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

[Stu Gotz]

This 5 part series does a great job explaining how to form your own opinion on this if people honestly want to learn.

https://www.youtube.com/watch?v=zjDowddhAoQ

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Ha. Yeah. I really don’t. I bought one BTC coin last August. There’s going to be more suckers than me and I’m going to retire early, or less and I’m going to lose my money. Simple as that.

[MakersTeleMark]

Ha. Yeah. I really don’t. I bought one BTC coin last August. There’s going to be more suckers than me and I’m going to retire early, or less and I’m going to lose my money. Simple as that.

I'd be more than willing to take your coin coin off of your hands and nurture it like a rescue dog.

[byates1]

Which begs the question - what makes a great price?

Compared to 10 years from now. These are great prices.

[Bunion 2020]

^^^ Did you park the DeLorean in the garage after your trip back to the future Doc?

[jackstraw]

What I don't understand, amongst many other things, is how Bitcoin would be used for transactions at say a coffee shop. This is also assuming that the price stabilized somewhat. You walk in for a cup and they say it's .0000834 please. I know it's all computerized, so the transaction doesn't really matter, but that's just fucked up.

[dunfree]

Real world application?

https://blog.chain.link/arbol-receiv...erage-service/

lol

With blockchain-based parametric insurance, real-world data automatically triggers payments to policyholders once predefined weather conditions occur, meaning no party can avoid its contractual obligations

the tech will have grown up when people don’t write bullshit like that.

[jackstraw]

lol

the tech will have grown up when people don’t write bullshit like that.

Explain it.

[LeeLau]

The only accounting function solved is when it comes to shareholder distribution, though. That’s a pretty tiny part of the overall accounting burden. Agreed that it can all be automated, but there’s nothing special about NFT here.

The international investment is a cool angle, but the NFT can only enforce what it sees. Your hypothetical $1M of revenues is still entirely predicated on trust that all revenues are actually being accounted for in whatever blockchain is being used, or that all expenses are legitimate and appropriately bid, or that local regulations/taxes are being handled appropriately, and I don’t see any obvious means that would provide visibility outside of the blockchain environment, it’s just a massive false sense of security. Without regulation or third party audit or being local, you still don’t know what’s going on in your PH investment property outside of the inputs being plugged in locally. I can see how it’s a tool, but I can’t see how it’s any more than that and I’m still at a loss that it portends anything particularly disruptive or game changing, whatever game that is (accounting software? That’s a small game…. And it doesn’t get bigger when you private label it with a blockchain).

Honestly, and this sounds more incendiary than I mean it, it feels like the only game this is really changing is pulling things like apartment building investments into the crypto pyramid scheme. Which would explain some of the fervor around NFT.

Also ETA: I completely support building cool new paradigms even if we don’t understand how they might be truly useful in the future in a meaningful way. If that’s all we’re talking about, cool, let’s nerd out. But I get puzzled when proponents try to tell me we’re already there.

Sorry in advance for this being disjointed as the thread advances but you and I were having a cordial thought experiment and wanted to rejoin. In the spirit of nerding out

1. Re accounting. I think I overreached. Or at least overreached based on existing tech

- Most tenants will pay in fiat
- Vendors/service providers will bill and be paid in fiat
- "Shareholders"/ token holders can be paid in crypto via a digital wallet
- I envision a multi signature digital wallet real-time updates with a treasury of some stablecoins where "shareholders" can continually monitor input/outputs and match expected "treasury" size so that their expected/projected returns match reality. But there's always one-off expenses for RE holdings. How to verify for that without getting into the same comparable mechanics of standard real world audits?

Therefor i conclude that I can't think of a virtual smart-contract based mechanism that solves enough accounting issues to contribute more than a small savings

2...Jurisdiction

I think that's big. Many investors (speaking as someone on both buy and sell side) make that a substantial factor in risk. I won't touch Chinese or Indian jurisdiction venue opportunities because I know cost of remedies and likelihood of remedies is a substantial hurdle. Same goes for Marshall County of Texas for patents, Bermuda for financial instruments etc.

I do agree about the pyramid scheme/Ponzi aspect (irrespective of my pontificating about all Fiat Currencies also being Ponzis viewed in the long timeframe context ). Smart contracts whether via Crypto tokens, rebase/reserve currency tokens, NFTs attract a lot of scams. However, this doesn't mean all of it is a scam.

[LeeLau]

lol

the tech will have grown up when people don’t write bullshit like that.

It's VC finance bro and cringe inducing. Some/many have made the argument to me that insurance companies will be disrupted by smart contracts. I don't see why.

That use case posted by jackstraw presented one example. But it's very mechanical and subject to failure. I've worked with vendors of aquatic water data. I mean... they strive to not have errors but errors happen. To solve those errors you need humans. Therefore costs. This new insurance will have to prove it is more efficient, more fair, easier to obtain, easier to administer and that any errors/mistakes can be solved without adding so much cost that it could not be solved via "old school" insurance. But it's definitely a useful application

[JimmyCarter]

Mostly sounds like unnecessarily complicated RPA

[byates1]

This is all you need to know: Buy as much BTC as you can and hold it forever.

Buy a similar amount of eth and hold it forever.

Buy a grand or two of : ada, algo, sol, and hold it forever.

Buy a few hunge of doge and shib and hold it forever.

Your welcome.

[Cono Este]

I sold my algo earlier this week.

Doesn’t seem to be a good hedge vs the mkt.


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[byates1]

I got back into algo, skybridge capital just started a 100 million algo fund.

Worth a couple grand for the long term for me. Turing award winner.

[bennymac]

https://www.reddit.com/r/CryptoCurre...h_of_usdt_out/

“In the last 24 hours Tether, the creator of USDT, has minted $1,500,000,000 worth of USDT out of thin air.

Nowhere it is documented where the money which was just created comes from and where it actually went.

Before 2019 Tether claimed 100% of its reserves would be backed by actual cash

Suddenly in April of 2019 Tether claimed only 74% of Tether would be backed by "cash and cash equivalents"

A pie chart (yes, this is how they want to proof their reserves) released by Tether in 2021 revealed that only 2,9% would be backed by cash

How much of it is actually backed of the $1,500,000,000 they somehow created in less than 24 hours? You can probably guess“

——

Reddit posts being almost the lowest quality evidence out there I’m just wondering the truth/significance of these claims.

Seems like if Tether has a money printer going and they’re using it to buy other crypto projects that would be bad news

[dunfree]

Mostly sounds like unnecessarily complicated RPA

Whats standard for a Bahamian (New York) insurance marketplace looking for “non standard capital” to insure projects of a Hong Kong based agriculture helper scheme with interests in Cambodia and India? Maybe bitcoin works best (I dunno)…. but it doesn’t change the insurance business magically so there’s no risk as much as finbros salivating over a Buffet like pool of OPM want to convince people it does.

[jono]

Anyone have a good reference for the current state of DRM on a blockchain?

[LeeLau]

Whats standard for a Bahamian (New York) insurance marketplace looking for “non standard capital” to insure projects of a Hong Kong based agriculture helper scheme with interests in Cambodia and India? Maybe bitcoin works best (I dunno)…. but it doesn’t change the insurance business magically so there’s no risk as much as finbros salivating over a Buffet like pool of OPM want to convince people it does.

I don't understand it either. Someone somewhere has to run the numbers on risk. I'm not talking actuarial level modeling but some level of assessment

[shera]

Link getting cheaper, bought at
0.00037468

0.00043586
0.00047407
0.00049130

[shera]

I got REKT buying LINK at $32 earlier this month. LOL!

Trying to decide if it's time to cut bait and try to knock down the 2021 Uncle Sam bill, or hodl since it seems like ETH/BTC is about to go bananas.

Sorry about that. I wonder what you'll do then.

I'm still buying link from force of habit. I'm still in the green because my big bag was an a initial purchase between $10-11 over a year ago. But I wonder where we will bottom out.

I know fundamentals aren't cool and hip, but...

[shera]

Also forgot to say, I bought the Friday night crash, woke up to a bunch of filled limit orders. I wonder if there is another shoe to drop, trying to be ready for it.

[Benny Profane]

Tracy Alloway (@tracyalloway) Tweeted:
Just saw someone describe crypto as 'Mary Kay for young men' and now I'm dying. https://twitter.com/tracyalloway/sta...741525504?s=20

[stalefish3169]

Sorry about that. I wonder what you'll do then.

I'm still buying link from force of habit. I'm still in the green because my big bag was an a initial purchase between $10-11 over a year ago. But I wonder where we will bottom out.

I know fundamentals aren't cool and hip, but...

Thanks, but it's all good. I cut bait to reduce my tax bill. I might hop back in if conditions look favorable.

Good luck with your LINK!

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[stalefish3169]

Hey, you guys remember when you called me literally insane for suggesting that Bitcoin mining could be good for the power grid and facilitate green energy development? Good times.

https://www.cnbc.com/2021/12/04/bitc...box=1638794317

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[bennymac]

you did not just post that. I must be dreaming.

[skaredshtles]

you did not just post that. I must be dreaming.

I laffed.