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1 minute ago, Cdub100 said:

This is such a tired argument. That's literally how everything works.

Haha, I thought that right after I posted it.  You're right.

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Think of it this way. When was the last time another non United States currency was accepted at American retailers?  Never. This is monumental. Anyone born from now on will never have lived before bitcoin was used as legal tender in the US. Other countries will follow or risk being left behind

If you don't think this is a big deal, then you probably need to adjust the information you're consuming.

If I posted that the US was now going to accept Pesos at most retailers people would be losing their minds. They would realize that is a massive deal. But bitcoin forces its way to legal tender status and people seem to just shrug. I don't get it.

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4 minutes ago, Frozenbeernuts said:

 

If I posted that the US was now going to accept Pesos at most retailers people would be losing their minds. They would realize that is a massive deal. But bitcoin forces its way to legal tender status and people seem to just shrug. I don't get it.

Because the experience is no different and no better than paying with a credit card?

Glad to see you're back on the Bitcoin will be a currency bandwagon.

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11 minutes ago, nobody said:

Because the experience is no different and no better than paying with a credit card?

Glad to see you're back on the Bitcoin will be a currency bandwagon.

I'm just posting what happened yesterday. Bitcoin still may not be used as legal tender regularly. The important part is the network. Dollars get converted to bitcoin which is converted back to dollars. All for a .1% fee. I have explained this multiple times in here.

Do you know the difference between 2.9% and .1% over millions of transactions? Because that's what consumers and retailers will be saving by switching away from Visa and other credit cards.

I announce one of the most important changes to this country, even the world, and this is the engagement I get. Fing sad. 

Fing dumbass.

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I happened to be watching CNBC and I heard a reporter ask Cathy Wood why Bitcoin is coupled to the Nasdaq, and I got excited since I thought someone was going to finally explain that.  Can anyone explain what the fūck she is talking about?

 

 

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That bull shlt futures ETF is keeping bitcoin pegged to the market. There will be a squeeze that happens and supply shocks the price upward and decouples bitcoin. Until then the cheap price only benefits long term holders

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1 minute ago, Frozenbeernuts said:

I'm just posting what happened yesterday. Bitcoin still may not be used as legal tender regularly. The important part is the network. Dollars get converted to bitcoin which is converted back to dollars. All for a .1% fee. I have explained this multiple times in here.

Do you know the difference between 2.9% and .1% over millions of transactions? Because that's what consumers and retailers will be saving by switching away from Visa and other credit cards.

I announce one of the most important changes to this country, even the world, and this is the engagement I get. Fing sad. 

Fing dumbass.

At least you finally have a real use case.  

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7 hours ago, Cdub100 said:

This is such a tired argument. That's literally how everything works.

No it's not.  The value of a company stock is driven by the earnings of the company.

The value of tools are what they can produce.

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3 minutes ago, vomit said:

No it's not.  The value of a company stock is driven by the earnings of the company.

The value of tools are what they can produce.

Bitcoin is being accepted as currency, ans its network is being used to compete directly with traditional credit systems. Right there is one of the uses. No other asset has ever done this. Which makes bitcoin pretty rare and probably pretty valuable if it has these capabilities

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4 hours ago, Frozenbeernuts said:

Think of it this way. When was the last time another non United States currency was accepted at American retailers?  Never. This is monumental. Anyone born from now on will never have lived before bitcoin was used as legal tender in the US. Other countries will follow or risk being left behind

If you don't think this is a big deal, then you probably need to adjust the information you're consuming.

If I posted that the US was now going to accept Pesos at most retailers people would be losing their minds. They would realize that is a massive deal. But bitcoin forces its way to legal tender status and people seem to just shrug. I don't get it.

Is Bitcoin really legal tender?

Or do we have an exchange from Bitcoin to dollar for a transaction?

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4 minutes ago, Frozenbeernuts said:

Bitcoin is being accepted as currency, ans its network is being used to compete directly with traditional credit systems. Right there is one of the uses. No other asset has ever done this. Which makes bitcoin pretty rare and probably pretty valuable if it has these capabilities

There are other payment systems like PayPal/Venmo, zelle, that compete with credit cards.  I don't see anything revolutionary here.

Also if th market did, wouldnt btc have exploded?  It's virtually unchanged the past 24

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4 hours ago, Frozenbeernuts said:

That bull shlt futures ETF is keeping bitcoin pegged to the market. There will be a squeeze that happens and supply shocks the price upward and decouples bitcoin. Until then the cheap price only benefits long term holders

Earlier in this thread you said the etf was going to make the price blow up.  Whoops.

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53 minutes ago, vomit said:

No it's not.  The value of a company stock is driven by the earnings of the company.

The value of tools are what they can produce.

So there’s no speculation involved in a stock, based on what they will produce? 

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1 hour ago, vomit said:

No it's not.  The value of a company stock is driven by the earnings of the company.

The value of tools are what they can produce.

That's not true either there are a lot of zombie companies out there and companies who P/E ratio do not reflect there current price. 

Why are you even still here. Clearly you are wrong about crypto. You've gone from it's worthless to nobody will use it as a currency because nobody wants to sell it.

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1 hour ago, Hardcore troubadour said:

So there’s no speculation involved in a stock, based on what they will produce? 

Of course there is speculation, but that only lasts so long, eventually you need to make money, the history of the stock market proves this.

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18 minutes ago, Cdub100 said:

That's not true either there are a lot of zombie companies out there and companies who P/E ratio do not reflect there current price. 

Why are you even still here. Clearly you are wrong about crypto. You've gone from it's worthless to nobody will use it as a currency because nobody wants to sell it.

And what happens to these companies that don't execute on their forward guidance?  They fail.

Why are you still here?  bitcoin never went to 100K.  It has shown not to be a safe haven.  Clearly you're wrong too.  Oh and Russia invaded Ukraine.

I'm just asking questions to the guy that says that the smart people will never sell bitcoin, and then touts that being able to sell bitcoin to buy a big mac is a gamechanger.  It doesn't make any sense.

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27 minutes ago, vomit said:

And what happens to these companies that don't execute on their forward guidance?  They fail.

Why are you still here?  bitcoin never went to 100K.  It has shown not to be a safe haven.  Clearly you're wrong too.  Oh and Russia invaded Ukraine.

I'm just asking questions to the guy that says that the smart people will never sell bitcoin, and then touts that being able to sell bitcoin to buy a big mac is a gamechanger.  It doesn't make any sense.

They stick around and get traded on the stock exchange for decades.:o

Also bitcoin will never be a dollar or ten dollars or a thousand or ten thousand or one hundred thousand. Next you'll be like bitcoin failed it'll never be a million. 

As for Ukraine and Russia if the Russian people had their rubles in bitcoin their wealth would have been safe. the people flee Ukraine only had to remember 12 words and their wealth would be safe. Instead all these people are learning a hard lesson when it comes to banks. Thanks for the great point in favor of bitcoin. :thumbsup:

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3 hours ago, vomit said:

Earlier in this thread you said the etf was going to make the price blow up.  Whoops.

And we continue to see the inability of a few posters to grasp what I'm saying. A spot ETF would be beneficial to the price. A future ETF allows people to short bitcoin with infinite paper supply. Spot requires 100% backing of actual bitcoin

Bitcoin isn't officially legal tender, but it didn't wait for the government to give the ok. It's being accepted as payment. It serves two purposes. Medium of exchange and a strong network. The merchant decides what they want, dollars or bitcoin while the customer decides what they want to send, bitcoin or dollars. The conversion happens automatically over the network. This is revolutionary

Short term price is irrelevant to long term price. You should only view bitcoin as a long term investment

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1 hour ago, vomit said:

And what happens to these companies that don't execute on their forward guidance?  They fail.

Why are you still here?  bitcoin never went to 100K.  It has shown not to be a safe haven.  Clearly you're wrong too.  Oh and Russia invaded Ukraine.

I'm just asking questions to the guy that says that the smart people will never sell bitcoin, and then touts that being able to sell bitcoin to buy a big mac is a gamechanger.  It doesn't make any sense.

The ability to send money over the network and choose which form of money to send while the second party decides which form of money they want to receive is where we are at right now.

This is also huge for foreign exchange. If I am from Europe and have Euros, I can use my Euros at these stores. The system will convert from Euro to bitcoin and then bitcoin to dollars if that's what the merchant wants.

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1 hour ago, vomit said:

And what happens to these companies that don't execute on their forward guidance?  They fail.

Why are you still here?  bitcoin never went to 100K.  It has shown not to be a safe haven.  Clearly you're wrong too.  Oh and Russia invaded Ukraine.

I'm just asking questions to the guy that says that the smart people will never sell bitcoin, and then touts that being able to sell bitcoin to buy a big mac is a gamechanger.  It doesn't make any sense.

What a bltch

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1 minute ago, Frozenbeernuts said:

What a bltch

You're too emotionally invested in this.  When you start calling people b!tches that question you, you've lost.

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1 minute ago, vomit said:

You're too emotionally invested in this.  When you start calling people b!tches that question you, you've lost.

I haven't lost anything. Nothing I say here changes what bitcoin offers and is becoming. You can't comprehend anything in this thread anyway so I don't know why you are here

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1 hour ago, Cdub100 said:

if the Russian people had their rubles in bitcoin their wealth would have been safe.

November 2021 Value       Current Value    Change

    Bitcoin $61,571                     $43,513            -29%

    Ruble   0.01396                      0.01274            -9%

 

:huh:

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I haven't blocked anyone in a while. Now that useless isn't showing up in my replies, hopefully we can have some real talk about what's happening

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Just now, Frozenbeernuts said:

I haven't lost anything. Nothing I say here changes what bitcoin offers and is becoming. You can't comprehend anything in this thread anyway so I don't know why you are here

I can comprehend just fine.  If bitcoin is destined to go to a million, then I don't know why are you here telling us how awesome it is.

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1 minute ago, GobbleDog said:

November 2021 Value       Current Value    Change

    Bitcoin $61,571                     $43,513            -29%

    Ruble   0.01396                      0.01274            -9%

 

:huh:

Putin playing the West like a fiddle right now

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1 minute ago, Frozenbeernuts said:

I haven't blocked anyone in a while. Now that useless isn't showing up in my replies, hopefully we can have some real talk about what's happening

This should be a lesson to everyone.

1) you're not as smart as you think you are.

2) when someone questions your line of thought and stumps you, don't ignore, pay attention, and don't be scares to learn something.

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1 hour ago, GobbleDog said:

November 2021 Value       Current Value    Change

    Bitcoin $61,571                     $43,513            -29%

    Ruble   0.01396                      0.01274            -9%

 

:huh:

If you're going to make a terrible argument and cherry pick dates you should probably cherry pick the day sanctions went into effect and the ruble collapsed not all time highs

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41 minutes ago, Cdub100 said:

If you're going to make a terrible argument and cherry pick dates you should probably cherry pick the day sanctions went into effect and the ruble collapsed not all time highs

People are more concerned about gotcha moments than any meaningful conversation. If there was some legitimate debate, I'm game. But it's just a bunch of noise from people who haven't done 10 minutes worth of research into bitcoin. Waste of time.

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11 minutes ago, Frozenbeernuts said:

People are more concerned about gotcha moments than any meaningful conversation. If there was some legitimate debate, I'm game. But it's just a bunch of noise from people who haven't done 10 minutes worth of research into bitcoin. Waste of time.

I’m shocked you care so much how others feel about Bitcoin.  It reminds me of an Amway salesman

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14 hours ago, nobody said:

I happened to be watching CNBC and I heard a reporter ask Cathy Wood why Bitcoin is coupled to the Nasdaq, and I got excited since I thought someone was going to finally explain that.  Can anyone explain what the fūck she is talking about?

 

 

 

I think I see what happened after listening to it about 3 times.  Cathy wood didn't understand the question.  What the reporter was asking was, "If Bitcoin is supposed to be a hedge against inflation, why is it acting exactly not like that?" since Wood was doing what every crytpo-marketer does and keeps touting it as a hedge against inflation, but then completely forgetting the use case they laid out.

Cathy Wood thought she was asking "why is it trading with the NASDAQ and not going up?  

Quote

 

Q: So we've seen bitcoin really trade in line with NASDAQ and acting like a high growth tech stock.  When do you think that will decouple and why isn't it really trading like some sort of hedge?

A: Well, if you look a the activity in Bitcoin, you'll see the percentage of "long term holders" is roughly 70% so 13 and a half million bitcoin out of the 19 out there, so long term - 70%.

And that is very different behavior that we are seeing in the equity markets.  Bunch of high frequency trading, short term holders.  There doing timing, not time, and we think that's a mistake long run.  So when we move out of this period of downside volatility, we think the private market valuations are more correct than the public market valuations and there will be a closing of that gap in here.  

I think the time horizons will lengthen.  That's what always happens in risk-on.  Now the time horizons have collapsed.  It's just an equity versus bitcoin ethos right now.

 

 

 

 

 

 

 

 

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Can someone answer me this?

The lightning network is a smart contract layer built on top of the Bitcoin block chain.  It boasts capability of 1 million transactions a second at 1 Satoshi per.  That's a game changer.

Now my understanding is the lightning network works by opening a channel between two parties allowing them to execute essentially an unlimited number of transactions.  Then once that channel is closed the Bitcoin Blockchain is updated to account for those transactions.

Now what I need help understanding is the mechanics.  You obviously can't open/close a channel for each customer in a retail chain or you have the same scaling problem.  That suggests to me that there needs to be a company that essentially acts as a payments processor in which they maintain channels with the various vendors.  Then that payments processor accepts tender (whether that's dollars, yuan, Bitcoin, etc) creates a smart contract solidifying the transaction with a vendor and then at some future point the payment processor settles the accounts essentially tabulating all of the transactions of the day.  

  1. Is that how it's supposed to work?
  2. If that's how it's supposed to work, why do you even need Bitcoin?  Why can't the lightning network or something like it be independent of Bitcoin?

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On 4/8/2022 at 1:08 PM, Frozenbeernuts said:

People are more concerned about gotcha moments than any meaningful conversation. If there was some legitimate debate, I'm game. But it's just a bunch of noise from people who haven't done 10 minutes worth of research into bitcoin. Waste of time.

No offense man but I Havnt seen many examples of you looking to have meaningful conversations. All I’ve seen is someone asks a question or challenges something or says something not in line with YOUR opinion and you go on a tangent, and usually default to “I’ve done more research than you, blah blah”. It’s evident at the end of this quoted post where you just blindly assume no one else has done 10 minutes of Bitcoin research 😂

i think if you did try to have a meaningful conversation with one of these posters who is anti Bitcoin it would wind up looking like one person talking to a brick wall… you being the wall. 

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On 4/8/2022 at 2:24 AM, Frozenbeernuts said:

Think of it this way. When was the last time another non United States currency was accepted at American retailers?  Never. This is monumental. Anyone born from now on will never have lived before bitcoin was used as legal tender in the US. Other countries will follow or risk being left behind

If you don't think this is a big deal, then you probably need to adjust the information you're consuming.

If I posted that the US was now going to accept Pesos at most retailers people would be losing their minds. They would realize that is a massive deal. But bitcoin forces its way to legal tender status and people seem to just shrug. I don't get it.

I prefacing this post by reminding you that I am invested in btc (and eth) and have traded both with good success. So don’t lose your cool. 
 

in regards to your first point, I disagree. American retailers have long accepted gift cards. Those are purchased with USD just as Bitcoin is and in many cases those gift cards could have been purchased in other countries using exchange rate. The difference, obviously being that the value of that gift card doesn’t fluctuate because it’s not an investment tool. That’s why a better example is what I mentioned a few weeks? ago, what if retailers started accepting shares of popular company stock as payment? Before gift cards it was certificates, or Amex gift cheques or even travelers cheques (although those were generally not accepted directly at retailers). 
 

I do think it’s a big deal…ish. As more places accept Bitcoin for payment, it gets more press and my investment goes up…. Makes me happy. 
 

people would be losing their minds because it’s Pesos and Messican 😆. But the reality is, if retailers started accepting foreign currency, that item that cost $20 USD would simply cost XX in foreign currency based on the daily exchange rate and retailers would charge a small service fee for the conversion. 🤷🏻‍♂️  Many places in Canada, when I used to take fishing trips, would take US or Canadian. 

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17 hours ago, WhiteWonder said:

I prefacing this post by reminding you that I am invested in btc (and eth) and have traded both with good success. So don’t lose your cool. 
 

in regards to your first point, I disagree. American retailers have long accepted gift cards. Those are purchased with USD just as Bitcoin is and in many cases those gift cards could have been purchased in other countries using exchange rate. The difference, obviously being that the value of that gift card doesn’t fluctuate because it’s not an investment tool. That’s why a better example is what I mentioned a few weeks? ago, what if retailers started accepting shares of popular company stock as payment? Before gift cards it was certificates, or Amex gift cheques or even travelers cheques (although those were generally not accepted directly at retailers). 
 

I do think it’s a big deal…ish. As more places accept Bitcoin for payment, it gets more press and my investment goes up…. Makes me happy. 
 

people would be losing their minds because it’s Pesos and Messican 😆. But the reality is, if retailers started accepting foreign currency, that item that cost $20 USD would simply cost XX in foreign currency based on the daily exchange rate and retailers would charge a small service fee for the conversion. 🤷🏻‍♂️  Many places in Canada, when I used to take fishing trips, would take US or Canadian. 

You ain’t invested in Sh1t besides coupons to the piggly wiggly loser :lol: 

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1 hour ago, Djgb13 said:

You ain’t invested in Sh1t besides coupons to the piggly wiggly loser :lol: 

Not sure what a piggy wiggly is but ya got me 😂

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On 4/8/2022 at 10:52 AM, GobbleDog said:

November 2021 Value       Current Value    Change

    Bitcoin $61,571                     $43,513            -29%

    Ruble   0.01396                      0.01274            -9%

 

:huh:

I invested in ETH and BTC in late 2016 and have been HODLING ever since, what do I win?

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15 minutes ago, iam90sbaby said:

I invested in ETH and BTC in late 2016 and have been HODLING ever since, what do I win?

Nada till you unHODL.  

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  • Haha 1

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