The Bitcoin/Crypto Thread
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@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.
@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
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@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
@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.
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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.
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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.
@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.
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@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.
@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?
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@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?
@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.
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Been a little bit of a rally the last couple of weeks. My meager holdings are up about 7% since the New Year.
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This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.
The Brad
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Of course, that’s still 1/6th of what I put in…
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Of course, that’s still 1/6th of what I put in…
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.
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This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.
@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.
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https://www.reuters.com/legal/self-proclaimed-bitcoin-inventors-25-bln-lawsuit-can-go-trial-london-court-2023-02-03/
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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.
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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.
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Maybe our @copper is the real "inventor" of bitcoin. And the money he will get back from Google is just the start.
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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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New York Financial Services Department ordered that the issuance of new Binance USD (BUSD) stable coin be stopped.
It also mentions that the SEC may sue the issuer after labeling the BUSD an "unregistered security."
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https://fortune.com/crypto/2023/02/22/binance-stablecoin-cash-grab-customers-funds/
Shenanigans at Binance -- converting customers's USDC to BUSD without telling the customers. Value-wise, both are pegged to the USD so the customers are not losing money. Still, it's bad form to convert customers' assets without telling the customers.
