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The New Coffee Room

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  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • jon-nycJ Offline
    jon-nycJ Offline
    jon-nyc
    wrote on last edited by
    #357

    It’s still not clear it has a use case besides illicit trade and speculation.

    Only non-witches get due process.

    • Cotton Mather, Salem Massachusetts, 1692
    HoraceH 1 Reply Last reply
    • jon-nycJ jon-nyc

      It’s still not clear it has a use case besides illicit trade and speculation.

      HoraceH Online
      HoraceH Online
      Horace
      wrote on last edited by
      #358

      @jon-nyc said in The Bitcoin/Crypto Thread:

      It’s still not clear it has a use case besides illicit trade and speculation.

      It's a store of value that could be transported across the galaxy via quantum entanglement computers. Suck it, gold!

      Education is extremely important.

      1 Reply Last reply
      • KlausK Klaus

        @taiwan_girl said in The Bitcoin/Crypto Thread:

        @Klaus said in The Bitcoin/Crypto Thread:

        I'm not sure that is a very plausible argument.

        If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.

        But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.

        It isn't worth anything anymore if you would concentrate all Euro in one hand.

        No modern currency has intrinsic value.

        It's all a matter of trust. If people trust crypto, you'll soon be able to buy shoes with it. If people do not, it will end up in the dust bin of history.

        taiwan_girlT Offline
        taiwan_girlT Offline
        taiwan_girl
        wrote on last edited by
        #359

        @Klaus said in The Bitcoin/Crypto Thread:

        If people trust crypto

        That is a very big IF.

        Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

        HoraceH 1 Reply Last reply
        • taiwan_girlT taiwan_girl

          @Klaus said in The Bitcoin/Crypto Thread:

          If people trust crypto

          That is a very big IF.

          Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

          HoraceH Online
          HoraceH Online
          Horace
          wrote on last edited by
          #360

          @taiwan_girl said in The Bitcoin/Crypto Thread:

          @Klaus said in The Bitcoin/Crypto Thread:

          If people trust crypto

          That is a very big IF.

          Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

          The idea is that you can exchange it for spendable currency. Which you can, fairly easily.

          Education is extremely important.

          taiwan_girlT 1 Reply Last reply
          • X Offline
            X Offline
            xenon
            wrote on last edited by
            #361

            Maybe I lack imagination - but I see Bitcoin as the most useful of the bench as a monetary system that's completely divorced from politics.

            But - we already essentially have that in gold.

            In terms of spending - I don't see how it makes my life any easier using crypto to buy things online vs. a credit card.

            If anything - I do want a bank standing behind my card to help me if there's fraud or charges need to be reversed, etc.

            Maybe I just don't get it - but I've tried.

            HoraceH 1 Reply Last reply
            • X xenon

              Maybe I lack imagination - but I see Bitcoin as the most useful of the bench as a monetary system that's completely divorced from politics.

              But - we already essentially have that in gold.

              In terms of spending - I don't see how it makes my life any easier using crypto to buy things online vs. a credit card.

              If anything - I do want a bank standing behind my card to help me if there's fraud or charges need to be reversed, etc.

              Maybe I just don't get it - but I've tried.

              HoraceH Online
              HoraceH Online
              Horace
              wrote on last edited by
              #362

              @xenon said in The Bitcoin/Crypto Thread:

              Maybe I lack imagination - but I see Bitcoin as the most useful of the bench as a monetary system that's completely divorced from politics.

              But - we already essentially have that in gold.

              In terms of spending - I don't see how it makes my life any easier using crypto to buy things online vs. a credit card.

              If anything - I do want a bank standing behind my card to help me if there's fraud or charges need to be reversed, etc.

              Maybe I just don't get it - but I've tried.

              It’s a currency by techie preppers, for techie preppers.

              Education is extremely important.

              1 Reply Last reply
              • HoraceH Horace

                @taiwan_girl said in The Bitcoin/Crypto Thread:

                @Klaus said in The Bitcoin/Crypto Thread:

                If people trust crypto

                That is a very big IF.

                Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

                The idea is that you can exchange it for spendable currency. Which you can, fairly easily.

                taiwan_girlT Offline
                taiwan_girlT Offline
                taiwan_girl
                wrote on last edited by
                #363

                @Horace said in The Bitcoin/Crypto Thread:

                @taiwan_girl said in The Bitcoin/Crypto Thread:

                @Klaus said in The Bitcoin/Crypto Thread:

                If people trust crypto

                That is a very big IF.

                Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

                The idea is that you can exchange it for spendable currency. Which you can, fairly easily.

                But that will be the defeat. If you have to exchange it to a spendable currency, then what good is it? Why not just have the spendable currency?

                HoraceH 1 Reply Last reply
                • taiwan_girlT taiwan_girl

                  @Horace said in The Bitcoin/Crypto Thread:

                  @taiwan_girl said in The Bitcoin/Crypto Thread:

                  @Klaus said in The Bitcoin/Crypto Thread:

                  If people trust crypto

                  That is a very big IF.

                  Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

                  The idea is that you can exchange it for spendable currency. Which you can, fairly easily.

                  But that will be the defeat. If you have to exchange it to a spendable currency, then what good is it? Why not just have the spendable currency?

                  HoraceH Online
                  HoraceH Online
                  Horace
                  wrote on last edited by
                  #364

                  @taiwan_girl said in The Bitcoin/Crypto Thread:

                  @Horace said in The Bitcoin/Crypto Thread:

                  @taiwan_girl said in The Bitcoin/Crypto Thread:

                  @Klaus said in The Bitcoin/Crypto Thread:

                  If people trust crypto

                  That is a very big IF.

                  Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc

                  The idea is that you can exchange it for spendable currency. Which you can, fairly easily.

                  But that will be the defeat. If you have to exchange it to a spendable currency, then what good is it? Why not just have the spendable currency?

                  Ask a techie prepper, or a coup enthusiast. Governments dissolve after all.

                  Education is extremely important.

                  1 Reply Last reply
                  • AxtremusA Offline
                    AxtremusA Offline
                    Axtremus
                    wrote on last edited by Axtremus
                    #365

                    What if Wolf of Wall Street were about crypto:

                    Link to video

                    About NFT:

                    Link to video

                    1 Reply Last reply
                    • LuFins DadL Offline
                      LuFins DadL Offline
                      LuFins Dad
                      wrote on last edited by
                      #366

                      Been a little bit of a rally the last couple of weeks. My meager holdings are up about 7% since the New Year.

                      The Brad

                      1 Reply Last reply
                      • LuFins DadL Offline
                        LuFins DadL Offline
                        LuFins Dad
                        wrote on last edited by
                        #367

                        This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.

                        The Brad

                        LuFins DadL 1 Reply Last reply
                        • LuFins DadL Offline
                          LuFins DadL Offline
                          LuFins Dad
                          wrote on last edited by
                          #368

                          Of course, that’s still 1/6th of what I put in…

                          The Brad

                          ChatGPTC 1 Reply Last reply
                          • LuFins DadL LuFins Dad

                            Of course, that’s still 1/6th of what I put in…

                            ChatGPTC Offline
                            ChatGPTC Offline
                            ChatGPT
                            wrote on last edited by
                            #369

                            @LuFins-Dad

                            I'm sorry you're going through this. It must be really tough for you. It's important to remember that investments are always a risk and that this doesn't define your worth as a person.

                            It's natural to feel upset and disappointed, but try to focus on the lessons you've learned from this experience and how you can use them to make better decisions in the future. Remember that money is not everything, and that you still have many other things to be grateful for in your life.

                            1 Reply Last reply
                            • jon-nycJ Offline
                              jon-nycJ Offline
                              jon-nyc
                              wrote on last edited by
                              #370

                              Only non-witches get due process.

                              • Cotton Mather, Salem Massachusetts, 1692
                              1 Reply Last reply
                              • MikM Offline
                                MikM Offline
                                Mik
                                wrote on last edited by
                                #371

                                I suppose I don’t quite get the relationship there. But then that is why I stayed away from crypto. Didn’t really understand it.

                                “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                                1 Reply Last reply
                                • LuFins DadL LuFins Dad

                                  This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.

                                  LuFins DadL Offline
                                  LuFins DadL Offline
                                  LuFins Dad
                                  wrote on last edited by
                                  #372

                                  @LuFins-Dad said in The Bitcoin/Crypto Thread:

                                  This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.

                                  Relatively stable week… Overall posted a 10% gain but at times I was down as much as 10%. And that’s a stable week in Crypto. Weird.

                                  The Brad

                                  1 Reply Last reply
                                  • JollyJ Offline
                                    JollyJ Offline
                                    Jolly
                                    wrote on last edited by
                                    #373

                                    https://www.seattletimes.com/business/crypto-lending-teeters-on-brink-of-extinction-after-genesis-collapse/

                                    “Cry havoc and let slip the DOGE of war!”

                                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                    1 Reply Last reply
                                    • AxtremusA Offline
                                      AxtremusA Offline
                                      Axtremus
                                      wrote on last edited by
                                      #374

                                      https://www.reuters.com/legal/self-proclaimed-bitcoin-inventors-25-bln-lawsuit-can-go-trial-london-court-2023-02-03/
                                      ...
                                      The [court] ruling paves the way for a trial on whether developers owe duties to the owners of digital assets – which a lawyer representing some developers said could pose a fundamental challenge to decentralised finance if Wright [the plaintiff] won.
                                      ...
                                      Australian computer scientist Wright [who claims to have published the 2008 Bitcoin paper as Satoshi Nakamoto] is suing 15 developers in an effort to retrieve around 111,000 bitcoin – currently worth about $2.5 billion – after he lost the encrypted keys to access them when his home computer network was allegedly hacked.
                                      ...

                                      1 Reply Last reply
                                      • taiwan_girlT Offline
                                        taiwan_girlT Offline
                                        taiwan_girl
                                        wrote on last edited by
                                        #375

                                        Maybe our @copper is the real "inventor" of bitcoin. And the money he will get back from Google is just the start.

                                        1 Reply Last reply
                                        • AxtremusA Offline
                                          AxtremusA Offline
                                          Axtremus
                                          wrote on last edited by
                                          #376

                                          https://www.forbes.com/sites/leeorshimron/2023/02/11/nfts-are-bloating-bitcoin-creating-risks-and-opportunities-for-crypto-investors/

                                          Ordinals, a controversial new protocol deployed on Bitcoin, enables non-fungible tokens (NFTs) to be appended to Bitcoin transactions, effectively bringing NFTs to the largest crypto network by market capitalization.

                                          Launched in January, the Ordinals project enables images and other types of data to be inscribed directly on satoshis (the smallest denominational units of Bitcoin - each is worth 0.00000001 BTC) on the Bitcoin blockchain without requiring a separate sidechain or token. JPEG images, new profile picture (PFP) projects, digital art, and even the 1993 first person shooter video game DOOM have been inscribed on Bitcoin using the Ordinals protocol.
                                          ...

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