Brake Rotor Advice posted:

https://www.youtube.com/watch?v=3xH1vBuDbBA

HOLDING IS A USE CASE.

It's called store of value.

I see people post things like, "Bitcoin is meant to be used. If 70% hasn't moved, then it's not being used."

A post like this assumes that Bitcoin's utility is only being met if it is spent to purchase something. But why would I use Bitcoin to buy something when I can use a softer currency like USD? I live in a major city. There are merchants around me that accept Bitcoin, but I still don't spend it.

The only time I'll EVER use Bitcoin to buy something is if I've run out of fiat USD, or if the merchant ONLY accepts Bitcoin. So until then, it'll remain in cold storage.

---

Bitcoin's properties are and always will be unique to bitcoin.

Could another coin be created? Yes. But ask yourself, who would do the creating?

Imagine you want to be the guy to create a new one. You clone bitcoin code, change some variables and names, and then put it out there. Or even get clever and write a new protocol from scratch, it doesn't matter. Then what? Who is going to use it? Nobody seems to care. So you assemble a marketing team or invite your friends and families to "invest" their dollars to bring you funds needed to get developers, servers and marketing to get the word out. Maybe you entice these friends by giving them some coins upfront before anybody in the public could have a chance to obtain them fairly. Still it's just you and a handful of colleagues running your nodes in a very centralized fashion, trying to entice the world at large to come play with you in a decentralized and leaderless way, despite being centralized with leadership.

You see the problem here? You are a person or small group of people with financial incentives to "pump" your new coin to the world. And for what reason? So you can ultimately exit - i.e.. "dump" your coins on retail.

Everything that's NOT bitcoin, was created in this way, with these motivations. A person or people who created the coin and remain in control of the coin or token with the intention of profit.

Bitcoin was created and given to the world by an anonymous person before there was any monetary incentive, and it grew in a grass-roots way without any leadership, without any central authority or early/insider/unfair access to profits.

This sort of "immaculate conception" can only happen once. All the imitators will can never share Bitcoin's best properties, in part because Satoshi Nakamoto is unique among crypto creators. It appears he/she/they acted without an interest in personal gain, considering none of their coins have ever moved.

---

The dollar will continue to fall against Bitcoin

Why? I can't speak to other nations, but I can guarantee you that the debt of the United States will be inflated away. In practice it will be a soft default, and the quality of pensions and entitlements will be inflated away. There is no need to cut spending, if you simply devalue it via inflation, and it's far easier politically to deal with it that way. I cannot recommend Nate Hagens two recent podcasts enough:
Luke Gromen: "Peak Cheap Oil and the Global Reserve Currency" | The Great Simplification #91
Doomberg: "Our Fragile Energy Economy" | The Great Simplification #83

The dollar is clearly overvalued at the moment, but international trade is still reliant on it, which even hints at a deliberate printing of excess dollars, that are traded for international assets while time still is. This will only last so long. There is a few terminal events that have and will take place. When the US defaulted on bonds held by the Russian state with the war in Ukraine as the official cause, it in simple terms signaled to all US trade partners, that the US is willing to default on debt if they don't like you. China saw that, and the Chinese is divesting as bonds and treasuries mature. This is maybe the first nail in the coffin, as US dollars can be increasingly risky to hold if you are politically vulnerable.

The question then remains on the extent that large countries and commodity producing countries are willing to increasingly hold other currencies than the dollar for international trade. Rather then saying that the dollar will be replaced, its possible we will see a bit of a multipolar currency regime, where rubles, yuan, dollars and the rupee will "normalize" their exchange rates. The value of the dollar will decline, imports will be more expensive and yes inflation will arise. And its possible that only way out for the Americans is war, which is the scary part.
So yeah, there are domestic reasons for increased inflation, while international political shifts take effect as well.
Whether the nominal debt is 10 or 100 trillion matters not. Nobody feels that. What matters is the future price of eggs, bread. potatoes, concrete, oil and gas in hours worked equivalents. All but a tiny few will feel that.

---

https://www.youtube.com/watch?v=iy1TqiPpyJs

The five stages of nocoiner grief:
Denial:







Anger:







Bargaining:







Depression:



Acceptance:

Fate Accomplice posted:

https://x.com/ChrisJBakke/status/1727024189549449666?s=20

notwithoutmyanus posted:

No coiner grief has one phrase:, it's called happiness. Not as in ignorance but as in bliss. Blissful happiness knowing that there's stupid poo poo out there that they have never had to waste any mental cycles on.

notwithoutmyanus posted:

Binance founder Changpeng Zhao agrees to step down, plead guilty

- Binance agrees to pay fines totaling $4.3 billion
- CZ plea deal may preserve company's ability to operate
- CZ to retain majority ownership of Binance
- CZ won’t be able to have an executive role at the company

Archive link: https://archive.ph/G8utD

Brake Rotor Advice posted:

https://www.youtube.com/watch?v=3xH1vBuDbBA

HOLDING IS A USE CASE.

It's called store of value.

I see people post things like, "Bitcoin is meant to be used. If 70% hasn't moved, then it's not being used."

A post like this assumes that Bitcoin's utility is only being met if it is spent to purchase something. But why would I use Bitcoin to buy something when I can use a softer currency like USD? I live in a major city. There are merchants around me that accept Bitcoin, but I still don't spend it.

The only time I'll EVER use Bitcoin to buy something is if I've run out of fiat USD, or if the merchant ONLY accepts Bitcoin. So until then, it'll remain in cold storage.

---

Bitcoin's properties are and always will be unique to bitcoin.

Could another coin be created? Yes. But ask yourself, who would do the creating?

Imagine you want to be the guy to create a new one. You clone bitcoin code, change some variables and names, and then put it out there. Or even get clever and write a new protocol from scratch, it doesn't matter. Then what? Who is going to use it? Nobody seems to care. So you assemble a marketing team or invite your friends and families to "invest" their dollars to bring you funds needed to get developers, servers and marketing to get the word out. Maybe you entice these friends by giving them some coins upfront before anybody in the public could have a chance to obtain them fairly. Still it's just you and a handful of colleagues running your nodes in a very centralized fashion, trying to entice the world at large to come play with you in a decentralized and leaderless way, despite being centralized with leadership.

You see the problem here? You are a person or small group of people with financial incentives to "pump" your new coin to the world. And for what reason? So you can ultimately exit - i.e.. "dump" your coins on retail.

Everything that's NOT bitcoin, was created in this way, with these motivations. A person or people who created the coin and remain in control of the coin or token with the intention of profit.

Bitcoin was created and given to the world by an anonymous person before there was any monetary incentive, and it grew in a grass-roots way without any leadership, without any central authority or early/insider/unfair access to profits.

This sort of "immaculate conception" can only happen once. All the imitators will can never share Bitcoin's best properties, in part because Satoshi Nakamoto is unique among crypto creators. It appears he/she/they acted without an interest in personal gain, considering none of their coins have ever moved.

---

The dollar will continue to fall against Bitcoin

Why? I can't speak to other nations, but I can guarantee you that the debt of the United States will be inflated away. In practice it will be a soft default, and the quality of pensions and entitlements will be inflated away. There is no need to cut spending, if you simply devalue it via inflation, and it's far easier politically to deal with it that way. I cannot recommend Nate Hagens two recent podcasts enough:
Luke Gromen: "Peak Cheap Oil and the Global Reserve Currency" | The Great Simplification #91
Doomberg: "Our Fragile Energy Economy" | The Great Simplification #83

The dollar is clearly overvalued at the moment, but international trade is still reliant on it, which even hints at a deliberate printing of excess dollars, that are traded for international assets while time still is. This will only last so long. There is a few terminal events that have and will take place. When the US defaulted on bonds held by the Russian state with the war in Ukraine as the official cause, it in simple terms signaled to all US trade partners, that the US is willing to default on debt if they don't like you. China saw that, and the Chinese is divesting as bonds and treasuries mature. This is maybe the first nail in the coffin, as US dollars can be increasingly risky to hold if you are politically vulnerable.

The question then remains on the extent that large countries and commodity producing countries are willing to increasingly hold other currencies than the dollar for international trade. Rather then saying that the dollar will be replaced, its possible we will see a bit of a multipolar currency regime, where rubles, yuan, dollars and the rupee will "normalize" their exchange rates. The value of the dollar will decline, imports will be more expensive and yes inflation will arise. And its possible that only way out for the Americans is war, which is the scary part.
So yeah, there are domestic reasons for increased inflation, while international political shifts take effect as well.
Whether the nominal debt is 10 or 100 trillion matters not. Nobody feels that. What matters is the future price of eggs, bread. potatoes, concrete, oil and gas in hours worked equivalents. All but a tiny few will feel that.

---

https://www.youtube.com/watch?v=iy1TqiPpyJs

The five stages of nocoiner grief:
Denial:







Anger:







Bargaining:







Depression:



Acceptance:

drk posted:

Plea agreement is out, including details on the $4.3B in fines: https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.9.0.pdf

summary: part of it is for doing crimes, which they got a discount on for being cool about it, the other part appears to be a an amount equal to 100% of the profit they made from US users on transaction fees and 100% of the money sent from the US to Iran (oops)

zetamind2000 posted:

Collateral Damage posted:

Get on Sweden's level.




2 and 10 copper daler coins from the 17th century. The 10 daler coin weighs 43lbs / 20kg. Something to bash people over the head with when they suggest we should go back to a metal standard.

Fate Accomplice posted:

https://x.com/ChrisJBakke/status/1727024189549449666?s=20

MEIN RAVEN posted:

Came to lol about Zhoa, saw I was quoted in a Seraph meltdown post. All in all, 10/10 would post again

tango alpha delta posted:

Oh no, I missed another seraph meltdown.

lol, Bitcoin was launched in 2009 and it’s still useless for the masses in tyool 2023

Collateral Damage posted:

Get on Sweden's level.




2 and 10 copper daler coins from the 17th century. The 10 daler coin weighs 43lbs / 20kg. Something to bash people over the head with when they suggest we should go back to a metal standard.

shame on an IGA posted:

Congress required the US Mint to release duplicates of all of the national park quarters as 5 ounce silver bullion coins and it says a lot about the people stocking up on precious metals that the Harpers Ferry one trades at almost a 30% discount to every other design

Collateral Damage posted:

2 and 10 copper daler coins from the 17th century. The 10 daler coin weighs 43lbs / 20kg. Something to bash people over the head with when they suggest we should go back to a metal standard.

wiki - Rai Stones posted:

Rai stones were, and still are, used in rare important social transactions, such as marriage, inheritance, political deals, sign of an alliance, ransom of the battle dead, or, rarely, in exchange for food. Many are placed in front of meetinghouses, around village courts, or along pathways.

Although the ownership of a particular stone might change, the stone itself is rarely moved due to its weight and risk of damage. Thus the physical location of a stone was often not significant: ownership was established by shared agreement and could be transferred even without physical access to the stone.

The typical rai stone is carved out of crystalline limestone and shaped like a disk with a hole in the center. The smallest may be 3.5 centimetres (1.4 in) in diameter. The largest extant stone is located on Rumung island, near the Riy village; it is 3.6 metres (12 ft) in diameter and 50 centimetres (20 in) thick, and weighs 4,000 kilograms (8,800 lb)

dr_rat posted:

Phhh, light weights

Wikipedia posted:

Although the ownership of a particular stone might change, the stone itself is rarely moved due to its weight and risk of damage. Thus the physical location of a stone was often not significant: ownership was established by shared agreement and could be transferred even without physical access to the stone. Each large stone had an oral history that included the names of previous owners. In one instance, a large rai being transported by canoe and outrigger was accidentally dropped and sank to the sea floor. Although it was never seen again, everyone agreed that the rai must still be there, so it continued to be transacted as any other stone.

Boxturret posted:

that's not a square

MechaCrash posted:

That left out the best part of these things.

They friggin' lost one, but they're like "naw, we know where it is, so it still counts."

MechaCrash posted:

That left out the best part of these things.

They friggin' lost one, but they're like "naw, we know where it is, so it still counts."

cruft posted:

I mean, you say this, and I nod my head, but then how do you explain the mental cycles wasted on this dumb thread?

Makes ya think.

MechaCrash posted:

That left out the best part of these things.

They friggin' lost one, but they're like "naw, we know where it is, so it still counts."

Brake Rotor Advice posted:

MechaCrash posted:

Actually, that does make me wonder.

They know where it is, roughly. Therefore, it is still valid to trade it around, because they know who owns it, and yeah, you can't go get the thing, but that's not what's important. What matters is that you know who owns it, so they can trade it around, so it's just as valid on the sea bed as it is in the town square.

What happens if they do, in fact, get together a team to get it back and oh poo poo we can't find it?

PurpleXVI posted:

lmao what in God's name.

This is the most amazing thing I've learned in a while. Good job, Sweden.

Squiggle posted:

The copper standard and their giant clown plates sucked so much that it drove Sweden to invent paper money in Europe

Two of them bought a cow apparently

Collateral Damage posted:

Get on Sweden's level.




2 and 10 copper daler coins from the 17th century. The 10 daler coin weighs 43lbs / 20kg. Something to bash people over the head with when they suggest we should go back to a metal standard.

Collateral Damage posted:

Get on Sweden's level.




2 and 10 copper daler coins from the 17th century. The 10 daler coin weighs 43lbs / 20kg. Something to bash people over the head with when they suggest we should go back to a metal standard.

MechaCrash posted:

Actually, that does make me wonder.

They know where it is, roughly. Therefore, it is still valid to trade it around, because they know who owns it, and yeah, you can't go get the thing, but that's not what's important. What matters is that you know who owns it, so they can trade it around, so it's just as valid on the sea bed as it is in the town square.

What happens if they do, in fact, get together a team to get it back and oh poo poo we can't find it?

The Lone Badger posted:

Seems like it would be easier to transport a herd of cattle than their equivalent value in coinage.

Squiggle posted:

The copper standard and their giant clown plates sucked so much that it drove Sweden to invent paper money in Europe and the concept of central banking to manage it

Two of them bought a cow apparently