patrick.net

Bitcoin is an extremely power hungry speculative investment dependent on the next greater fool (dumb money) in order for the last fool to profit. There is nothing there, no dividends, no capital (all consumed by miners), no store of value, nothing. Now if you have no scruples you can trade and make money but HODLing is unscrupulous and foolish.

Does anyone think all 2,200,000,000,000,000 Satoshi's could ever be sold for a profit?

Beware the scam!

It is what it is.

Onvacation says

It is what it is.

its fascinating:

https://www.investopedia.com/ask/answers/061915/how-does-block-chain-prevent-doublespending-bitcoins.asp#:~:text=The%20blockchain%20which%20undergirds%20a,double%2Dspending%20on%20its%20own.&text=Bitcoin%20was%20the%20first%20major,a%20common%2C%20universal%20ledger%20system

"Bitcoin was the first major digital currency to solve the issue of double spending. It did so by implementing this confirmation mechanism and maintaining a common, universal ledger system. In this way, the bitcoin blockchain retains records of time-stamped transactions going back to the founding of the cryptocurrency in 2009."

Brilliant

https://www.investopedia.com/terms/1/51-attack.asp

Huh, whats a 51% attack and how often does it occur?

Answer: It never has and never will. Just a hypothetical like aliens arriving on earth.

mmmkay, why do Bitcoin haters mention it?

Answer: Cause they got nothing else left. Especially after Tesla invested 1.5B USD in Bitcoin :)

WookieMan says

https://www.investopedia.com/terms/1/51-attack.asp

Your "digital gold" could be destroyed overnight. What is there not to understand? It's remotely nothing like aliens. China is a country that could overnight shift its electric grid to mining, open up a bunch of warehouses to mine BTC with stolen IP/computer processing, and destroy the market after they've inflated it and stolen billions from the world.

I guess you missed the whole Gamestop fiasco? You're in a speculative and manipulated market. Enjoy the ride. It doesn't end well. Investing in something with zero underlying value or asset is pure stupidity. Trade the highs and lows, but it's not an investment. Not sure how much clearer I can be on that. If you'd just agree to that I'd move on from these threads. But you continually pump and spam the site.

If G ever has anything interesting or useful to say please quote for me. Sadly, he's my only ignore. Complaining to Patrick was the last straw. He don't need that hassle. Patrick's too nice sometimes.

Onvacation says

If G ever has anything interesting or useful to say please quote for me. Sadly, he's my only ignore. Complaining to Patrick was the last straw. He don't need that hassle. Patrick's too nice sometimes.

I'd agree. And maybe I'm causing more drama. But when people here that have actually invested in BTC and can have a conversation about it are ignoring him, that says a lot and is a huge red flag.

I've been on pump and dump sites. The DNA of his posts are identical. 95% of the time those people have no stake in the asset they're talking about and are paid to get referral traffic. The hysterical part is that crypto isn't even an asset. It's nothing. Penny stocks at least have to report. Crypto does nothing backing it and is completely unregulated. The wild west had more rules...

Congratulations to myself and other Bitcoin investors! March 13th is a significant day for us! Bitcoin has passed 60k for the first time in History!

He's a little too much for me. I made a conscious decision to acquire bitcoin in January. I hold gold/silver as an inflation hedge. I've been seeing the stages set for massive inflation through fiat worldwide for the better part of 15 years and it finally looks like it's about to come to fruition over the next 5 years.

What I've seen is that gold, by all indicators, should be higher, but the entire younger generation has instead, opted for crypto. Instead of gold getting a 10% bump in price, that trillion went into bitcoin. I always loved the design and idea but I never took the dip because I figured some other technology would come and make it obsolete, the bitcoin network would somehow be hacked, or the governments would eliminate it. None of that has happened and once Wall street gets their digs in, governments won't ban it, they want their taxes and their bribes and their cut. With respect to Ethereum, I am equally bullish and think that their network and applications have huge potential.

Once I came to those conclusions, I became a believer and a buyer. So, I realize, there is no way to effectively price this, but I figure, if it can replace gold or even grab half of its market share, that it's up 5x from here. Of course I recognize the downside risk and volatility, so I buy a little bit each week. I have no intentions of selling. The goal is to get 5% of my wealth into crypto by the end of the year, which in the grand scheme of things, doesn't break the bank. This is my humble attempt at civil conversation as a bitcoin bull.

Long term, I think the ability to tokenize all kinds of hard assets is going to give us a method to avoid currency depreciation and barter with various tokens instead of dollars. I think, ultimately, this technology is going to reign in the abuses of fiat.

theoakman says

I made a conscious decision to acquire bitcoin in January. I hold gold/silver as an inflation hedge. I've been seeing the stages set for massive inflation through fiat worldwide for the better part of 15 years and it finally looks like it's about to come to fruition over the next 5 years.

Awesome! Congrats @theoakman

theoakman says

Long term, I think the ability to tokenize all kinds of hard assets is going to give us a method to avoid currency depreciation and barter with various tokens instead of dollars. I think, ultimately, this technology is going to reign in the abuses of fiat.

I agree with this to an extent, but BTC is not the coin in my opinion. I won't get into crypto unless it's backed by an asset of some sort. Currently what is backing it is the USD and other fiat currencies. There's really no disputing this. That's why it's pegged to dollars. I also won't get into metals, but there is some value there if that's your jam.

I'm late 30's so I've got a lot of game to play. I also think it will be more beneficial to play the fiat game as I have been very successful in that realm. At the end of the day if life is a game and you want to win, $$$$$$ are what you need. Crypto can be traded to get you there. You can also do a ton of other things that get you more $$$$. If it gets devalued, make more. Not super complicated.

Regardless of recent circumstances the dollar won't become worthless as has been hyped for decades. Yes you may need more to purchase things, but generally that will come with income increases. At the end of the day it's how much you can earn, aka take money from other people. Crypto in my mind is just one way to take money from other people. I'm not willing to give it away. I'll keep doing what has been successful for me. I just think most people are extremely naive to what crypto is. Don't get burned is all I'll say. I'd trade it all day, but I wouldn't hold unless you traded and are playing with house money.

$58 billion has been transferred using bitcoin in the last 24 hours. A lot of ransoms and human traffickers have been paid off.

WookieMan says

theoakman says

Long term, I think the ability to tokenize all kinds of hard assets is going to give us a method to avoid currency depreciation and barter with various tokens instead of dollars. I think, ultimately, this technology is going to reign in the abuses of fiat.

I agree with this to an extent,

me too.
It makes sense for Tesla to invest 1.5B USD and for Microstrategy to invest 5B USD into Bitcoin.
While FIAT depreciates, Bitcoin has increased by 1,000% in the past 12 month

"Bitcoin hit a record $60,000 on Saturday, marking a 1,000% gain in the past year."
https://markets.businessinsider.com/currencies/news/bitcoin-price-surges-record-60000-stimulus-hopes-institutional-support-2021-3-1030188023

Musk is now pumping dogecoin

The San Francisco-based Coinbase, set to go public in a blockbuster $100 billion listing, currently supports 49 different cryptocurrencies to varying degrees but has so far declined to list the Shiba Inu-inspired dogecoin.

"Why are you so dogematic, they ask," Musk later tweeted, adding: "I’m getting a Shiba Inu."

Interest in dogecoin has exploded as bitcoin, by far the biggest cryptocurrency with a total value of around $1.1 trillion after its latest surge, has climbed thanks to a combination

https://www.forbes.com/sites/billybambrough/2021/03/13/as-the-bitcoin-price-blasts-through-60000-tesla-billionaire-elon-musk-is-more-concerned-with-joke-bitcoin-rival-dogecoin/?sh=49252b163026

Onvacation says

Interest in dogecoin has exploded as bitcoin, by far the biggest cryptocurrency with a total value of around $1.1 trillion after its latest surge, has climbed thanks to a combination

https://www.forbes.com/sites/billybambrough/2021/03/13/as-the-bitcoin-price-blasts-through-60000-tesla-billionaire-elon-musk-is-more-concerned-with-joke-bitcoin-rival-dogecoin/?sh=49252b163026

Thanks for sharing this great article onvacation!

"Do you think Coinbase should enable dogecoin on their platform," a Twitter user asked in response to Musk tweeting: "BTC (bitcoin) is an anagram of TBC (The Boring Company). What a coincidence!"
"Yes!"—was Musk's reply. Dogecoin has added almost 10% since then, although Musk's ability to move the dogecoin price appears to have diminished recently.

Personally,
I think Coinbase must list Cardano (ADA) first. Its overdue! I am a little bias because I hold a lot of Cardano.

Crypto Exchange Owner Sentenced to 10 Years in Prison for Multimillion-Dollar Scheme to Defraud Americans

The conspiracy engaged in a complicated money laundering scheme wherein domestic associates would accept victim funds, convert these funds to cryptocurrency, and transfer proceeds in the form of cryptocurrency to foreign-based money launderers.
https://news.bitcoin.com/cryptocurrency-exchange-owner-10-years-prison-multimillion-dollar-scheme-defraud-americans/

HODLers unwittingly enable crime.

Onvacation says

HODLers unwittingly enable crime.

And wealthy people are vacuuming money out of people's wallets as we speak with this pump. I guess technically a lot of wealthy people are criminals too, they just get away with it.

Yeah, WookieMan's prediction of Bitcoin going to 1.2k was def. the worst in the history of Patnet.
Bitcoin is over 50k !

Bitcoin says

Yeah, WookieMan's prediction of Bitcoin going to 1.2k was def. the worst in the history of Patnet.
Bitcoin is over 50k !

No it wasn't. You'll learn.

@WookieMan,
as people point out, this has been your worst call in the history of Patnet. I am curious to find out what errors you made in your prediction model?
Predicting for Bitcoin to go to 1.2k is moons away from reality. Bitcoin is actually at 55k ish.

That's not a small miss. It earned you the trophy on Patnet....worst predictor in history.

What do you think your mistakes were?

Did you not factor in that Tesla would buy 1.5B USD worth of Bitcoin? Did you not factor in, Microstrategies will buy 5B USD worth of Bitcoin?
That would be kind of surprising since we have been telling you that Bitcoin is digital gold. So, it seems logical for top tech companies to convert USD into Bitcoin.

More pumping and spam..... I'll stand by my prediction. It will hit. You'll learn.

par for the course.....WookieMan doesnt answer ANY questions.

I'll try one more time.

as people point out, this has been your worst call in the history of Patnet. I am curious to find out what errors you made in your prediction model?
Predicting for Bitcoin to go to 1.2k is moons away from reality. Bitcoin is actually at 55k ish.

That's not a small miss. It earned you the trophy on Patnet....worst predictor in history.

What do you think your mistakes were?

Did you not factor in that Tesla would buy 1.5B USD worth of Bitcoin? Did you not factor in, Microstrategies will buy 5B USD worth of Bitcoin?
That would be kind of surprising since we have been telling you that Bitcoin is digital gold. So, it seems logical for top tech companies to convert USD into Bitcoin.

Bitcoin says

So, it seems logical for top tech companies to convert USD into Bitcoin.

Ha.... haha. The bastions of investment... Enjoy.

Yep, Square, Microstrategies, Tesla, Paypal, and even banks are in on crypto. Big time. Its very enjoyable to see as a Bitcoin and crypto holder.
Thank you.

One (conspiracy) theory for crypto is that it was developed by the banks and intelligence agencies (same difference) to suck up money that would otherwise be used to purchase real assets like silver and gold. The "market cap" of bitcoin alone is greater than the value of all investible silver in the world.

If you were buying, which would you prefer:
1 bitcoin (bits on a stick)
30 1oz gold coins
2000 1oz silver coins.

I would probably go for the real gold as I don't have any.

1 Bitcoin!

Bitcoin says

1 Bitcoin!

Oh boy, you now log out to see people that post about you? That hasn't happened in a while. Enjoy insecurity.

log out? I am always logged in. I dont ignore anyone....why should i log out?

You both can choose to just stop ragging on each other any time.

Actually, all it would take is for one to stop, and argument is over. Takes two to tango. Then again, it's hard not to reply to an insult.

Maybe I should have been serious about flagging every personal comment from the beginning.

@Patrick,

why not put us both on ignore (mutually) as you mentioned the other day?
Its hard to not reply to an insult and I dont want to ignore him but if its done via you for a mutual ignore it will put an end to it!

I dunno, to control ignores feels like imposing in a way.

This has been a problem since the beginning of patrick.net. I asked a friend who works at Facebook what they do about it and he pointed out that they don't have this problem, because people just unfriend you if you insult them and then you don't see them anymore. It's only a problem on anonymous forums like this one.

@Patrick
it would be nice to have a function that lets you prevent a certain user from seeing any of your posts. I would like to remove Wookie from seeing my posts so he cant insult/troll on it. That doesnt mean I ignore the user WookieMan just a restriction on my posts.

Well, you can ignore him, and then he won't see your posts and you won't see his. Comments will also be mutually invisible. I think it works that way right now.

It doesn't seem quite right to be able to hide posts from someone if you can still see theirs.

Patrick says

You both can choose to just stop ragging on each other any time.

Not about the individual for me. It's about the non-response and spam. I'd do this with anyone and I have in the past. Bring up a topic and answer questions. This is a Bitcoin Misinformation post for Christ sake and he's yet to debunk a damn thing. Just post spam and has no intelligent thought on anything.

Bring content or logical responses. Not fly by night links and the same post over and over and over. It's not complicated. I don't think it's personal that I point this out because it's not. It's fact. Most users have ignored him as is their right, but I have no interest is even one person buying into this bullshit. So I'll fight it all day.

Posting a chart 100x's on one website ,doesn't answer a question. It's trolling. It's spam. It's trash. I'm sorry he can't handle the heat, but I've not even turned it up yet.

@WookieMan
sry man, looks like Bitcoin bounced back quickly! I know you got excited regarding a 10% dip....should have bought some! Well, there will always be a next dip until it moves to new all time highs :)

happy patty's day to my Bitcoin haters!

Patrick says

Well, you can ignore him, and then he won't see your posts and you won't see his. Comments will also be mutually invisible. I think it works that way right now.

It doesn't seem quite right to be able to hide posts from someone if you can still see theirs.

@Patrick
Are you sure?....if i ignore him, he can still see my posts and post BS on it I believe. I just dont see his comments but others will....I think it should be enabled that I can restrict certain users from seeing my posts if they dont add value.

Bitcoin says

I just dont see his comments but others will....I think it should be enabled that I can restrict certain users from seeing my posts if they dont add value.

I can't see your posts/comments if you ignore me.... only if someone quotes it. Not sure how much clearer Patrick can be. This isn't complicated. Ignore me and I'm gone from your world. FYI, 13 now.

I don't claim to be perfect and know I piss some people off. But 13 in 6 months has to be a record. Sorry, but that means something.