Cryptocurrency

[Frozenbeernuts 2,264]

4 hours ago, tubby_mcgee said:

People love it when the value of their money fluctuates wildly from day to day.    That's why this is the money of the future. 

Businesses love it.... because if they accept bitcoin worth $100 for their product, right after they accept it, it could be worth $110.

Not really. Its still so early in bitcoin's life that its bound to be volatile in the short term. Its such an amazing and disruptive technology that its bound to attract a lot of negative attention.

There are people scared of bitcoin succeeding. We are not those people

[Frozenbeernuts 2,264]

38.5

That was quick

[Frozenbeernuts 2,264]

In case people aren't aware, there are 3 separate aspects to bitcoin

Bitcoin the money: can be transacted across the globe instantly with final settlement occurring within 10 minutes. Fiat cannot do this

Bitcoin the store of value: has seen the largest growth over the past 10 years of any asset you can compare it to

Bitcoin the network: can convert any currency to any other currency instantly and cost 3 basis points or less to achieve.

Nothing comes close to achieving what bitcoin has and will achieve. In an increasingly global landscape, the world needs money like bitcoin. A country trying go isolate their control on money will be phased out of relevance unless they get on board.

[edjr 6,584]

23 minutes ago, Frozenbeernuts said:

38.5

That was quick

sell sell sell! 

[edjr 6,584]

15 hours ago, tubby_mcgee said:

People love it when the value of their money fluctuates wildly from day to day.    That's why this is the money of the future. 

Businesses love it.... because if they accept bitcoin worth $100 for their product, right after they accept it, it could be worth $110.

Amazon is going to start accepting BTC as a form of payment.

https://gizmodo.com/amazon-to-accept-bitcoin-by-end-of-2021-and-develop-own-1847360405

[Alias Detective 1,400]

59 minutes ago, edjr said:

Amazon is going to start accepting BTC as a form of payment.

https://gizmodo.com/amazon-to-accept-bitcoin-by-end-of-2021-and-develop-own-1847360405

Neat. Electronic gift cards repackaged as a coin. 

[Frozenbeernuts 2,264]

19 minutes ago, Alias Detective said:

Neat. Electronic gift cards repackaged as a coin. 

Wrong and completely clueless. You don't understand how incredible the technology driving bitcoin is.

[Alias Detective 1,400]

6 minutes ago, Frozenbeernuts said:

Wrong and completely clueless. You don't understand how incredible the technology driving bitcoin is.

Develop Own Currency by 2022

[Cdub100 3,907]

Price goes up, price goes down. I just buy more.

[Cdub100 3,907]

That bitcoin chart looks like the 4am Biden vote dump.

[Frozenbeernuts 2,264]

36 minutes ago, Alias Detective said:

Develop Own Currency by 2022

All of the other currencies are pointless. Bitcoin is incredible. Everything else is a cheap imitation.

You lumping other currencies in with bircoin and assuming any other crypto = bitcoin shows your ignorance. If you want to remain ignorant i get it. Its scary new technology that makes old people nervous, but don't come on here acting like you have a clue

[Alias Detective 1,400]

10 minutes ago, Frozenbeernuts said:

All of the other currencies are pointless. Bitcoin is incredible. Everything else is a cheap imitation.

You lumping other currencies in with bircoin and assuming any other crypto = bitcoin shows your ignorance. If you want to remain ignorant i get it. Its scary new technology that makes old people nervous, but don't come on here acting like you have a clue

I prefer Ethereum.  Just watch being so arrogant.

[Frozenbeernuts 2,264]

Just now, Alias Detective said:

I prefer Ethereum.  Just watch being so arrogant.

You prefer ethereum because you like how the top stake holders can decide the fate of the protocol? The infinite supply? The multiple changes in what ethereum wants to be viewed as? The centralization? Vitalik Buterin creating it so that no mean gaming developers could change his characters in game abilities? The roll back of the block chain?

[Alias Detective 1,400]

4 minutes ago, Frozenbeernuts said:

You prefer ethereum because you like how the top stake holders can decide the fate of the protocol? The infinite supply? The multiple changes in what ethereum wants to be viewed as? The centralization? Vitalik Buterin creating it so that no mean gaming developers could change his characters in game abilities? The roll back of the block chain?

Is this why you like the limited supply of Bitcoin?

 

The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market

 

 

[Cdub100 3,907]

2 hours ago, Frozenbeernuts said:

You prefer ethereum because you like how the top stake holders can decide the fate of the protocol? The infinite supply? The multiple changes in what ethereum wants to be viewed as? The centralization? Vitalik Buterin creating it so that no mean gaming developers could change his characters in game abilities? The roll back of the block chain?

I hold both because they are both different things and serve different purposes. In fact my ETH holdings are larger in both total coin and USD value. I also disagree with a lot of what you said above.

There does not have to be one crypto winner. If you like bitcoin that's great, but you don't need to try and tear down ETH to lift BTC up.

 

[edjr 6,584]

WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

 

Enjoy the ride boys

[Cdub100 3,907]

10 minutes ago, edjr said:

WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

 

Enjoy the ride boys

Wait is this your first trip up?

[Hawkeye21 2,399]

Wake me when it gets to $100,000

[Cdub100 3,907]

10 minutes ago, Hawkeye21 said:

Wake me when it gets to $100,000

See you in December or January.

[Frozenbeernuts 2,264]

3 hours ago, Cdub100 said:

I hold both because they are both different things and serve different purposes. In fact my ETH holdings are larger in both total coin and USD value. I also disagree with a lot of what you said above.

There does not have to be one crypto winner. If you like bitcoin that's great, but you don't need to try and tear down ETH to lift BTC up.

 

I dont think I said anything inaccurate about Ethereum. It can serve a purpose that bitcoin doesn't with its app support. That could change. Bitcoin has been focused on currency and making it as efficient and solid as possible. Eth is kind of all over the place. The bitcoin network is amazing, and seeing how quick lightning network is, if we get millions of nodes supporting the network, who knows what can be built onto it. It really is internet 2.0 imo

Eth is far riskier and it will not beat out bitcoin unless all governments decide to back it. And that would only happen because they see bitcoin as such a threat to their power over money, they would decide to go with the lesser of two evils. One in which they could rein in through centralization. One example is larger block size.

I agree that there will be a few currencies that survive, but they will not be the core network that digital currency runs on. There will also never be another currency with as much fervent support as bitcoin. Once someone understands the principals of bitcoin, how incredible the tech is, and they agree with all of it, they usually become hard core bitcoiners. That will never happen on the same scale with other crypto.

[Frozenbeernuts 2,264]

5 hours ago, Alias Detective said:

Is this why you like the limited supply of Bitcoin?

 

The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market

 

 

Its on par with how currency typically works. The people with better foresight, patience, or dumb luck end up with more of something. Are you suggesting that etheteum is perfectly and evenly distributed?

Bitcoin being rare is by design. Fixed supply is extremely important and is either reason 1 or 1A why it was created in the first place. We see what the opposite of rare money supply does constantly throughout history

[Frozenbeernuts 2,264]

8 hours ago, Frozenbeernuts said:

In case people aren't aware, there are 3 separate aspects to bitcoin

Bitcoin the money: can be transacted across the globe instantly with final settlement occurring within 10 minutes. Fiat cannot do this

Bitcoin the store of value: has seen the largest growth over the past 10 years of any asset you can compare it to

Bitcoin the network: can convert any currency to any other currency instantly and cost 3 basis points or less to achieve.

Nothing comes close to achieving what bitcoin has and will achieve. In an increasingly global landscape, the world needs money like bitcoin. A country trying go isolate their control on money will be phased out of relevance unless they get on board.

I struck a nerve! I'm glad to see i have people thinking more about bitcoin. Keep coming back sad face emoji person. You have much to learn

[Alias Detective 1,400]

3 minutes ago, Frozenbeernuts said:

Its on par with how currency typically works. The people with better foresight, patience, or dumb luck end up with more of something. Are you suggesting that etheteum is perfectly and evenly distributed?

Bitcoin being rare is by design. Fixed supply is extremely important and is either reason 1 or 1A why it was created in the first place. We see what the opposite of rare money supply does constantly throughout history

I’m suggesting when the is a limited supply a select few could own it all.  I do not think that’s good.

[Frozenbeernuts 2,264]

Just now, Alias Detective said:

I’m suggesting when the is a limited supply a select few could own it all.  I do not think that’s good.

Oh ok. Well you keep worshiping the central banks then because they are doing an excellent job making sure there is plenty of cash to go around.

[Alias Detective 1,400]

1 minute ago, Frozenbeernuts said:

I struck a nerve! I'm glad to see i have people thinking more about bitcoin. Keep coming back sad face emoji person. You have much to learn

I’m not the emoji guy but you are bitter.  Just know you will be a billionaire and relax.

[Alias Detective 1,400]

Just now, Frozenbeernuts said:

Oh ok. Well you keep worshiping the central banks then because they are doing an excellent job making sure there is plenty of cash to go around.

Also, I suspect Bitcoin will find a way to produce or create more than the 21 million coins.  This I am confident in.

[Frozenbeernuts 2,264]

1 minute ago, Alias Detective said:

I’m not the emoji guy but you are bitter.  Just know you will be a billionaire and relax.

No bitterness here. Keep reading about bitcoin and maybe you will get it. 

[Alias Detective 1,400]

Just now, Frozenbeernuts said:

No bitterness here. Keep reading about bitcoin and maybe you will get it. 

I read this....

The Supply of Bitcoin Is Limited to 21 Million 

In fact, there are only 21 million bitcoins that can be mined in total.1 Once miners have unlocked this number of bitcoins, the supply will be exhausted. However, it's possible that bitcoin's protocol will be changed to allow for a larger supply. What will happen when the global supply of bitcoin reaches its limit? This is the subject of much debate among fans of cryptocurrency.

[Frozenbeernuts 2,264]

Just now, Alias Detective said:

Also, I suspect Bitcoin will find a way to produce or create more than the 21 million coins.  This I am confident in.

That would be a hard fork from bitcoin, which would become an entirely different coin. Not very bright are you?

[Frozenbeernuts 2,264]

Just now, Alias Detective said:

I read this....

The Supply of Bitcoin Is Limited to 21 Million 

In fact, there are only 21 million bitcoins that can be mined in total.1 Once miners have unlocked this number of bitcoins, the supply will be exhausted. However, it's possible that bitcoin's protocol will be changed to allow for a larger supply. What will happen when the global supply of bitcoin reaches its limit? This is the subject of much debate among fans of cryptocurrency.

Debated by fans of crypto ie people who have zero clue why their shlt coin isn't the top coin. Bitcoiners, every single one, understands why its capped

[Alias Detective 1,400]

3 minutes ago, Frozenbeernuts said:

That would be a hard fork from bitcoin, which would become an entirely different coin. Not very bright are you?

Ok pup. You are playing with couch cushion money.  Your arrogance would be lessened if you actually had money invested.  It’s like the high school stock market game for you.......lol

 

EDIT - unless you are 90.’s baby you are meaningless to me.  If you are 90,’s I’ll retract my entire stance.

 

otherwise, keep plugging.

[Cdub100 3,907]

9 minutes ago, Alias Detective said:

Ok pup. You are playing with couch cushion money.  Your arrogance would be lessened if you actually had money invested.  It’s like the high school stock market game for you.......lol

 

EDIT - unless you are 90.’s baby you are meaningless to me.  If you are 90,’s I’ll retract my entire stance.

 

otherwise, keep plugging.

He's not wrong about the hard fork. 

Although I will concede that yes it is possible to make more than 21 million bitcoin. HOWEVER, That would be a dog fight I'm not sure either side would want and don't believe will happen.

[Cdub100 3,907]

37 minutes ago, Frozenbeernuts said:

I dont think I said anything inaccurate about Ethereum. It can serve a purpose that bitcoin doesn't with its app support. That could change. Bitcoin has been focused on currency and making it as efficient and solid as possible. Eth is kind of all over the place. The bitcoin network is amazing, and seeing how quick lightning network is, if we get millions of nodes supporting the network, who knows what can be built onto it. It really is internet 2.0 imo

Eth is far riskier and it will not beat out bitcoin unless all governments decide to back it. And that would only happen because they see bitcoin as such a threat to their power over money, they would decide to go with the lesser of two evils. One in which they could rein in through centralization. One example is larger block size.

I agree that there will be a few currencies that survive, but they will not be the core network that digital currency runs on. There will also never be another currency with as much fervent support as bitcoin. Once someone understands the principals of bitcoin, how incredible the tech is, and they agree with all of it, they usually become hard core bitcoiners. That will never happen on the same scale with other crypto.

First off thanks to EIP1559 ETH will become deflationary. secondly, 90% of the whole crypto market is built on ETH that includes DEFI, NFT, other crypto coins, and apps. Sure DOT and ADA will eat into that market but ETH was first and the market leader.

Another thing you didn't get totally right was at one point over 50% of BTC hash power was in China. That was dangerous and made BTC not as secure as you lead people to believe. That has been fixed, but it can happen again.

Now I agree with you that BTC will be the "core" currency (even though it's technically property).

It's clear you are a BTC maximalist and that's totally fine. I think BTC is going to be 1 million USD in the next 5-10 years. I also think ETH will be 100k which will be a better return on investment. And so far it has been for me.

 

[Alias Detective 1,400]

36 minutes ago, Cdub100 said:

He's not wrong about the hard fork. 

Although I will concede that yes it is possible to make more than 21 million bitcoin. HOWEVER, That would be a dog fight I'm not sure either side would want and don't believe will happen.

Ok

[Frozenbeernuts 2,264]

4 hours ago, Cdub100 said:

First off thanks to EIP1559 ETH will become deflationary. secondly, 90% of the whole crypto market is built on ETH that includes DEFI, NFT, other crypto coins, and apps. Sure DOT and ADA will eat into that market but ETH was first and the market leader.

Another thing you didn't get totally right was at one point over 50% of BTC hash power was in China. That was dangerous and made BTC not as secure as you lead people to believe. That has been fixed, but it can happen again.

Now I agree with you that BTC will be the "core" currency (even though it's technically property).

It's clear you are a BTC maximalist and that's totally fine. I think BTC is going to be 1 million USD in the next 5-10 years. I also think ETH will be 100k which will be a better return on investment. And so far it has been for me.

 

50% was mining power. We lost 50% of the mining and we didn't see any difference in the network. I think that showed how the mining in China didn't matter that much.

Yes Eth will become deflationary, but they could change their minds that they want it to become inflationary again, which is a massive risk.

The property label is because of the government wanting their tax money on its appreciation, and they don't want to acknowledge that it is legal tender. I dont blame them, but when one country declares it legal tender, because it is more than capable of being so, the line gets blurred

[Cdub100 3,907]

1 minute ago, Frozenbeernuts said:

50% was mining power. We lost 50% of the mining and we didn't see any difference in the network. I think that showed how the mining in China didn't matter that much.

Yes Eth will become deflationary, but they could change their minds that they want it to become inflationary again, which is a massive risk.

The property label is because of the government wanting their tax money on its appreciation, and they don't want to acknowledge that it is legal tender. I dont blame them, but when one country declares it legal tender, because it is more than capable of being so, the line gets blurred

65% of global hashrate was in china. This was not good for bitcoin. A coordinated effort could have taken over the network with a 50% attack. To say it didn't matter that much makes me question how much you actually know.

And the Bitcoin community can change their mind too. I'm not sure you realize that bitcoin can/has been, and will be changed in the future.

Bitcoin is not legal tender. Maybe in a couple of South American countries, but not here or the rest of the world, yet. It is property that can be traded, bought, and sold, period. 

I love bitcoin. I own a lot and want it to succeed, but I'm not sure you are as well versed as you think you are.

[Frozenbeernuts 2,264]

59 minutes ago, Cdub100 said:

65% of global hashrate was in china. This was not good for bitcoin. A coordinated effort could have taken over the network with a 50% attack. To say it didn't matter that much makes me question how much you actually know.

And the Bitcoin community can change their mind too. I'm not sure you realize that bitcoin can/has been, and will be changed in the future.

Bitcoin is not legal tender. Maybe in a couple of South American countries, but not here or the rest of the world, yet. It is property that can be traded, bought, and sold, period. 

I love bitcoin. I own a lot and want it to succeed, but I'm not sure you are as well versed as you think you are.

Remind me about the negative impact from that much hashrate evaporating over night? It was negligible.

I feel better about bitcoin hashrate leaving China, but it wasn't that big of a deal, or else the network would have shown serious signs that China dominant hashrate could hamper or influence the network.

It can be legal tender. It is being used as currency as we speak. 

[nobody 2,672]

I read a wsj article the other day that said central banks want to make their own digital currency so they could control the population.

The idea is they could stimulate the economy by giving people stimulus money that they can take back if you don't spend it, and they can put restrictions on the digital currency such they can control things like your diet and not allow you to spend it on soda and Doritos.

Essentially it's going to end up allowing the government to control you more when they allow the population to get used to using some digital currency, then they can pass laws that require citizens to use the national currency.  Basically, to make this feasible, we pervert everything good about digital currency.

[Frozenbeernuts 2,264]

21 minutes ago, nobody said:

I read a wsj article the other day that said central banks want to make their own digital currency so they could control the population.

The idea is they could stimulate the economy by giving people stimulus money that they can take back if you don't spend it, and they can put restrictions on the digital currency such they can control things like your diet and not allow you to spend it on soda and Doritos.

Essentially it's going to end up allowing the government to control you more when they allow the population to get used to using some digital currency, then they can pass laws that require citizens to use the national currency.  Basically, to make this feasible, we pervert everything good about digital currency.

Yep. Very very dangerous. It allows them direct access to everything we do without putting much effort in. At least now they need to individually request financial info

[edjr 6,584]

ETH