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

**Brock Landers** · 03-15-2022, 11:58 AM

I don’t know seems like over the last 6 weeks it would have worked pretty much as intended.

**stalefish3169** · 03-15-2022, 12:03 PM

Originally Posted by JimmyCarter

They could also have put it in dollars and gotten a better result. Because so far BTC is neither a currency or a store of value- it's a speculative asset. So none of what you're saying it could be is what it has been over the past 6 weeks, which was the point.

Guess you missed the part about Russian citizens, the vast majority who are completely innocent in this but are suffering from the whims of a dictator, having their USD assets frozen.

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**Mustonen** · 03-15-2022, 12:06 PM

Originally Posted by stalefish3169

Guess you missed the part about Russian citizens, the vast majority who are completely innocent in this but are suffering from the whims of a dictator, having their USD assets frozen.

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Unfortunately, their innocence isn’t a shield. Should it be? Should there be consequences to suffering somebody like Putin at the helm? Making him less accountable to his people doesn’t seem like an obviously good thing.

**JimmyCarter** · 03-15-2022, 12:18 PM

Originally Posted by stalefish3169

Guess you missed the part about Russian citizens, the vast majority who are completely innocent in this but are suffering from the whims of a dictator, having their USD assets frozen.

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https://www.coindesk.com/policy/2022...outputType=amp

**dunfree** · 03-15-2022, 12:22 PM

Originally Posted by Brock Landers

Someone living in Russia, with their wealth and pocket money denominated in rubles would likely disagree.

All those people using crypto to move billions to the uae looking for a safe home out of crypto? No, Brock that doesn’t make the case crypto is a safe haven at all.

**dunfree** · 03-15-2022, 12:30 PM

Originally Posted by JimmyCarter

They could also have put it in dollars and gotten a better result. Because so far BTC is neither a currency or a store of value- it's a speculative asset. So none of what you're saying it could be is what it has been over the past 6 weeks, which was the point.

the Ukrainian Hryvnia would have been a decent change for Russians too

**byates1** · 03-15-2022, 12:34 PM

I bought BTC in summer 2020 so it's been a safe haven/hedge/store of value for me for sure.

Everyone's sitch is different. Things are not static. I don't have the same inflation concerns as typical America, I'm not raising a family/keeping up w the Jones's type thing..

If you believe in BTC as a new, speculative, but moving in the direction of a global reserve asset. Then its cheap as fuck right now.

If you believe in rainwater tears, widows, pedophiles, grain alcohol lies and scammers don't buy any.

**Mustonen** · 03-15-2022, 12:44 PM

Originally Posted by byates1

I bought BTC in summer 2020 so it's been a safe haven/hedge/store of value for me for sure.

Everyone's sitch is different. Things are not static. I don't have the same inflation concerns as typical America, I'm not raising a family/keeping up w the Jones's type thing..

If you believe in BTC as a new, speculative, but moving in the direction of a global reserve asset. Then its cheap as fuck right now.

If you believe in rainwater tears, widows, pedophiles, grain alcohol lies and scammers don't buy any.

Why are those the choices? Why can’t I just not believe that it is going to be a global reserve asset?

**glademaster** · 03-15-2022, 12:46 PM

Originally Posted by Mustonen

Why are those the choices? Why can’t I just not believe that it is going to be a global reserve asset?

Bitcoin fandom and nuance are mutually exclusive. Black and white worldview. Kill them all, God won’t have any sorting to do.

**byates1** · 03-15-2022, 12:54 PM

You certainly can! Not a worry. That's the crux.

Who cares. We are all white in America dripping w money! Wheee!!

**Brock Landers** · 03-15-2022, 01:19 PM

I’m not saying Bitcoin right now is a great store of value (it’s volatility would indicate otherwise). But it’s intent was to someday act as a currency (check, it does that…Venezuela’s currency also was very volatile) outside the realm of any one government intervention. And over the last 6 weeks…for a Russian holding rubles…it would have done exactly that.

**dunfree** · 03-15-2022, 02:19 PM

Originally Posted by Brock Landers

I’m not saying Bitcoin right now is a great store of value (it’s volatility would indicate otherwise). But it’s intent was to someday act as a currency (check, it does that…Venezuela’s currency also was very volatile) outside the realm of any one government intervention. And over the last 6 weeks…for a Russian holding rubles…it would have done exactly that.

It’s a means of exchange, not a currency. Russians didn’t solely rush out to buy iPads and iPhones because they knew they’d be banned; they also bought them because they could be exchanged in the future. Same with art. Portable means of exchange

**stalefish3169** · 03-15-2022, 02:28 PM

Originally Posted by Mustonen

Unfortunately, their innocence isn’t a shield. Should it be? Should there be consequences to suffering somebody like Putin at the helm? Making him less accountable to his people doesn’t seem like an obviously good thing.

Seems pretty easy to wish for innocent people in a far away place whom you'll never meet to suffer...until it happens to you.

Maybe having a currency and SOV that can't be controlled by corrupt governments and dictators is good actually!

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**dunfree** · 03-15-2022, 02:32 PM

Originally Posted by stalefish3169

Seems pretty easy to wish for innocent people in a far away place whom you'll never meet to suffer...until it happens to you.

Maybe having a currency and SOV that can't be controlled by corrupt governments and dictators is good actually!

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fucking crocodile tears from the pimp, there’s no bottom. This fucker was funding concentration camps for uighurs

buying 100 shares of BB on the NYSE with $ and selling them asap on the TSX for loonies doesn’t make BBa currency

**JimmyCarter** · 03-15-2022, 02:36 PM

Originally Posted by dunfree

fucking crocodile tears from the pimp, there’s no bottom. This fucker was funding concentration camps for uighurs

So you like dead babies??? Because BTC could have saved those babies!

**klauss** · 03-15-2022, 05:58 PM

**bennymac** · 03-15-2022, 06:36 PM

Yesterday it was 0.00000000031 😆

**byates1** · 03-18-2022, 08:35 AM

**bennymac** · 03-20-2022, 12:25 PM

A Latecomer’s Guide to Crypto

- good and balanced overview for people new to crypto

https://www.nytimes.com/interactive/...pto-guide.html

**stalefish3169** · 03-20-2022, 02:57 PM

Originally Posted by bennymac

A Latecomer’s Guide to Crypto

- good and balanced overview for people new to crypto

https://www.nytimes.com/interactive/...pto-guide.html

There were some good points in the article, but it makes a few bad assumptions.

Firstly, the author states that blockchains are "decentralized" as if they are all equal. This is a fallacy and very important to understand, although admittedly a hard concept to grasp for people who haven't done much research, or get their talking points from TGR. Decentralization is a spectrum and Bitcoin is by far the most decentralized. Even Ethereum, the second largest crypto by marketcap is much more centralized than BTC, and large portions of it currently rely on AWS and similar centralized tech. Of course the author regurgitates the, BTC is slow argument, without explaining how this is a feature that helps to keep BTC decentralized, not a bug. Other "leading" blockchains such as Solana gifted their founders and VCs around 50% of the initial supply and validating transactions on Solana requires expensive hardware and heavy-duty technical teams whereas anyone with a Raspberry Pi, about 500 GB in hard drive space, and a decent internet connection can run a BTC node.

Secondly, the author states that the dollar is not going to lose its hegemony as the singular world currency. The war in Ukraine has greatly accelerated the move away from a single fiat world reserve currency. This is clear from countries now looking to sell oil for CNY. I expect this trend will continue as the sanctions war continues and countries actively "cancel" the reserves of "bad countries."

Finally, the author left out one of BTC's primary use cases which is its clear issuance schedule and inability to be debased by a group of unaccountable clowns at the FED who have greatly enriched the already rich at the expense of nearly everyone else. This should hit really close to home for everyone as CPI in the US is near 8% and real inflation is over 20%.

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**::: :::** · 03-20-2022, 03:04 PM

JFC, STFU already

**stalefish3169** · 03-20-2022, 03:07 PM

Originally Posted by ::: :::

JFC, STFU already

Tell me you don't understand the nuances of crypto, without telling me you don't understand the nuances of crypto.

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**::: :::** · 03-20-2022, 03:11 PM

You are so full of yourself

Fuck right off

**stalefish3169** · 03-20-2022, 03:16 PM

Originally Posted by ::: :::

You are so full of yourself

Fuck right off

Queue the "Stalefish needs to work on his tone" outrage posts.

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**Mustonen** · 03-20-2022, 03:24 PM

^^nice exchange.

How do you feel about deflation? Could you imagine the chaos if BTC really did establish a meaningful foothold as a currency?

All that aside, the power demands seem to be the most inimical factor when it comes to widespread theoretical buy-in and adoption (why don’t we care about energy efficiency?).

You can view slowness as a feature, though your rationale feels a little tortured (hint: it’s an unfortunate side effect of a maybe-feature). As a substantial roadblock to widespread practical adoption as a currency, it seems undeniable.

Etc etc.

Does pretending problems aren’t problems make them go away? Not a fantastic monetary strategy.