Cryptocurrency

[edjr 5,547]

sell sell sell!

[Cdub100 3,366]

Next stop 65k

[bandrus1 413]

Oh it's on now.. the breakout is real

[vuduchile 1,940]

Wild 

[Hawkeye21 1,848]

On 2/17/2021 at 7:49 PM, vuduchile said:

Wild 

NBA Top Shot is so addicting. I managed to buy a pack earlier in the week. Cost $14 and the value of all the moments is worth over $250. I’ve been buying up moments all week. Just sold my first moment this morning. Post a Kawhi Leonard moment for sale and sold within 15 minutes. I paid $10 for it and sold it for $53. 

[GutterBoy 2,277]

What does NBA top shot have to do with Crypto?  Can't you nerds create your own thread?

[bandrus1 413]

4 minutes ago, GutterBoy said:

What does NBA top shot have to do with Crypto?  Can't you nerds create your own thread?

Ummmmm

[Hawkeye21 1,848]

11 minutes ago, GutterBoy said:

What does NBA top shot have to do with Crypto?  Can't you nerds create your own thread?

Because it’s connected to crypto. It’s a blockchain-based platform. The majority of people that are using NBA Top Shot are invested in crypto. You can use your crypto funds to fund your account as well.

Regardless, it probably does deserve its own thread. I didn’t think there was enough interest originally. 

[vuduchile 1,940]

38 minutes ago, GutterBoy said:

What does NBA top shot have to do with Crypto?  Can't you nerds create your own thread?

 

33 minutes ago, bandrus1 said:

Ummmmm

 

22 minutes ago, Hawkeye21 said:

Because it’s connected to crypto. It’s a blockchain-based platform. The majority of people that are using NBA Top Shot are invested in crypto. You can use your crypto funds to fund your account as well.

Regardless, it probably does deserve its own thread. I didn’t think there was enough interest originally. 

Right.  It's blockchain stuff.  I don't pretend to understand it's allure or it's value any more than any other blockchain investment.  Nonetheless, it's exploding. 

I bought a $14 Cool Cats pack the other day.  It contained 5 digital moments.  One of them is already selling for $250.  

[vuduchile 1,940]

42 minutes ago, Hawkeye21 said:

NBA Top Shot is so addicting. I managed to buy a pack earlier in the week. Cost $14 and the value of all the moments is worth over $250. I’ve been buying up moments all week. Just sold my first moment this morning. Post a Kawhi Leonard moment for sale and sold within 15 minutes. I paid $10 for it and sold it for $53. 

Gary Vee keeps pumping this, so his minions are now all over it.  Not like it needed any more hype.  

 

[Cdub100 3,366]

36 minutes ago, Hawkeye21 said:

Because it’s connected to crypto. It’s a blockchain-based platform. The majority of people that are using NBA Top Shot are invested in crypto. You can use your crypto funds to fund your account as well.

Regardless, it probably does deserve its own thread. I didn’t think there was enough interest originally. 

It belongs in the sports card market thread.

[vuduchile 1,940]

2 hours ago, Cdub100 said:

It belongs in the sports card market thread.

I posted about it over there too, but since it deals with NFT's, I thought it might be interesting to the blockchain folks.  

[edjr 5,547]

BUY BUY BUY!~

[Cdub100 3,366]

30 minutes ago, edjr said:

BUY BUY BUY!~

I've bought all I can captain!!!!

[bandrus1 413]

We need $2000 ethereum by the weekend

 

Let's go!!

 

 

[Cdub100 3,366]

11 hours ago, bandrus1 said:

We need $2000 ethereum by the weekend

 

Let's go!!

 

 

We got it last night. 

[bandrus1 413]

1 hour ago, Cdub100 said:

We got it last night. 

Yes sir! Keep putting in new floors

[edjr 5,547]

Sell sell sell!

[bandrus1 413]

If ya got ETH at 1507 there ya did well

[nobody 2,031]

https://www.cnbc.com/2021/02/22/yellen-sounds-warning-about-extremely-inefficient-bitcoin.html

If the US government decides Bitcoin is persona non grata, it's all she wrote.  Yellen cites some of the same things I've already had problems with.  It's inefficient and it costs tons of energy.

She didn't mention that the "decentralized network" will eventually end up in China, or that the people with the best chips will control the transactions.  I believe digital currency will probably be part of the landscape.  It just won't be in the form of Bitcoin.

[Cdub100 3,366]

2 minutes ago, nobody said:

https://www.cnbc.com/2021/02/22/yellen-sounds-warning-about-extremely-inefficient-bitcoin.html

If the US government decides Bitcoin is persona non grata, it's all she wrote.  Yellen cites some of the same things I've already had problems with.  It's inefficient and it costs tons of energy.

She didn't mention that the "decentralized network" will eventually end up in China, or that the people with the best chips will control the transactions.  I believe digital currency will probably be part of the landscape.  It just won't be in the form of Bitcoin.

From the article “To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

-------------------------------------

To her first point, the US Dollar is used far and I mean FAR more often for illicit finance. Frankly Bitcoin is great for our government to track these movements. EVERY SINGLE transaction is on a public ledger. The same can't be said about the US dollar. Hell countries around the world have banking systems to avoid US laws. Frankly, she doesn't know what she's talking about. All she has is a completely debunked talking point.

The second part is 100% wrong. It's the MOST efficient way to conduct transactions. Let's have a race and see who can send $100 to the other side of the world faster. I'm done in 30 seconds and that's a complete 100% transfer. It will take her 7-10 days for the banks to clear the money she sends. This isn't even a question and shows how clueless this woman actually is.

Lastly as far as the amount of energy that is used. People seek out the best energy value. The farms in Iceland, China, Texas etc... are using the cheapest energy in the world to process transactions. That energy is already going to be created might as well use it up. The energy consumed talk point has been totally debunked as well.

This is just another idiot Biden-appointed moron. Regardless the SEC head knows more about crypto in his pinky toe than this moron has in her whole body. And really it's what the SEC thinks that matters.

[nobody 2,031]

For inefficiency, she's talking about making a transaction.  Visa and Mastercard handle 100 million transactions a day in US dollars.  Bitcoin can't handle that.  

[Cdub100 3,366]

2 hours ago, nobody said:

For inefficiency, she's talking about making a transaction.  Visa and Mastercard handle 100 million transactions a day in US dollars.  Bitcoin can't handle that.  

No doubt visa can do a lot of transactions I've read 5000-24,000 per second. 

Currently the fastest crypto is xrp with 3000 per second. It's only a matter of time until a crypto catches up. 

That being said if she truly is comparing btc with visa that's really stupid. It's like comparing gold to visa. You wouldn't.

[nobody 2,031]

For Bitcoin to be a viable alternative to cash or even credit cards, it would need to be scalable to handle transaction volumes.  It takes Bitcoin what? 5 seconds to complete a transaction?  You need to be in that 3000 per second range to be a viable alternative to cash and cash equivalents like credit cards.  Everyday of transactions would take 15 years to resolve through the bitcoin blockchain.  It's just too slow.  I wouldn't invest in any digital currency that doesn't have that problem solved already because it'll likely get supplanted by one that does.

So, yes, sending 1 cash transaction takes 5 days or whatever, but 100 million simultaneous transactions also take 5 days.    The fundamental concept of the blockchain implementation of Bitcoin revolves around a limitation to throughput.

[Cdub100 3,366]

23 minutes ago, nobody said:

For Bitcoin to be a viable alternative to cash or even credit cards, it would need to be scalable to handle transaction volumes.  It takes Bitcoin what? 5 seconds to complete a transaction?  You need to be in that 3000 per second range to be a viable alternative to cash and cash equivalents like credit cards.  Everyday of transactions would take 15 years to resolve through the bitcoin blockchain.  It's just too slow.  I wouldn't invest in any digital currency that doesn't have that problem solved already because it'll likely get supplanted by one that does.

So, yes, sending 1 cash transaction takes 5 days or whatever, but 100 million simultaneous transactions also take 5 days.    The fundamental concept of the blockchain implementation of Bitcoin revolves around a limitation to throughput.

It will never be an alternative to cash or credit. Bitcoins primary value is as a store of value. That's why so many companies are moving their balance sheets from depreciating fiat to bitcoin. I don't want to pay for my snickers with .000001 btc just like I don't want to pay for it with .0001oz of gold.

Bitcoin will never be an everyday use currency. It's network can't handle the load, as of right now. And even more so the government's of the world will never allow it to be used like that. 

No, bitcoin isn't a currency. It's digital gold. A way better version of gold at that.

[nobody 2,031]

Well then Yellen's criticism is valid, no?  It was in relation to it being used as currency.

I agree with you that it can be used as a store of value.  That to me is where the real value of bitcoin is.

[Cdub100 3,366]

9 minutes ago, nobody said:

Well then Yellen's criticism is valid, no?  It was in relation to it being used as currency.

I agree with you that it can be used as a store of value.  That to me is where the real value of bitcoin is.

I don't understand her criticism. To me, it's like complaining that I can't send a gold bar to the moon. The SEC considers Bitcoin property, not as a currency. That is what matters.

Honestly, she seems clueless and just another boomer who has been passed up by the digital age.

[twcsux 4]

11 hours ago, Cdub100 said:

No doubt visa can do a lot of transactions I've read 5000-24,000 per second. 

Currently the fastest crypto is xrp with 3000 per second. It's only a matter of time until a crypto catches up. 

That being said if she truly is comparing btc with visa that's really stupid. It's like comparing gold to visa. You wouldn't.

This is your new crypto expert?  Dude is just regurgitating Twitter bullshit.  That 90’s dude at least had a clue.

Let's have that race and see who can send $100 to the other side of the world faster.  You use that speed demon xrp and I’ll let you pick the blockchain I use from a list of 10 I submit.  I win you pay $10000, you win I’ll send you a Bitcoin.

Plenty of reputable crypto escrow providers but you already knew that being an expert and all.

Should be an easy win as you get to use the fastest crypto.

 

[GutterBoy 2,277]

14 hours ago, nobody said:

For Bitcoin to be a viable alternative to cash or even credit cards, it would need to be scalable to handle transaction volumes.  It takes Bitcoin what? 5 seconds to complete a transaction?  You need to be in that 3000 per second range to be a viable alternative to cash and cash equivalents like credit cards.  Everyday of transactions would take 15 years to resolve through the bitcoin blockchain.  It's just too slow.  I wouldn't invest in any digital currency that doesn't have that problem solved already because it'll likely get supplanted by one that does.

So, yes, sending 1 cash transaction takes 5 days or whatever, but 100 million simultaneous transactions also take 5 days.    The fundamental concept of the blockchain implementation of Bitcoin revolves around a limitation to throughput.

Add this to the volatility and no person in their right mind would want to pay/accept payment via bitcoin.  Can you imagine you pay someone to build you a new kitchen last weekend, you settle in on $56k.  You pay him one bitcoin.  It's now Tuesday and he's already lost $8k on the job.

[Cdub100 3,366]

3 hours ago, twcsux said:

This is your new crypto expert?  Dude is just regurgitating Twitter bullshit.  That 90’s dude at least had a clue.

Let's have that race and see who can send $100 to the other side of the world faster.  You use that speed demon xrp and I’ll let you pick the blockchain I use from a list of 10 I submit.  I win you pay $10000, you win I’ll send you a Bitcoin.

Plenty of reputable crypto escrow providers but you already knew that being an expert and all.

Should be an easy win as you get to use the fastest crypto.

 

What in the fock are you talking about?

[Hawkeye21 1,848]

1 hour ago, GutterBoy said:

Add this to the volatility and no person in their right mind would want to pay/accept payment via bitcoin.  Can you imagine you pay someone to build you a new kitchen last weekend, you settle in on $56k.  You pay him one bitcoin.  It's now Tuesday and he's already lost $8k on the job.

That works both ways though.  It's an obvious gamble but imagine making double on a job just by getting paid in BTC.

[GutterBoy 2,277]

6 minutes ago, Hawkeye21 said:

That works both ways though.  It's an obvious gamble but imagine making double on a job just by getting paid in BTC.

Agreed, but that's why it's not a currency, it's a speculative asset.  It's like getting paid in TSLA or any other volatile asset.  Regular people don't want to take on that risk.  If they did, they could just get paid in USD and then invest it in BTC.

What is the advantage of being paid in BTC vs USD?

[Cdub100 3,366]

8 minutes ago, Hawkeye21 said:

That works both ways though.  It's an obvious gamble but imagine making double on a job just by getting paid in BTC.

Tesla seems to think it's a good idea.

[Cdub100 3,366]

Just now, GutterBoy said:

Agreed, but that's why it's not a currency, it's a speculative asset.  It's like getting paid in TSLA or any other volatile asset.  Regular people don't want to take on that risk.  If they did, they could just get paid in USD and then invest it in BTC.

What is the advantage of being paid in BTC vs USD?

I don't think anyone is actually arguing that BITCOIN should be used as a currency.

[bandrus1 413]

8 minutes ago, GutterBoy said:

Agreed, but that's why it's not a currency, it's a speculative asset.  It's like getting paid in TSLA or any other volatile asset.  Regular people don't want to take on that risk.  If they did, they could just get paid in USD and then invest it in BTC.

What is the advantage of being paid in BTC vs USD?

Usd lost 10 percent last year

[GutterBoy 2,277]

1 hour ago, bandrus1 said:

Usd lost 10 percent last year

compared to what?

[GutterBoy 2,277]

22 hours ago, Cdub100 said:

I don't think anyone is actually arguing that BITCOIN should be used as a currency.

But it is a currency.  You're saying it shouldn't be used as one?  It's just an asset?

[Cdub100 3,366]

4 minutes ago, GutterBoy said:

But it is a currency.  You're saying it shouldn't be used as one?  It's just an asset?

It's not currency. It's property that's used a store of value. That's how the SEC categorizes it. 

[GutterBoy 2,277]

6 minutes ago, Cdub100 said:

It's not currency. It's property that's used a store of value. That's how the SEC categorizes it. 

So cryptocurrency is not currency.

Man I learn something new everyday about this sh!t.

[Cdub100 3,366]

5 minutes ago, GutterBoy said:

So cryptocurrency is not currency.

Man I learn something new everyday about this sh!t.

That's correct.

Look man I don't make the rules. The SEC does. Here this will clear everything up.