Bitcoin and other crypto-The CR thread

[Goredho 17154]

There’s a movement to get a lot of average people to put their money into crypto.  Dunno if it’s an organized campaign for any sort of nefarious end, but that tweet and this thread are tiny examples of what at least amounts to the effort to get many average people to put their money into crypto.

[Brisketexan 103148]

There’s a movement to get a lot of average people to put their money into crypto.  Dunno if it’s an organized campaign for any sort of nefarious end, but that tweet and this thread are tiny examples of what at least amounts to the effort to get many average people to put their money into crypto.

This. If you’re having to market it this hard…that is its own piece of evidence.

[Fudge Nuggets 18825]

1 hour ago, Immaculate Vibes said:

I

 

 

I believe ODELL is being a bit overdramatic.

If BTC fails some grifter will come up with another scam promising to cure all the world's ills.

[aggie08 20212]

You shut your whore mouths! Matt Damon would never steer me wrong!

[Blotto 23227]

Timely article

https://www.vice.com/en/article/epxakz/crypto-co-founder-revealed-to-be-infamous-fraudster-investors-shaken

Quote

Investors are shaken after the co-founder of a multi-billion dollar cryptocurrency protocol was accused of being a serial scammer with a record of conviction and deportation, and the co-founder of a fraudulent Canadian exchange that imploded.

On Thursday, a Twitter user who goes by zachxbt.eth “with a track record of unmasking crypto scams and nefarious behavior,” according to CoinDesk, accused “Sifu,” a core member of the founding team behind the popular Avalanche-based Wonderland DeFi (or decentralized finance) protocol and its TIME token, of actually being Michael Patryn. 

Patryn, who changed his legal name twice, was the co-founder of QuadrigaCX, a Canadian exchange that shut down after Patryn's partner Gerald Cotten suddenly died in India in 2018 while owing users around $190 million in crypto at the time’s exchange rate. Patryn and Cotten reportedly parted ways in 2016. Later, investigators determined that Cotten was operating QuadrigaCX as a Ponzi scheme near the end of its life.

Patryn has been convicted of several crimes, including computer fraud and bank and credit fraud, as Bloomberg reported in 2019. After the original tweets that revealed Sifu is Patryn, Daniele Sestagalli, the founder of Wonderland, confirmed the allegation. Sestagalli is a prolific developer who is behind multiple DeFi projects, including Abracadabra's Magic Internet Money (MIM) token. 

“I want everyone to know that I was aware of this and decided that the past of an individual doesn’t determine their future. I choose to value the time we spent together without knowing his past more than anything,” Sestagalli wrote on Twitter.

Fraudsters and conmen certainly don't limit themselves just to the crypto sector, but it has to be where the easiest marks are today. millions of people willingly dumping millions of dollars into an unending number of "projects", drawn by the allure of profits that are orders of magnitude greater than traditional markets. Little to no regulation to slow them down. I'm honestly shocked the Trump family hasnt gone all in on a crypto-something. They would hoover up so much f'n money. Strangely, donnie seems to speak out against crypto, but I think his whore wife is selling NFTs or some bullshit. 

20 hours ago, gyroprotagonist said:

i'm earning 4-5% per week on another crypto coin i am in on the eth block chain.  do nothing but collect the coin every day and choose to convert to fiat or speculate on if it will go up in price.  it's ~350% per year return.  will it last a year?  who knows but it's an insane return right now and has been for last 6 months.  Lots of crypto cexs will let you earn various rates of return 5-20% for just staking your coins.  you can earn a % of the fees accrued when people move from one coin to another.  There are tons of ways to earn passive income with crypto coins so this is stupid argument

yes, what i am saying is not particularly insightful or useful information because i don't care if people think BTC is going to stand the test of time or not.  i'm not personally buying and holding BTC even though i think crypto currency will continue to be more and more relevant as time goes on.  people saying it's a fraud or ponzi but take stock valuations as the gospel truth just baffle me is all.

Seems completely sustainable. No red flags here. History has shown us these types of investment schemes always work out well. Money will always just keep poring in. It cant lose. 

And thats not a shot at gyro or anyone else reaping the rewards today, more power to them. Hell, I  own crypto and have been in and out of penny stonks that I 100% knew to be scams or pump and dumps (HMBL, FPVD, etc...). Like most things in life, timing is key. Get your initial investment out early and let the house money ride if you are so inclined. 

[JimmyJames 12267]

And here’s why GRuhorn and other various online trolls are working overtime to spread the good word when it comes to Bitcoin. 

https://www.politico.com/news/2022/01/29/cryptocurrency-industry-fights-proposed-ny-moratorium-here-is-whats-at-stake-00001994

I will give the originators and early adopters of Bitcoin credit. It’s a rather ingenious grift and because it’s limited supply the only way it ever becomes worthless is IF the government takes it down. 
 

That’s a pretty big IF though and the grifters will not go down without a fight. 

[JimmyJames 12267]

1 hour ago, Immaculate Vibes said:

Lol at thinking the average person has an effect on the future of the dollar.
 

It’s about building a lifeboat that protects freedom and personal privacy in case things continue the direction in which they’re already going with regards to monetary policy and the surveillance state. You may think that shouldn’t be an option. Agree to disagree. 

Is this a bit?

[JimmyJames 12267]

1 hour ago, aggie08 said:

You shut your whore mouths! Matt Damon would never steer me wrong!

There’s a reason we are starting to see that ad constantly. 

[RDCanecutter 25767]

Crypto reminds me less of gold trading than a sort of abstract, automated art market, where time is compressed and you get to see if that young artist you bought a painting from becomes famous in just a year or two, instead of decades.

 

[Immaculate Vibes 114]

4 hours ago, Brisketexan said:

This. If you’re having to market it this hard…that is its own piece of evidence.

Who’s marketing it hard? You’re on a short thread in CR. It isn’t half as long as the Joe Rogan thread. 

 

5 hours ago, Goredho said:

There’s a movement to get a lot of average people to put their money into crypto.  Dunno if it’s an organized campaign for any sort of nefarious end, but that tweet and this thread are tiny examples of what at least amounts to the effort to get many average people to put their money into crypto.

A movement?

 

I guess y’all mean like shitcoin or nft exchanges? They’re just satisfying a demand. Those are like casinos. People like to gamble that’s it. Again my interest is almost totally bitcoin centric, which I humbly put well ahead of the rest of the scams and VC projects. 
 

 

[Immaculate Vibes 114]

3 hours ago, JimmyJames said:

And here’s why GRuhorn and other various online trolls are working overtime to spread the good word when it comes to Bitcoin. 

https://www.politico.com/news/2022/01/29/cryptocurrency-industry-fights-proposed-ny-moratorium-here-is-whats-at-stake-00001994

I will give the originators and early adopters of Bitcoin credit. It’s a rather ingenious grift and because it’s limited supply the only way it ever becomes worthless is IF the government takes it down. 
 

That’s a pretty big IF though and the grifters will not go down without a fight. 

Yes that’s why I’m “working overtime”. One US state is looking to ban bitcoin mining. Wow. You have it figured out. Do you realize China banned bitcoin mining in the last year? Like all of China?

I post about this because it’s fascinating to me. We’ve never had the development of a new monetary network from scratch like this and it’s managed to achieve geopolitical significance at a rapid pace. Really incredible and couldn’t come at a better time imo. 
 

3 hours ago, JimmyJames said:

Is this a bit?

You’re prolific posting in the face of a staggering level of ignorance in multiple subjects is truly breathtaking.
 

They have a saying for people like you in crypto that fits perfectly. 
 

NGMI

[JimmyJames 12267]

3 minutes ago, Immaculate Vibes said:

Yes that’s why I’m “working overtime”. One US state is looking to ban bitcoin mining. Wow. You have it figured out. Do you realize China banned bitcoin mining in the last year? Like all of China?

I post about this because it’s fascinating to me. We’ve never had the development of a new monetary network from scratch like this and it’s managed to achieve geopolitical significance at a rapid pace. Really incredible and couldn’t come at a better time imo. 
 

You’re prolific posting in the face of a staggering level of ignorance in multiple subjects is truly breathtaking.
 

They have a saying for people like you in crypto that fits perfectly. 
 

NGMI

Which is more fascinating to you? Bitcoin, supporting trump, or being an anti vax spreader of misinformation? 
 

Im glad I’m on the opposite side of everything you post about. Says I’m doing the right thing.

[Immaculate Vibes 114]

8 minutes ago, JimmyJames said:

Which is more fascinating to you? Bitcoin, supporting trump, or being an anti vax spreader of misinformation? 
 

Im glad I’m on the opposite side of everything you post about. Says I’m doing the right thing.

How many times have you dropped the N word online today JJ?

[wildcat09 28387]

Yeah, “the opposite of whatever GR Horn advocates” is a pretty easy and useful heuristic method for determining the right take on basically anything.

[JimmyJames 12267]

17 minutes ago, Immaculate Vibes said:

How many times have you dropped the N word online today JJ?

C'mon man that's pretty weak. You can do better than that amrite?

[gyroprotagonist 2591]

21 hours ago, Blotto said:

Timely article

https://www.vice.com/en/article/epxakz/crypto-co-founder-revealed-to-be-infamous-fraudster-investors-shaken

Fraudsters and conmen certainly don't limit themselves just to the crypto sector, but it has to be where the easiest marks are today. millions of people willingly dumping millions of dollars into an unending number of "projects", drawn by the allure of profits that are orders of magnitude greater than traditional markets. Little to no regulation to slow them down. I'm honestly shocked the Trump family hasnt gone all in on a crypto-something. They would hoover up so much f'n money. Strangely, donnie seems to speak out against crypto, but I think his whore wife is selling NFTs or some bullshit. 

Seems completely sustainable. No red flags here. History has shown us these types of investment schemes always work out well. Money will always just keep poring in. It cant lose. 

And thats not a shot at gyro or anyone else reaping the rewards today, more power to them. Hell, I  own crypto and have been in and out of penny stonks that I 100% knew to be scams or pump and dumps (HMBL, FPVD, etc...). Like most things in life, timing is key. Get your initial investment out early and let the house money ride if you are so inclined. 

it's the wild west for sure.  especially in the nft space.  i have been duped probably half a dozen times on the 100s of projects i have stuck my toe into.  some of them are eventually revealed to be the same scammers pulling the same shit until they get doxxed/revealed.  there is pretty much a game plan.  Pay to build hype/engagement on twitter to gain followers.  Dupe or bring in an 'influencer' to lend a shred of credibility.  flood your project discord with bots and fake followers.  farm out the actual art to fiverr.com for cheap.  Then usually the person writing the smart contracts is the grifter.  Hype Hype Hype for 2-4 weeks and then sellout your 10K nft project at mint.  Then give the double birds to everyone and peace out and pull the rug after collecting $1-5M and leaving people with worthless nfts.  

Just the amount of social engineering ('hacking') to steal people's nfts or eth is astounding.  just post on twitter or redit about a problem with your crypto wallet and see how many helpful people reach out and can fix your issue if you give them your seed phrase or allow remote desktop to them, lol.  

people say it all the time but only 'invest' what you are willing to lose.  really and truly willing to lose it all.  After getting in somewhat early to nfts, 100% of what I do now is with house money so i am OK taking on some high risk stuff.  it's not for everyone, i like the gambling/speculation aspect of it.  get a rush out of it for sure.  obviously not sound financial advice, lol.  

[Captainant 26861]

5 minutes ago, gyroprotagonist said:

people say it all the time but only 'invest' what you are willing to lose.  really and truly willing to lose it all. 

Wow what an amazing store of value that is better than existing mechanisms!

[Immaculate Vibes 114]

4 hours ago, Captainant said:

Wow what an amazing store of value that is better than existing mechanisms!

Who said NFTs were store of value?

[Immaculate Vibes 114]

On 1/28/2022 at 12:44 PM, Brisketexan said:

 

.

It seems that all the hope for real value (and really, it's being sold as a "oh, this is gonna happen!  This is why it has real value!  So you'd be an idiot not to buy the crypto I'm selling!") is that it will be adopted as a genuine currency like "fiat money."  But crypto is never going to be identical to the USD, backed by the full faith and credit of the United States.  Sure, the United States could completely and utterly fail, and the value of the USD will go poof.  But that is wildly, wildly, unlikely.  Even in the worst of the SHTF secenarios.

 

I’m kind of surprised that given your life on the ledge you don’t see the obvious weakness of the USD. It won’t take the United States to fail, the USD doesn’t have to go poof. But it’s an ahistorical take to say that the USD’s status as reserve currency is a given for the foreseeable future. I think the USD losing it’s reserve status in the next 20 years is actually pretty likely. I’m not rooting for it, just accepting it and preparing for it. 

[Brisketexan 103148]

I’m kind of surprised that given your life on the ledge you don’t see the obvious weakness of the USD. It won’t take the United States to fail, the USD doesn’t have to go poof. But it’s an ahistorical take to say that the USD’s status as reserve currency is a given for the foreseeable future. I think the USD losing it’s reserve status in the next 20 years is actually pretty likely. I’m not rooting for it, just accepting it and preparing for it. 

Its top dog status? Maybe that could go away (and isn’t it fascinating that the circles of “people who actively support a political movement dead-set on destabilize the US and getting the rest of the world to lose all trust in this nation” and “crypto bros” almost totally overlap?). But as to going “poof, no more USD value?” Yeah. That either ain’t gonna happen, or if it does, the SHTF so hard that having some magical right to a magical set of digital code somewhere in the ether that you can’t even access without a massive, reliable, high- bandwidth connection isn’t gonna make a shit. In that situation, the only “currencies” that will matter will be the time-tested ones: weapons, gold, and pussy.

Crypto is a singularly awful hedge against currency collapse, because of the USD totally collapses, so does everything necessary to give Bitcoin etc any value. There’s a reason that in times of total economic meltdown, people buried valuable assets in the ground, and didn’t just write down numbers on a data storage medium (which is all bitcoin is, at the end of the day).

I can’t think of a single way that Bitcoin doesn’t end up being a Ponzi scheme. I sure hope all of y’all get your money out of it before the music stops. But the laws of mathematics say that a good number of you won’t.

[Neonmoon 38126]

Crypto was created to be a decentralized form of monetary exchange. Because it is decentralized it will never be stable, and thus never be a good store of value. The whole fucking point of fiat currency is governmental control so they can provide a stable store of value so goods and services can be purchased. Crypto is not a currency, a commodity, or a stock, and has zero intrinsic value. Crypto is the equivalent of collecting Pokémon cards. Some are more valuable than others, but not based on any reason other than stories people tell themselves.  

Edited January 31, 2022 by Neonmoon

[Immaculate Vibes 114]

11 minutes ago, Brisketexan said:

Its top dog status? Maybe that could go away (and isn’t it fascinating that the circles of “people who actively support a political movement dead-set on destabilize the US and getting the rest of the world to lose all trust in this nation” and “crypto bros” almost totally overlap?). But as to going “poof, no more USD value?” Yeah. That either ain’t gonna happen, or if it does, the SHTF so hard that having some magical right to a magical set of digital code somewhere in the ether that you can’t even access without a massive, reliable, high- bandwidth connection isn’t gonna make a shit. In that situation, the only “currencies” that will matter will be the time-tested ones: weapons, gold and pussy 

I never said USD would go poof. The British pound still exists.
 

“top dog status” sounds like you don’t really have a strong grasp of monetary history, so that explains a lot. It’s a glaring blind spot for you in your whole ledge thesis. To not understand how money plays a part in societies rising and falling is a problem.
 

16 minutes ago, Brisketexan said:

Crypto is a singularly awful hedge against currency collapse, because of the USD totally collapses, so does everything necessary to give Bitcoin etc any value. There’s a reason that in times of total economic meltdown, people buried valuable assets in the ground, and didn’t just write down numbers on a data storage medium (which is all bitcoin is, at the end of the day).

 

So what’s a better hedge against currency collapse? Gold? I’ve listed the ways bitcoin is superior.

 

Also it’s a cryptographically protected data storage medium. 
 

21 minutes ago, Brisketexan said:

I can’t think of a single way that Bitcoin doesn’t end up being a Ponzi scheme. I sure hope all of y’all get your money out of it before the music stops. But the laws of mathematics say that a good number of you won’t.

People throw around ponzi when it doesn’t even makes sure. Bitcoin’s risk of going to zero is almost zero. Countries, large corporations, and public pensions are buyers. Insurance companies. These are entities with long time horizons. I’m sure you’re smarter than all of them though.

[Immaculate Vibes 114]

9 minutes ago, Neonmoon said:

Crypto was created to be a decentralized form of monetary exchange. Because it is decentralized it will never be stable, and thus never be a good store of value. The whole fucking point of fiat currency is governmental control so they can provide a stable store of value so goods and services can be purchased. Crypto is not a currency, a commodity, or a stock, and has zero intrinsic value. Crypto is the equivalent of collecting Pokémon cards. Some are more valuable than others, but not based on any reason other than stories people tell themselves.  

Again a lack of knowledge of monetary history. Yes the whole point of fiat currencies is government control but fiat currencies trend to zero. 
 

How has the American experiment of going to fiat worked for the stable store of value Since 1971? 
 

We live in interesting times. Every currency In the world is pegged to us essentially but we are straight fiat. Backed by nothing and can print whatever we want. This is an underlying source of a ton of the tension around the world. 

[TwiceHorn 30715]

There's a couple of different arguments going on here.  One is whether digital currency is a "good investment," or, more accurately, can it be a non-speculative investment.  The other is whether it's a good currency and whether a non-governmentally sponsored currency is a good thing.

If the SHTF and US currency goes kerplunk, then I think the conventional wisdom is having things that have intrinsic value, like land, is the optimum place to be.  

[Neonmoon 38126]

34 minutes ago, Immaculate Vibes said:

Again a lack of knowledge of monetary history. Yes the whole point of fiat currencies is government control but fiat currencies trend to zero. 
 

How has the American experiment of going to fiat worked for the stable store of value Since 1971? 
 

We live in interesting times. Every currency In the world is pegged to us essentially but we are straight fiat. Backed by nothing and can print whatever we want. This is an underlying source of a ton of the tension around the world. 

Fiat currencies trend to zero because the majority of countries behind said currencies also trend to zero because humans are assholes and can’t get along with each other. Stable countries like the US, UK, Japan, EU, etc have stable currencies. 

The American experiment? Most countries have fiat currencies. Are you one of these return to the gold standard loons?

American monetary policy is not an underlying source of a ton of tension around the world. The reason every other currency is pegged to the dollar is because the US has the largest and most STABLE economy in the world. Now when a fascist asshole undermines and continues to undermine the very stability that the US provides, yeah, then that tends to make the world a little uneasy about the stability of said country, including their currency. 

[Brisketexan 103148]

People throw around ponzi when it doesn’t even makes sure. Bitcoin’s risk of going to zero is almost zero. Countries, large corporations, and public pensions are buyers. Insurance companies. These are entities with long time horizons. I’m sure you’re smarter than all of them though.

Smarter than all of them? Maybe. Maybe not. But then again, Bear Stearns doesn’t still exist. I do.

I know what being a reserve currency means. And I know what a sequence of 1s and 0s means. Bitcoin almost certainly will NOT go to zero. Beanie Babies still have value. So do emus. But in the end, they don’t have any value beyond their basic value as consumer goods. Bitcoin will always have some speculative/novelty value. But in the long run, that’s what it has to offer.

[Brisketexan 103148]

Fiat currencies trend to zero because the majority of countries behind said currencies also trend to zero because humans are assholes and can’t get along with each other. Stable countries like the US, UK, Japan, EU, etc have stable currencies. 
The American experiment? Most countries have fiat currencies. Are you one of these return to the gold standard loons?
American monetary policy is not an underlying source of a ton of tension around the world. The reason every other currency is pegged to the dollar is because the US has the largest and most STABLE economy in the world. Now when a fascist asshole undermines and continues to undermine the very stability that the US provides, yeah, then that tends to make the world a little uneasy about the stability of said country, including their currency. 

And don’t you think it’s curious that the same people who evangelize about how you need a hedge, because you can’t rely on the stability of the US/USD….are the EXACT same folks who support a political movement that has attacked and tried to overthrow our govt, promises to do so again, and rightfully causes the rest of the world to lose trust in us? Gosh, it’s a head scratcher. Fucking self-fulfilling prophecy.

[Neonmoon 38126]

1 minute ago, Brisketexan said:

And don’t you think it’s curious that the same people who evangelize about how you need a hedge, because you can’t rely on the stability of the US/USD….are the EXACT same folks who support a political movement that has attacked and tried to overthrow our govt, promises to do so again, and rightfully causes the rest of the world to lose trust in us? Gosh, it’s a head scratcher. Fucking self-fulfilling prophecy.

Its a mystery for sure. It’s the same group that constantly defunds government programs and repeats the mantra that government never works while at the same time touting the most overfunded government program of all time (the military) as the best ever. 

[Immaculate Vibes 114]

10 hours ago, Neonmoon said:

Fiat currencies trend to zero because the majority of countries behind said currencies also trend to zero because humans are assholes and can’t get along with each other. Stable countries like the US, UK, Japan, EU, etc have stable currencies. 

The American experiment? Most countries have fiat currencies. Are you one of these return to the gold standard loons?

American monetary policy is not an underlying source of a ton of tension around the world. The reason every other currency is pegged to the dollar is because the US has the largest and most STABLE economy in the world. Now when a fascist asshole undermines and continues to undermine the very stability that the US provides, yeah, then that tends to make the world a little uneasy about the stability of said country, including their currency. 

This all has very little to do with Trump. He didn’t help, but the real shift started with the financial crisis and the onset of QE and big fiscal stimulus. If you don’t think that our money printing when so much of the world holds our debt could cause geopolitical tension then I don’t know what to tell you. 
 

 

10 hours ago, Brisketexan said:

And don’t you think it’s curious that the same people who evangelize about how you need a hedge, because you can’t rely on the stability of the US/USD….are the EXACT same folks who support a political movement that has attacked and tried to overthrow our govt, promises to do so again, and rightfully causes the rest of the world to lose trust in us? Gosh, it’s a head scratcher. Fucking self-fulfilling prophecy.

Again, this is mostly a monetary policy driven phenomenon. If you’re holding assets/debt denominated in dollars and watching us print massive amounts of money then you know you’re vulnerable.

As far as the politics, there are progressives including posters on this board that are into bitcoin and crypto. One of the best features of bitcoin is that it is by its design apolitical. 
 

10 hours ago, Neonmoon said:

Its a mystery for sure. It’s the same group that constantly defunds government programs and repeats the mantra that government never works while at the same time touting the most overfunded government program of all time (the military) as the best ever. 

Who here is touting military spending? Do you know how wars are typically funded? Printing of fiat currency. 

[Fudge Nuggets 18825]

12 hours ago, Immaculate Vibes said:

Countries, large corporations, and public pensions are buyers. Insurance companies.

Those same entities loaded up on toxic MBS back in the early 2000's as well.

[Fudge Nuggets 18825]

17 minutes ago, Immaculate Vibes said:

If you’re holding assets/debt denominated in dollars and watching us print massive amounts of money then you know you’re vulnerable.

If you're holding a lot of dollar denominated debt then you hope the money printer goes brrrrrrt to infinity.  You got the proceeds of the debt with "stronger" dollars and get to pay it back in much weaker dollars.  Assets in general will increase in price so that's in favor of the asset holder as well.  In sum, this is a stupid argument.

Edited January 31, 2022 by Fudge Nuggets

[Immaculate Vibes 114]

8 minutes ago, Fudge Nuggets said:

If you're holding a lot of dollar denominated debt then you hope the money printer goes brrrrrrt to infinity.  You got the proceeds of the debt with "stronger" dollars and get to pay it back in much weaker dollars.  Assets in general will increase in price so that's in favor of the asset holder as well.  In sum, this is a stupid argument.

You’re misreading. Holding debt typically means you’re the lender. You hold the bonds. Issuing debt means you’re the borrower. Sorry you’re so stupid. 

[Immaculate Vibes 114]

A good research piece on why bitcoin should be considered separate from the rest of the crypto ecosystem and why it’s unlikely to be overtaken.  
 

 

 

[Immaculate Vibes 114]

For those that question the need for, or utility of apolitical money. 
 

Bitcoin actually fixes this. I’d expect this episode to drive some adoption. 

This fundraiser will increase quickly now. 
 

 

 

[JimmyJames 12267]

35 minutes ago, Immaculate Vibes said:

For those that question the need for, or utility of apolitical money. 
 

Bitcoin actually fixes this. I’d expect this episode to drive some adoption. 

This fundraiser will increase quickly now. 
 

 

 

Pro trump, anti vax, pro Facebook, and now pro Bitcoin, aka “apolitical” money. Anyone seeing a pattern here?

[JimmyJames 12267]

2 minutes ago, longhornmatt said:

What?  The currency has nothing to do with this.  GoFundMe is not the arbiter of legal tender or the only way to pay someone money. 

But, yes, if we assume some hypothetical where it was actually illegal to pay someone money - say they’re on the terrorist / sanction list or some criminal enterprise and legitimate banks and other financial intermediaries won’t send them  money - then Bitcoin does indeed “solve” that problem.  So, uh, congrats Iran, ransomware gangs, whoever does Silk Road version 2, A&M football recruits, and Immaculate Vibes, I guess.  Your freedom to make money in a way that is “apolitical” (read: illegal) is a critical development for our future! 

The dude is being paid to spread chaos on the net with bullshit. He keeps getting crowd banned here, and yet keeps coming back. It’s pretty obvious who finances his posting bullshit. Just think about what he’s doing on Facebook and Twitter. 

[Immaculate Vibes 114]

48 minutes ago, JimmyJames said:

Pro trump, anti vax, pro Facebook, and now pro Bitcoin, aka “apolitical” money. Anyone seeing a pattern here?

I’ve been pro bitcoin for a long time. I don’t know where the fuck you come up with pro Facebook? The other two I don’t want to trash this thread arguing. 
 

47 minutes ago, longhornmatt said:

What?  The currency has nothing to do with this.  GoFundMe is not the arbiter of legal tender or the only way to pay someone money. 

But, yes, if we assume some hypothetical where it was actually illegal to pay someone money - say they’re on the terrorist / sanction list or some criminal enterprise and legitimate banks and other financial intermediaries won’t send them  money - then Bitcoin does indeed “solve” that problem.  So, uh, congrats Iran, ransomware gangs, whoever does Silk Road version 2, A&M football recruits, and Immaculate Vibes, I guess.  Your freedom to make money in a way that is “apolitical” (read: illegal) is a critical development for our future! 

go fund me is a centralized service that can withhold money donated to different causes if pressured. They hold the money until they release it. 
 

The app I linked uses the bitcoin network. It’s a separate payment network. Donations are transmitted directly to someone’s personal node. There’s no intermediary. If someone runs their own node they control the funds instantly. 
 

47 minutes ago, JimmyJames said:

The dude is being paid to spread chaos on the net with bullshit. He keeps getting crowd banned here, and yet keeps coming back. It’s pretty obvious who finances his posting bullshit. Just think about what he’s doing on Facebook and Twitter. 

You’re so delusional it’s kind of looney tunes. 

[Neonmoon 38126]

i just read some of the non CR bitcoin thread. The gripe that the US doesn’t care about criminals, big bad government just wants to keep control of money. That is hilarious. That’s the whole fucking point. You can’t have a stable economy without full control of the money. 
 

They hate government control but yet complain when there is no government control. 

[Brisketexan 103148]

i just read some of the non CR bitcoin thread. The gripe that the US doesn’t care about criminals, big bad government just wants to keep control of money. That is hilarious. That’s the whole fucking point. You can’t have a stable economy without full control of the money. 
 
They hate government control but yet complain when there is no government control. 

What I like is the option of turning over control of the money supply from the US government….to a finite group of entirely self-interested bros. That seems like a good move that will bring nothing but global prosperity and long-term stability and has no risks at all.

[JimmyJames 12267]

1 hour ago, Brisketexan said:

What I like is the option of turning over control of the money supply from the US government….to a finite group of entirely self-interested bros. That seems like a good move that will bring nothing but global prosperity and long-term stability and has no risks at all.

That's exactly what these idiots want and its not only ridiculous but incredibly dangerous. GRUhorn is just the mouthpiece. It's a given that if he is in favor of it it is designed to harm America.

[Immaculate Vibes 114]

2 hours ago, Brisketexan said:

What I like is the option of turning over control of the money supply from the US government….to a finite group of entirely self-interested bros. That seems like a good move that will bring nothing but global prosperity and long-term stability and has no risks at all.

You still have major fundamental gaps in your understanding. There’s not a finite group of bros in charge of bitcoin. No CEO of bitcoin. Its monetary policy is set.
 

Other more centralized currencies are controlled more by small groups of people. Ethereum’s monetary policy for instance has been changed before and will likely be changed again. 
 

2 hours ago, Neonmoon said:

i just read some of the non CR bitcoin thread. The gripe that the US doesn’t care about criminals, big bad government just wants to keep control of money. That is hilarious. That’s the whole fucking point. You can’t have a stable economy without full control of the money. 
 

They hate government control but yet complain when there is no government control. 

There’s been non state money before. That’s essentially what gold is.

 

Dalio has written a lot about the long term debt cycle. It repeats over time. Similar to the whole fourth turning thesis brisket is reading about, the cycle repeats because the people alive have not experienced it before. This quote summarizes it pretty well,

“Ironically, the closer most people are to the blowup, which is also when the claims outstanding are largest relative to the amount of hard money and tangible wealth there is, the riskier the situation is but the safer people tend to feel. That is because they have held the debt and enjoyed the rewards of doing so. The longer it has been since the last blowup, the more people’s memories of it have faded—“

When this cycle of debt expansion and fiat money printing comes to an end, there will be a move to hard assets and hard money like every other time. Used to just be gold was an option. But now there’s bitcoin to fill that role. Things are falling in place. 

[BrickHorn 17983]

1 hour ago, Immaculate Vibes said:

You still have major fundamental gaps in your understanding. There’s not a finite group of bros in charge of bitcoin.

Regale us with more stories of your piercing insight, oh Great Crypto Bro! We have so much to learn from you.

 

[Brisketexan 103148]

There’s been non state money before. That’s essentially what gold is.
 
Dalio has written a lot about the long term debt cycle. It repeats over time. Similar to the whole fourth turning thesis brisket is reading about, the cycle repeats because the people alive have not experienced it before. This quote summarizes it pretty well,
“Ironically, the closer most people are to the blowup, which is also when the claims outstanding are largest relative to the amount of hard money and tangible wealth there is, the riskier the situation is but the safer people tend to feel. That is because they have held the debt and enjoyed the rewards of doing so. The longer it has been since the last blowup, the more people’s memories of it have faded—“
When this cycle of debt expansion and fiat money printing comes to an end, there will be a move to hard assets and hard money like every other time. Used to just be gold was an option. But now there’s bitcoin to fill that role. Things are falling in place. 

We’ve been through multiple Strauss Howe “turnings.” The USD survived. The GBP survived. And yeah, gold survived….because it’s physical. So did land. Every one of those things has a huge advantage over your collection of 1s and 0s.

But we get it. To make crypto have any chance, you’re shorting the USD, and the only way to succeed in that is to short the United States as an entity. Which is consistent with your activities and approaches to most every other topic.

It’s not that you think you’re clever or smarter than the rest of us (you’re not). It’s that you really don’t think that people of even average intellect can see right through this shit. That’s a helluva blind spot.

[Fudge Nuggets 18825]

On 1/28/2022 at 1:29 PM, gyroprotagonist said:

i'm earning 4-5% per week on another crypto coin i am in on the eth block chain.  do nothing but collect the coin every day and choose to convert to fiat or speculate on if it will go up in price.  it's ~350% per year return.  will it last a year?  who knows but it's an insane return right now and has been for last 6 months.  Lots of crypto cexs will let you earn various rates of return 5-20% for just staking your coins.  you can earn a % of the fees accrued when people move from one coin to another.  There are tons of ways to earn passive income with crypto coins so this is stupid argument

yes, what i am saying is not particularly insightful or useful information because i don't care if people think BTC is going to stand the test of time or not.  i'm not personally buying and holding BTC even though i think crypto currency will continue to be more and more relevant as time goes on.  people saying it's a fraud or ponzi but take stock valuations as the gospel truth just baffle me is all.

Just out of curiosity, but what is your lock up period for getting this supposed "4-5% per week" on "another crypto coin"?  I saw your post and thought, man that sounds too good to be true then found out that it usually entails not being able to sell your coins / tokens / magic beans out of your crypto wallet / purse for a year.  Ponzi schemes always make sure the marks can't pull funds because that would ruin the whole scam.

On the other hand XOM hasn't cut their dividend in over 40 years.  Last year was the first time in something like 30 years they didn't raise it.  Oh, and if I think they're close to cutting the divvy I can sell my shares within a couple of minutes.  Can you do that with your magic beans?

[Fudge Nuggets 18825]

8 hours ago, BrickHorn said:

Regale us with more stories of your piercing insight, oh Great Crypto Bro! We have so much to learn from you.

 

Not to jump on the BTC bandwagon, but without knowing how much the total value of BTC is worth and how many people own BTC, is this any different than the top 1% of Americans owning something like 90% of the nation's wealth?

[Pam Cummings 9409]

 

If anyone wants to maybe attempt to understand a little more without watching crypto bro vids.

[Dahobbs 17089]

5 hours ago, Fudge Nuggets said:

Not to jump on the BTC bandwagon, but without knowing how much the total value of BTC is worth and how many people own BTC, is this any different than the top 1% of Americans owning something like 90% of the nation's wealth?

It's not quite that extreme, top 1 percent has around 32% of the wealth. Actual dollars are different though since a lot of that wealth is going to be tied up in other assets. The problem this creates with Bitcoin as a currency is that currency is required to be in circulation to perform its function. A limited supply with inability to create more AND control of existing supply in a small set of hands could create chaos.  

 

[gyroprotagonist 2591]

7 hours ago, Fudge Nuggets said:

Just out of curiosity, but what is your lock up period for getting this supposed "4-5% per week" on "another crypto coin"?  I saw your post and thought, man that sounds too good to be true then found out that it usually entails not being able to sell your coins / tokens / magic beans out of your crypto wallet / purse for a year.  Ponzi schemes always make sure the marks can't pull funds because that would ruin the whole scam.

On the other hand XOM hasn't cut their dividend in over 40 years.  Last year was the first time in something like 30 years they didn't raise it.  Oh, and if I think they're close to cutting the divvy I can sell my shares within a couple of minutes.  Can you do that with your magic beans?

LOL, haters gonna hate.  I am always happy to talk about nfts/crypto though, so here's your explanation.  the part that is locked up only earns ~20% APR.  we could chose if we wanted to not stake, stake for 3mo, 6mo, 9mo, 12mo.  The longer the stake the higher the bonus on return (staking for 3mo returns ~5%)  i staked for 12 months but it was not a condition of receiving/using the coin.  There have been unannounced bonuses in the form of additional free NFTs if you were staking.  ive received ~8-12eth worth of those so far.  sold some; kept most.  The devs will at times take a snapshot of who's staking and can give out these nfts or other in-game bonuses. 

The part that earns the "4% per week" is not locked and i can exit at anytime; so yes i can sell and convert to USDC in under a minute if i choose to.  These are the liquidity pools.  you take a common coin like eth or MATIC or USDC and pair it with the game's coins ($RAIDER or $AURUM).  Then you can stake that pair in a pool so that people can easily trade between those coins.  you get a cut of the fees from every transaction depending on how much of the pool you own.  It generates more of their coin ($RAIDER) https://www.coingecko.com/en/coins/crypto-raiders  continuously.  so you can take that and sell it for USDC whenever you want, or hold it and speculate if the price of $RAIDER will go up or down.  

anyway, this was all almost 100% free roll.  i bought 35 of the game NFTs with no expectation that they were going to make their own in-game economy.  all of these coins were given out to holders for free with no strings attached based on how many NFTs you owned.  you could sell it all instantly or keep them.  all told the nfts and coins have done 65x in value in 8 months.   

I don't get why you feel a need to take the time to try and make this into a ponzi scheme.  IDGAF if your stock has a dividend or not.  I probably own some XOM in an IRA account.  Again, invest how you want to.  I have stock investments and also crypto and nfts as well.  you will never get returns like this from stocks, so why not do both?

Here is another example.  $LOOKS https://www.coingecko.com/en/coins/looksrare  is the coin for a new nft marketplace that just started up.  Think an ebay for nfts.  They are trying to compete with the dominant monopoly OpenSea.  So Looks Rare went and grabbed data on everyone's public wallet address that had used OpenSea in the past 6 months or so. Then gave them x amount of $LOOKS based on usage (#of buys/sells etc...) for free.  Then launched their marketplace which had lower fees and also gave the fees they did charge back to the holders of $LOOKS.  So that's a pretty big incentive for people to switch from using OpenSea and move to LR.   The return on staking $LOOKS has been ~650% in the first month.  You can unstake and sell at any time.  Staking earns you more $LOOKS and also Eth.  The $LOOKS autocompounds and you can withdraw the Eth bonus out whenever.  

you can be Jack's mother and keep the cow.  I'll take the magic beans.  You do remember that the magic beans actually worked, right and that Jack ended up with the goose that laid golden eggs?  maybe work on your analogies

   

 

 

[JohnnyRage 1616]

 

This seems all ahead of itself and a little hard for me to understand. Generating tax revenue out of thin air (residents computer electrical use), or just a plain ole scam?

 

https://www.theblockcrypto.com/linked/132951/miami-receives-first-payout-from-citycoins-protocol

[JohnnyRage 1616]

What I don't get is people are doing all of these (billions? trillions?) of math computations but not solving a new problem? They are being given a complex math problem, computing, returning an answer and then the protocol says, "Yes, you have succesfully given me the correct answer. You are valid."

This seems like a terrible waste of computers. We aren't solving happiness, homelessness or world hunger?