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Honorable Bitcoin

  • #901
  • Edited May 10, 2022 1:27am May 9, 2022 2:50am | Edited May 10, 2022 1:27am
So we have a bear market overall, (stocks)
and bitcoin which was supposed to provide some inflation protection simply hasn't.
Bitcoin, just another speculative trash !!
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  • #902
  • May 9, 2022 9:35pm May 9, 2022 9:35pm
Mind if I share my bitcoin analysis =)
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  • #903
  • May 10, 2022 1:05am May 10, 2022 1:05am
Quoting AustinMB
Mind if I share my bitcoin analysis =) {image}
Hehehe, sure, any speculator is welcome!
But first, get your shit in order and go eventually commercial with your FF account!
...you made up an attractive friendly account in a couple of hours and post a lot everywhere ?!? ..pretty fishy! So you get suspended...
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  • #904
  • May 10, 2022 1:25am May 10, 2022 1:25am
As long as Buffet's Berkshire, Barclays, Citi, Goldman, J.P. Morgan, BNP ....holds fat portfolios made of stocks and also crypto trash, bitcoin will probably follow ...stocks' moves.
Well, much more risk and volatility from bitcoin. I'd call it a worry bearish stock market at -20% from max, not there yet ...but bitcoin already fell 56% from its top.

So the future of crypto is ultimatelly the future of stocks ...but even worse ...and the maximalists shouted everywhere they could do better than bankers ...maybe in a thousand years when we'll pull out electricity from salty water ?
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  • #905
  • May 10, 2022 5:12am May 10, 2022 5:12am
IMHO Bitcoin is a disaster for the environment because of the amount of energy required for the datamining. Twice as many participants but four times the amount of energy required.

Furthermore it is nothing more than a pyramid scheme, just like the black tulip was or any other craze. Every period has its own idiots that believe anything, just keep feeding them the same lies for 6 months and then they think it is true. Dale Carnegy exploited this and even wrote a book about it, "how to win friends and influence people".
With due respect to all (who might have a different viewpoint).
  • #906
  • Jun 3, 2022 1:03am Jun 3, 2022 1:03am
Quoting TudorIoan
As long as Buffet's Berkshire, Barclays, Citi, Goldman, J.P. Morgan, BNP ....holds fat portfolios made of stocks and also crypto trash, bitcoin will probably follow ...stocks' moves. Well, much more risk and volatility from bitcoin. I'd call it a worry bearish stock market at -20% from max, not there yet ...but bitcoin already fell 56% from its top. So the future of crypto is ultimatelly the future of stocks ...but even worse ...and the maximalists shouted...
Always a ”safe” tip to buy stocks at -20%. Nice bounce !! ↑↑↑↑↑↑
₿itcoin ?... Still down at 30K, -56% !!
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  • #907
  • Jun 5, 2022 10:33am Jun 5, 2022 10:33am
Quoting TudorIoan
{quote} Always a ”safe” tip to buy stocks at -20%. Nice bounce !! ↑↑↑↑↑↑ ₿itcoin ?... Still down at 30K, -56% !! {image}
You're right at the moment, but I'm sure Bitcoin will grow much faster (when it starts doing that) than the stock market.
I'm FYBIT representative.
  • #908
  • Jun 6, 2022 12:08am Jun 6, 2022 12:08am
Quoting SpenserReed
{quote} You're right at the moment, but I'm sure Bitcoin will grow much faster (when it starts doing that) than the stock market.
Of course. Things like bitcoin are supposed to reach the moon someday
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  • #909
  • Jun 21, 2022 1:55am Jun 21, 2022 1:55am
Good lesson.
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  • #910
  • Jul 30, 2022 4:41am Jul 30, 2022 4:41am
Quoting mjl
IMHO Bitcoin is a disaster for the environment because of the amount of energy required for the datamining. Twice as many participants but four times the amount of energy required. Furthermore it is nothing more than a pyramid scheme, just like the black tulip was or any other craze. Every period has its own idiots that believe anything, just keep feeding them the same lies for 6 months and then they think it is true. Dale Carnegy exploited this and even wrote a book about it, "how to win friends and influence people".
An absolute bullsh*ts. Take time to learn some real data about the BTC power usage before spreading such lies.
  • #911
  • Aug 2, 2022 1:39am Aug 2, 2022 1:39am
Quoting momo3HC
{quote} An absolute bullsh*ts. Take time to learn some real data about the BTC power usage before spreading such lies.
Yeah, yeah, MOMO!
The real power of bitcoin is common hate. The hate against the system coming from all those small brains of financial illiterates, crooks or losers. Well, the code is fine, but the idea of a "wild" currency is totally stupid and it tells more about how ridiculous are those people who don't understand power, money and economy.

Secondly, PoW is definitelly unsustainable, not scalable... even the top crypto champions acknowledge this.

Bitcoin at its best will make some sort of a fancy "digital commodity" to hold only in big chunks mostly for some immature old goats or restless arrogant kids avid to be considered smart and creative, or greedy-blind investment banks, but never to serve as a practical global currency, or to help the global economy against inflation, as those rabid crypto enthusiasts use to claim..
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  • #912
  • Aug 8, 2022 5:28am Aug 8, 2022 5:28am
Look, the huge volatility of Bitcoin is downright terrifying!! ...they call them corrections
Any unregulated market must look like this. Boom and crash all along. As the economy in 1930. An economy with a money supply tied to gold, as rigid as can be, is obviously vulnerable to any geopolitical crisis, leading that economy into a deadly deflationary spiral. The perfect storm recipe. Classic stuff.

Now, bitcoin capped supply is deeply deflationary. The same with the gold standard kind of shit.
Aside digital innovation, cutting the middle man, bank the unbanked, ...and other bullshit hype, the capped supply unreglemented currency idea, it's just economically stupid
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  • #913
  • Sep 7, 2022 12:25am Sep 7, 2022 12:25am
Quoting HudithePfupf
ESMA, SEC, BAFIN, SNB, ECB, FED, etc.... wake up! Crypto regulation required - Now Cryptos waste tremendous amounts of energy for 95% purely speculative purposes. The energy consumtpion is estimated in 2022 at about 150 terra Watt hours, that's 150'000'000'000'000 kwh, which is the energy consumtion of Argentina with a population of 45 Mio people.... Any questions? It's insane. This waste contributes to the explosion of energy prices around the world... it doesn't matter if renewable energy is wasted. Wasted is wasted. The public pays higher prices...
Excellent insight!
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  • #914
  • Sep 7, 2022 4:55am Sep 7, 2022 4:55am
Quoting TudorIoan
{quote} Excellent insight!
There are at least theoretical data models from Cambridge that corroborate those power consumption claims:

https://ccaf.io/cbeci/index

However, Bitcoin or proof of work, is not representative of the potential of decentralized finance or blockchain technology or cryptocurrencies in general. Bitcoin is simply the progenitor, will there be more efficient applications of this useful technology? Yes, certainly.

The more interesting point by HudithePfupf is that most of the monetary value in cryptos comes from speculation - at present that is true and is an indicator to the lack of useful adoption into our lives. When there is demand generated by actual usage the market will have matured, until then we'll enjoy trading it
  • #915
  • Sep 9, 2022 3:35am Sep 9, 2022 3:35am
Quoting GreyPool
{quote} There are at least theoretical data models from Cambridge that corroborate those power consumption claims: https://ccaf.io/cbeci/index However, Bitcoin or proof of work, is not representative of the potential of decentralized finance or blockchain technology or cryptocurrencies in general. Bitcoin is simply the progenitor, will there be more efficient applications of this useful technology? Yes, certainly. The more interesting point by HudithePfupf is that most of the monetary value in cryptos comes from speculation - at present...
Of course the actual value of crypto is pure speculation!! This is a truism by now.
The rest from you means the same kind of recurrent fallacies which becomes really boring lately, Grey. How Bitcoin or the proof of work are not representative of the "potential" of crypto, or defi, or blockchain ?!? ...since the electricity wasted for PoW protocol reaches the value of a country like Argentina, and that happens today, far form a mature crypto market! And the PoS consensus and the LN are overall almost as controversial and vulnerable as any other traditional banking system.
Therefore, if the crypto base is obviously not sustainable, that nullifies everything else. Simple.
Oh, or maybe we can hope fusion to get fkn "maturated". I would concur on that ...but we're actually 150 million degrees away from it
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  • #916
  • Sep 9, 2022 6:59am Sep 9, 2022 6:59am
Quoting TudorIoan
{quote} Of course the actual value of crypto is pure speculation!! This is a truism by now. The rest from you means the same kind of recurrent fallacies which becomes really boring lately, Grey. How Bitcoin or the proof of work are not representative of the "potential" of crypto, or defi, or blockchain ?!? ...since the electricity wasted for PoW protocol reaches the value of a country like Argentina, and that happens today, far form a mature crypto market! And the PoS consensus and the LN are overall almost as controversial and vulnerable as any...
Bitcoin or proof of work is not representative of the potential of cryptocurrencies because the market dominance of Bitcoin is sure to fall and be replaced by more useful, more efficient iterations of this technology. Bitcoin was simply the beginning
  • #917
  • Sep 12, 2022 3:50am Sep 12, 2022 3:50am
Quoting GreyPool
{quote} Bitcoin or proof of work is not representative of the potential of cryptocurrencies because the market dominance of Bitcoin is sure to fall and be replaced by more useful, more efficient iterations of this technology. Bitcoin was simply the beginning
Bitcoin was the begining, ha-ha-ha, the begining of what, ...of the new series of millennium scams in finance ?!?
BTW, your whole answer sounds like a boring crypto-cult-copy-paste cliché.

Ok, you're lost in the loop of the same bullshit, you blew your second chance to stay with reason. You're out.

Why can't some people get elementary things about crypto??? Why do they play so stupid ?
In fact, they understand very well that crypto is a failed concept, but they refuse to acknowledge they fucked up, so they still think is funny to shit on plain simple reason and they use to boost their ego behind their idiotic smile on and on.
And also they do that because of the hate against the estabilishment.
And the horror of being poor and insignificant
And they think they're smart, creative and visionary
...And sure, because bullshitting stupid greedy investors pays damn well. I like myself that part!

Lemme spell it right for dummies:
1. Crypto flowing around at scale without PoW or PoS is not crypto. Multiple "iterations of this technology" is when they actually cut it in non-crypto chunks to make the move around sustainable,
2. PoW and PoS forms the base of crypto, no matter who's dominance will ever fall and no matter of how many billions of "iterations of this technology" will ever come into being. And, the further you get away from the grounds of the basic protocol, the crypto financial system becomes more and more subject to the same risks as traditional finance!! Corruption and thievery included. Where's the big deal then ? Who is happy to get robbed by a private crypto oligarch instead of a central banker ?!?
3. You can't separate this unsustainable base at scale of crypto from the "potential" of crypto, duhhh! And because the crypto's base is unsustainable at large scale because of the limits of physics, this is something unlikely to change in any foreseeable future. You literally need to cheat physics to have a future on this.

So, PoW at scale is fundamentally doomed!!
And the non-crypto chunks, "iterations", are risky and vulnerable as any other traditional system.

In conclusion, that makes the whole crypto domain a video game money, a toy "currency", a scheme for crooks and a trap for the greedy and jumpy morons.
The cryptocurrencies will never become significant at large scale, not even if there will be a lot more fools in this world in the future, because its ground is rotten.

Otherwise, those sick crypto enthusiasts advocating for the crypto failed concept and shitting even on elementary reason, they are like drunk teens deliberately pulling electric scooters down in the street because they feel insignificant and that hurts much. They crave to look like they're awesome doing that, they beg for attention because they think they're special, creative and smart. Poor devils, they're nothing but a bunch of wash-out clowns repeating the same boring trick to some imaginary audience pretending they are smart and funny every time ...pathetic!

Anyway, for crypto to have a future is way much easier to trick greedy morons than to cheat physics. This is the only aspect that can guarantee a future for crypto.
This is the only way for the fools to feel they actually matter somehow, coming in big numbers ...and who can beat this "big number argument" ?!?

Oh, ironically, the blockchain tech will better help the enemy of decentralization, the current banking system, the digital dollar ...that's fkn hysterically hilarious!!!
Good job, Satoshi !
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  • #918
  • Oct 30, 2022 4:15pm Oct 30, 2022 4:15pm
Quoting TudorIoan
{quote} So, PoW at scale is fundamentally doomed!!
So you're saying that Bitcoin is doomed?
  • #919
  • Oct 31, 2022 3:44am Oct 31, 2022 3:44am
Quoting momo3HC
{quote} So you're saying that Bitcoin is doomed?
Nope. I say PoW at scale is utopic. I say bitcoin at scale is no deal.

But bitcoin as an asset is even better than gold. This phrase is so fkn worn out that most people no longer understand the deep meaning hidden beneath a seemingly banal idea. Bitcoin is better than gold indeed.
They all use to blabber about digital gold, digital asset, bla, blaaa... the meaning was so diluted until it was lost altogether. Because all those crypto crazy champs have a fixation on private money... they wish a cryptocurrency by all means. This is a mistake. Because technical issues at scale it diminishes its true value, meaning its store of value potential. There lies the power of bitcoin.
It doesn't necessarily have to move fast, but it have been proved ironclad safe. Ok, it's safe if you are smart enough with your crypto technical support...

The best philosophy for bitcoin in particular, and any other PoW crypto, is to make it the best safe deposit box for value. It could be a better store of value (SoV) even than any of those fancy diversified portfolios, gold, yen or dollar... Because blockchain and PoW protocol are suposed untouchable. Rock solid even against quantums. Ok, frauds, ...the naivity of holders could be a problem, but that will change in time, it's something it can change. PoW limit isn't.

And ...Volatility is bad for SoV.

The ambition to use bitcoin to buy our everyday coffee... You don't really need to buy coffee and chips in bitcoin every goddamm day!! Just trade it for some bucks or some Lighting-Network-non-crypto-shit monthly and keep the big stack cool, at low scale! For it is a great financial asset, not money!!
I call maturity when most people will understand that bitcoin already is the best store of value ever. But bitcoin is not good as money. When holders will hold bigger and bigger value, speculators won't shake the chart that easy, maybe then high volatility will cease...
And to scale it out you need just to exchange it in some non-crypto change... no problem

Like gold, on the long run, my guess is that there is life for bitcoin as an asset, but not as money.
On short term, ...crazy people never dies, so bitcoin is safe with them

Buy low, buy more! ...and hodl!
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  • #920
  • Nov 9, 2022 2:49am Nov 9, 2022 2:49am
Too low !... Best buy ? Good job, Binance!
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