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Satoshi

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Posts posted by Satoshi

  1. 15 hours ago, JimmyJames said:

    Well you already called your friend a “great negro of our time.” So are you now admitting your racism on this board towards your friend?

    Been on any more good Klan fishing trips lately?

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  2. 15 hours ago, JimmyJames said:

    Well you already called your friend a “great negro of our time.” So are you now admitting your racism on this board towards your friend?

    Been on any more good Klan fishing trips lately?

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  3. 1 hour ago, Neonmoon said:

    Of course only some people use it. I’d say 46% of population having the wallets is a nationwide rollout though. 
     

    https://www.forbes.com/sites/theapothecary/2021/10/07/in-el-salvador-more-people-have-bitcoin-wallets-than-traditional-bank-accounts/?sh=34f072520b57

     

    Spoiler

    On September 7, 2021, El Salvador’s Bitcoin Law granting the currency legal tender status went into effect. Remarkably, in just one month, there are more Salvadorans with bitcoin wallets than traditional bank accounts.

    After Salvadoran president Nayib Bukele announced that the country would adopt bitcoin as an official currency, there were doubters at home and abroad. 

    Opponents of Bukele’s government protested the move, vandalizing one of the Chivo ATM machines that Salvadorans can use to exchange bitcoin for U.S. dollars (El Salvador’s other official currency). Mary Anastasia O’Grady, Americas columnist for the Wall Street Journal, described the Bitcoin Law as a “scam,” mocking Chivo’s “rocky start.”

    It appears, however, that supporters of the Bitcoin Law may have the last laugh.

    Three million people have downloaded the Chivo bitcoin wallet, according to Bukele, amounting to 46 percent of the population. By contrast, as of 2017, only 29 percent of Salvadorans had bank accounts.

    Notably, Salvadorans appear to be converting U.S. dollars into bitcoin and holding onto the digital currency, according to Bukele. “The incoming USD quadruples the outflow,” tweeted Bukele on October 6.

     

    The Chivo numbers don’t tell the complete story. Salvadorans don’t have to use Chivo, the government’s officially sponsored bitcoin wallet, if they don’t want to. Any Lightning Network-enabled bitcoin wallet, such as the Bitcoin Beach Wallet or Jack Maller’s Strike can be used to interact with Salvadoran merchants. 

    Bitcoin adoption is likely to continue to rise in El Salvador; on September 29, Bukele announced that Chivo had “negotiated with the largest gas stations in the country” to reduce the price of gasoline by 20 cents per gallon for those who pay through the app. That’s on top of the $30 in seed money that the government has deposited in every Salvadoran’s Chivo account.

    There remain hurdles to universal bitcoin usage in El Salvador. Merchant adoption remains gradual; a survey by the Salvadoran Foundation for Economic and Social Development found that 93 percent of Salvadoran companies reported receiving no payments in bitcoin. And the Chivo wallet enables instantaneous conversion of bitcoin to and from dollars, obviating the need for consumers to spend or save in dollars if they don’t want to.

    Nonetheless, the wide adoption of the Chivo wallet is impressive, especially in comparison to traditional banking: as Bukele says, “very surprising so early in the game,” especially in September, when bitcoin’s price did not appreciate. 

    Most importantly, the impact of Chivo is likely greater among low-income Salvadorans who have access to smartphones but not banks. Among El Salvador’s two poorest quintiles, many of whom live in rural areas, only 6 percent have bank accounts. If El Salvador’s poorest can benefit from bitcoin, everyone can.

     

  4. 8 hours ago, Neonmoon said:

    If I know old people, using their smart phone to set up their bitcoin wallet is going to be easy peasy

    Well a third world country managed to rollout a lightning network wallet and onboard their population so I think Miami can figure out how to make it and market it. 

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  5. 14 hours ago, washparkhorn said:

    Do you have any material (economic, marketing or other) supporting that? I have no reason to doubt it at this point. I would like to know how this stat is measured - and poach their data sources. Thanks in advance.

    https://fortune.com/2021/10/08/bitcoin-not-gold-is-the-new-inflation-hedge-says-jp-morgan/amp/
     

    https://www.bloomberg.com/news/articles/2021-11-11/need-an-inflation-hedge-bitcoin-has-delivered-99-996-deflation
     

    https://www.cnbc.com/amp/2021/10/20/paul-tudor-jones-says-crypto-is-his-preferred-inflation-hedge-over-gold-right-now.html

    Some graphs in there. Some just investor sentiment, but if you just look at inflation at 30 year highs, and gold down 2% ytd then it seems pretty clear that it is being supplanted to some extent as a hedge. 

     

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  6. 24 minutes ago, CooterBrown said:


    49 and I’m definitely well off income and investment wise. I’ve been investing 10% of my income in the stock market since ‘02 and have been maxing out my 401K since ‘05 or so. Also I’ve maxed out my ESPP purchases since I started my job in ‘09 which is another 10%. My investment return last year was 89% and is 33% so far this year. Honestly haven’t thought much about inflation. Other than a half ass attempt at crypto 4 years ago, I just threw some money at ETH recently.

    Ok for someone in your situation, it’s pretty simple. Bitcoin is an inflation hedge that is not correlated to the rest of your portfolio, whose performance makes your excellent returns of the last 2 years look pedestrian. 
     

    Just about everyone with an investment portfolio should put 5% in bitcoin. If it 10x in the next 5-6 years then it’s half your portfolio. If it’s goes to zero then it’s a hit but not the end of the world. And the chances of it going 10x are wayyy better than the chances of it going to zero. Asymmetric bet. 

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  7. 54 minutes ago, Biff Tannen said:

    What platform do you use to buy STX?  Coinbase doesn’t support it. 

    OKcoin. 

    It’s a little extra work to acquire it, but there’s some alpha in doing that before it makes it to Coinbase 

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  8. 1 hour ago, CooterBrown said:

    I kinda get how crypto is used for illegal activities but how many legitimate uses are actually happening or is it all speculation at this point? I can’t imagine using it for any real financial transactions because of the volatility of it.



    This is bait, but I’ll answer briefly and incompletely.

    Btc use cases 

    saving as an inflation hedge

    censorship resistant money


    The Lightning network associated with bitcoin is used for international remittances with minimal fees and almost instant settlement.

    Use cases for other cryptos depend on what they’re trying to accomplish, but many are used in decentralized finance for borrowing/lending. Some are branching into gaming. There’s also a whole other genre called nfts that I’m not really that educated on. 
     

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  9. 15 minutes ago, Celery Man said:

    Frankly I don’t see and can’t imagine any reason why the stupidest people on the planet creating an alternate reality to live in would bother or impact regular people at all.

    Because it’s dangerous to democracy, evidently 

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  10. On 11/11/2021 at 2:28 PM, Brisketexan said:


    Fantastic post. Among my student peers, I was on the conservative side. There was plenty of dumb hippie shit…and there was also plenty of discussion of various conservative thinkers and ideas. I didn’t feel oppressed, even though there were plenty of people who called for bans on this that or the other.

    Because…and go with me here….I wasn’t a narcissist snowflake pussy like many of the “thought leaders” the aspiring U of A is waving about.

    You do realize that the U of A is citing today’s university environment as being unhealthy?

    Your experience from 40 years ago is irrelevant. They actually address how it used to be different. 

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  11. 46 minutes ago, DefinitelyNotHollywoodColt said:

    So somebody gets to run a computer and find “money”, and every time they find 1 unit of “money” $.30 goes to the city of Miami and the person that found the “money” gets to keep $.70?

    I understand the utility of blockchain technology, but wasn’t one of the attractive things about Bitcoin the limited supply? MiamiCoin isn’t technically creating more Bitcoin but isn’t it just artificially creating more of it in someway?

    I’m hungover and sweating on the shitter as I type this so someone explain it to me like I’m hungover and sweating on the shitter.

    It doesn’t violate the scarcity of bitcoin. If you own stacks and lock them up to contribute the security of that network you get rewarded bitcoin. They use a different consensus mechanism that I’m not familiar with Proof of Transfer which involves bitcoin moving around. I own some stacks just based off a friend’s rec and the fact that it interacts with bitcoin. Have not yet started stacking.


    https://www.stacks.co/stacking

     

    42 minutes ago, Neonmoon said:

    How do the 90% of citizens who’ve never heard of bitcoin and still pay bills with checks get access to this?

    I imagine it will involve some kind of simple wallet set up. Everyone has smart phones. 
     

    24 minutes ago, HRSchenker said:

    I've been reading up on this and still have no idea how to mine for these coins. I'm only in my goddamn 30s. How the fuck is this shit already over my head?

    I’m in the same boat, but a little older. Life comes at you fast. 

  12. Bumping here for Austin related news. Some of you might have heard that there’s a MiamiCoin and a NYCCoin. MiamiCoin has generated enough funds that they will be paying a bitcoin dividend to residents. 
     

     

    well I haven’t seen any announcement but looks like an AustinCoin is coming soon. Maybe airdropped BTC for Austin residents to follow?

     

    https://www.citycoins.co/austincoin


     

    also since I haven’t been here in a while, here’s a link with articles about bitcoin for progressives  

     

     

     

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