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https://twitter.com/guardian/status/1230868666436247554?s=20
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Feb 22, 2020 01:37
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| # ? Jun 1, 2024 18:37 |
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Everyone already knows Bitcoin is valuable. (self.Bitcoin) submitted 7 hours ago by slvbtc The reason the IRS can state "virtual currency" in their forms and people automatically understand they are referring specifically to crypto and not other virtual currencies like in game currency or reddit coins or membership points etc, is because people inherently (maybe even subconsciously) understand bitcoin is different and holds true global free market value unlike other centralized company issued virtual currencies. They understand this subconsciously but haven't yet come around to cognitively and consciously accepting it. Centralized company issued currency is valueless and only decentralized free market freely traded currency holds value. Wait until they realize the Fed is a centralized company!
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Feb 23, 2020 00:12
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Gold/bitcoin ratio might become the single most important financial metric on earth. (self.Bitcoin) submitted 4 hours ago * by slvbtc Comparing the price of bitcoin to dollars when determining its value today is as pointless as comparing the price of bitcoin to a kilo of gold now, it tells you absolutely nothing.. yet.. In these early days those comparisons are irrelevant. Volatility and violent free market price discovery make them irrelevant. Bitcoin is like the earth back when it was still forming with meteorites raining down and volcanos everywhere constantly erupting creating an insanely volatile environment that couldn't harbour life, just like bitcoin can't yet harbour stable commerce. Once speculation and store of value use cases have driven prices up to highs that represent the amount of wealth needed to facilitate global commerce life will emerge. Stability will form, skies will clear, the meteorites will stop, volcanoes will turn dormant, and the first signs of life will form. Commerce will emerge and evolve faster than you can imagine. Then and only then will a ratio like the gold/bitcoin ratio tell us anything comprehensible. However, over time it is possible that in a few decades from now the gold/bitcoin ratio becomes the single most important financial metric on earth, maybe even as important as fed monetary policy is today, because we sure as hell won't be measuring bitcoin against fiat anymore. There will be no fiat, no fed speak, no target CPI rate, no interest rate manipulation, no repo injections, no fed minutes. There will be just bitcoin with its known supply and gold. The only value comparison that will tell us anything about the value of bitcoin over periods of hundreds of years in length will be the gold/bitcoin ratio.
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Feb 23, 2020 00:14
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Bring me the gold deer. I want to watch it expire, due to bitcoin.
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Feb 23, 2020 00:20
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...! posted:Centralized company issued currency is valueless and only decentralized free market freely traded currency holds value. Wait until they realize the Fed is a centralized company! how on earth have none of these people ever encountered chartalism
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Feb 23, 2020 00:22
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They can spread FUD but that's the extent of it. (self.Bitcoin) submitted 5 days ago by slvbtc Governments may try to scare people away from bitcoin through false or exaggerated statements, or by putting scary questions in tax forms to make bitcoin look like its only use is for tax evasion, they may try to spread FUD, they may try to limit its viability by suffocating it with tax and record keeping burden, they may try to make examples of people who use bitcoin for illicit means, but they can not criminalize its legal use. To criminalize the use of bitcoin and all cryptocurrencies like it they would need to ban the use and development of open source blockchain technology and ban the use and development of digital scarcity as a technological concept. To accomplish that would require a tyrannical dictatorship with no way to contest its criminalization. Any country with an ounce of justice and due process of law especially one with a constitutional right to freedom of speech (as code is speech) would find it impossible to criminalize the entire technological concept of digital scarcity and its use in trade and commerce. They would need to essentially criminalize open source code and any country that even contemplated that would see an immediate mass exodus of business, finance, technology companies and entrepreneurial talent from their shores. The most bullish thing in the world for bitcoin would be for an attempt to be made at criminalizing it then that attempt being contested and overturned in the supreme court setting undeniable precedent for its legal use in commerce. Bring it on!
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Feb 23, 2020 00:24
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slvbtc 1 point 6 days ago Its not theoretical its already happening now. Taxing every single transaction and putting language in tax forms that ask you if you use crypto to make it look like crypto is solely for tax evasion. Thats done solely to try and suffocate it and scare people away. So it is happening and it will continue to happen but it won't stop bitcoin it will just ensure the US government and its citizens does not benefit from this inevitable monetary evolution. Imagine the whole world moving to the gold standard and one country not allowing their citizens to use or own gold. Does that kill gold? No, all it does is make that one rogue country look illegitimate in terms of global finance. It would be wild to see the country that once unfairly benefited from forcing its global reserve currency status upon the world shoot itself in the foot and impoverish its people by preventing its citizens from participating in the worlds future financial protocol. How ironic.
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Feb 23, 2020 00:28
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Disruption timeline. (self.Bitcoin) submitted 19 days ago * by slvbtc Companies and entities that will be disrupted and made redundant by bitcoin and the lightning network, in order of occurrence. First, lightning as a payment mechanism will proliferate with every point of sale terminal and every banking wallet app able to send from and receive to a lightning invoice. The world will use lightning as the standard for transaction and transfer processing. Disrupted: Visa, Mastercard, Amex, Discover, alipay, wechat pay, paypal, transferwise, worldremit, western union, SWIFT, and similar companies of this nature. Second, as the world settles on using lightning as the global standard to process the worlds transactions and transfers it will simultaneously (like a Trojan Horse) make every point of sale terminal and every banking wallet app capable of receiving bitcoin. This will mean bitcoin can be spent anywhere and sent to anyone even if the recipient has no idea what bitcoin is. This will increase the demand globally for holding bitcoin directly instead of using bank accounts forcing banks around the world to offer Bitcoin accounts in order to keep customers. Disrupted: Bank of China, HSBC, JP Morgan, Chase, BNP Paribas, Bank of America, Credit Agricole, and similar deposit taking institutions of this nature that do not adopt bitcoin. Third, as the move away from banks occurs and the smart banks adopt bitcoin accounts in order to survive we will see demand for fiat decline and demand for bitcoin rise. This will lead to a dramatic rise in inflation creating a self reinforcing feedback loop that acts as a vortex. People adopting bitcoin to escape inflation will in the process of doing this create even more inflation, until the inevitable outcome of a catastrophic collapse in demand for fiat occurs globally. Disrupted: US federal Reserve, European Central Bank, Bank of England, Bank of Japan, Swiss National Bank, Bank of Canada, Reserve Bank of Australia, International Monetary Fund, Bank for International Settlements, and similar entities of this nature around the world. At this point the world will converge on one fair, sound, and politically neutral money, Bitcoin, and one free, instant, and politically neutral payment system, Lightning.
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Feb 23, 2020 00:29
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...! posted:Gold/bitcoin ratio might become the single most important financial metric on earth. (self.Bitcoin)
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Feb 23, 2020 01:41
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CampingCarl posted:no reason given why it might, just it might. i might become the most successful professional football player on earth, so you should invest in being my friend now while it's easy 
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Feb 23, 2020 01:55
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foot....ball?
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Feb 23, 2020 02:11
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Boxturret posted:foot....ball? 
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Feb 23, 2020 02:29
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Boxturret posted:foot....ball? Bird... Bath?
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Feb 23, 2020 02:31
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...! posted:true global free market value
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Feb 23, 2020 03:12
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did somebody say football
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Feb 23, 2020 03:14
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Sniep posted:did somebody say football no 
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Feb 23, 2020 03:31
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Feb 23, 2020 03:46
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lomqrf
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Feb 23, 2020 03:54
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teslasurprise(dot)com
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Feb 23, 2020 04:01
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Boxturret posted:teslasurprise(dot)com Elon giving away buttcoins again?
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Feb 23, 2020 04:32
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orange juche posted:Elon giving away buttcoins again? how does he even have any left at this point???????????
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Feb 23, 2020 04:50
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KnifeWrench posted:how does he even have any left at this point???????????
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Feb 23, 2020 05:02
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it's weird after every giveaway he ends up with more bitcoins than when he started
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Feb 23, 2020 05:15
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https://twitter.com/Rhett800cc/status/1230591495817891842?s=20 https://www.youtube.com/watch?v=_-GaXa8tSBE lovely exchange announces it is shutting down in <10 days, immediately decides to invalidate all validated customers, and force them to redo a 2 month process to get access to their shitcoins orange juche fucked around with this message at 12:49 on Feb 23, 2020 |
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Feb 23, 2020 12:47
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YOSPOS > WTF Why aren't you letting me take my Bitcoin?
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Feb 23, 2020 15:56
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EorayMel posted:YOSPOS > WTF Why aren't you letting me take my Bitcoin? it's not your bitcoin when you willingly give it to some one else hth
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Feb 23, 2020 18:14
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the lightning notwork is still a proof of concept that requires solutions to presently unsolved CS problems in order to work properly, right?
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Feb 23, 2020 18:43
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Hammerite posted:the lightning notwork is still a proof of concept that requires solutions to presently unsolved CS problems in order to work properly, right? i think technically speaking there's a test network but yeah it's still not real
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Feb 23, 2020 18:50
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Hammerite posted:the lightning notwork is still a proof of concept that requires solutions to presently unsolved CS problems in order to work properly, right? yeah note that the problem is trivial if you allow some amount of ~~~centralization~~~, even just of third-party information sources. it’s specifically the requirement to only trust the nodes you’re specifically talking to that makes it intractable by known algorithms
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Feb 23, 2020 19:04
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Hammerite posted:the lightning notwork is still a proof of concept that requires solutions to presently unsolved CS problems in order to work properly, right? depends, why are you asking? if you're pointing out that bitcoin doesn't scale, then the lightning network is complete and fully functional. if you're pointing out a problem with the lightning network, it's just eary proof of concept at the moment.
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Feb 23, 2020 19:11
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Hammerite posted:the lightning notwork is still a proof of concept that requires solutions to presently unsolved CS problems in order to work properly, right?
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Feb 23, 2020 19:59
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Gobbeldygook posted:there's about a 1 in 3 chance your transaction will fail and everyone running THE LIGHTNING NETWORK is probably losing money. a super majority of the network capacity is controlled by one company, LNBIG, which loses about a thousand dollars a month running it. that doesn't sound very decentralised to me...
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Feb 23, 2020 20:04
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Gobbeldygook posted:there's about a 1 in 3 chance your transaction will fail and everyone running THE LIGHTNING NETWORK is probably losing money. a super majority of the network capacity is controlled by one company, LNBIG, which loses about a thousand dollars a month running it.
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Feb 23, 2020 20:38
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Fleetwood Crack posted:Jesus, who is funding that operation? boxturret's mom
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Feb 23, 2020 20:45
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Hammerite posted:the lightning notwork
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Feb 23, 2020 20:47
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Fleetwood Crack posted:Jesus, who is funding that operation? Either the most or least obvious answer
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Feb 23, 2020 20:57
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Fleetwood Crack posted:Jesus, who is funding that operation.
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Feb 23, 2020 21:03
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Qwertycoatl posted:eary proof
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Feb 23, 2020 21:20
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reminder that the lightning network claims that the nodes will do "networking" and discover routes to every destination based on local knowledge without any hierarchy/trust/centralization because it implicitly believes in magic.
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Feb 23, 2020 23:11
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| # ? Jun 1, 2024 18:37 |
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it's pretty telling that even some fairly prominent bitcoiners have done the math and determined that the lightning network literally cannot work. but no matter how much they attempt to convince their fellow bitcoiners of this, they are always ignored as described, the lightning network is a panacea that will cure all of society's ills. therefore it must work or it would directly contradict their worldview thus the lightning network will always and forever be in "beta", with the full release version scheduled for nine months from whatever the current date might be
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Feb 23, 2020 23:29
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