The Bitcoin/Crypto Thread
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@taiwan_girl said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
I can understand the appeal of crypto in general
I dont see the appeal because I see it only being able to be used in very very very few areas.
What is the appeal to you?
Next to none for me. I can see how some other people may value it:
-People in underbanked countries with volatile currencies, inflation or capital controls
-RemittancesIt requires a currency to be stable and low transaction cost to really fit the bill (which a crypto could - be none are really there).
My issue is with Bitcoin, specifically. It’s built on obsolete tech right now. The way the power dynamics work, the 6 entities that control 95% of transactions right now would have to accede to a new technical model (e.g. proof of stake). Doesn’t seem like there’s any chance of that happening.
A couple of years ago it was the “lightning network” that was supposed to save Bitcoin.
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@taiwan_girl said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
I can understand the appeal of crypto in general
I dont see the appeal because I see it only being able to be used in very very very few areas.
What is the appeal to you?
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MUCH better security on web transactions. I mean by a factor of 10. I am pretty sure that web transactions aren’t going anywhere. The chances of fraud are basically nil. These days we can’t even trust cashiers checks.
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There are tiny little cash transactions in the movement of data across the web. A byte of information costs .000000000000000000018 cents to move. Crypto is a much better tool for monitoring and paying these micro transactions that ultimately add up to trillions of dollars.
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Billions of dollars every day are being spent every day on those little video game purchases. Crypto is by far the best tool for handling those transactions.
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I doubled up on Solana again. Still using my “poker money”… I don’t know that I will ever put serious money into crypto but Solana seems like a pretty safe bet over the next 24-36 months and I’m willing to forgo getting takeout for lunch for the time being to see where it goes…
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I stopped off at the gas station and bought a scratch and sniff lottery card earlier today.
It smelled of lost dreams.
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@klaus said in The Bitcoin/Crypto Thread:
I think I'll also diversify and buy a little Solana and Cardano, and maybe some Polkadot. Each of them has something that none of the others have.
Cardano is next week's lunch money. I've looked at Polkadot as well.
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Bad day for Crypto, lol. I may need to switch my purchasing from Monday to Tuesday…
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I've opened an additional ccount at an US exchange, Kraken.
I wonder how safe the deposit there is. Over here, there's a kind of insurance that protects me from insolvency risk of the exchange or bank.
Any particular keywords I need to look out for in their terms of service to gauge how safe my money is?
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Proud supporter of Plan 2525. Everything you think, do and say will be in the pill you took today.
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@doctor-phibes said in The Bitcoin/Crypto Thread:
@klaus said in The Bitcoin/Crypto Thread:
Kraken
Oh no.
It's no good?
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Might I interest @Jolly @Improviso and @Larry in the Let’s Go Brandon currency?
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@klaus said in The Bitcoin/Crypto Thread:
@doctor-phibes said in The Bitcoin/Crypto Thread:
@klaus said in The Bitcoin/Crypto Thread:
Kraken
Oh no.
It's no good?
Dude, you've released the Kraken!
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@lufins-dad said in The Bitcoin/Crypto Thread:
Might I interest @Jolly @Improviso and @Larry in the Let’s Go Brandon currency?
What kind of Ponzi scheme is this?
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@klaus said in The Bitcoin/Crypto Thread:
I think I'll also diversify and buy a little Solana and Cardano, and maybe some Polkadot. Each of them has something that none of the others have.
What the hell did you do?! Solana is bouncing along all nice and average, Klaus buys some and POW! Straight down the crapper….
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@ivorythumper said in The Bitcoin/Crypto Thread:
If Bitcoin continues to exist for the next few hundred years, we will see the reverse problem: A house costing 0.00000000001 Bitcoin or something. The amount of Bitcoin will soon start to shrink every year. Bitcoin that is lost can never return.
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Anyone use tether when banking between coins?
Could be a bigger Ponzi scheme than madoff:
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@klaus said in The Bitcoin/Crypto Thread:
@ivorythumper said in The Bitcoin/Crypto Thread:
If Bitcoin continues to exist for the next few hundred years, we will see the reverse problem: A house costing 0.00000000001 Bitcoin or something. The amount of Bitcoin will soon start to shrink every year. Bitcoin that is lost can never return.
Bitcoin (tm) is just one brand. There can be a whole lot of competitive ways to buy and sell with other alt coins, right? So if Shiba Inu is capitalized for 1,000,000,000,000,000 coins, and there are a couple of other dozen competitors, how does ever get to a useful money supply to peg to any hard currency?
