Yeah, I thought so pal. Great rebuttal with plenty of “facts”.
I give up. You are on ignore in this thread. Bye, bye.
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
What's artificial about it? Yes, the early transactions were used to facilitate Silk Road; that's a fact that cannot be ignored and anyone that does is turning a blind eye. I really encourage you to read up on lightning network, how its scaling and what is coming in the future. As i said in an earlier post, its why Dorsey left Twitter to focus on Square and the dev kit he's building for lightning.
The store of value narrative came organically out of the fed printing money in the last 2 yrs. It's an easy narrative. a currency that is hard capped and cant be deflated by a central bank. Honestly, it was a natural narrative. One made easier by the fact that Gold hasnt moved in value.
You're 100% wrong on the digital dollar vs Bitcoin. The opposite happens. It becomes a validator for cryptocurrencies. IMO it takes away one of the biggest concerns I have in crypto, which I believe you've brought up in the past, and thats Tether. A CBDC essentially kills Tether. And in turn that kills a potential black swan event.
Side note, I dont think you're wasting my time. I always enjoy hearing people wi5th different viewpoints in anything. As long as people are willing to have an open honest discourse on anything, I'm all for it.
Appreciate the counter-point. For the record, I’m not saying that my opinion on crypto will prevail in the end. I just fail to see the utility of the coin structure (as opposed to the tech) given that the world super powers, IMO, will never adopt it. And, unless China and India change their perspective on BTC it’s going to be an uphill battle. When push comes to shove, why would the US ever cede financial dominance when the digital dollar is a logical response/solution? I’m not saying I agree with the Fed printing money for as long as they have, but the reality is that it saved us from financial peril as a result of COVID, and the “printing press” argument is not strong enough to displace the US dollar, whether it’s paper money or a bunch of bits and bytes backed by the Fed.
I know you are well informed on the tech and potential of crypto. But think about Main Street - go ask 5 random people outside your circle some questions about the Fed, deflation, inflation, crypto, etc. and they simply don’t know anything or could care less.
Re: lightening network, my main issues (right or wrong) are:
1) its utility is entirely dependent on BTC and, in this regard, is designed to speed up transaction processing times and decrease the associated costs of BTC blockchain. But, unless I’m missing something, unless BTC now pivots back to transactions from “store of value” how does lightening network achieve scale? Plus, El Salvador is a MESS
which does not bode well for BTC. It’s actually kind of scary. Bukele will not give a public accounting of where he sunk the $200M earmarked for the BTC experiment (shady contracts = i.e., Novogratz) and the El Salvador BTC “investment” is down 5% - NOT good for a third world country currently begging the World Bank for a billion dollar handout.
2) I don’t believe the lightening network will ever reach wide scale adoption because a decentralized network is always susceptible to fraud or malicious attacks.
3) BTC price swings and volatility will limit the use of Lightning Network. And once you take away volatility retail gamblers will lose interest.
Like I said, I definitely don’t have this all figured out. But I’m not motivated by FOMO and I’m content with continuing to learn. That’s why I like Dorsey’s strategy. He’s not betting his company on BTC. I believe he’s going all in on blockchain. Huge difference.
As Tanking Bitcoin Gives Salvadorans a National Haircut, UK Analytics Firm Sees a Smokescreen for Bigger Financial Troubles | PYMNTS.com
El Salvadoran President Nayib Bukele’s $70.7 million bitcoin investment was down $3.4 million — about 5% — a headline in La Prensa Grafica screamed on
www.pymnts.com
Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin.
Salvadoran President Nayib Bukele is spinning new projects as fast as he can.
foreignpolicy.com
El Salvador is a major red flag, especially when Novogratz pumps on CNBC all the time yet NEVER mentions El Salvador notwithstanding the fact that his company BitGo provides the Chivo Wallet and teamed up with Bukele. If BTC in El Salvador had an iota of success all of the pumpers would jump on it as evidence of transactional utility. But they all know it’s a complete and utter disaster that, once truly public, will negatively impact the price of BTC. So, Bukele is now all over the place preaching “Bitcoin City” and volcano powered mining as misdirection pretending there is a grander plan to come.
Elon Musk says dogecoin is better to buy things with than bitcoin
"Fundamentally, bitcoin is not a good substitute for transactional currency," Musk told Time Magazine after being named Time's 2021 Person of the Year.
An NFT that gives you access to an IDO, which in turn gives you a piece of a company building Solana’s infrastructure. This is a very unique and forward thinking setup. If you believe in SOL, I suggest you check it out. This guys articles (the one that is linked and the two previous) do a good job of explaining.
jeffopdyke.medium.com
$4,100 a Month? The Shadowy Super Coder NFT Money Machine
It’s hard not to overhype this story. So much hopium floods the cryptosphere I fear being labeled a pusher.
Which kind of runs counter to the inflation hedge narrative.
But I guess we shouldn't expect the relationship to be completely lineal.
The world of crypto is going to get real interesting in the next few weeks:
www.businessinsider.com
cointelegraph.com
Stifel's top strategist shares why bitcoin is set to plunge towards $12,000 as the Fed prepares to vacuum up liquidity and hike interest rates sooner than expected
Bitcoin's current fair value is around $27,000 according to one trend line, Stifel's Barry Bannister says. But it could fall much further than that.
www.businessinsider.com
Kraken CEO reverses $100K BTC 2021 forecast: Crypto winter now possible
Kraken CEO Jesse Powell now says that a potential crypto winter is “possible” pointing to historical cycles.
cointelegraph.com
Oh boy, Mucci and the Winklevoss tools won’t like this:
www.cnbc.com
Bitcoin 'may not last that much longer,' academic warns
The future of bitcoin is anyone's guess, but one academic has warned that the world's most popular cryptocurrency could fade out in the near future.
Yeah I read that but I also noticed you didn't link Ray Dalio's article that bitcoin has merit and is the younger generation's gold alternative. Let's keep these opinion articles posts balanced.Oh boy, Mucci and the Winklevoss tools won’t like this:
Bitcoin 'may not last that much longer,' academic warns
The future of bitcoin is anyone's guess, but one academic has warned that the world's most popular cryptocurrency could fade out in the near future.
Balanced? That’s exactly what I’m trying to do. Too many pie-in-the-sky posters on this thread. Dalio owns BTC and Ether. Therefore, would you expect him to go on record saying there are troubled times ahead? That won’t happen until he cashes out his positions. See, CW’s $3000 TSLA prediction. See, Novogratz’s $100K EOY prediction. What would be most interesting is to see some positive BTC articles from academics instead of a bunch of pumpers like the Mucci, Novogratz, Wall Street and Hedge-Fund leeches, etc.
Hmmm, who has more to gain when discussing the merits/future of BTC? Eswar Prasad, senior professor of international trade policy at Cornell University? Or, Ray Dalio, Novogratz, Winklevoss tools, [insert CNBC pumper]?
To you, everyone that believe is something is BAD and biased. Everyone who hates something is GOOD and unbiased.
LOL!
Really? Please Enlighten us with your list of the top three experts you follow for BTC research/knowledge? There was a point in time when “Guy the Crypto Guy” was your guru. There was also some dude you posted videos from all the time until I showed you he was a 20-something year old theater major that ran an independent production studio and had virtually zero involvement in crypto beyond making fake video content. I think I’m leaning towards the Ivy League professor in the CNBC article but that’s just me.
Posts like this is why many people think you are a fool. That YT channel puts out great work and does extensive research. They are also very even handed and call out many coins/projects as garbage.
Sorry, facts matter, but feel free to carry on with your "crypto is bad" storyline.
Professor of "international trade policy". LOL!
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Unbelievable = You STILL can’t give us a single crypto expert let alone ANY facts Mr. ATH?! As that other poster on the separate stock thread recently told you, either it’s your reptilian brain or the lack of mirrors in your house that lead you to say such silly things. When your crypto research consists of watching actors play “experts” in YouTube videos it’s time to stock up on pet rocks. I happen to have 21M of them to sell you just need to mine them from my backyard.
And instead of directing your crypto venom at me since your prob getting wrecked at the moment, why don’t you look back at your own posts where you were doing back-flips because some moron whale on TV said BTC would be $100K by EOY. And with all that said, I’m not even anti-crypto. I’m anti-BS which is why from day one I’ve said the blockchain tech needs to be the future instead of the token nonsense. I even like Boblaw. I find him credible/knowledgeable he just happens to believe in the coin structure and I don’t. But he and I seem to agree the tech is the crown jewel. And For all I know he may be 100% right when this all shakes out.
Didn't bother reading ^^^^^
But let me guess. Crypto is awful! Crypto is a scam! Crypto only has pumpers! Crypto haters are the only people to trust! Maybe I will look at it tomorrow to see how accurate I am.
You = LOL
Web 3.0 article:
www.wsj.com
Jack Dorsey and the Unlikely Revolutionaries Who Want to Reboot the Internet
Jack Dorsey and other members of the tech elite are banding together to bring the Web back to its idealist origins.
www.wsj.com
I didn't know that COVID relief funds were paid out via crypto. Oh wait. LOL!
www.cnbc.com
Criminals have stolen nearly $100 billion in Covid relief funds, Secret Service says
Criminals targeting pandemic relief funds have stolen close to $100 billion, the U.S. Secret Service said Tuesday.
I didn't know that COVID relief funds were paid out via crypto. Oh wait. LOL!
Criminals have stolen nearly $100 billion in Covid relief funds, Secret Service says
Criminals targeting pandemic relief funds have stolen close to $100 billion, the U.S. Secret Service said Tuesday.
Nope, just came directly via ACH from our government. When you grant “free loans” but don’t verify if the business exist, then you will have fraud. And if you pay unemployment and don’t verify that the person lost his/her job you will have fraud. It’s a disgrace!!
The latest Web3 drama is exactly the point I’ve been making for as long as I’ve been active on this thread - true decentralization will never happen for many reasons, including financial incentives and the need for the proverbial “throat to choke” when something goes wrong. Dorsey’s comments also make it clear that Square n/k/a Block intends to be a profitable player in this space by providing products/services.Web 3.0 article:
Jack Dorsey and the Unlikely Revolutionaries Who Want to Reboot the Internet
Jack Dorsey and other members of the tech elite are banding together to bring the Web back to its idealist origins.
Embarrassing! I’ve heard stories of senior citizens in their 80s getting random checks when they haven’t worked in 30 years. People were making up businesses left and right and there was seemingly no vetting process. You would think the IRS could easily verify info.
Should have used smart contracts via the ETH blockchain to validate and distribute the funds.
Yes, Probably a great use case for blockchain. Would love to see Block sign up some Gov’t agencies for blockchain solutions that can alleviate fraud.
Forgot which EU bank, but one of their big ones issued several hundred million in bonds via the ETH blockchain. Another great use case!
I’m trying to ask this question without heading down a rabbit hole, but when the EU bank issues bonds via Ethereum blockchain does that in any way impact the price of ETH?
Probably not directly, but perhaps indirectly via positive articles and examples of usage (makes people buy more so the price goes up).
For discussion purposes, if the EU bank had a choice between issuing hundreds of millions in bonds via ETH with no support, security or performance guarantees -OR- issuing same bonds via a hyper-ledger/blockchain solution offered via Square/Block for a reasonable fee that comes with support, security, and performance guarantees, wouldn’t the EU bank presumably pay the reasonable fee for the Square/Block solution? I would argue that the EU bank has a duty to take the more prudent approach if given a choice, which is why I can’t get on-board with a pure DeFi model. People buy insurance for a reason. When there is an unauthorized credit card charge on their account they like being able to call customer service. When funds are deposited to their bank account but don’t show up they like having someone to yell at. In the DeFi world, if something happens to one of the bonds issued by the EU bank (hack, fraud, error, etc.), who fixes it for the EU bank and makes them whole?
The bonds are via smart contracts which consist of more security and guarantees that are offered by banks themselves. That's why the bank is beta testing this concept.
So, here’s why I’m asking. I’ve been evaluating ETH and while folks mention support, security and guarantees, there seems to be nothing. This is straight from Ethereum.org:
“Official Ethereum support
Are you looking for the official Ethereum support? The first thing you should know is that Ethereum is decentralized. This means no central organization, entity, or person owns Ethereum, and because of this, no official support channels exist.”
And here’s what they basically tell you for security:
Ethereum security and scam prevention
With interest in cryptocurrencies growing, learning best practices when using cryptocurrency is essential. Crypto can be fun and exciting, but there are also serious risks. If you put in this small amount of upfront work, you can mitigate these risks.
Again, without beating a dead horse, all of these support/security/performance issues, whether valid or not, are why Dorsey and Musk are skeptical of Web3. I hope I’m right about Block. I would love to see them develop a whole bunch of commercial and consumer blockchain products/platforms. Hyper-ledgers + algorithms + Dorsey = a whole lot of miners/pumpers that need to find new jobs.
Right - but conceptually the smart contract is the easy part of the equation. If you were running a company or in a decision-making role and had a million dollar “transaction” (pick any use case) and were choosing between ETH for free, or a commercial solution for a small fee that offers the same exact capability but with dedicated support and SLAs, I think human nature would lead you to pay the small fee, just like we all pay for insurance across virtually every aspect of our lives (health, home, auto, etc.). In my mind, DeFi and decentralized platforms lack the “insurance” that people (at least those making legitimate transactions) need to feel in order for it to gain scale. Just my opinion based, in part, on basic psychology.
