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

[4matic]

What is the generally accepted closing time for BTC to roll a new day? For currency we always used midnight gmt

[stalefish3169]

What is the generally accepted closing time for BTC to roll a new day? For currency we always used midnight gmt

Same.

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[bennymac]

Bitcoin is for everyone as long as they can afford the $60 transaction fees

What if all I have is this?

[stalefish3169]

Bitcoin is for everyone as long as they can afford the $60 transaction fees

This is why I continue to point out that you argue in bad faith with incorrect information. BTC transactions are running around 11 dollars today, or almost free on the the second layer lightning network.

https://ycharts.com/indicators/bitco...e%20year%20ago.

I sent a bank wire a few days ago that took almost 24 hours and got charged $30 in total by both the sending and receiving institutions.

How much does Western Union charge immigrants sending remittances home to their poor families?

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[Benny Profane]

What if all I have is this?

Ha, that reminds me. They found 2 billion dollars in the home of a Nigerian who recently died last week. Nobody answered his e-mails for years as he tried to give it away.

[stalefish3169]

What if all I have is this?

Your joke is pretty tone deaf. Many millions of Americans are struggling to make ends meet right now while their meager cash savings evaporate from inflation. Meanwhile, the wealthy continue to get richer everytime Jerome hits CTRL + P.

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[bennymac]

Your joke is pretty tone deaf. Many millions of Americans are struggling to make ends meet right now while their meager cash savings evaporate from inflation. Meanwhile, the wealthy continue to get richer everytime Jerome hits CTRL + P.

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You should try more fiber in your diet.

[Benny Profane]

Hardly anybody has any savings (and chasing funny money schemes doesn't help), and there really isn't any inflation to speak of.

[byates1]

[pureantigravity]

Warren Buffett and Charlie Munger call BTC rat poison squared and against the interest of human civilization while they shill Coca-Cola to a nation with an obesity epidemic.

Jeff Bezos is okay with his drivers shitting in bags to keep profits up.

Rayhtheon and GE profit off of making weapons that turn brown people into pink mist.

Is this the kind of value we should be looking for?

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You have a point (if it makes you feel better). But you aren't addressing the problems people have with Bitcoin or the [ponzi,hyip,scammery,BS,lying] scheme that it IS and/or is part of. But yes, there are lots of hypocrisies in life.

[pureantigravity]

I'm sorry. I know some people masturbate to this guy here (and elsewhere). But he really comes across as a moron. Super-uber moron. Not sure why I think that. Probably because he sounds just so very scamervy* to me. He's like a life like ELMO doll that shits crypto shitcoins (Bitshares) and only thinks of money (the reason he left Ethereum). I think we'll read about him in regards to the SEC at some point. I just get those FEELINGS. I could be wrong. Not trying to influence anyone's holdongs* here. There are so many crypto douchnuzzles*** - and he might be one. Also reminds me of a Saylor crossed with someone with a coffee deficit syndrome. Not as smart (or stupid) as Saylor but clearly not as wired on good coffee either.



* Scamervy: a word that means that whatever things a person touches or leaves turns out to be a scam or vitamin C deprived. SCAM + EVERY + SCURVY.
** Holdongs: far as holdings relate to crypto. Generally speaking. HOLD + DONGS.
*** Douchnuzzles: as far a crypto goes, many douches seem to hang out together (the nuzzling part). DOUCH + NUZZLES.

[stalefish3169]

You have a point (if it makes you feel better). But you aren't addressing the problems people have with Bitcoin or the [ponzi,hyip,scammery,BS,lying] scheme that it IS and/or is part of. But yes, there are lots of hypocrisies in life.

But sir, you're not taking the problems people have with TradFi seriously.

https://www.google.com/amp/s/www.cnb...ls-trades.html

https://en.m.wikipedia.org/wiki/Libor_scandal

https://www.google.com/amp/s/www.buz...g-drug-cartels

https://en.m.wikipedia.org/wiki/Well..._fraud_scandal

https://www.icij.org/investigations/panama-papers/



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[pureantigravity]

Both, I guess.

Keep in mind I disagree with both extreme ends of this argument.

Crypto in theory was awesome but it devolved into something else altogether, but it’s also not a scam anymore than the regular market.

I think I partially agree, insofar as you and I think that the extremes aren't useful. But to say it isn't a scam anymore than the real market denies the fact that the real market is backed by real money, by real products and services we use everyday, by insured deposits, by regulations, by generally intelligent analysis. It could be easily argued that the crypto market is none of these things.

BTW - Here is my backstory. Kinda explains my views a bit. And this also explains why I think crypto is a standout (tulipmania aside).

[pureantigravity]

But sir, you're not taking the problems people have with TradFi seriously.

https://www.google.com/amp/s/www.cnb...ls-trades.html

https://en.m.wikipedia.org/wiki/Libor_scandal

https://www.google.com/amp/s/www.buz...g-drug-cartels

https://en.m.wikipedia.org/wiki/Well..._fraud_scandal

https://www.icij.org/investigations/panama-papers/



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LOL. Yes. There are LOTS more of these insanities in life. You should start your own crypto token. Name it 'whataboutchain'. Give it the symbol "WHAT". Use Proof-of-What security. Then you build each block by creating a linked list of crypto's most popular whataboutisms. No transaction becomes settles unless you hash them all with the latest whataboutism. Will have the added effect of advancing crypto through clever whatabout memes.

PS - I might do that. I'll create it as a token on the Ethereum blockchain and allow people to deposit a few ether for the privilege of recording a yet unspoken whataboutism. Time for an investor Dog and What Pony show!!

[old goat]

I’m just here for teh lulz

Sounds like what keeps people playing golf. People measure their ability by the best shot they ever hit.

[stalefish3169]

Hardly anybody has any savings (and chasing funny money schemes doesn't help), and there really isn't any inflation to speak of.

Thanks for corroborating my point about people's money being devalued by the government. You seriously need to do some more research about the history of money, currency debasement, and BTC's revolutionary solution to the Byzantine General's problem. Perhaps you'll find that BTC is the hardest money we've ever had and very very far away from funny money.

https://news.bitcoin.com/triple-entr...erals-problem/

And also, no inflation? Lol what? Even the US government is on record now stating that CPI is tracking higher than expected. And of course CPI is bullshit and vastly understates inflation.

Big problems are ahead. The Fed is largely out of ammo and can't raise rates without major shit starting to unravel. Read this link I posted above. The writing is on the wall man, whether you want to accept it or not. But hey, you're an upper middle class white guy who will probably coast off into the sunset before suffering much consequence. But the Millennials and Zoomers, they should be very worried. There's a storm coming. Crypto will be a lifeboat for many. It already has been for me.
https://cryptohayes.medium.com/farb-...o-de6f5bb7a099

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[bennymac]

My safety deposit box full of conflict diamonds is gonna be my lifeboat.

[MagnificentUnicorn]

Thanks for corroborating my point about people's money being devalued by the government. You seriously need to do some more research about the history of money, currency debasement, and BTC's revolutionary solution to the Byzantine General's problem. Perhaps you'll find that BTC is the hardest money we've ever had and very very far away from funny money.

https://news.bitcoin.com/triple-entr...erals-problem/

And also, no inflation? Lol what? Even the US government is on record now stating that CPI is tracking higher than expected. And of course CPI is bullshit and vastly understates inflation.

Big problems are ahead. The Fed is largely out of ammo and can't raise rates without major shit starting to unravel. Read this link I posted above. The writing is on the wall man, whether you want to accept it or not. But hey, you're an upper middle class white guy who will probably coast off into the sunset before suffering much consequence. But the Millennials and Zoomers, they should be very worried. There's a storm coming. Crypto will be a lifeboat for many. It already has been for me.
https://cryptohayes.medium.com/farb-...o-de6f5bb7a099

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If your storm arrives and shit unravels, no one is going to care about virtual money. I assume you’re talking about social unrest. I don’t think you’re looking at this in the larger scope of things. Crypto currency is just like the speculative tech market of the late’90s but worse, there’s absolutely nothing to it that has any tangible value. The current system sucks but in my opinion, I don’t think virtual Monopoly money is the answer. Other than this place, I live in the real world.


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[Benny Profane]

Thanks for corroborating my point about people's money being devalued by the government. You seriously need to do some more research about the history of money, currency debasement, and BTC's revolutionary solution to the Byzantine General's problem. Perhaps you'll find that BTC is the hardest money we've ever had and very very far away from funny money.

https://news.bitcoin.com/triple-entr...erals-problem/

And also, no inflation? Lol what? Even the US government is on record now stating that CPI is tracking higher than expected. And of course CPI is bullshit and vastly understates inflation.

Big problems are ahead. The Fed is largely out of ammo and can't raise rates without major shit starting to unravel. Read this link I posted above. The writing is on the wall man, whether you want to accept it or not. But hey, you're an upper middle class white guy who will probably coast off into the sunset before suffering much consequence. But the Millennials and Zoomers, they should be very worried. There's a storm coming. Crypto will be a lifeboat for many. It already has been for me.
https://cryptohayes.medium.com/farb-...o-de6f5bb7a099

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Then why not gold, if that's your problem. Much more stable. And has a history.

[MultiVerse]

This is why I continue to point out that you argue in bad faith with incorrect information. BTC transactions are running around 11 dollars today, or almost free on the the second layer lightning network.

https://ycharts.com/indicators/bitco...e%20year%20ago.

I sent a bank wire a few days ago that took almost 24 hours and got charged $30 in total by both the sending and receiving institutions.

How much does Western Union charge immigrants sending remittances home to their poor families?

lol. This topic has come so many times. There are now apps for sending remittances that cost less than bitcoin. It's now a joke to argue otherwise.

The Fintech Apps Remitly and Wise, for example, not only cost less than Western Union they also cost less than bitcoin, less than $8 to send $1000.

Meanwhile, even though bitcoin fees today average just under $12, a week ago it was $23, and a month ago $63. The fact that fees are lower today compared to another time in the recent past is hardly arguing in bad faith.

Average Bitcoin transaction fees vary and can spike during periods of congestion. What happens when a poor family needs to send money in an emergency? Are they supposed to wait for a slow Sunday or suck it up and pay $60 or whatever the case might be on the day they need to send it?

[TahoeJ]

Warren Buffett and Charlie Munger call BTC rat poison squared and against the interest of human civilization while they shill Coca-Cola to a nation with an obesity epidemic.

Jeff Bezos is okay with his drivers shitting in bags to keep profits up.

Rayhtheon and GE profit off of making weapons that turn brown people into pink mist.

Is this the kind of value we should be looking for?

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Exactly. I’m not a crypto fan boi but the ethical hypocrisy is incredible. Profits have been feasted upon pain and misery since the beginning of currency.

Let’s be honest, that so called American exceptionalism was built on the backs of slaves, for example.

[carpathian]

I just don’t understand how BTC is this hard asset that can devalue by 50% after an Elon tweet or another round of China hate.

The big banks ran the market down, are now investing and will run the market up again sucking more people in then they will sell again .

After a few cycles of this the people won’t fall for it and they can kill it or the banks will own the majority and it will be come synonymous with evil big banks of the present.

Institutional adoption will be the downfall.
Reminds me of Communism. On paper it sounds great until you try it out.

The crypto scene is ripe with religious fervor.
Buy the dip!

[MultiVerse]

Perhaps you'll find that BTC is the hardest money we've ever had and very very far away from funny money.

Read this link I posted above.

People should stop calling bitcoin hard money when there's little evidence that's the case. On the day we saw the fastest inflation data in years, this is what Bitcoin did. Let that sink in:

Attachment 375963


Also, I read your link and the author fails to get basic facts right starting with his initial premise from which the rest follows. The Fed is not doing "nominal GDP targeting" and the Fed says it has no plans to do NGDP targeting.

Arthur Hayes doesn't even understand what NGDP targeting is. If he did, he'd know that he's got things backwards.

[MultiVerse]

Exactly. I’m not a crypto fan boi but the ethical hypocrisy is incredible. Profits have been feasted upon pain and misery since the beginning of currency.

Let’s be honest, that so called American exceptionalism was built on the backs of slaves, for example.

You've repeatedly said bitcoin is a way for you to make some easy money. That's fine. But to then turn around and lecture about ethical hypocrisy in favor of something whose killer app is ransonware and burning coal seems like the wrong hill to die on, doesn't it?

[TahoeJ]

We aren’t going to sit here and pretend that most stock prices are connected to actual earnings and growth potential, right? I mean, sure, sort of sometimes, but plenty of evidence to suggest otherwise aside from the extremes of growth or failure. Mostly talking about all of the swings in between.

It’s all (mostly) speculation and gambling.