6/30/19 10:52 PM
12/12/04
Posts: 8846
BJ Penn Forever - Great post WHIPCRACK. Thanks for making the thread worth something.

wow..........thanks.  nice compliment.

6/30/19 11:52 PM
1/1/01
Posts: 31210

Have not listened yet but I've heard Antonopoulos speak before and always find him interesting.

 

7/1/19 12:49 AM
4/15/06
Posts: 2844

Whipcrack...what are you all in in? Link? Quant?

7/1/19 1:17 AM
12/10/09
Posts: 13989
The Lion King -

I’m not an expert on crypto currency but I feel like if Amazon decides to create their own digital currency and says that’s the only currency they’ll accept for Amazon purchases then it would shit all over bitcoin. Bitcoin is the top dog rn but if digital currency explodes I feel like something else from a big tech company like Amazon, Facebook, or Google will pass it up. 

That's the dumbest thing I've ever read on this forum.

7/1/19 1:20 AM
9/23/07
Posts: 78912
The positive about Bitcoin is that digital currencies generally speaking dont hold any real advantage or disadvantage over each other.


Bitcoin is the "q-tip" or "Zerox" of digital/cryptocurrencies so it seems likely to hold the most value.
Edited: 7/1/19 1:22 AM
12/10/09
Posts: 13990
Brockback Mountain - The positive about Bitcoin is that digital currencies generally speaking dont hold any real advantage or disadvantage over each other.


Bitcoin is the "q-tip" or "Zerox" of digital/cryptocurrencies so it seems likely to hold the most value.

Meh, the advantage of Bitcoin is actually that it's code was written in such a way that it is able to adopt any great new concept any new crypto might come up with. Lightning payment system being one example.

So, why would you bet on Litecoin when Bitcoin has now adopted it's "killer app?"

7/1/19 1:37 AM
8/25/15
Posts: 7007
effertime -

Whipcrack...what are you all in in? Link? Quant?

gotta be QUANT.

7/1/19 1:52 AM
11/16/08
Posts: 15891

Are people using it?  Seems risky to buy something and realize you overpaid. Like that guy who bought the pizza for a shitload.  

7/1/19 2:52 AM
1/7/09
Posts: 3742

In

7/1/19 2:53 AM
4/16/13
Posts: 937

Bitcoin sucks dick because of how traceable they are. It's also the big reason the establishment are pushing it.

Anonymous, untrackable coins, like Zcash are the true way forward. Fuck the IRS and fuck the government. FREEDOM!!!!!!!!!!!!!!

7/1/19 3:07 AM
1/1/01
Posts: 24924
ttt
7/1/19 3:33 AM
3/30/14
Posts: 5621

This was an interesting read, I was wondering if its still going up in value since like a year ago its all anyone was talking about and now people never mention it at all 

Edited: 7/1/19 12:54 PM
12/12/04
Posts: 8849
RonaldRaygun - 

Bitcoin sucks dick because of how traceable they are. It's also the big reason the establishment are pushing it.

Anonymous, untrackable coins, like Zcash are the true way forward. Fuck the IRS and fuck the government. FREEDOM!!!!!!!!!!!!!!

 

I understand your sentiment in regard to anonymity. It's actually quite important to have this in a currency......but not for the reasons most people think.

 

A currency must be FUNGIBLE.  All parts must be interchangeable. 

For example if you give me a 20 dollar bill.....and I give you back a $10, $5, and five, $1's ........you won't care.   But here's the issue ........what if you knew that one of the dollar bills was once used on the dark web to buy something nefarious and illegal?  The other 19 of the 20 dollars was used for baby formula or goodness in the past.........but that one dollar was used for something terrible.  And anyone who cared to look could see that you have that evil dollar is in your possesion. Would you still want that dollar?  .....or would you demand a cleaner dollar not used for evil.  Or a completely NEW dollar, never used before? Would businesses even except the evil dollar? 

There may be a premium now on clean history dollars.........and an even higher premium on new dollars.  In this scenario the money is not interchangeable.  It does not have equal parts.  It's not fungible.  Some dollars would be worth more than others.

I believe there was a supreme court ruling on this issue decades ago in regard to "drug money." 

 

So because BTC is a Ledger of all transactions, and a currency, and a payment system for that currency all combined together...........anyone who cares to look (traces back address) can see if any one part of a btc was used someplace they find icky. 

Anonymity solves this issue.

Projects like Monero and Zcash are exciting and I've owned them in the past.  But a large amount of their transactions aren't really that private for reasons I'm not going to go into right now.

Grin (mimble wimble) also has a LOT of potential.  and of course btc is programable property.......so who know what'll happen in the future?  Once a project really figures out how to make an amazing currency .....maybe btc will adopt the features.  Or not.  exciting times we live in fellas.  I'm really glad to be alive right now.

Edited: 7/1/19 11:13 AM
12/12/04
Posts: 8850
InTheClosetCucumberBoy - 

This was an interesting read, I was wondering if its still going up in value since like a year ago its all anyone was talking about and now people never mention it at all 

 

There was a healthy correction (albeit painful) in the market over the past 15 months or so........projects died, scammers took their money and ran, people sold at the bottoms.  Lesson were learned.

 

New people were all FOMOing into the market back in 2017........regular folks (not fringe nerds like me) were buying crypto and talking about it A LOT.  Mainstream news was covering BTC.  I couldn't believe it.........was so exciting to see.

 

Then the bubble popped and people hated crypto again.  Silence. 

Meanwhile quallity projects kept plugging away........making their currency, or utilty tokens better.  Some rare ones even getting regulatory approval as utilty tokens. Only a few in the world have accomplished this.

Most crypto will have the scarlet letter of security token stamped upon them by the SEC.  That's death for all U.S. and Canadian purchasers of that token.

Anyhoo.....we're just coming out of a healthy correction period and the frothing FOMO will come again (imo).

Edited: 7/1/19 11:27 AM
12/12/04
Posts: 8851
effertime - 

Whipcrack...what are you all in in? Link? Quant?

 

Ummm.....I don't think I feel comfortable saying.  If someone bought the project becaue I mentioned it and it fails..........I'd feel terrible.

 

It's a little too close to financial advice. 

 

I will say it's not Link, or Quant. 

 

7/1/19 11:35 AM
6/28/10
Posts: 28116
RonaldRaygun -

Bitcoin sucks dick because of how traceable they are. It's also the big reason the establishment are pushing it.

Anonymous, untrackable coins, like Zcash are the true way forward. Fuck the IRS and fuck the government. FREEDOM!!!!!!!!!!!!!!

Or you can always just trade btc to one of the anon coins to end the bunny trail and swap back as needed.

7/1/19 11:48 AM
12/28/14
Posts: 1689

So im an idiot when it comes to crypto but the first thing that i wonder is ehat happens when governments start regulating it?

 

Does it just crash if that happens?

7/1/19 12:30 PM
12/12/04
Posts: 8853
fade2007 - 

So im an idiot when it comes to crypto but the first thing that i wonder is ehat happens when governments start regulating it?

 

Does it just crash if that happens?


what do you mean by regulating?  Bitcoin mathmatically cannot be stopped at this point.  Governments should have killed it in it's cradle.  Now it's too late.

Governments can heavily regulate and monitor exchanges.........the on and off ramps into fiat currencies.  This would slow growth and make it painful for awhile.  This is actually occurring right now.....but it can't last.

They can ban mining or owning crypto.  But that hasn't worked out very well for even the most opressive countries in the world.  eg: china

Some countries are embracing crypto.........which is the smart move. 

Think of it this way..........what if a government slowed the growth of email back in the '90's to protect mailmen and the old system of letter delivery.  How far behind the rest of the world would they be in the year 2000?  2025?  At some point they would have to give in.

Crypto in it's various forms is absolutely irresistable and unstoppable.

Edited: 7/1/19 5:25 PM
12/12/04
Posts: 8854
I No Kung Foo - 

Are people using it?  Seems risky to buy something and realize you overpaid. Like that guy who bought the pizza for a shitload.  

 

yes.  people who evangelize it's use go out of their way to pay in crypto.  There are crypto debit cards you can use attached to wallets.

 

there are apps to let you know locations of businesses that take crypto as payment.........some go out of their way to patronize those places.

There are businesses on the web that will change 14 bucks for a t-shirt...........$7 if you pay in crypto.  It's much cheaper for a business to use crypto than deal with the fees of Visa or other traditional payment processors.

7/1/19 1:04 PM
11/5/03
Posts: 21305

"Aside from the nerdery of how blockchain technology works...... any book I recommend would be outdated by the time it is printed and shipped to you. Years ago I went down the rabbit hole of how blockchains work and now realize it's just not necessary (and I've forgotton a great deal.) I remember peoples eyes glazing over when I'd start to excitedly speak about the tech to whomever would listen to me blab about it.  "

That's funny to me. I work in web dev and sometimes go to a .net developer group talk thing here in town. 

One time, at the end when the organizer tells everyone what the subject of the next month's meeting will be, he said they hadn't settled on anything yet and did anyone have a suggestion. 

Young guy immediately piped up and said "bitcoin / crypto / block chain". 

Naturally, he worked in development in that area and wanted to give the lecture. No one else there besides me knew anything about crypto except that it exists. So, I was the only one interested. I've got about a 3 out of 10 understanding regarding the tech involved and potential applications of blockchain to the world at large. 

But I think he shot himself in the foot by being a spaz about it. He launched into a philibuster talking a mile a minute. He was very eager to say the least. 

He did not give the next presentation, or any presentation.

Beyond that, I was poised and ready to buy btc in 2012 but then didn't because the reason I was going to was silk road. Then I decided against re-starting a previous weakness. 

Whether or not I'd still have some btc laying around today is unclear but I lie awake sometimes wondering if I missed becoming much wealthier by not buying drugs. 

7/1/19 1:26 PM
11/16/08
Posts: 15896
WHIPCRACK -
I No Kung Foo - 

Are people using it?  Seems risky to buy something and realize you overpaid. Like that guy who bought the pizza for a shitload.  

 

yes.  people who evangelize it's use go out of their way to pay in crypto.  There crypto debit cards you can use attached to wallets.

 

there are apps to let you know locations of businesses that take crypto as payment.........some go out of their way to patronize those places.

There are businesses on the web that will change 14 bucks for a t-shirt...........$7 if you pay in crypto.  It's much cheaper for a business to use crypto than deal with the fees of Visa or other traditional payment processors.

I was thinking about regular people that want to use it as a currency.  That seems to be the whole point of it. Although it doesn't seem practical to spend unless the value is stable and when it becomes stable, who's going to trade it?  

I know people are making, and losing, money trading it but it doesn't really seem to be used for what it was intended.  It seems like digital trading cards.  

Edited: 7/1/19 5:06 PM
12/12/04
Posts: 8855

I was thinking about regular people that want to use it as a currency. That seems to be the whole point of it.

Although it doesn't seem practical to spend unless the value is stable and when it becomes stable, who's going to trade it? I know people are making, and losing, money trading it but it doesn't really seem to be used for what it was intended. It seems like digital trading cards.

 

Ahhhh......i understand what you're saying now.  You're correct.....Bitcoin in not used for what Satoshi intended. It's not a very good currency at all.  That's a huge argument in the btc community and has led to multiple contentious forks (eg: bitcoin cash.)

It was originally intended to be a means of exhange..........but due to many factors btc is more a store of value (and a safe haven outside of traditonal markets and money systems.) 

A couple of quick examples of those factors being the bitcoin core programmers, blockstream (who pays them), scalling issues and arguments, fees related to lack of scaling, faith (or lack of) in the lightning network,  blah blah blah. 

 

There are much, much better options for a digital currency out there.   Some of the new stable coins have my interest (Maker dai, trueUSD...........NOT tether.)

 

In it's current form .......think of btc a property.  In fact it's the only billion dollar property in the world that cannot be confiscated from you by anyone.  This property also has no weight, and takes up no space.  You can walk across any border with the entirety of your wealth in your mind by memorizing your private key. Pretty cool.

 

I think btc will always be property............only used to settle large transactions.  Perhaps betweeen corporations or countries. 

I don't know if you've heard the saying, "bad money chases out good money." ??  But that is part of what's happening with BTC.  People want to hoard it and spend other currency.  Btc is chased out of the market in expectation the value will rise......and it has.

 

Edited: 7/1/19 5:37 PM
12/12/04
Posts: 8856
iclimb513 - 

"Aside from the nerdery of how blockchain technology works...... any book I recommend would be outdated by the time it is printed and shipped to you. Years ago I went down the rabbit hole of how blockchains work and now realize it's just not necessary (and I've forgotton a great deal.) I remember peoples eyes glazing over when I'd start to excitedly speak about the tech to whomever would listen to me blab about it.  "

That's funny to me. I work in web dev and sometimes go to a .net developer group talk thing here in town. 

One time, at the end when the organizer tells everyone what the subject of the next month's meeting will be, he said they hadn't settled on anything yet and did anyone have a suggestion. 

Young guy immediately piped up and said "bitcoin / crypto / block chain". 

Naturally, he worked in development in that area and wanted to give the lecture. No one else there besides me knew anything about crypto except that it exists. So, I was the only one interested. I've got about a 3 out of 10 understanding regarding the tech involved and potential applications of blockchain to the world at large. 

But I think he shot himself in the foot by being a spaz about it. He launched into a philibuster talking a mile a minute. He was very eager to say the least. 

He did not give the next presentation, or any presentation.

Beyond that, I was poised and ready to buy btc in 2012 but then didn't because the reason I was going to was silk road. Then I decided against re-starting a previous weakness. 

Whether or not I'd still have some btc laying around today is unclear but I lie awake sometimes wondering if I missed becoming much wealthier by not buying drugs. 

 

good story!  I have a lot of "what if's" myself.........

 

 

 

7/1/19 7:51 PM
8/11/10
Posts: 775

Bitcoin and all other alt coins have become nothing more than a gigantic pump and dump scam. Bitcoin or any current alt coin will never replace the dollar, anyone who believes this is drinking the koolaid and hard.

There is a ton of real dollars to be made off the current koolaid drinkers still investing. There are very few new investers in the crypto game however, because most people knows it’s bullshit now.

 

The only issue on this scheme is trying to transfer your money made in crypto back into a real life bank account and not getting fucked over in the attempt to exchange.

 

High risk high reward

7/1/19 9:00 PM
12/12/04
Posts: 8858
The Dole Guy - 

Bitcoin and all other alt coins have become nothing more than a gigantic pump and dump scam. Bitcoin or any current alt coin will never replace the dollar, anyone who believes this is drinking the koolaid and hard.

There is a ton of real dollars to be made off the current koolaid drinkers still investing. There are very few new investers in the crypto game however, because most people knows it’s bullshit now.

 

The only issue on this scheme is trying to transfer your money made in crypto back into a real life bank account and not getting fucked over in the attempt to exchange.

 

High risk high reward


whoa............"bitcoin and all other altcoins" ?  The entire market?  All of them a scam?

You seem pretty certain.

Better tell Fidelity and E-trade before they launch their crypto products in a few weeks marketed to institutional customers. Better tell Money Gram to stop using Ripple (xrp) .....they just formed a partnership. Better tell the people at the NASDAQ  to stop that partnership with cryptocompare for institutional product pricing.

Better check out Bitcoin obituaries where we post articles about how many times bitcoin has been declared dead.....then laugh at people like you. 

 

Let me guess..............you own physical silver.