patrick.net

Onvacation says

G36 says

You seem to think that there are creaters in charge and that "they" can keep something(?!) going or not in regards to the Bitcoin network?? In your mind, how would that even be possible??

That Satoshi dude started the blockchain and brilliantly programmed in the artificial scarcity and insurance that the game (because that is kind of what it was at first) lasted until 2040 2140.

Bitcoin's blockchain technology is an open source program that any of the users can change at anytime and if a consensus of users agree to the changes that is the new way..

That's much better now. The Bitcoin user network needs consensus.
Since you acknowledge that why do you dispute its programmable and decentralized?

G36 says

That's much better now. The Bitcoin user network needs consensus.
Since you acknowledge that why do you dispute its programmable and decentralized?

You realize you contradict yourself here right? If the network needs a consensus of its users, it by default is not decentralized. Some central group, authority or maybe even individual can control BTC. Same can happen with stocks, but it has to be reported and there's criminal consequences. BTC and crypto is the wild west man. Sure you'll get busted not paying taxes on gains, but that's about the only authority on BTC. Really let that soak in. It's why I won't touch it.

Wookie, help me understand why this is a contradiction?

Decentralized:
"It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain"

Programmable:
Not one entity is in charge. You need consensus of the user network to issue changes.

Biggest holders
I do agree with you, we dont know who the whales are. We know which address holds what amount but we dont know who is behind it.
I am not too concerned about that though since other bigger players have entered (Paypal, Square, MicroStrategy, Big Hedge fund guys). At least we know who they are.

G36 says

Wookie, help me understand why this is a contradiction?

G36 says

The Bitcoin user network needs consensus.

G36 says

Since you acknowledge that why do you dispute its programmable and decentralized?

G36 says

Programmable:
Not one entity is in charge. You need consensus of the user network to issue changes.

Listen, I'm sick of the crypto fight. I don't really care that you mess around in it. But it's this back and forth that is frustrating. Crypto fanboys constantly contradict themselves. If you need consensus to change the system, by default it is not decentralized. Period. You need a consensus of people/blockchain/database that determines an outcome. That's not decentralized. It can, will and has been manipulated.

Let's put it this way. Robin Hood steals all the BTC except for 1. Burns all the flash drives. What is that 1 BTC worth? What is backing it? What are the consequences? Do that with the dollar. Tell, me what's different? I honestly hope you do well trading it, but it's not an investment in the normal sense. There's nothing backing it and the bottom could fall out tomorrow.

True on the back and forth. Its frustrating. With novacation it feels like a circle. you never move forward. That's why I'll limit my responses to him.

I still dont get the contradiction but thats fine. Lets agree to disagree. What has majorly changed on Bitcoin. From the beginning it had the halvening events (cut of inflation rate), the control logic of only a certain amount of Bitcoins and no double spending (no counterfeited Bitcoins) built into its code. There isnt a central administrator in charge so its obviously more decentralized than going through a bank. You say, well its not fully decentralized because there is consensus needed within the user network in order to make changes (programmable money). OK. Yes. In my mind that a lot better than if just one guy or entity can submit a change.

Anyways. It always gets so heated quickly :) lets just agree to disagree.

Republican senator Cynthia Lummis is bullish on Bitcoin.
https://news.bitcoin.com/senate-election-cynthia-lummis-bitcoin/

“Now I am a hodler and I hodl because, like gold, I want to preserve the relative value of my labor over time,” she revealed. “I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply.”

Cynthia Lummis won Wyoming’s US Senate seat. The U.S. Senate now has an unabashed bitcoin supporter & hodler (since 2013) among its ranks.

I like Cynthia, she seems smart.

G36 says

Biggest holders
I do agree with you, we dont know who the whales are. We know which address holds what amount but we dont know who is behind it.
I am not too concerned about that though since other bigger players have entered (Paypal, Square, MicroStrategy, Big Hedge fund guys). At least we know who they are.

Since we are speaking of a public ledger and have some history to show indication of their intent and activity of past dealings concerning whale we are not totally in dark
we can "speculate". ;) https://cointelegraph.com/news/record-816m-in-bitcoin-leaves-binance-are-whales-preparing-for-a-rally

Cash says

Since we are speaking of a public ledger and have some history to show indication of their intent and activity of past dealings concerning whale we are not totally in dark
we can "speculate". ;)

You are in the dark though. Explain how you're not? What you say makes zero sense if BTC is anonymous and decentralized. The point is to not know who has what and prevent tracking. That's one of the selling points for you guys...

Even if you can ID one whale (somehow) how do you know the other "whales" are not the exact same person or entity? You don't. You can't. This is fact. Don't hate me for it. I think I've been pretty clear on my opinion of crypto here. You're being sold a dream. Not saying you cannot make money on it. For all I know you've maybe made $10M and you're retired. Keep investing though and that $10M can get wiped away pretty quickly as you chase BTC to it's inevitable bottom (not zero before there's upset about that). It will likely trade at some level forever, not remotely near where it's at now though. It has no utility or backing, and every thread that gets started on this, you guys never address this fact.

Wookie, How many times....You dont want it to be backed. That's the whole point. Bitcoin is decentralized. No offense, but it'd be nice if you think a minute before you write.
Bitcoin has much better traits (utility) than gold and fiat.



Since you have such a hard time getting this, here again: the dollar is backed by the US government (US military/economic output). Its centralized.
Bitcoin is not backed by any entity or government. You cant shut down the Bitcoin network. As a government, you can regulate and shut down exchanges and build a tax framework. No exchanges are being shut down though: the opposite is happening. More and more exchanges appear, more and more institutional investors are getting in, more and more Nasdaq companies invest it in, more and more hedge fund managers are getting in.

I am pretty sure all of these people/companies are much smarter than you wookie. Its totally fine if you dont like Bitcoin, but writing the same BS comments over and over becomes an embarrassment.

yes, you can pay with Bitcoin for stuff.

https://cointelegraph.com/news/travelers-can-now-get-us-passports-in-as-little-as-4-weeks-with-bitcoin

"Travelers can now get US passports in as little as 4 weeks with Bitcoin"

G36 says

I am pretty sure all of these people/companies are much smarter than you wookie. Its totally fine if you dont like Bitcoin, but writing the same BS comments over and over becomes an embarrassment.

10yrs from now wookie will be repeating his same old dried up arguments.
BTW I am shorting the USD heavily GBP, EUR, AUD and NZD and I am in massive green and considering that is BTCs quote currency the USD, BTC can be considered still bullish. Until risk-off actually spiffs the USD I will continue to be bullish BTC and crypto in general. DX isn't even in the oversold column yet so keeping my positions open and growing ;) Also the overnight markets have the DJI up 200+ another good reason to stay pos. BTC

Bitcoin is more valuable than national currencies
https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-is-a-step-away-from-record-high-202011131618
Notably, according to the research performed by CryptoVoices, Bitcoin's market value has already surpassed the monetary base of several economies, including Russia, Australia, Sweden and Poland. This measure includes physical currency and bank reserves held by the local central banks Once the price hits $18,000, Bitcoin's market capitalization will eclipse the Canadian dollar's base. According to Fernando Ulrich, an economist at Crypto Voices, central banks and governments try to print their way from the recession, depreciating their fiat money. As a result, in 2020, Bitcoin surpassed several currencies pressured by excessive printing.

Amazing stat! You will never, ever, ever hear this from the anti-crypto crowd / gold bugs.

"Indicator Overview
Number of days in Bitcoin's traded history where holding Bitcoin has been profitable relative to today's price.
This chart highlights the aggressive growth of Bitcoin's adoption curve over time, which is reflected in its price. Because supply is limited, as demand grows price moves up.

For investors, it also demonstrates the importance of understanding the market cycles of Bitcoin to avoid buying market cycle tops. The drawdowns from cycle tops can last a long time, around 2-3 years in previous cycles."



https://www.lookintobitcoin.com/charts/bitcoin-profitable-days/

"Deutsche Bank Says Investors Increasingly Prefer Bitcoin Over Gold as Inflation Hedge"

https://www.coindesk.com/deutsche-bank-says-investors-increasingly-prefer-bitcoin-over-gold-as-inflation-hedge

+1
G36 says

Deutsche Bank Says Investors Increasingly Prefer Bitcoin Over Gold as Inflation Hedge"

Of coarse they do ;) Especially since they will be custodians and dealers in crypto in a big way soon.... Never can advertise early or often enough...
And just think about the population of Millennials the largest pop. and Gen X'rs and their lust for technology, nothing easier then crypto
once you make your 1st adoption then it can become addictive (the more you know)..... Just remember the wealthy are no different then the rest going FOMO
and most have at 1 time or another, however as far as timing goes there isnt a better time to go FOMO for the average guy considering there
are so many #InstitutionalFOMO 's

Old man bank pays literally pennies % on the $1000 vrs.

CF Cryptocurrency Ultra Cap 5 https://www.cfbenchmarks.com/indices/CFUC5FFTR_USD
Crypto index adds missing LINK https://blog.cfbenchmarks.com/crypto-index-adds-missing-link/

G36 says

Eric Holder says

G36 says

FuckCCP89 says

Cash says

G36 and I are just sharing our current approach

Share the evidence of your spectacular winnings and you'll gain some credibility.

Not holding my breath.

FuckCCP,
I shared my screenshot, I havent claimed big wins.....I just starting putting money into BTC.

It's a good start. But the past performance is also important (even though they always add "does not guarantee future results" disclaimer). =))

I got no past performance with Bitcoin....i just bough recently. Wish i would have started...

Here an update :) Just checked my private bank (hardware wallet). Holy crap. I just started at the beginning of this month!!

G36 says

Here an update :) Just checked my private bank (hardware wallet). Holy crap. I just started at the beginning of this month!!

You are rocking it brother ;) I don't feed the trolls I block them. lol

Thanks man....all I want for Christmas is Bitcoin (more and more)

G36 says

I just started at the beginning of this month!!

Perfect timing really strong #InstitutionalFOMO, #DeFiFOMO Just remember until you do sell you have not made any money ;) I am bouncing once real
risk-off starts because the flow of money is going back to the USD at least for a time it always does.

yeah, I agree, there will be a retracement and hopefully a strong bounce off of support levels. I am not worried about it and I dont think I am good at trading. I am just in for the rocky long ride and try to add to my position on downturns. (buy the dip kinda guy). After such an insane increase in value, nobody should be surprised when the correction happens.
Those are the days when our anti-bitcoin crowd comes out and celebrates....briefly.

G36 says

nobody should be surprised when the correction happens

Watch the DX for clues that will be your very best gauge, for now this at min a intermediate phase of price appreciation for crypto ecosystem.

G36 says

After such an insane increase in value, nobody should be surprised when the correction happens.
Those are the days when our anti-bitcoin crowd comes out and celebrates....briefl

Your pockets will be so full of crypto change the rattle will drown their rambles out lmhao

You see anything close to BTC performance? I don't and I trade all these currencies.

Cash says

Nice! Best performing asset!

https://www.cnn.com/2020/11/20/investing/bitcoin-prices-gold-blackrock/index.html

"Bitcoin soars again after BlackRock says it could replace gold"

"Bitcoin is often referred to as digital gold. And now a top strategist at the world's largest asset management firm says the cryptocurrency could one day replace the yellow metal as a go-to safe haven investment"

Fully agree! Gold has actually intrinsic value: Because its yellow metal that can look shiny.
But having digital gold (Bitcoin) is just much better suited for our digital future. For instance, you may conveniently send it via seconds/minutes and very low fees to any Bitcoin address. Besides being scarce, decentralized and the best performing asset, Bitcoin is also highly secure and can be hidden on small hardware wallets. Even if the hardware wallet gets stolen, the thief cant do much without a password. In the meantime, you can recover the stolen/lost bitcoin via recovery key (https://news.bitcoin.com/how-to-recover-bitcoin-wallet/). Stolen physical gold however will most likely be forever gone.

Cryptos are surging - massively.

https://markets.businessinsider.com/currencies/news/ethereum-ripple-soar-bitcoin-rally-cryptocurrency-interest-2020-11-1029829160

Any chance you guys can just keep it to one crypto thread? It's coming across as spam and 3 active threads at one time is rather annoying. Just a request. There's really no more conversation being had on the topic, just posting links regurgitated crap from other sites. We get if you don't keep the hype machine going in as many places as possible, you won't catch that guy willing to throw $500 at it and keep the price rising and pumping the FOMO crap.

Enjoy any gains, but let's keep it to one thread if you can restrain yourselves from being repetitive in 3 different ones.

Hi Wookie, the threads are slightly different. One is about the misinformation that OV spreads about Bitcoin. One is about a comparison between Gold and Bitcoin and one is for bullish news about Bitcoin. I agree they all could be combined by just posting to the "Bitcoin and Gold" thread.

G36 says

Hi Wookie, the threads are slightly different.

I get that. The voter fraud posts are annoying too. So not just picking on crypto because I'm not a fan of it. Makes scrolling through and remembering where you commented a frustrating task though when there's 3-10 threads talking about the same thing. Especially after being out of town and not checking the site too often.

Wookie don't own the internet or patnet his opinion about these threads matters not!!!

If the heading states Bitcoin don't read it it's that simple...

The bitcoin threads just reminds wookie he missed the boat and now his pride will make him miss the SHIP lmhao ;)

Cash says

If the heading states Bitcoin don't read it it's that simple...

Why does it not surprise me one bit that a crypto person would make this statement. The only point in multiple threads and constant posting is to get people to read it and you know that. Pump and dump. Three comments to respond to one as well... weird.

I've been very clear with my stance here. You're now trolling and that's fine. My finances for my age are in the top 5% of ALL age groups. I do well. Don't want or need to play with a video game "currency" as you call it. I'm literally not working now and don't have to, and none of it is family money. All earned. I don't have to chase the dream, I just get to live it.

I presume with your crypto gains you've been globetrotting all over the place? What were your latest travels? My guess is you "maybe" made $10k on a $4k BTC purchase. Ooooooooeeeeeeee. As I've said, enjoy it man. I'll make more sitting on my ass than you will with crypto. I like Patrick's site, but the only reason I post here is because i"m bored. I disappear when I get busy. You'd do the same if you were actually making money on crypto. The bottom will fall out like it always does and you'll likely be holding the bag. I'm just glad I can put my head on a pillow at night and not have a worry in the world.

https://krebsonsecurity.com/2020/11/godaddy-employees-used-in-attacks-on-multiple-cryptocurrency-services/

GoDaddy Employees Used in Attacks on Multiple Cryptocurrency Services ...

The incident is the latest incursion at GoDaddy that relied on tricking employees into transferring ownership and/or control over targeted domains to fraudsters. In March, a voice phishing scam targeting GoDaddy support employees allowed attackers to assume control over at least a half-dozen domain names, including transaction brokering site escrow.com.

And in May of this year, GoDaddy disclosed that 28,000 of its customers’ web hosting accounts were compromised following a security incident in Oct. 2019 that wasn’t discovered until April 2020.

This latest campaign appears to have begun on or around Nov. 13, with an attack on cryptocurrency trading platform liquid.com.

“A domain hosting provider ‘GoDaddy’ that manages one of our core domain names incorrectly transferred control of the account and domain to a malicious actor,” Liquid CEO Mike Kayamori said in a blog post. “This gave the actor the ability to change DNS records and in turn, take control of a number of internal email accounts. In due course, the malicious actor was able to partially compromise our infrastructure, and gain access to document storage.”

In the early morning hours of Nov. 18 Central European Time (CET), cyptocurrency mining service NiceHash disccovered that some of the settings for its domain registration records at GoDaddy were changed without authorization, briefly redirecting email and web traffic for the site. NiceHash froze all customer funds for roughly 24 hours until it was able to verify that its domain settings had been changed back to their original settings.

Patrick says

This latest campaign appears to have begun on or around Nov. 13, with an attack on cryptocurrency trading platform liquid.com.

Like many of the exchanges due to fed regulations US traders can't trade that exchange. Some exchanges that have the ability to operate in the US may not service certain states like Binance.US due to state regulation they choose not to do business in my state as well as 12 others..

V shaped recovery

Wow, some employers are now starting with Bitcoin 401k plans

https://news.bitcoin.com/crypto-retirement-us-investment-firm-launches-employer-sponsored-bitcoin-401k-plan/

G36 says

Wow, some employers are now starting with Bitcoin 401k plans

https://news.bitcoin.com/crypto-retirement-us-investment-firm-launches-employer-sponsored-bitcoin-401k-plan/

Good info. with the banks/hedge funds now being blessed by regulation concerning their ability to have custody and exercise fiduciary responsibility for their customers
lots of new uses for crypto in the pipeline...