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Posted: 1/17/2021 1:48:55 PM EDT
[#1]
Quote HistoryQuoted: Some people refuse to embrace the future and yet still post in these threads. The fact that this is an internet forum board is kind of ironic in that sense. A lot of people far smarter than I are putting millions/ billions of dollars in the crypto space. So I like my chances. Are you sure that they didn't front-run you? I always talk my book after I have taken a position. 
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Posted: 1/17/2021 1:51:27 PM EDT
[#2]
Quote HistoryQuoted: I'm heavy into crypto but I'm admittedly not as gung ho about the future of it as I used to be. Still a really good bet though. I understand everything he's saying I just think he's failing to make space for something that even if it is exactly as he fears, it still leaves more upside than downside. If you risk $10k today and only rely on greater fools (in theory) your maximum loss is $10k whereas your maximum gain is much more even purely on the momentum from greater fools. If BTC does break out into a real world practical application, the upside is absolutely ludicrous, even if the odds of that happening are only 5% All those things combined, those are really good odds for money you can afford to lose. I'm absolutely acknowledging the risk of total loss in all of the above. Oh boy, rainbows and unicorns. |
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Posted: 1/17/2021 2:10:55 PM EDT
[#3]
Quote HistoryQuoted: 4:15 mark rise and fall of currencies, empires, and the potential pitfalls of bitcoin.  https://www.youtube.com/watch?v=QhqColDVc6YETA: When nations collapse, and everyone is dependent on a controlled currency (even crypto), and can’t survive by their own hand, they kill each other to get money or necessities from whoever has them or because that’s what they’re told they need to do to survive. These event describe the last days of Egypt, Canaan, Greece, Rome, Spain, Germany, and now America. In the Farmer’s Market of the Beast. I don't agree with him, but he is an abstract thinker. The origin story for Bitcoin is suspicious, but central banks will always require a means to expand and contract the money supply to their benefit, not yours. |
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Posted: 1/17/2021 2:11:49 PM EDT
[#4]
Quote HistoryQuoted: I guess if the pitfall is this is working out the bugs and a social experiment, and Bitcoin is the central banks not telling everyone they're gonna pull out the rug, with the notion they're going to crash the dollar and move everything to BTC, I would rather be holding it than not.  I agree with you. If I believed this I would be loading up. |
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Posted: 1/17/2021 2:12:40 PM EDT
[#5]
Quote HistoryQuoted: This is a mining center in Iran operated by the Chinese, drawing 175 Mwh of electricity. https://rsez.ir/ https://www.ar15.com/media/mediaFiles/274809/DJI_0677_jpg-1782330.JPG https://www.ar15.com/media/mediaFiles/274809/DJI_0703_jpg-1782331.JPG Gotta be worth something.  China is an expert currency manipulator. But don't worry, they wouldn't try to control the blockchain and manipulate this. |
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Posted: 1/17/2021 4:45:05 PM EDT
[#6]
Quote HistoryQuoted: I don't agree with him, but he is an abstract thinker. The origin story for Bitcoin is suspicious, but central banks will always require a means to expand and contract the money supply to their benefit, not yours. Quote HistoryQuoted: Quoted: 4:15 mark rise and fall of currencies, empires, and the potential pitfalls of bitcoin. https://www.youtube.com/watch?v=QhqColDVc6YETA: When nations collapse, and everyone is dependent on a controlled currency (even crypto), and can’t survive by their own hand, they kill each other to get money or necessities from whoever has them or because that’s what they’re told they need to do to survive. These event describe the last days of Egypt, Canaan, Greece, Rome, Spain, Germany, and now America. In the Farmer’s Market of the Beast. I don't agree with him, but he is an abstract thinker. The origin story for Bitcoin is suspicious, but central banks will always require a means to expand and contract the money supply to their benefit, not yours. “What a bank has for sale is information, and this has always been true.” The last interview clip from the Citi Corp Forex exchange in the mid-1980s is something not many people know about.  Failed To Load Title |
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Posted: 1/17/2021 4:48:28 PM EDT
[#7]
Quote HistoryQuoted: China is an expert currency manipulator. But don't worry, they wouldn't try to control the blockchain and manipulate this. “CHYNA” 
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Posted: 1/17/2021 4:55:11 PM EDT
[#8]
Quote HistoryQuoted: “What a bank has for sale is information, and this has always been true.” The last interview clip from the Citi Corp Forex exchange in the mid-1980s is something not many people know about. https://www.youtube.com/watch?v=M9qHrdiqCg0I am not tracking at what you are saying here in reference to the above. The currency markets are moved almost entirely by the potential of rate actions by the central banks. There is a big difference between the requirements of a central bank and those of investment banks. EDIT: I guess you are implying that this is a scheme by the central banks to collect all the transactional data in the block chain. The problem with something like Bitcoin is that if you divide a bitcoin to expand the money supply (so to speak), everyone equally benefits from that action. That is not something any central bank would be interested in. CBs want the ability to inflate, and governments want first use of that money before the affect of that inflation shows up in asset prices. |
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Posted: 1/17/2021 5:03:58 PM EDT
[#9]
Quote HistoryWhat are we looking at here? An expanded silk road? |
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Posted: 1/17/2021 5:44:58 PM EDT
[#10]
Quote HistoryQuoted: What are we looking at here? An expanded silk road? China is trying to build trade routes that all lead to China and do not require to flow through the China Sea. |
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Posted: 1/17/2021 9:38:42 PM EDT
[#11]
Quote HistoryQuoted: I don't know if the environmentalists are going to allow Bitcoin to survive. I read from an article posted here on ARFCOM, no less, that mining it and processing it uses HUGE amounts of electricity. Visa can process something like 100,000 transactions for a fraction of the energy it takes to process a single Bitcoin transaction. Then you have the miners running their supercomputers 24/7... I want to get into it, but every time I'm about to buy some I read something significant/negative that stops me. Quote HistoryQuoted: Quoted: Your going to get left behind boomers. This technology is as important as firearms for preservation of personal freedom. Firearms didn't start out as block IIs. They were slow to reload and unreliable yet even as archaic as they were they proved superior to the competing tech. As blockchain evolves, it will be lethal to the traditional financial sector. I don't know if the environmentalists are going to allow Bitcoin to survive. I read from an article posted here on ARFCOM, no less, that mining it and processing it uses HUGE amounts of electricity. Visa can process something like 100,000 transactions for a fraction of the energy it takes to process a single Bitcoin transaction. Then you have the miners running their supercomputers 24/7... I want to get into it, but every time I'm about to buy some I read something significant/negative that stops me. You just need to take the plunge like I did yesterday. Bought my first, an Ethereum on Coinbase. |
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Posted: 1/17/2021 10:24:12 PM EDT
[#12]
Quote HistoryQuoted: What if the .gov takes out the exchanges like coinbase? What is Bitcoin worth then? Converting Bitcoin to cash seems to be the weak point. As far as I've seen, most places that sell tangible goods and accept Bitcoin are really only having the Bitcoin converted to dollars when the transaction takes place. Bitcoin is a great vehicle for speculation, but it isn't very good at what it's supposed to do. It doesn't work as a currency because it is inefficient and can't handle the number of transactions necessary for even a small fraction of the population to use it day to day. I can see crypto being used in the future, but the only thing Bitcoin has going for it is name recognition and being the first to be established. In the technology world that isn't good enough to stick around long term. Look at the history of the internet in the last 25 years. Where are netscape, askjeeves, aol, yahoo, geocities, and myspace now? Quote HistoryQuoted: Quoted: Agreed. Our community should absolutely embrace this tech as increasingly payment systems become a vector of attack. No stopping a BTC transaction by a bank, .gov, or otherwise. What if the .gov takes out the exchanges like coinbase? What is Bitcoin worth then? Converting Bitcoin to cash seems to be the weak point. As far as I've seen, most places that sell tangible goods and accept Bitcoin are really only having the Bitcoin converted to dollars when the transaction takes place. Bitcoin is a great vehicle for speculation, but it isn't very good at what it's supposed to do. It doesn't work as a currency because it is inefficient and can't handle the number of transactions necessary for even a small fraction of the population to use it day to day. I can see crypto being used in the future, but the only thing Bitcoin has going for it is name recognition and being the first to be established. In the technology world that isn't good enough to stick around long term. Look at the history of the internet in the last 25 years. Where are netscape, askjeeves, aol, yahoo, geocities, and myspace now? There’s some truth to that. Hence, Litecoin. |
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Posted: 1/17/2021 11:46:03 PM EDT
[#13]
Quote HistoryQuoted: I am not tracking at what you are saying here in reference to the above. The currency markets are moved almost entirely by the potential of rate actions by the central banks. There is a big difference between the requirements of a central bank and those of investment banks. EDIT: I guess you are implying that this is a scheme by the central banks to collect all the transactional data in the block chain. The problem with something like Bitcoin is that if you divide a bitcoin to expand the money supply (so to speak), everyone equally benefits from that action. That is not something any central bank would be interested in. CBs want the ability to inflate, and governments want first use of that money before the affect of that inflation shows up in asset prices. Quote HistoryQuoted: Quoted: “What a bank has for sale is information, and this has always been true.” The last interview clip from the Citi Corp Forex exchange in the mid-1980s is something not many people know about. https://www.youtube.com/watch?v=M9qHrdiqCg0I am not tracking at what you are saying here in reference to the above. The currency markets are moved almost entirely by the potential of rate actions by the central banks. There is a big difference between the requirements of a central bank and those of investment banks. EDIT: I guess you are implying that this is a scheme by the central banks to collect all the transactional data in the block chain. The problem with something like Bitcoin is that if you divide a bitcoin to expand the money supply (so to speak), everyone equally benefits from that action. That is not something any central bank would be interested in. CBs want the ability to inflate, and governments want first use of that money before the affect of that inflation shows up in asset prices. I’m saying bankers would never allow a competing device to replace their control. I see two, possibly three options: 1. They paid for bitcoin‘s development 2. They bought the technology & and paid some Arkansas hush money. 3. They don’t care because they’ll just shut off the power/internet at the proper time. If anyone that is aware of the historical machinations of private finance has a hypothesis I’ve missed, please add you thoughts. ETA: but you’ll never find any public consensus to any of this. People either ask questions, and dig around to satisfy their decisions or they don’t. |
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Posted: 1/17/2021 11:50:43 PM EDT
[#14]
Quote HistoryQuoted: What are we looking at here? An expanded silk road? Quote HistoryQuoted: What are we looking at here? An expanded silk road? Yes, one that traces the origins of global trade, currencies, and the supposed discovery of paper in China by the Radhanites for use as bills of credit as far back as at least 500CE. The Wikipedia page is pretty enlightening. |
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Posted: 1/17/2021 11:51:45 PM EDT
[#15]
Quote HistoryQuoted: China is trying to build trade routes that all lead to China and do not require to flow through the China Sea. Quote HistoryQuoted: Quoted: What are we looking at here? An expanded silk road? China is trying to build trade routes that all lead to China and do not require to flow through the China Sea. That map traces routes that are between 1500 to 2500 years old. |
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Posted: 1/18/2021 1:17:19 AM EDT
[#16]
Quote HistoryQuoted: There’s some truth to that. Hence, Litecoin. Leftists won't devalue their own holdings over something like that. |
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Posted: 1/18/2021 11:13:46 PM EDT
[#17]
Pi coin invite code in case anyone is interested.
minepi.com/Ej86923 |
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Posted: 1/19/2021 9:23:54 PM EDT
[#18]
Here is a realistic analysis of Bitcoin. Is Bitcoin the Model T of Money
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