The billionaire worrying about robotaxis just built the world’s largest ai supercomputer. Surely that can help in all sorts of ways, cancer cures included.
Again, none what you’re mentioning is anything new or anything to do with crypto really.
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
Again, none what you’re mentioning is anything new or anything to do with crypto really.
We haven’t seen this many conflicts of interest, degree of crony capitalism, etc. in decades. I’m not suggesting this is new but it has a lot to do with crypto. No president/politician in their right mind would ever buy BTC to create a strategic reserve unless billionaires and corruption were behind it. Assuming you believe the 21M cap means something the U.S. would never be able to sell its BTC holdings without crashing the crypto market and destroying its “investment”. It’s literally the stupidest idea I’ve heard in a while and only a person holding a lot of BTC would propose it. If I were the BRIC nations I’d say F the dollar and F BTC and just launch their own crypto.
The top political donors always have a vested interest, one that is usually conflicted. No one is doing it out of the goodness of their heart.
How quickly we’ve gone from crypto doesn’t matter to it’s a national security threat. Neither extreme seems to be very accurate.
The reality is BTC doesn’t matter except to those who hold it. Look who’s pushing the BTC agenda - billionaires and corporate holders, financial institutions looking to profit, and politicians that own it. Nobody and I mean nobody in mainstream America gives a flying F about BTC. And before you jump down my throat most people don’t give a F about stocks either. They have retirement plans on cruise-control and are content with money funneling into ETFs, Mutual Funds, etc.
“BTC doesn’t matter except to those who hold it”
Best source I could find (Pew Research) says 17% of adults in the country own crypto. Others say up to 30 which I think is probably high. 17 is a pretty good number given all of the uncertainty around crypto’s legality. That’s millions of people who you agree care about crypto.
The ETF pumping of last year had nothing to do with elections, Trump, etc. Again, you’re assigning way too much credit to the flavor of the week. Bitcoin has pumped much much harder in the past without the help of politicians.
It’s crazy. I probably mentioned that my son started a crypto club at his school (which I encouraged). I don’t think they are doing much other than fueling this type of insanity but they are making money that’s for sure. Apparently one kid made $20K in an overseas rug-pull. The more he tells me, the more it sounds pretty simple: FOMO + stupid people = $$$.
Even looking at the crypto market completely superficially, older people just need to know that younger people love crypto which means the demand for it will continue to grow.
Bitcoin surges above $106,000 on strategic reserve hopes
(Reuters) -Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve.Bitcoin, the world's biggest and best known cryptocurrency, hit a high of $106,533 and last traded at $105,688. Smaller crypto ether rose nearly 3% to 4,014.
"We're in blue sky territory here," said Tony Sycamore, an analyst at IG. "The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."
"We're gonna do something great with crypto because we don't want China or anybody else - not just China but others are embracing it - and we want to be the head," Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: "Yeah, I think so."
Other countries have also been considering cryptocurrency strategic reserves.
Russian President Vladimir Putin earlier this month questioned the need to hold state reserves in foreign currencies, saying that domestic investment of such reserves was more attractive.
Putin said the current U.S. administration was undermining the role of the U.S dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.
"For example, bitcoin, who can prohibit it? No one," Putin said.
There are skeptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month.
"People are not using it as a form of payment, or as a store of value. It's highly volatile, it's not a competitor for the dollar."
CRYPTO BOOST
Bitcoin has surged more than 50% since the Nov. 5 election that saw Trump elected along with many other pro-crypto candidates. The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion, according to data provider CoinGecko.
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
Trump also said he would nominate pro-crypto Washington attorney Paul Atkins to head the Securities and Exchange Commission.
On Friday, exchange operator Nasdaq said MicroStrategy will be added to the tech-heavy Nasdaq-100 Index after a meteoric surge in the shares of the bitcoin buyer.
MicroStrategy, an aggressive investor in the world's largest crypto asset, has seen its shares soar more than six-fold this year, taking its market value to almost $94 billion. It is now the largest corporate holder of the cryptocurrency.
Hard to wrap my head around these decentralized networks due to regulatory and security concerns, plus the ISPs/carriers own and operate all of the infrastructure. Somewhere in the decentralized “community networks” they would need to connect to traditional infrastructure plus they would also need to connect to each other. If someone can explain the nuts and bolts beyond the article that would be helpful.
I love having these conversations with ChatGPT. I just asked how it worked, but you could keep going deeper.
The Dawn Decentralized Internet platform works by leveraging blockchain technology, peer-to-peer (P2P) networking, and decentralized storage systems to create a more open, secure, and censorship-resistant internet. Here’s a breakdown of how it works:
1. Core Principles of Decentralization
• Traditional internet systems rely on centralized servers controlled by companies, which makes them susceptible to censorship, outages, and data breaches.
• Dawn decentralizes this model by distributing data and network functions across a global network of independent nodes.
2. Key Components of Dawn
a) Decentralized Hosting and Storage
• Websites, applications, and user data are stored across multiple nodes in the network instead of centralized servers.
• Redundancy ensures that even if some nodes go offline, the content remains accessible.
b) Peer-to-Peer Communication
• Users connect directly to each other through P2P protocols, bypassing the need for intermediaries like Internet Service Providers (ISPs) or centralized data centers.
c) Blockchain Integration
• Dawn uses blockchain to maintain a ledger of domain ownership, network transactions, and data exchanges.
• This ensures transparency, immutability, and trust between participants without needing a central authority.
d) Token Economy
• A native cryptocurrency or token is often integrated into the system to incentivize node operators and participants.
• Users pay for hosting, storage, or bandwidth in tokens, which are earned by contributing resources to the network.
e) Smart Contracts
• Smart contracts automate key functions like domain name registration, resource allocation, and payments.
• This removes intermediaries and streamlines processes.
3. How Users Interact with Dawn
• Accessing the Network: Users can access the Dawn internet via specific browsers or apps designed to interact with the decentralized system.
• Hosting Services: Businesses and developers can deploy websites or apps directly to the network without needing centralized hosting providers.
• Privacy and Security: End-to-end encryption ensures that users’ data and communications remain secure.
4. Benefits of Dawn Decentralized Internet
• Censorship Resistance: No single entity can control or take down content.
• Improved Privacy: Data is encrypted and distributed, reducing vulnerabilities to hacking and surveillance.
• Resilience: Distributed infrastructure reduces the risk of outages or bottlenecks.
• Cost Efficiency: Removing intermediaries can reduce hosting and bandwidth costs.
5. Potential Challenges
• Adoption Barriers: Transitioning to a decentralized internet requires significant changes in user behavior and infrastructure.
• Scalability: Managing a global network of decentralized nodes efficiently can be challenging.
• Regulatory Hurdles: Governments may resist decentralization due to its potential to circumvent regulations.
By distributing resources and control, the Dawn Decentralized Internet aims to reshape how people interact with the web, fostering greater freedom and security for all users.
Decentralized storage, think Google cloud at a fraction of the cost, drops Friday.
There are strong arguments in favor of decentralization but if you think of each node like a router in your house it’s gotta connect to something somewhere in order to originate and deliver traffic. I would also imagine buying and operating the nodes would not be cheap.Decentralized storage, think Google cloud at a fraction of the cost, drops Friday.
“• Users connect directly to each other through P2P protocols, bypassing the need for intermediaries like Internet Service Providers (ISPs) or centralized data centers.”
Node operators will earn rewards, thus incentivizing their use the way most networks operate. Every Android device will be capable of operating a node, so barrier to entry will be low on that end.
This was a weirdly entertaining story. And also a good look at how difficult it is to launder crypto into cash.
Jeffrey Sonnenfeld (Yale School Management) was just on CNBC. He was down at Mar-a-lago with the top CEOs. Said 84% of top 200 CEOs said BTC is unsupported by anything and just another meme scenario. I can’t find a single article online (at least not yet).
This is interesting:
www.forbes.com
This is interesting:
BlackRock Just Quietly Confirmed A Devastating Bitcoin Price Bombshell
Bitcoin has rocketed higher this year in large part due to BlackRock, the world's largest asset manager, putting its $10 trillion weight behind it...
www.forbes.com
That is an amazing leap of a headline and article off of that video disclaimer. Forbes wants a lower entryJeffrey Sonnenfeld (Yale School Management) was just on CNBC. He was down at Mar-a-lago with the top CEOs. Said 84% of top 200 CEOs said BTC is unsupported by anything and just another meme scenario. I can’t find a single article online (at least not yet).
This is interesting:
BlackRock Just Quietly Confirmed A Devastating Bitcoin Price Bombshell
Bitcoin has rocketed higher this year in large part due to BlackRock, the world's largest asset manager, putting its $10 trillion weight behind it...
Regardless, IMO the 21M is meaningless based on satoshis, millibitcoins, microbitcoins, etc. In a Lightning Network transactional world the 21M has almost no relevance if a BTC can be divided to milli and micro levels or smaller.
None of the above have any impact on the supply of Bitcoin. Again, it’s like breaking a dollar into 100 pennies and saying you increased the money supply.
It’s actually nothing like breaking a dollar into Pennies because we can always print/mint more dollars/money and do plenty of it. BTC is supposed to be 21M - and that’s it.
🤦🏻♂️….
Here’s How It Works:
1. Total Bitcoin Supply in Satoshis:
• Each Bitcoin consists of 100,000,000 satoshis.
• Therefore, the total number of satoshis in existence is: 2.1 quadrillion
2. Fixed Supply Mechanism:
• The Bitcoin protocol enforces a hard limit of 21 million Bitcoins. This is programmed into the code and secured by Bitcoin’s consensus rules.
• Since satoshis are simply subdivisions of Bitcoin, they do not increase the total supply—rather, they make Bitcoin divisible for smaller transactions.
3. Divisibility vs. Supply:
• Satoshis are a way to divide existing Bitcoin. For example:
• If you own 0.5 BTC, that’s equivalent to 50,000,000 satoshis.
• Dividing Bitcoin into smaller units (satoshis) doesn’t create new Bitcoin or alter the total supply limit.
4. Implications for the 21 Million Limit:
• Even with all Bitcoin mined (the last Bitcoin is expected to be mined around 2140), the total supply of Bitcoin will remain fixed at 21 million BTC, or 2.1 quadrillion satoshis.
• Satoshis ensure Bitcoin can handle microtransactions and maintain utility as the value of Bitcoin increases over time.
In summary, satoshis are simply a fractional representation of Bitcoin, and their existence does not change Bitcoin’s supply cap of 21 million. They enhance Bitcoin’s usability without affecting its scarcity.
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Funny how quickly the crypto bros crap all over any POV that doesn’t support their BTC narrative. Why have a discussion thread if all you want is a crypto bros circle-J?
Yes - but it’s the ability to fractionalize BTC even beyond the 2.1 quadrillion satoshis at levels that my Iphone calculator can’t handle that essentially negates the scarcity argument. Fractionalization can turn supply/demand models upside down.
Think of it this way and without ChatGPT helping you out. If there were only 21 Mickey Mantle rookie cards in the world and they were worth X. If you ripped up those 21 cards into a total of 21000 pieces do you think the value of each of those pieces when added up still equals X? Of course not. That’s the problem with your scarcity argument once you introduce fractionalization.
I don't understand your logic or your analogy. Tearing up a baseball card inherently diminishes its value. The fractionalization of bitcoin does not alter the total value nor the scarcity. Adding up the torn pieces of a Mantle card gives each piece zero value. Breaking up one bitcoin into pieces gives each piece an exact proportional value that the sum total equals the exact price of a whole bitcoin.
“Blackrock will bastardize Bitcoin and raise the supply” is an opinion. Didn’t crap on it at all.
“Satoahis raise the supply” isn’t an opinion or pov, it’s a factually incorrect statement
Nothing was introduced. Satoshis were a term that people came up with for fractionalized bitcoin. It’s been fractionalized since inception. I’m unsure how else to explain it to you, but this isn’t an opinion thing
The funny thing is this has happened. Collectible.com fractionalized ownership of trading cards and other memorabilia. They were smart enough to not tear them up but they offered fractionalized shares of said mantle card, Jordan rookies, etc. At no time did the supply of those cards change
And the wonderful world of blockchain can record those fractionalized shares and tie it to ownership and authenticity.
Sooner or later, sports and event tickets will be issued via a blockchain. Track ownership and allow teams/artists to profit if the tickets are sold at a higher price. That's coming.
BTC traded up to $100K+ based on what = supply and demand (cough, FOMO and speculation). Do you think if there were thousands of Mantle rookie cards available today one would have recently sold for over $12M? If scarcity and 21M cap is the BTC argument, then you don’t think fractionalization undermines the asset? Millibitcoins don’t affect value? Microbitcoins don’t affect value? If someone somehow were to create more than 21M BTC that wouldn’t affect the value? This is Econ 101.
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