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

[Bunion 2020]

Legalize medical grade substances? OK.

Better than the uncertainty in what gets sold these days on an unregulated market. Probably as good or a better and more useful than BTC.

[Skidog]

Sorry, what was I thinking? I am an asshole and will now pay penance by investing in some Crypto thereby fixing a small part of our fucked up world.

Maybe we should just legalize Cocaine and solve the problem? Peppier than coffee.

Fuck yeah. The water cooler talk would be much more interesting.

#lambos #diamondhands

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[Skidog]

Ominous

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[carpathian]

Even though I'm a total Bitcoin skeptic, I heard a dude on Bloomberg come up with a good theory that coins and meme sticks are all a result of excess liquidity (duh), and there have been "waves" of this money sloshing around for some time now chasing stupid shit (my term). It's no coincidence that Bitcoin dropped when AMC and GameStop surged, so, according to him, expect another increase in Bitcoin when the profit taking happens in AMC. Made sense.

You definitely see this slosh within crypto as alt-coins pump while BTC/ETH dip and vice versa. A huge part was the injection of the liquid cash from the retail sector after each Covid relief check was released.

[pureantigravity]

You definitely see this slosh within crypto as alt-coins pump while BTC/ETH dip and vice versa. A huge part was the injection of the liquid cash from the retail sector after each Covid relief check was released.

Is that a fact or a narrative?

[pureantigravity]

The average price that people expect Bitcoin to be at the end of the year is $42K. "People were talking about $100K Bitcoin but that is no longer happening." Also mentions Coinbase target stock at $225 due to lower income from less trading fees.

[Benny Profane]

You definitely see this slosh within crypto as alt-coins pump while BTC/ETH dip and vice versa. A huge part was the injection of the liquid cash from the retail sector after each Covid relief check was released.

Damn if I could find a link, but I read an article about a month ago about a sneaker manufacturer (not a big, corporate name, cheap stuff) in China who watched stimulus payments like a hawk and his sales on Amazon absolutely correlated with the cashing of those checks.

[shera]

The average price that people expect Bitcoin to be at the end of the year is $42K. "People were talking about $100K Bitcoin but that is no longer happening." Also mentions Coinbase target stock at $225 due to lower income from less trading fees.

Thanks for posting that. I never watch msm, so it's good to get a dose. I would appreciate more of those links in the future.

[pureantigravity]

Strike. Instant free payments around the world using Bitcoin + Lightning Network. Sounds good right? Sounds almost too good to ...

They never mention how Strike is making money. No one works for free. What other details are missing?

https://jimmymow.medium.com/announci...l-2392b908f611

Author of medium article also has cute video: https://www.youtube.com/watch?v=Rt2C3CsLi7k

A closer look at their El Salvador connection:

-----QUOTE--------------
Let’s walk through a user story. I want to send $1,000 to a friend of mine in El Salvador:

• When I initiate the $1,000 payment, Strike debits my existing USD balance.
• Strike then automatically converts my $1,000 to bitcoins ready for use in its infrastructure using its real-time automated risk management and trading infrastructure.
• Strike then moves the bitcoins across the Gulf of Mexico where it arrives in our Central American infrastructure in less than a second and for no cost.
• Strike then takes the bitcoins and automatically converts them back into USDT (synthetic digital dollar known as Tether) using its real-time automated risk management and trading infrastructure.
• Strike then credits the existing user with the USDT to their Strike account.

-----UNQUOTE--------------

So basically, your USD becomes worthless Tethers in the person's account in El Salvador. Great for the citizens of that country, eh? But where did the USD actually go? LOL. Follow the money.

[shera]

I haven't use tether very often and honestly I think it's shady, but I think you can convert back to usd at lots of exchanges at 1:1?

Also, I haven't used the strike wallet, but does it only work in the way you described or can you just use lightning network to pass sats? I think the network has some ludicrously small fees, at least the last time I looked at it. I was wondering if it could be profitable to run a node, but it was a joke.

You bring up some good questions, I hope you post up the legit answers and save me having to look into it myself.

[pureantigravity]

I haven't use tether very often and honestly I think it's shady

Why do you think it is shady?

[MultiVerse]

Strike. Instant free payments around the world using Bitcoin + Lightning Network. Sounds good right? Sounds almost too good to ...

So far anyway, to make it work Strike had to centralize their network. Strike only accepts payments from trusted channels because they were getting so many payment failures (thread below). As is the case with the exchanges, Strike is acting more like a centralized bank. Which begs the question: if everyone is on the same lightning network, doesn't that kinda miss the point of the whole thing?

Anyway, the demo in the video is cool but leaning into the "less than a second" narrative is kinda lame in the era of global networks. After all, real time chat etc. has been around for a while.

As far as the business model, it could be classic Silicon Valley disruption. Charge a zero or nominal fee in the beginning to drive out existing players and then raise prices in the future.

https://mobile.twitter.com/JackMalle...03528116883456


FWIW, here's more on the Lightning Network and its vulnerability to attack from untrusted channels:

https://antoine-riard.medium.com/why...g-ee3692de1a55

https://www.coindesk.com/bitcoin-lig...-exploited-yet

https://np.reddit.com/r/Buttcoin/com...is_it/dvm0haj/

[pureantigravity]

https://np.reddit.com/r/Buttcoin/com...is_it/dvm0haj/

That is quite incredibly bad. I bet SWIFT is having a chuckle over this. Systems built on trust are incredibly efficient. Byzantium systems built on distrust are like this.

[pureantigravity]

It turns out that El Salvador has the highest murder rate per capita in the world. I'm not sure if this is #racist so I apologize in case anyone is offended.

"Violent, well-armed street gangs — MS-13 (Mara Salvatrucha) and 18th Street (Barrio 18) being the largest — are dispersed throughout El Salvador. They concentrate on street-level drug sales, extortion, arms trafficking, murder for hire, carjacking, stealing smartphones where Bitcoin app keys are stored, and aggravated street crime."

"The U.S. Department of State has assessed San Salvador as being a CRITICAL-threat location for crime directed at or affecting official U.S. government interests."

The reports on crime say that ... https://www.osac.gov/Country/ElSalva...a-1855725d032e

Good thing they have Bitcoin to save them.

[Skidog]

It turns out that El Salvador has the highest murder rate per capita in the world. I'm not sure if this is #racist so I apologize in case anyone is offended.

"Violent, well-armed street gangs — MS-13 (Mara Salvatrucha) and 18th Street (Barrio 18) being the largest — are dispersed throughout El Salvador. They concentrate on street-level drug sales, extortion, arms trafficking, murder for hire, carjacking, stealing smartphones where Bitcoin app keys are stored, and aggravated street crime."

"The U.S. Department of State has assessed San Salvador as being a CRITICAL-threat location for crime directed at or affecting official U.S. government interests."

The reports on crime say that ... https://www.osac.gov/Country/ElSalva...a-1855725d032e

Good thing they have Bitcoin to save them.

You are a blatant racist....how dare you post facts?

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[byates1]

what if he's right. think about that. saylor is fvking legit in by book. dude is throwing down.

[byates1]

splat fund. btc is legit. sending.

it's not about money.

[MakersTeleMark]

Back to what came up earlier:

[byates1]

good stuff. ^^

ppl say crypto is a scam etc, look at algo. dude has a turing award.

[MultiVerse]

The best minds of a generation are working on developing sustainable ponzis

[Mustonen]

what if he's right. think about that. saylor is fvking legit in by book. dude is throwing down.

What if he’s right about what? I don’t have an hour and a half to watch a video unless there are explosions, sex, and maybe a few jokes.

What does “crypto being legit” have to do with hodling? Why do I have to “believe” in it? Why would you care?

Either it’s a viable currency or it isn’t. If it becomes a part of the real economy I’ll use it, until then BTC is a horrendous waste of resources whose dubious saving grace seems to be that it enables illegal and undesirable economic activity. Plus those at the top of the scheme get lambos.

As an investment vehicle it seems to have an over/complete reliance on the greater fool theory.

I don’t understand the proselytizing.

[byates1]

^ fair enough. that's like your opinion man. i only allocate 5% overall to new speculative asset classes. but it's done well, and if you look at the fundamentals(which i why i posted a two hour video, that you don't have time to watch)

i'm buying physical gold, sliver, platinum and palladium, as well as xrp, xlm, algo, doge, btc etc.

if gold has been the gold standard for SIX FUCKING THOUSAND YEARS, and a new layer one asset is developing. there is bound to be some, as you say, proselytizing.

[byates1]

The best minds of a generation are working on developing sustainable ponzis

musk had an interesting thought, something about too many smart ppl going into finance and law, not enough into engineering and trades. whatever pill you swallow, at least be objective and self critical enough to know you are swallowing it.

[MultiVerse]

Who needs to swallow a pill when crypto bros just say the quiet parts out loud?

Attachment 377103

[byates1]

pretty much. i posted last fall about taking your play money and investing for the long term. lets check in 10 yrs from now. i'll still be around.