?

[PNWbrit]

No - I've said explicitly more than once that bitcoin isn't able to support that. Crypto as a technology is what's going to do that. The point above is regarding onerous currency conversion demands and risks that are placed on businesses, govts & individuals across the world right now. Of course, people in North America often have no idea what those costs & risks are, so they fail to appreciate both the utility of borderless monetary systems and the burden the current system overlays on top of commerce. So they bandy about these haughty notions of how fiat centralized currencies are superior due to the uniformity (despite there being hundreds of them) and how moving away from fiat would entail an unwieldy burden on commercial agents (when in actuality the inverse is more accurate).

There really should be two questions for the observer: 1-what are the conversion cost & risk profiles for businesses under fiat & crypto systems and 2-how to manage those costs & risks while transitioning?

You're veering perilously close to being the new Spats....

[PNWbrit]

As in the popular game of whack-a-mole

Is mole paleo friendly? Gluten free? Was it vaccinated? Austrian?

[basinbeater]

I agree completely with what bromo wrote. The CEOs of the big financial players, banks, credit card companies, they are all paying very close attention. I was at a talk of one fortune 50 finance ceo, and someone in the crowd asked about Blockchain technology and banking, and he said a few ambivalent things, and then said what's the price of Bitcoin, and quoted it to within about $50. He was clearly paying attention. Less than a year later the company released it's first Blockchain based product. It is the future.

sent from Utah.

[Mustonen]

I agree completely with what bromo wrote. The CEOs of the big financial players, banks, credit card companies, they are all paying very close attention. I was at a talk of one fortune 50 finance ceo, and someone in the crowd asked about Blockchain technology and banking, and he said a few ambivalent things, and then said what's the price of Bitcoin, and quoted it to within about $50. He was clearly paying attention. Less than a year later the company released it's first Blockchain based product. It is the future.

sent from Utah.

They’re paying attention to lots of shit.

Compare their investment in blockchain to their investment in lobbying efforts for regulatory relief in mortgage regs. Or culture workshops for staff.

Want to see some investment?? Compare that piddly bullshit to the investment in AI and other shit that they ACTUALLY think will be a game changer.

[dunfree]

I'm struggling to find a world where the below has ever really been successful or desired by the public for any substantial length of time. observationaly in places where the local currency is the preffered trade currency (argentine pesos, whatever), but fails as a store of value (people want to hold US dollars) the trade currency tends to fade away in practical use in favor of the store of value currency absent evil government intervention. the magic of technology doesn't change the underlying structure

Maybe we end up in a world where you use more than one currency for different purposes, a different currency for medium of exchange, a different currency for store of value, and you exchange one for the other, or rather your wallet automatically exchanges one for another whenever it needs to very very quickly and very very cheaply. That solves the problem too, I don’t know which way we’re going, we’ll have to wait to find out.

[stalefish3169]

https://www.theblockcrypto.com/tiny/...ryptocurrency/

Facebook reportedly brings on Visa, Mastercard, and PayPal as backers of its cryptocurrency.



This whole crypto thing is probably just a fad.

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[byates1]

it's all the same.

[leftfield]

I'm gonna name my firstborn Vitalik.

Attachment 285677

That shirt is the best thing I've seen all week

[stalefish3169]

9000 smash smash smaaaaashhhheed

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[stalefish3169]

I guess Bromo and Stale live in Argentina and since the power is out they didn't get the memo that Bitcoin and crypto is a scam that will eventually leave a lot of people holding worthless tokens.

This might help inform anyone else wondering the fate of the new modern Liberty Gold:



"Is bitcoin an investment security or a currency? You can't have both. If you don't understand why you're not qualified to lecture anybody about finance, investment or economic issues.

So if bitcoin is a currency, how come nobody is using it? You can't pay your bills with bitcoin. You can't shop with bitcoin. The price is too volatile for anybody to use it as a payment medium. How has that improved in the last few years? It hasn't.

If Bitcoin is an investment, how is its actual value determined? It has no intrinsic value. Like a pyramid scheme, it only has value if you can find people downstream to buy into it for more than what you've paid. But in the end since it has no material meaning (unlike stocks that represent fractional shares in actual companies and assets) how does it retain any long term value?

How come the majority of crypto trading is between various symbolic securities and not actual fiat currency, which is what you all measure it against in order to claim it has value? That makes no sense.

If Bitcoin really were winning, then it wouldn't need to be measured in dollars. We'd all know what 1 BTC can buy, but the only way we know it has value is to compare it to a currency that is actually useful, like the dollar.

You don't even realize that you've lost your own argument, because the only way you can claim you're winning is to measure it against something you claim is now obsolete."
~American Scream (reddit)

You're wrong dude....as usual. I just bought my dad an HBO gift card with BTC from egifter.com so he can watch Chernobyl.

Just wait until ZuckBucks get dropped on Tuesday and 2 billion normies start learning about crypto. Do you know how much capital is about to be directly tradable with the ZuckBucks/BTC pair on Coinbase?



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[Mustonen]

Being able to purchase a $30 HBO Go card with BTC doesn’t refute a single point made in PureGravity’s post, you simpleton.

[Mustonen]

That’s fair.

I’m sorry, Stalefish.

[JimmyCarter]

You're wrong dude....as usual. I just bought my dad an HBO gift card with BTC from egifter.com so he can watch Chernobyl.

Just wait until ZuckBucks get dropped on Tuesday and 2 billion normies start learning about crypto. Do you know how much capital is about to be directly tradable with the ZuckBucks/BTC pair on Coinbase?



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Why would you throw away massive returns by buying a gift card with it????

And why do you think massive corporations coming up with their own coins is something positive for bitcoin?

[stalefish3169]

Why would you throw away massive returns by buying a gift card with it????

And why do you think massive corporations coming up with their own coins is something positive for bitcoin?

I make purchases with crypto occasionally because I am actually in in for the tech. And frankly when your coins moon, it feels good to spend a bit of the profits. And I posted about it because the hater crowd here keeps telling me how I can't buy anything with crypto.

Massive corporations have massive amounts of users bruh.

Comparing "Blockchain" (In all its incarnations) versus Microsoft SQL Server is like:

[FILL IN THE BLANKS]

LOL. Well, to me, it is like comparing a rusting ford pinto with half its cylinders blown to a New 2019 Lamborghini.

They just don't compare and there isn't a single feature that can be done with 'blockchain' that can't be done with MSQL or most paid or free modern databases.

It's like going back to horse and buggy generation all wearing black and saying 'this is the next big thing'.

Blockchain has actually been around since 1979. It ain't new or special.

Except when "price goes up"!

LOL.

Pretty soon you're going to end up in a straight jacket repeating, "It's going to zero!" over and over.

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[Mustonen]

I make purchases with crypto occasionally because I am actually in in for the tech. And frankly when your coins moon, it feels good to spend a bit of the profits. And I posted about it because the hater crowd here keeps telling me how I can't buy anything with crypto.

Now you’re gaslighting. Your gift card example was offered as refutation for the quoted points in PG’s post. Just be honest and ditch the hyperbole.

[stalefish3169]

Now you’re gaslighting. Your gift card example was offered as refutation for the quoted points in PG’s post. Just be honest and ditch the hyperbole.

To be honest, I was shopping for an online gift card, and the crypto payment option was a random pleasant surprise. The only gaslighting here is done by those in denial of macro economic trends.

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[XXX-er]

https://www.coindesk.com/sex-worker-retirement

sex trade workers like the bitcoin cuz a real bank won't deal with them

[JimmyCarter]

Massive corporations have massive amounts of users bruh.


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"So this Netflix company is really going to get people interested in watching movies at home. That's why I'm feeling pretty good about these Blockbuster Video shares I own"

[stalefish3169]

"So this Netflix company is really going to get people interested in watching movies at home. That's why I'm feeling pretty good about these Blockbuster Video shares I own"

So are SWIFT and ACH Netflix or Blockbuster?

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[basinbeater]

That Ari Paul video was very interesting. I like the ending, where he talks about the costs of Bitcoin, and how they are so high, the energy required to mine and do the proof of work required to keep the system secure. But the point how you can't compare that cost to the cost of visa transactions, or amex transactions, you have to compare that cost to the cost of securing the fiat currency structure, including up to military spending that can be tied to propping up the dollar.

[Mustonen]

So are SWIFT and ACH Netflix or Blockbuster?

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SWIFT and ACH are production studios, though the analogy falls apart a little at the edges.