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BSV mystery buyer doubles market cap

  • #41
  • Mar 1, 2021 1:12am Mar 1, 2021 1:12am
Quoting Goat
I agree that bitcoin is a payments system, NOT a store of value.
My sentiments exactly...
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  • #42
  • Mar 1, 2021 9:24am Mar 1, 2021 9:24am
Quoting Goat
{quote} My sentiments exactly... {image}
If BTC is digital gold then it's undervalued by about $9T. CBDC's will take over payments, BTC let's you opt out of the constant devaluation of your hard work by the central banks.
  • #43
  • Mar 1, 2021 10:41pm Mar 1, 2021 10:41pm
Quoting BTCmailman
BTC let's you opt out of the constant devaluation of your hard work by the central banks.
You are freedom fighter sir, and Bitcoin is your sword. May good win over evil.
  • #44
  • Mar 2, 2021 3:03pm Mar 2, 2021 3:03pm
I believe a combination of A, B, and C is what is transpiring in front of us.

Quote
A. How could Craig Wright have gotten hacked? If he's dumb enough to have his bitcoin stolen, I have to start wondering if he's Satoshi. That's hard to do when even the existence of this lawsuit furthers the claim.

Bitcoin Core team introduced a bug that allows for an 'anyonecanspend' transaction. 24:14

Quote
B. Did a government hack CW? His profile is high enough, and the amounts are large enough, that Russia or China would target him.

Likely not an isolated government but a rogue agency using BTC for darknet markets. 29:30

Quote
C. Is Craig "staging" the hack as a legal ploy to hurt Bitcoin? If he can demonstrate that the blockchain is reversible, by legal means, that'll be a game changer.

If CW demonstrates core developers are irresponsible and compromised Bitcoin's security in court, then as you said "game changer". 40:06

Quote
But isn't legal-reversibility a positive attribute for money system? My crypto world-view just got a little fuzzy.

Today, Bitcoin is not classified as money. Multiple regulators have deemed Bitcoin as a commodity with capital gains tax. Gov can seize all assets if it's connected to illegal activity.
  • #45
  • Mar 2, 2021 4:36pm Mar 2, 2021 4:36pm
Quoting Rinzler
I believe a combination of A, B, and C is what is transpiring in front of us. {quote} Bitcoin Core team introduced a bug that allows for an 'anyonecanspend' transaction. 24:14 {quote} Likely not an isolated government but a rogue agency using BTC for darknet markets. 29:30 {quote} If CW demonstrates core developers are irresponsible and compromised Bitcoin's security in court, then as you said "game changer". 40:06...
Thanks for the info Rinzler! I'm in a busy week but will do my best to catch up to you.
  • #46
  • Mar 3, 2021 3:48am Mar 3, 2021 3:48am
What do you guys think? It's a conspiracy theory, but there might be something to it.

https://cryptocassandra.medium.com/w...p-378490ce854d
  • #47
  • Mar 3, 2021 8:49am Mar 3, 2021 8:49am
Quoting lockdaun
What do you guys think? It's a conspiracy theory, but there might be something to it. https://cryptocassandra.medium.com/w...p-378490ce854d
It would be hilarious if Tesla bought BSV.

Is the BSV market liquid enough for anyone to purchase $1.5B BSV in one month?

Maybe they bought a bit of each: BTC, BCH, BSV, BTG, BCD.
  • #48
  • Mar 3, 2021 10:33am Mar 3, 2021 10:33am
Nah. Bitcoin Gold and Bitcoin Diamond shouldn't be considered 'bitcoin'
  • #49
  • Mar 4, 2021 9:14am Mar 4, 2021 9:14am
Quoting lockdaun
What do you guys think? It's a conspiracy theory, but there might be something to it. https://cryptocassandra.medium.com/w...p-378490ce854d
I think it's more likely we see a BTC pump after the latest SpaceX launch...

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But it probably was a busy week for Elon with the launch being delayed throughout the week so there could be something there....

Quoting Goat
{quote} Thanks for the info Rinzler! I'm in a busy week but will do my best to catch up to you.
  • #50
  • Mar 4, 2021 10:17am Mar 4, 2021 10:17am
Quoting cryptocow
{quote} Is the BSV market liquid enough for anyone to purchase $1.5B BSV in one month?
What if they bought the wallets from Satoshi? Is that even possible?
  • #51
  • Mar 4, 2021 12:30pm Mar 4, 2021 12:30pm
Quoting lockdaun
{quote} What if they bought the wallets from Satoshi? Is that even possible?
There's nothing stopping you from selling the keys to your wallet.
  • #52
  • Mar 4, 2021 4:18pm Mar 4, 2021 4:18pm
Quoting lockdaun
{quote} What if they bought the wallets from Satoshi? Is that even possible?
I guess it's possible. But it's a terrible idea.
  • #53
  • Mar 4, 2021 4:50pm Mar 4, 2021 4:50pm
Quoting cryptocow
But it's a terrible idea.
I don't know what you mean?

On an unrelated note would anyone like to buy some Ledgers at 50% discount? I've even gone through the headache of setting up the seed phrase for you
  • #54
  • Edited Mar 5, 2021 4:45am Mar 4, 2021 8:59pm | Edited Mar 5, 2021 4:45am
Quoting BTCmailman
{quote} If BTC is digital gold then it's undervalued by about $9T. CBDC's will take over payments, BTC let's you opt out of the constant devaluation of your hard work by the centanks.
if someone wanted to they can create another BTC, just slightly different and/or limit its supply, eg. litecoin transaction based, real world use..

exactly what makes BTC worth something is extrinsic (FOMO) whereas commodities like gold;copper;pladium;unobtanium have intrinsic value, so to say Bitcoin is virtual gold is misleading/ feeding the hype/bubble which is being fed by a lack of real value in other assets (unless you can create gold that is)- so then BTCs value is just a result of a lack of value elsewhere and a more general economic long-term transitions out of USD, ie, its success is just a result-of circumstance and not due-too real value

defi ; transactional and general crypto-ecosystems seem to me to have a more sound long-term base of use/value, so to champion one over all others in this case is more speculation / fandom rather than support for a move away from fiat

of course not you specifically , just speaking generally
grist for the mill
  • #55
  • Mar 4, 2021 9:20pm Mar 4, 2021 9:20pm
Quoting Goat
With all that said, I still have no idea what's going on with this hack/lawsuit. I'm awaiting further info, because I'll go crazy trying to solve this with such limited facts.
im not up to date with the CW saga but evidence shows adam back, check him out, there is a video of the evidence, seems to line up imo
grist for the mill
  • #56
  • Mar 5, 2021 4:30pm Mar 5, 2021 4:30pm
Quoting JackJones
{quote} if someone wanted to they can create another BTC, just slightly different and/or limit its supply, y
Isn't that what BSV & BCH are? At what point is this argument invalid? $2T market cap? The market has already picked a winner. Personally I think we're past the point of this argument being valid with major institutions piling in with each passing day. The incentives just aren't there to switch to something different.

Quoting JackJones
{quote} exactly what makes BTC worth something is extrinsic (FOMO) whereas commodities like gold;copper;pladium;unobtanium have intrinsic value
Over 90% of gold's market cap is not related to intrinsic value. I'll amend my prior statement to say BTC is undervalued by $8T (although I think the ease of use/storage/transfer will likely make it more widely used as a store of value than gold is now).

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Quoting JackJones
{quote} defi ; transactional and general crypto-ecosystems seem to me to have a more sound long-term base of use/value, so to champion one over all others in this case is more speculation / fandom rather than support for a move away from fiat
Agree with you here. The entire crypto space is going to be massive - the majority of the garbage will go to zero but there are plenty of 10 baggers to be had and I am placing my bets accordingly.
  • #57
  • Mar 6, 2021 2:26am Mar 6, 2021 2:26am
Quoting BTCmailman
{quote} Isn't that what BSV & BCH are? At what point is this argument invalid? $2T market cap? The market has already picked a winner. Personally I think we're past the point of this argument being valid with major institutions piling in with each passing day. The incentives just aren't there to switch to something different. {quote} Over 90% of gold's market cap is not related to intrinsic value. I'll amend my prior statement to say BTC is undervalued by $8T (although I think the ease of use/storage/transfer will likely make it more widely used...
Bitcoin is the tulip as crypto is flowers; the market has a darling with no real world use case and flawed tx networks - hedge yourself accordingly.

'Major institutions isnt valid argument , if anything its a negative..

But let's assume youre right.. If bitcoins price is valid and undervalued compared to gold (assuming bitcoin is comparable *cough cough*)) then surely you think BSV is massively undervalued?
grist for the mill
  • #58
  • Mar 6, 2021 5:43am Mar 6, 2021 5:43am
Quoting BTCmailman
{quote} Over 90% of gold's market cap is not related to intrinsic value. I'll amend my prior statement to say BTC is undervalued by $8T (although I think the ease of use/storage/transfer will likely make it more widely used as a store of value than gold is now). {image} {quote}
I don't know how you can compare bitcoin to gold when it's purely a technology market. People seem to have forgotten that.
  • #59
  • Mar 8, 2021 9:23am Mar 8, 2021 9:23am
Quoting JackJones
{quote} 'Major institutions isnt valid argument , if anything its a negative.. But let's assume youre right.. If bitcoins price is valid and undervalued compared to gold (assuming bitcoin is comparable *cough cough*)) then surely you think BSV is massively undervalued?
I look at all of crypto through the lens of network effects so institutional adoption is very bullish and will lead to increased adoption by the masses. Along the same lines BSV is moving in the wrong direction with more and more exchanges delisting BSV. Satoshi or not (LOL no way), CSW isn't doing BSV holders any favors by pissing off the world.

Quoting lockdaun
{quote} I don't know how you can compare bitcoin to gold when it's purely a technology market. People seem to have forgotten that.
Less than 10% of gold is used for industrial purposes... Strip that out and the remaining market cap is investment/speculation which is an apples to apples comparison with BTC. You own gold because you think people will value it more in the future or it will at least retain it's purchasing power against fiat.
  • #60
  • Edited Mar 9, 2021 1:49am Mar 8, 2021 6:42pm | Edited Mar 9, 2021 1:49am
Quoting BTCmailman
{quote} I look at all of crypto through the lens of network effects so institutional adoption is very bullish and will lead to increased adoption by the masses.
well the forks are not ideal but to now see major exchanges banning certain protocols because 'we dont like you' and 'oh our users get bitcoin and bitcoin cash confused' is remarkable as the new-gen of financial players act exactly like fiat exchanges

see below the transactions as they try to strangle bsv and then bch catches up and now bch is becoming the bad guy, will they ban that also? how many cryptos do they plan to keep banning?

what happens when defi exchanges are not banning coins for immature reasons, very, very interesting future for bitcoin

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Quote
Along the same lines BSV is moving in the wrong direction with more and more exchanges delisting BSV. Satoshi or not (LOL no way), CSW isn't doing BSV holders any favors by pissing off the world.

the wrong way being that its possibly a credible threat to the myth and bitcoins dominance



Quote
{quote} Less than 10% of gold is used for industrial purposes... Strip that out and the remaining market cap is investment/speculation which is an apples to apples comparison with BTC.

one is digital the other is physical, falls over at step one of your comparison .. why even compare it to gold? only to pump the market cap value in that bitcoins supply is limited. But that is not true either, bitcoin is crypto, and the supply of crypto is infinite.


Quote
You own gold because you think people will value it more in the future or it will at least retain it's purchasing power against fiat.

why now purchasing power? does bitcoin have purchasing power? what would you buy with bitcoin tomorrow?

gold does retain purchasing power, has so over hundreds of years :

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grist for the mill
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