patrick.net

FJB says

I'm sick of ignorant people making BS statements about shit they don't understand.

In layman's terms, how do you think the open source blockchain works?

Just as a mathematician wouldn't play the lotto, except for fun, a software engineer wouldn't dabble in crypto, except maybe to unscrupulously dupe some HODLer.

It's a Ponzi scheme that requires new money for old money to cash out. Not only that, like any Ponzi scheme it requires new money just to sustain it. Somebody has to pay for the miner's electricity, hardware, rent, utilities, food, hookers and blow.

I meant "miners".

Bitcoin Mine.

OB(itcoin)J
NFL’s Odell Beckham Jr. took his $750,000 salary in bitcoin — how much did that end up costing him?
Based on Monday’s bitcoin prices, and assuming that Beckham did convert a lump sum of $750,000 into bitcoin when the deal was made in November, that salary would now be worth about $401,500, and, despite the drop in value, he would still have to pay taxes on income as provided to him at its $750,000 value.
In addition to federal income tax, Beckham would have to pay state income tax in California, where the Rams play and which has one of the highest state income-tax rates in the country. State income-tax brackets indicate the upper reaches of his income qualify for a 12.3% tax rate, which kicks in at $625,370. (His overall compensation, including a signing bonus and incentives, was reported to be worth as much as $4.25 million.)
Because it is not known whether Beckham moved the $750,000 sum all at once into bitcoin or spread it over multiple conversions, it’s difficult to pinpoint an exact dollar figure for Beckham’s losses. If the deposit was made on Nov. 12, that investment is now worth around $35,000 after federal and state taxes, according to Darren Rovell of the Action Network and formerly of ESPN and CNBC.
Go long Odell...

richwicks says

You're just pumping this thing.

Bullshit.

richwicks says

It's a 10% fee currently to move from one wallet to another, if you want to do it under and hour.

Moar bullshit. That isn't even true outside of the lightning network. Dig the whole deeper! C'mon, keep going!

richwicks says

it's not ever going to be a fucking currency.

I never said anything about currency you did.

richwicks says

Transaction and maintenance costs are tremendous and it can go to 50% in a week, as we just saw - some currency.

You're mixing alt-coins with bitcorn. Showing your ignorance. This thread is about bitcorn. Bitcorn is distinct from all other crypto coins. I betcha don't know why!

Onvacation says

In layman's terms, how do you think the open source blockchain works?

Bit too complicated to describe on patnet but you can find youtube videos that work at a layman level if you want to.

Onvacation says

Just as a mathematician wouldn't play the lotto, except for fun, a software engineer wouldn't dabble in crypto, except maybe to unscrupulously dupe some HODLer.

I'm a software engineer. Also a scientist. I'm not duping anyone, just looking for a long term profitable investment for a small portion of my fiat. I don't like sucking globohomo central banker cock. I also don't think the legacy financial system has a bright future.

Onvacation says

It's a Ponzi scheme that requires new money for old money to cash out. Not only that, like any Ponzi scheme it requires new money just to sustain it. Somebody has to pay for the miner's electricity, hardware, rent, utilities, food, hookers and blow.

You could say the same with just about any other asset. My rental houses cost me money. It's not a ponzi:

A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[1] The scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

This is not bitcoin. If you don't understand why it's simply because you don't understand bitcoin. That is understandable. It's commonly stated that it takes ~100hrs of study to truly understand it. Not to mention fintech, defi, the way too many other alt-coins, most of which ARE in fact scams as far as I'm concerned.

FJB says

This is not bitcoin. If you don't understand why it's simply because you don't understand bitcoin. That is understandable. It's commonly stated that it takes ~100hrs of study to truly understand it. Not to mention fintech, defi, the way too many other alt-coins, most of which ARE in fact scams as far as I'm concerned.

FJB says

I also don't think the legacy financial system has a bright future.

Agreed and True on all accounts regarding anything crypto. FJB
The problem with the haters here they grabbed the easy way out and decided w/o any 'real working knowledge of crypto" because that takes effort, decided they
don't like crypto no matter what. So now all that toxic pride is in print and none have the balls or humility to look into the facts and recant their obvious ignorance.

The advice I have for them is to get a clue or be ready to eat the biggest shit sandwich they have ever seen ;)

Cash says

The advice I have for them is to get a clue or be ready to eat the biggest shit sandwich they have ever seen ;)

Where did I get it wrong?

Bitcoin has no assets. All incoming money is consumed by the miners. The only way to get money out is finding a bigger fool.

Can any of you crypto pushers point out the errors in my statement above?

Not expecting any cogent answers.

Guys, dont engage with Richwicks and onvacation.

You will never get anywhere with them. R. believes that 911 was an inside job and that the US governments kills thousands of americans by purpose. When I asked him how come nobody ever involved spoke out about this? To pull such an inside job you need massive amounts of manpower. He said, the people who planted the explosives in the towers didnt know what they were doing, they were just following orders.
Do you think you can possibly have a normal conversation with a guy that makes those statements?

And OV, he invests thousands of dollars in collecting silver coins and matchbox cars. Do you honestly think he would understand blockchain and crypto?

Dont waste your time with them.....buy the dip and hodl :)

Another BIG reason the haters come out when Bitcoin swoons is the Vortex effect.

Bitcoin becomes uneconomic to the miners at a certain price thresh hold. It costs more in electricity than they receive mining Bitcoin. Bitcoin miners are not altruistic and do not operate as charities. When they start to lose money, they will shut down. Different miners have a different cost basis.

I guess someone with the stats has said that with the latest downturn about 23% of the Bitcoin mining operations are unprofitable. Unlike gold and silver, when those mines shut down, the metal they have mined is still in existence. Bitcoin as a whole could simply go out of existence.

https://www.bloomberg.com/news/articles/2022-01-25/bitcoin-s-price-tumble-tests-resilience-of-crypto-miners?srnd=premium&source=patrick.net

This is the absolute truth about crypto haters on Patnet.com.

Cash says

The problem with the haters here they grabbed the easy way out and decided w/o any 'real working knowledge of crypto" because that takes effort, decided they
don't like crypto no matter what. So now all that toxic pride is in print and none have the balls or humility to look into the facts and recant their obvious ignorance.

The advice I have for them is to get a clue or be ready to eat the biggest shit sandwich they have ever seen ;)

They totally remind me of the liberals that have no critical thinking ability no matter how much you spoon feed them the facts they will never get it... Even while they
are dining on the big fat shit sandwich being shoved down their throats. Bon appetit shit wolfs ;)

Why coinbase charges so much for transactions 2-3%
Are these coat same at other trading places

Onvacation says

Not expecting any cogent answers.

And not getting any.

Why coinbase charges so much for transactions 2-3%
Are these coat same at other trading places

richwicks says

How long did it take, and what was the cost, and what year?

that is a very specific question and it would be good for @FJB to answer it. We would see how long does a REAL transaction takes place

I am neither for or against Bitcoin. My take is that it is probably better to trust a number in a Russian hacker's computer aka Bitcoin than a number in Federal reserve computer aka USD

I regret not hanging onto my matchbook cars, I had a few since the early 60s.
I thought they were just toys.
My favorite was a Land Rover, I think they’re cool, I see one once in awhile.

KgK one says

Why coinbase charges so much for transactions 2-3%
Are these coat same at other trading places

I think the early crypto exchanges charged really high fees because they were the only game in town and could do it. Then competition came and the fees came down a lot. I noticed both coinbase and gemini have introduced new "platforms" that have greatly reduced fees. I think the 2 separate platforms are just a way to keep the ignorant paying the high fees, while also capturing the business of those who know about the lower fees via a slightly different url for the new platform.

See coinbase pro and gemini has a pro version or something too - thats where the low fees are found.

Bitcoin says

Guys, dont engage with Richwicks and onvacation.

I like onvacation and think his matchbox car is a super cool investment. I don't dislike Richwicks.

Onvacation says

Where did I get it wrong?

Bitcoin has no assets. All incoming money is consumed by the miners. The only way to get money out is finding a bigger fool.

Can any of you crypto pushers point out the errors in my statement above?

Not expecting any cogent answers

Bitcoin has UTILITY; much more so than the legacy financial system that's (a small part) of where it's value comes from. You just need to study up on it. If you hate it that's okay, if I were 75 or older I'd probably hate it too.

Misc says

https://www.bloomberg.com/news/articles/2022-01-25/bitcoin-s-price-tumble-tests-resilience-of-crypto-miners?srnd=premium&source=patrick.net

So this is the sort of article that pisses me off / cost me a lot of money if I hadn't fallen for this sort of FUD in the past. Read to the end though and it'll say no big deal basically. Articles have been softening over the past 1.5 years because the owners have started taking positions.

The reason it's a bullshit article is that bitcorn adapts. Yes, it's smart. When the hash rate goes down the mining difficulty decreases. That's what they left out. We saw the hash rate get cut in half last year when the miners were kicked out of China. No fucking big deal.

KgK one says

Why coinbase charges so much for transactions 2-3%
Are these coat same at other trading places

It's not. Coinbase is expensive but it's 0.5%. Here is a table vs. coinbase pro where you can see the rates if you want to use their platform:

https://www.investopedia.com/coinbase-vs-coinbase-pro-5120704?source=patrick.net

Yes, there are others, prices vary. Basically what @Hircus said....

Bd6r says

that is a very specific question and it would be good for @FJB to answer it. We would see how long does a REAL transaction takes place

I am neither for or against Bitcoin. My take is that it is probably better to trust a number in a Russian hacker's computer aka Bitcoin than a number in Federal reserve computer aka USD

@Bd6r I'm not going to give him specific details of my trades. Why should I when I gave him a link to the white paper on the lightning network. He being an engineer I assumed he could read it but he ignored it and kept posting BS.

In short, it's possible to send millions of dollars of bitcoin across the world now at the speed of light for pennies. It's not just a paper it's operational now. Here is their website:

https://lightning.network/?source=patrick.net

You know what this is? It's a Western Union killer in the short run but a Visa and Mastercard killer in the long run. It'll kill SWIFT too at some point I'm certain. SWIFT is a patchwork of very old mainframes that are kludged together. SWIFT was hacked recently and billions were stolen. In El Salvador alone this has the potential to take 400MM from Western Union. They basically rip off people who send remittances back home, keeping them poor:

https://www.coinspeaker.com/chivo-western-union-moneygram/?source=patrick.net

The chivo wallet uses the lightning network...

software is eating the world. it's only recently started to chow down on finance.

FJB says

I like onvacation and think his matchbox car is a super cool investment.

Make him an offer. He hopes for 100k for his toy car :D

Its not about liking or not liking.....he doesnt even get the basics. He actually posted that the last Bitcoin will be mined in 2040 (instead of 2140). He doesnt believe in limited supply or smart money. He doesnt believe a crypto currency can have a marketcap. The list goes on and on. Its a total waste of time talking with him about crypto. There is zero progress. He just hates it and refuses to learn.... Too old is my guess.

And Richwicks.... Just too far down the rabbit hole.

OV has me on ignore....show him this chart and he freaks :D

Cash says

The problem with the haters here they grabbed the easy way out and decided w/o any 'real working knowledge of crypto" because that takes effort, decided they
don't like crypto no matter what. So now all that toxic pride is in print and none have the balls or humility to look into the facts and recant their obvious ignorance.

The advice I have for them is to get a clue or be ready to eat the biggest shit sandwich they have ever seen ;)

Serious question... why do you care if there are bitcoin haters? If you like bitcoin, by all means buy some...if not, then don't. When it goes up in value, enjoy it...no need to brag about it. I don't think that the lives of those that choose not to buy will be destroyed. Seems like lots of people just argue just to argue.

FJB says

That's what they left out. We saw the hash rate get cut in half last year when the miners were kicked out of China. No fucking big deal.

The scam must go on!

@OnVacaction how about some REAL arguments/questions so maybe someone more enlightened than myself can learn me something. Here are mine:

1. Bitcorn was pretty uncorrelated to the stock market but over the past few years it's clearly correlated with tech stocks.

In the short run I expect it to take a nose dive. I'm actually hoping for this so I can buy more and so that most of the shit coins are flushed out like the dot com bust.

2. There is a limited supply and dunces have lost their keys! A whole LOT of keys have been lost. Because it's completely different than all of the other cryptos, and those keys can't be recovered, WTF happens if that keeps happening?

My guess is that votes will be taken and some sort of remedy will ensue in the software. For instance there was a new version release late last year that allows for smart contracts, allowing it to compete with the newer coins but what do I know... It was voted upon and accepted.

3. Stable coins. The SEC is going after stable coins which are dodgy unregulated securities basically. What is going to happen?

Tether is an example. WTF do they REALLY have the allows them to be stable. You might think, that's not bitcorn but they are a huge huge factor when it comes to liquidity in the entire crypto market. What happens if tether and other stable coins go down? Will the market freeze up and crash to near zero? I don't know!

Onvacation says

The scam must go on!

LOLZ..

Sheeeit....

This is richwicks in teh future:

komputodo says

Seems like lots of people just argue just to argue.

Yup. That's why I'm here. To correct errors on the internet by pointing out the cognitive dissonance of erroneous thinking.

It's fun.

FJB says

how about some REAL arguments/questions

You have yet to refute my previous arguments or answer my previous questions.

And I don't really expect you to.

Onvacation says

You have yet to refute my previous arguments or answer my previous questions.

And I don't really expect you to.

Well... I feel that I did.

Either way, have fun with your inflationary fiat and lack of education and the CBDC that will inevitably replace it.

Onvacation says

It's fun.

Yes it is lol

Lol, arsehose...

FJB says

Well... I feel that I did.

Either way, have fun with your inflationary fiat and lack of education and the CBDC that will inevitably replace it.

Nope, just personal attack.

@fjb

Just one question, how do you make money investing in bitcoin without a greater fool paying more than you did?

Still waiting for a cogent answer, but not expecting one.

Onvacation says

You have yet to refute my previous arguments or answer my previous questions.

And I don't really expect you to.

Yes a did!

Onvacation says

without a greater fool

dispute the premise!

Onvacation says

Nope, just personal attack.

Not personal, just poking fun at you because clearly you're just messing with me at this point as well. You got me though!

FJB says

you're just messing with me

No, I'm just pointing out that you don't understand Blockchain and won't answer questions.

Bitcoin is a scam and anyone who plays without knowing that is a rube.