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Thread: Bitcoin....who's gotten into it?
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06-10-2021, 06:37 PM #4901
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.I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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06-10-2021, 07:04 PM #4902Banned
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Fuck yeah. The water cooler talk would be much more interesting.
#lambos #diamondhands
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06-10-2021, 07:17 PM #4903Banned
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Ominous
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06-10-2021, 09:15 PM #4904
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06-11-2021, 04:28 AM #4905OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-11-2021, 05:07 AM #4906
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.
OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-11-2021, 05:58 AM #4907
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.
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06-11-2021, 06:11 AM #4908Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
Henry David Thoreau
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06-11-2021, 06:20 AM #4909
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.OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-11-2021, 06:44 AM #4910
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.Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
Henry David Thoreau
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06-11-2021, 07:04 AM #4911OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-11-2021, 07:50 AM #4912
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/
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06-11-2021, 08:04 AM #4913OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-12-2021, 08:45 AM #4914
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.OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-12-2021, 01:46 PM #4915Banned
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You are a blatant racist....how dare you post facts?
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06-12-2021, 06:08 PM #4916
what if he's right. think about that. saylor is fvking legit in by book. dude is throwing down.
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06-13-2021, 12:04 AM #4917
splat fund. btc is legit. sending.
it's not about money.
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06-13-2021, 01:29 AM #4918
Back to what came up earlier:
Is it radix panax notoginseng? - splat
This is like hanging yourself but the rope breaks. - DTM
Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague
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06-13-2021, 10:10 AM #4919
good stuff. ^^
ppl say crypto is a scam etc, look at algo. dude has a turing award.
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06-13-2021, 10:57 AM #4920
The best minds of a generation are working on developing sustainable ponzis
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06-13-2021, 11:22 AM #4921I drink it up
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Bitcoin....who's gotten into it?
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.focus.
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06-13-2021, 12:53 PM #4922
^ 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.
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06-13-2021, 01:10 PM #4923
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06-13-2021, 01:52 PM #4924
Who needs to swallow a pill when crypto bros just say the quiet parts out loud?
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06-13-2021, 02:20 PM #4925
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.
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