The Bitcoin/Crypto Thread

[Jolly]

Take me home, Jesus. I've seen it all...

[Klaus]

Physical bitcoin is just silly. It makes no sense whatsoever.

You can print the private key to get access to the bitcoin onto the coin, but you have no idea whether that private key actually holds any money, whether the amount agrees with what is printed on the coin, or whether the money has already been spent by some transaction.

[Axtremus]

(h/t wtg)

Unscrupulous promotion of a new sh!tcoin:

https://www.theguardian.com/technology/2022/jun/01/cryptocurrency-tsuka-alex-hern

[xenon]

Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

[Axtremus]

@xenon said in The Bitcoin/Crypto Thread:

Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

[Horace]

@Axtremus said in The Bitcoin/Crypto Thread:

@xenon said in The Bitcoin/Crypto Thread:

Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

Fiat currencies are only slightly less digital than crypto. In order for a "run" to occur, something physical - fiat currency for instance - has to be in demand. There would be no such thing as a crypto run, only a crash in its value, as the hordes attempt to sell their crypto for fiat currency. Even when they sold it, it wouldn't be for anything physical. Just digital fiat currency.

[89th]

@Horace said in The Bitcoin/Crypto Thread:

@Axtremus said in The Bitcoin/Crypto Thread:

@xenon said in The Bitcoin/Crypto Thread:

Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

Fiat currencies are only slightly less digital than crypto. In order for a "run" to occur, something physical - fiat currency for instance - has to be in demand. There would be no such thing as a crypto run, only a crash in its value, as the hordes attempt to sell their crypto for fiat currency. Even when they sold it, it wouldn't be for anything physical. Just digital fiat currency.

Would make it a good time to buy some of the more stable and larger coins.

[xenon]

@Axtremus said in The Bitcoin/Crypto Thread:

@xenon said in The Bitcoin/Crypto Thread:

Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.

https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html

Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.

The salient fact is "decentral" not "digital". But much of the crypto market isn't decentralized - crypto exchanges (coinbase, tether, etc.) are traditional bank-like centralized entities that take possession of entitlements to coins then loan out the capital. We're having plain old runs on these types of entities that don't have the money in the bank.

[89th]

I’ll be buying some bit and eth over the next few weeks and months. Great discount now…in it for the long run.

[jon-nyc]

[Renauda]

Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

[89th]

@Renauda said in The Bitcoin/Crypto Thread:

Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

Same answer for gold

[Horace]

@89th said in The Bitcoin/Crypto Thread:

@Renauda said in The Bitcoin/Crypto Thread:

Can anyone tell me what produced commodities or services support or sustain the market value of Bitcoin/cryptocurrency?

Same answer for gold

Or any collectible.

[Horace]

[xenon]

That's right, Bitcoin is the most gold-like (there's no consortium or founding group pushing it, power is too disperse to change the protocol, etc.). To the extent that there's demand for "digital gold", Bitcoin should fill that niche.

Now - the covid stimulus really pumped up the price of Bitcoin. I don't think we'll have anything like that soon. Will mainstream investors lose interest if this thing doesn't show signs of going back to the moon in the next 1-3 years? TBD.

The rest of the crypto space? I see no practical use cases.

[Horace]

I have zero money in crypto but I agree that Bitcoin is going to be a thing forever. Not so much the rest of them.

[xenon]

[Horace]

[89th]

@Horace said in The Bitcoin/Crypto Thread:

I have zero money in crypto but I agree that Bitcoin is going to be a thing forever. Not so much the rest of them.

Ethereum will also stay around, IMO. Where Bitcoin is mainly a decentralized financial tool, Ethereum is more of a network, can be used for apps, transactions, NFTs, and uses less energy than Bitcoin. Besides those 2 coins... who knows.

[taiwan_girl]

There was an interesting article recently on the "search" to find who was the guy that invented BitCoin.

Nobody really knows.

I did not realize that there is a maximum number of bitcoins that will be made. I think the number is 21 million. They believe that the inventor holds about 1 million of these.