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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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  • 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 Offline
    HoraceH Offline
    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 Offline
        HoraceH Offline
        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.
                                ...

                                1 Reply Last reply
                                • AxtremusA Offline
                                  AxtremusA Offline
                                  Axtremus
                                  wrote on last edited by
                                  #377

                                  https://www.reuters.com/technology/binance-stablecoin-backer-ordered-stop-issuing-token-binance-ceo-2023-02-13/

                                  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."

                                  1 Reply Last reply
                                  • AxtremusA Offline
                                    AxtremusA Offline
                                    Axtremus
                                    wrote on last edited by
                                    #378

                                    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.

                                    1 Reply Last reply
                                    • AxtremusA Offline
                                      AxtremusA Offline
                                      Axtremus
                                      wrote on last edited by
                                      #379

                                      Link to video

                                      1 Reply Last reply
                                      • AxtremusA Offline
                                        AxtremusA Offline
                                        Axtremus
                                        wrote on last edited by Axtremus
                                        #380

                                        https://www.axios.com/2023/06/10/cryptocurrency-ban-us-illegal

                                        The U.S. government seems to have decided to kill the crypto ecosystem.
                                        ...

                                        • "Rather than creating a new legal and regulatory framework that legitimizes crypto, we should simply let it burn."

                                        The bottom line: The crypto industry is burning down, and the SEC is pouring gasoline on the fire. Congress seems to be perfectly happy to stand alongside crypto skeptics and watch the fire burn.

                                        1 Reply Last reply
                                        • taiwan_girlT Offline
                                          taiwan_girlT Offline
                                          taiwan_girl
                                          wrote on last edited by
                                          #381

                                          Seems like the headline writer and the writer on the article are on two different planets.

                                          1 Reply Last reply
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