patrick.net

Newbie123 says

It’s scarcity and the demand for it

There is no scarcity. Are you joking? Anyone can create a crypto "currency," anytime. In the grand scheme of time, bitcoin is nothing at ten years old. It will be nothing in 10 years from now. If you made some money up to this point, awesome, seriously. Don't be left holding the bag though.

Newbie123 says

Ever noticed how bitcoin has never had to spend money on advertisement?

That would be silly, who would spend US dollars on advertising the best thing since sliced bread? lol. You ever wonder why there's a reason there's no advertisement and it's people like you posting on internet forums, FB and other social media? But then you post links and videos that are blatant advertisements? You're posting in circles at this point.

just_dregalicious says

A lot of millennials at the tech company I work for are way into crypto though.

Millennials have never had real money.

When I was a kid a quarter was made out of silver. You could buy a soda and a couple of candy bars and still have a dime left over.

After Kennedy was assassinated we traded our silver in for parking tokens. Then Nixon disconnected our dollars from any real backing. Since then inflation has wittled away at our buying power.

Millenials see that saving "fiat" is never going to be profitable. They even have deluded themselves into thinking that crypto is not fiat.

Bitcoin has no intrinsic value. It is not a good currency. It only has value because some fools think that other fools will pay more for it.

Hey @Newbie123

What will bitcoin be valued in when it replaces "fiat"?

WookieMan says

just know it will go away at some point.

*Could go away at some point isn't the same as will. I won't put anything into crypto that I can't afford to lose. Currently about 10% of portfolio mostly in XRP, but I may buy more.

As I've already mentioned, XRP is an infrastructure play as much as a crypto play. I'd also sell it if it 10xed on me, or sell some as it doubles.

Question: is there a better replacement for centralized fiat currencies than cryptos? Do you expect the dollar to remain stable for 20 years?

Onvacation says

Hey @Newbie123

What will bitcoin be valued in when it replaces "fiat"?

What will anything be valued in if the dollar collapses? Probably exchange units like XRP

Newbie123 says

Nobody is trying to change grandma’s or grandpa’s view of money and how to transact it. And some people just have a hard time with change or innovation in general.

I've been on the leading edge of tech and biotech for 20 years and am definitely not a grandpa but I understand what the billionaires are saying with respect to crypto vs. gold and silver. That's because I have what's called wisdom from various types of investments over that time span and memory of what the markets did during those times. That's something the millennials I work with who only seem to understand crypto who have the same stars in their eyes my silicon valley peers did back during the dot coms don't have.

CBOEtrader says

Question: is there a better replacement for centralized fiat currencies than cryptos?

Long term probably not for daily activities. Short term there are so fucking many of them, the security sucks and the software isn't ready for prime time. I think it's day will come though. Right now it's still a pain in the ass to use and is only good for speculation.

I guess, there is also the energy costs to consider for block chain in general as well... Also what kind of an affect an EMP might have on cryptos and a potential future where a government (shit these days even Leftist companies) might be able to control e-transactions by one means or another that they can't with physical currencies. Like cocaine, gold, etc.

I think there is a reason China, Russia, India, etc., are hording gold these days instead of crypto haha..

CBOEtrader says

Onvacation says

Hey @Newbie123

What will bitcoin be valued in when it replaces "fiat"?

What will anything be valued in if the dollar collapses? Probably exchange units like XRP

I did not say collapses. I said replaces.

That is the big crypto idea; decentralization. Instead of the central banks controlling the worlds currency it will be controlled by a decentralized digital gold. CRYPTOCURRENCY has value because the owners say so.

Bullets, real estate, stocks, bonds, jewelry, art, and guns have intrinsic value, they're real.

All refined metals including silver and gold have intrinsic value. They take manpower to create and they can be used to make beautiful and useful THINGS.

Even the fiat federal reserve notes can be traded for, anything. A paper dollar represents the systems ability and willingness to anihilate anything in its way.

Cryptocurrency is NOTHING. Literally 0s and 1s on a fancy flash drive.

The scam is where you have to buy in with "fiat" to get paid off, someday, in fiat.

Onvacation says

Instead of the central banks controlling the worlds currency it will be controlled by a decentralized digital gold.

See this I'm not so sure is really going to pan out long term. Powers that be et al. There will probably eventually be some sort of 'blessed' crypto if it ever goes mainstream. At that point it doesn't even need to be crypto so it saves energy. Just some number of 'units' on the block chain.

"But there is only a limited number of Bitcoin so it can't be devalued like fiat!"

Yeah, but an unlimited number of crypto-currencies...

Onvacation says

Bullets

Bullets are the best physical commodity. True

Onvacation says

All refined metals including silver and gold have intrinsic value. They take manpower to create and they can be used to make beautiful and useful THINGS.

Yup, and that intrinsic value would be stretched 50000 times over if gold backed transactions, making it effectively just as fiat as cryptos with far more limitations.

If it is discovered that gold can be used to power starships or cure cancer, I'd consider it. Even then I'd rather buy the company than gold.

I'm unimpressed by pretty things

Newbie123 says

Happy Father’s Day! And bitcoin holding above 9k :)

Wake me when it gets near to it's previous high of 19K (hint: it won't)...

CBOEtrader says

would be stretched 50000 times over if gold backed transactions, making it effectively just as fiat as cryptos with far more limitations.

Good point.

I think gold and silver are only better in a shit hits the fan type of situation. Speaking of which:

Notice to Californians to load up on ammo before July 1st. You can still get it after that but it'll be quite a bit more painful.

Walmart only had 115 grain 9mm today. It was a madhouse.

Newbie123 says

Happy Father’s Day! And bitcoin holding above 9k :)

... and you are still holding none if it.

Newbie123 says

Facebook should have visited this blog before working on a cryptocurrency. Very smart people here could have told FB that a cryptocurrency is just 0’s and 1’s,

From your linked article:

"invite people to pay directly for goods and services within the app using Libra[ Facebook's proposed crypto]. In doing so, Facebook would be able to glean new data about its users’ shopping behaviors—and how to better target them—potentially generating more revenue through advertising."

People that trust Facebook deserve to get their "wallet" picked. Zuck wants in on this scam.

What are the advantages of crypto? How can users be anonymous AND have a record of all transactions? Is there really an advantage using crypto vs credit card for online transactions and if so what?

@Newbie123 I know you don't answer questions.

As a software engineer I have a good understanding of how blockchain works. Moore's law and good hackers will always overcome algorithms, no matter how seemingly bullet proof.


Newbie123 says

tulips are better

Tulip mania and cryptocraziness are similiar in that people weren't investing on intrinsic value but on future gains once some bigger fool paid more in the hopes that some bigger fool would pay more... Don't be the biggest fool.

Newbie123 says

crypto is just a scam/ ponzi and that it will go to zero

Probably not zero, beanie babys still have some value. ...

Onvacation says

Newbie123 says

Facebook should have visited this blog before working on a cryptocurrency. Very smart people here could have told FB that a cryptocurrency is just 0’s and 1’s,

From your linked article:

"invite people to pay directly for goods and services within the app using Libra[ Facebook's proposed crypto]. In doing so, Facebook would be able to glean new data about its users’ shopping behaviors—and how to better target them—potentially generating more revenue through advertising."

People that trust Facebook deserve to get their "wallet" picked. Zuck wants in on this scam.

What are the advantages of crypto? How can users be anonymous AND have a record of all transactions? Is there really an advantage using crypto vs credit card for online transactions and if so what?

@Newbie123 I know you don't answer questions.

As a software engineer I have a good understa...

Also Libra will be competition to bitcoin. I don't want to weigh in on mania vs. to the moon I believe crypto is here to stay but it's already being coopted from the likes of Libra with sinister interests and it's impossible to assign it an intrinsic value, so for me it's a trading vehicle rather than a store of value.

Newbie123 says

Weird.... Facebook should have visited this blog before working on a cryptocurrency. Very smart people here could have told FB that a cryptocurrency is just 0’s and 1’s, that tulips are better and that crypto is just a scam/ ponzi and that it will go to zero.

Weird... smart people know how to make shitloads of money off you from data you supply for free. Your email, likes and photos of your cats. Now they're just going to TAKE your money AND your data for free and this is a win for bitcoin and crypto somehow? This is a big loser for bitty if it takes off, you know that, right? I won't name call, but I'll say your logic is not very sound.

Newbie123 says

I am not reading through all your comments but it seemed like it triggered you well ;)

I'm not sure who you're talking about, but it's apparent you cannot read whether you choose to or not. Or more specifically, read, and then answer questions asked of you. You're a troll and my suggestion to anyone commenting on this thread is to stop wasting their time. Intelligence is a thing. Stop giving free troll food.

mell says

Also Libra will be competition to bitcoin.

I’m not so sure.
Nobody will trust the Zuckfuck to keep their transactions secure or anonymous given his obvious alliance with Deep State and Leftists. Add that to the fact that Libra is tied to your very personal FB account, and you can expect no anonymity at all, or protection if you buy or sell something illegal.
No, bitcoin will still be much preferable for people who use such currencies. I’d see this Libra as trying to compete with services like Venmo to make person to person transactions easier.

Newbie123 says

Why would anyone want to send money within seconds?

Can you not do that without bitcoin or crypto? I must be living in an alternative universe where this cannot happen....

Also there's a fraction of 1% where you would NEED money NOW on a personal level, excluding exchanges and financial institutions. It's already an option for many, but there literally isn't much need for transactions between people to happen immediately. And of course this tech has existed for years now, but "bitcoin" lol.

You dig a deeper hole daily.

Newbie123 says

At least you have intrinsic value with tulips. You can touch them. Don’t you know that crypto is going to zero? All ponzi’s go to zero.

Not zero. Some fools will hold on to their crypto and won't let go for less than 50 or 100 k per coin.

Do you think crypto is a ponzi or a pyramid scam? Seems more like a pyramid scam.

Newbie123 says

If you hold bitcoin (like me)

What have you bought with bitcoin currency? Or are you just holding on for the moonshot?

Newbie123 says

Bitcoin is going to zero

Do you have the timeline?

It looks like it may cross 10k.

At what price will you sell?

Onvacation says

What have you bought with bitcoin currency?

www.youtube.com/embed/VIlMw8GiHRg

Newbie123 says

They will be back when big daddy retraces, gaining new hope that it might go to zero soon.

It's not that us "no coiners" hope that btc goes to zero, it's that we are amazed that anyone gambles on it. Fools and their money.

Newbie123 says

Rofl, you pray daily that it will go to zero :)

So tell us how much fiat you have invested in crypto and what that crypto is now worth in fiat? How much taxes did you have to pay on your profits?

It seems as though there are a lot of cryptocrazies that can't even answer basic questions about their "investments".

Newbie123 says

I will share details when I sell my cryptos and the fiat is in the bank or spent on more real estate. Guessing we will top out within the next two years.

Are you saying that crypto is a pyramid scheme that should be cashed out within the next couple of years?

Newbie123 says

the def of a pyramid scheme

"Pyramid schemes market to prospective participants while Multi-Level Marketing plans market to prospective consumers. Pyramid schemes fail because scam participants are not a viable market. Most of the participants pay more money to participate than they receive for participating because there aren't enough suckers left to recruit.

Once the suckers figure that out and quit paying into the scheme, those who recruited them start losing money too, and then they quit. The scam shrivels even faster than it grew."

Newbie123 says

bitcoin is a pyramid scheme!

More like a ponzi that requires graphic card "mining".

Pon·zi scheme
/ˈpänzē ˌskēm/
noun
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
"a classic Ponzi scheme built on treachery and lies"
BTC price is built on FOMO and ignorance.

Newbie123 says

it’s a ponzi/pyramid scheme/scam/whatever and you are not going to put money in it. I have zero problem with that. I have a significant amount of money in it.

Good luck. Make sure you're not the last greatest fool to invest. Make sure you get out before the other fools get wise.

Newbie123 says

Libra, the Facebook crypto coin, is establishing credibility and legitimizes the crypto industry.

Now we know you're joking. Had me going for a while.

Newbie123 says

Bitcoins roadmap 2019

Lol! A photoshopped picture. Explains a lot about what you "believe" in.

Newbie123 says

Weird, why would they use just 0’s and 1’s? They’d be better off planting some tulips. You can touch tulips at least.

Did you read the article?

Green suggested that Dublin’s SLP token might also be used to digitize the cities already existing physical tokens. In the past, there have been many local towns or city-issued barter-like systems such as Ithaca New York’s ‘hour’ currency and in Massachusetts there’s Berkshire bucks (Berkshares). The Ithaca hour is actually the oldest and largest local currency system in the U.S and hours are used for town bartering, discounts, and other economic interactions. Berkshares or ‘Berkshire bucks’ in Massachusetts is a local currency accepted by 400 local merchants in the mountainous Berkshire region.

They're digitizing what used to probably be a plastic chip or paper system. The actual value is still what the $$$ is worth. This has NOTHING to do with bitcoin. This is purely about a network to track the tokens. It's what your debit or credit card already does and will continue to do for 99.999% of transactions in that town (or others). But hey, earth shattering news in that link.... Jesus.

Bitcoin has failed as a currency and is pure speculation and you know it.

Newbie123 says

Of course you cannot ban bitcoin. Where would you even send the letter to? It’s fully decentralized.

You didn't read the academic article I posted on bitcoin, clearly. All it takes is one miner to get 51% of the blockchain and it's over. Not even that in certain cases for people to start to losing faith in it (which smart people don't have any, they're short term trading it to grab money from morons). Try to read it if you can. Bitcoin won't go away, technically it can't, but it will be essentially worthless.

The US government would actually be prudent to get into the mining game and wipe it out. The capital being burned from bitcoin will go down in history as the biggest transfer of wealth from the many to the few. Productive investment into other things besides bitcoin helps everyone (and yes the rich too). The US gov has an incentive to shut it down.

When it crashes you'll change the argument to "blockchain" like they did last time it crashed. This will be a rinse and repeat as the dead cat bounces. "To the moon," well, "blockchain at least."

Newbie123 says

Who is Bitcoin's least favorite rapper?

So there's not going to be an intelligent discussion on this thread or the other thread? Cool.

You didn't even address the article that YOU posted that actually has NOTHING to do with bitcoin. A city is basically going to digitize plastic tokens and that's a good thing for bitcoin or crypto? The city of Dublin's "local currency" will always be what the value of the dollar is. Keep posting BS garbage though.

Newbie123 says

decentralized cryptocurrency like bitcoin.

So how much have you made?

How much do you dollar cost average into crypto and how often?

What percentage of your income goes into crypto?

Gold has been a store of wealth forever. Bitcoin is a fad that will peter out.

I was raised to believe that there is a massive amount of gold in Fort Knox that was backing the dollar. Currently Fort Knox claims 147.3 million ounces valued at 6.2 trillion.

The dollar is no longer backed by Fort Knox.

All the gold in Fort Knox is trivial compared to the paper (now digital) "money" that makes the world go round.

Gold is mined and refined at great expense of labor, capital, and energy. Bitcoin is "mined" at great expense of labor, capital, and energy.

With gold you end up with a shiny chunk of metal that can be used in trade or made into beautiful and useful items. With bitcoin, if you're not the miner making fiat, you end up with a sequence of 0s and 1s on a fancy flash drive that you HODL until that day when it makes its moonshot and you can trade it in for fiat to buy stuff with.

Newbie123 says

I can see the Sheik’s already....they own ten lambos but soon they will brag about how many bitcoins they own along with their cars, wife’s etc. :D
Its another asset class, a store of value, a digital gold.

Funny. They sell oil for dollars. Not gold or bitcoin. Next...

Lamborghini would just make more "lambos" if the demand was there. If they couldn't keep up, they'd hire more people or build another factory. You know, being productive. Gold can produce other products. What can bitcoin PRODUCE? You don't have an answer for this. It won't replace the dollar or the Costa Rican Colon (or any currency), so it's not a viable currency. It's nothing. It's a gimmick. Countries with failing currencies won't even adopt it. They just make their own (Venezuela).

At some point just ditch the shovel and figure out how you're going to get out of the hole.

Newbie123 says

Obviously, bitcoin is not just going to zero and become irrelevant

AUTHENTICATED Rare Tiny Version Princess Beanie Baby is going for $50,000! HOBL (Hold On for Beanie Life).

It's worth whatever you can get for it.

Newbie123 says

soon they will brag about how many bitcoins they own along with their cars, wife’s etc. :D

How many wifes do you have?