patrick.net

Musical chairs. Has the music stopped?

HODL!!!!

Big Daddy to the Moon any moment now!

HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS

Bitcoin Pizza Day. The fabulous event that takes place once each year on May 22. I won't bore you with all the details. Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas in what’s widely believed to be the first transaction of bitcoin for a physical good.
https://bitcoinmagazine.com/industry-events/how-bitcoin-pizza-day-resembles-festivus

Onvacation says

Cash says

Crypto development Jobs out the ass!!!

What is the ultimate product or service these "out the ass" jobs provide?

ive seen a lot of crypto jobs pop up lately. apparently easy fake money business.

Did I ever mention that these crypto currencies were backed by nothing and would fail? Oh yeah, I did. Bitcoin will be the last one to fall and fail, but it will go too.

Someday, someone MIGHT might make a crypto coin backed by something that actually stores (useful) value. I don't know how. If anything, it will be based on some kind of built up trust system of trading commodities for digital tokens. For instance, someone could make a network of silver coin machines, and if you present your token to the machine, it will record the ownership change transaction in the "global ledger", and dispense a silver coin to you. This is how "silver certificates" (dollar bills) work back in the commodity backed currency days.

Trust could be built up over time by various "banks" having silver on deposit with each other. You yourself holding physical silver/gold could begin developing a "trust score" of successful transactions, by giving out a few of your coins in exchange for the tokens when requested, and accepting silver deliveries to take tokens off your hands.Holding a token instead of physical silver would likely have to pay some form of interest, as an incentive for people to actually hold tokens instead of physical silver.

There may even be "chains" of backers of tokens, such that risk could be spread over several groups of "banks" willing to redeem each other's tokens (and hence also keep a close eye on cheating each other).

At that point, I will buy (fractionally) into "digital currency". The ultimate form of anonymity will be going, withdrawing your tokens in silver, and holding them, erasing record of your tokens within the system.

Onvacation says

HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS

that is my dad's favorite holiday. especially the feats of strength

Bitcoin's price is just as likely to fall back down as it is to continue climbing. The future of cryptocurrency is sure to include plenty more volatility, and experts say that's something long-term crypto investors will have to continue dealing with.
https://time.com/ › cryptocurrency

DooDahMan says

what happens if expected future activity drops to near-zero?

Owners of the coin pay a fee to see if it has any value.

Onvacation says

Eric Holder says

bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs,

That's what I've been sayin'.

Bitcoin has little practical use.

It has no use for 98% of people that live legal lives. Not little. It's the worst form of speculation I've seen in my short lifetime. At least with Beanie Babies you could hold it in your hand. Or with DooDah's last comment you can get a can of Arizona Iced Tea if tokens are linked to it. A spreadsheet like bitcoin has no value of any sort.

Bitcoin itself was set up to launder money. I'm convinced of this at this point. If the G20 countries agreed to shut down all exchanges, you'd be carrying a worthless hardware wallet and it would go back to what it was. Laundering money for criminal activities on some dark web site. Mining would cease to exist for the most part.

It's not different than oil if you think about it. If it becomes less profitable to drill, you stop drilling and refining. Thing is, we NEED oil and can actually use it. Not so with bitcoin specifically and probably thousands of other coins. I don't understand what is so difficult to understand to the pumpers. They're either naive or know what they're doing. Simple as that.

It appears that value of 1's and 0's in Russian hackers computer aka Bitcoin does decrease faster than value of 1's and 0's in Federal reserve computers aka USD

BTW have not seen posts from Bitcoin enthusiasts here for a while

Bd6r says

BTW have not seen posts from Bitcoin enthusiasts here for a while

It will go back up. Based on the limit of coins people will eventually lose interest though. It's a pump and dump roller coaster that gets popular once every 3 years it seems. I could see one or two more spikes over the next decade and then it just plummets.

The last run was built on people getting covid funds for themselves and their kids. The whales knew and then they bid up the price and all these dudes living in mom's basement are like, well maybe I can get rich. YouTube videos came out (mostly liars) about how much they've made. It's easy to influence a broke person on get rich quick schemes. Young men 21-35ish fall into this trap all the time.

Key is invest in things people NEED. No one needs bitcoin. It's not a currency. Until the pumpers realize that and don't sell when the price gets high, they will get severely burned long term. I give it at least one more run maybe two and it's done. And yes, it will break 100k at some point, but fool me once, fool me twice......... Trade it and make money, but don't be the fool at the end.

WookieMan says

Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.

I recall my friend in Florida bragging about his brother who had some Bitcoin, he was “getting rich.”
Bitcoin is for guys who want to get rich quickly.
The flip side of getting rich quickly is getting poor quickly.

Onvacation says

WookieMan says

Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.

We've always been in agreement. Certain scams take longer to play out. I ain't touching the shit myself. BTC is more worthless than most penny stocks as sometimes the pennies actually end up creating something or doing something worth value.

What I dislike is the dishonesty of it being an "asset" like gold or something else that is tangible or provides a service/function. Or sellable in a disaster. Bitcoin ain't that. Hot dogs are more valuable if shit hits the fan. People will buy those before BTC to stay alive and they last long if cooled.

Binance shuts down exchange "temproarily" as Crypto collapses.

https://cointelegraph.com/news/binance-suspends-bitcoin-withdrawals-cz-says-funds-are-safu

SAFE STORE OF VALUE! TRADES LIKE A BIOTECH OTC!

I think in 20 years people will be able to explain crypto much like people today explain pets.com.

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.

1337irr says

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.

Buttcoin Pimps:

PopcoAmericanKulak says

1337irr says

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.

Buttcoin Pimps:

Popcorn...
https://www.marketwatch.com/story/coinbase-to-lay-off-18-of-employees-following-hiring-freeze-11655210963?siteid=yhoof2

https://finance.yahoo.com/news/celsius-halt-crypto-withdrawals-washington-140101369.html

Celsius' move to halt crypto withdrawals catches Washington's eye

https://finance.yahoo.com/m/998e8be6-bfa1-35d3-8364-5ec5da4e7632/bitcoin-tumbles-below-21-000.html

Bitcoin tumbles below $21,000 in crypto crash.

Munger says

avoid things that are stupid and evil

That's all I have been saying.

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

I'm actually eyeing crypto at this point. May start buying month-to-month. Or not. No hurry, historically crypto dips lasted a while after bottoming out.

https://finance.yahoo.com/m/d846ed84-ecd2-3f25-8167-23943ae06c73/bitcoin-drops-to-20-000-as.html

Bitcoin Drops to $20,000 as Crypto Crash Continues

zzyzzx says

Bitcoin Drops to $20,000 as Crypto Crash Continues

A BUYING OPPORTUNITY!!!

RC2006 says

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

Good point - where's all the buttcoin pimps? STORE OF VALUE!!!

Onvacation says

Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.

There is no doubt that crypto has added to the state of the art in math, software, and hardware.

The only way to get your money out is to find someone to buy your "coin". The only way to make money is to find someone to pay you more than you paid for it. Everything else went to hardware and power costs.

It's like real gold only better because you don't have to carry it around.

Onvacation says

Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.

I'd just like to buy an upgraded graphics card for under $1000, preferably under $300. How low does BTC have to go to achieve that - $50? Cool!

@Onvacation,
you are mean here!!!
Onvacation says

It's like real gold only better because you don't have to carry it around.

stereotomy says

Onvacation says

Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.

I'd just like to buy an upgraded graphics card for under $1000, preferably under $300. How low does BTC have to go to achieve that - $50? Cool!

I need a new vid card to. If bitcoin tanks market will be flooded with cheap high end cards.

RC2006 says

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

In all fairness, gold 1.0 is not taking off either. Not tanking like crypto, but not really taking off, and hasn't been in last years. Despite the inflation.

zzyzzx says

https://finance.yahoo.com/news/celsius-halt-crypto-withdrawals-washington-140101369.html

Celsius' move to halt crypto withdrawals catches Washington's eye

HODLers be like: "there is no need to withdraw EVER anyway".

mostly reader says

RC2006 says

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

In all fairness, gold 1.0 is not taking off either. Not tanking like crypto, but not really taking off, and hasn't been in last years. Despite the inflation.

I really don't understand why gold hasn't taken off.

Is it because of Bitcoin?

RedStar says

Is it because of Bitcoin?

I understand that today total worth of all the gold in the world is about 10X of all the worth of all the crypto in the world at today's prices. (~10T/~1T USD) Not negligible, but still somewhat insignificant. Besides, if there were dependency on crypto then I'd think that drop in crypto prices would've cause the opposite effect. So, no, I don't think that it has anything to do with crypto.

RedStar says

I really don't understand why gold hasn't taken off.

I'm also confused about this. Could be market rigging, in which case one should buy gold in preparation for reality to break through. Or it could just be that gold is overpriced according to some fundamental metric, like the cost of getting the next bit out of the ground.

Sometimes I wonder if the market for gold has been quietly cornered like DeBeers did with diamonds. Maybe there are huge gold nodules on the sea floor like the manganese nodules, and someone has scooped them up and is slowly selling.

Gold did have a massive run-up in recent memory:

Patrick says

RedStar says

I really don't understand why gold hasn't taken off.

I'm also confused about this. Could be market rigging, in which case one should buy gold in preparation for reality to break through. Or it could just be that gold is overpriced according to some fundamental metric, like the cost of getting the next bit out of the ground.

Sometimes I wonder if the market for gold has been quietly cornered like DeBeers did with diamonds. Maybe there are huge gold nodules on the sea floor like the manganese nodules, and someone has scooped them up and is slowly selling.

Gold did have a massive run-up in recent memory:

Warren Buffett on gold

Buffett calls gold an “unproductive” asset, which, as defined in his 2011 letter to shareholders, means “assets that will never produce anything, but that are purchased in the buyer's hope that someone else — who also knows that these assets will be forever unproductive — will pay more for them in the future.”

True, but gold has a damn long history of being consistently valuable.

Patrick says

I'm also confused about this.

everything collapses into a deflationary spiral, even gold. look at 2008 in your gold chart.

you want cash for now.

id gladly transition all cash into gold soon though