Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[bernorange 8,380]

Peter Schiff is butthurt and "talking his book" when he rails on crypto (he sees crypto as a competitor to his gold sales).  I also think a lot of his social media posts are trolls for engagement farming.  

[bernorange 8,380]

3 minutes ago, Captainant said:

It's the height of irony that BTC needed the government to back it to break the barrier. ...

I don't believe that is true.  The government just needed to end its war (operation choke point 2.0, etc) and provide regulatory clarity - to get out of the way and stop trying to impede the sector.  

[Nice Guy Eddie 13,629]

5 minutes ago, Captainant said:

It's the height of irony that BTC needed the government to back it to break the barrier. I thought the whole idea was to get away from centralized powers and banking!

It truly beggars belief how malleable the argument for bitcoin is, and how little the substance actually matters

You’re describing a vocal minority of crypto people. And even they are hypocritical about their beliefs. 

[Captainant 28,275]

8 minutes ago, bernorange said:

I don't believe that is true.  The government just needed to end its war (operation choke point 2.0, etc) and provide regulatory clarity - to get out of the way and stop trying to impede the sector.  

Dude you need to step back off the conspiracy Twitter lol. All that false victimization mindset is gonna burn you up

The """sector""" is literally just financialized FOMO. The tokens serve no purpose but to be sold to someone later for a hopefully higher price. I'm happy that y'all have been able to build wealth by selling digital beanie babies to other collectors

 

Edit: your leading source on all your conspiracy theories also believes that Ukraine is the aggressor against russia. Yeah I'd bet that guy wants fewer restrictions on laundering his money with crypto lol

Edited December 5 by Captainant

[52-80 19,363]

thread:

 

[bernorange 8,380]

19 minutes ago, Captainant said:

Dude you need to step back ...

 

[Distinguished Gentleman 8]

36 minutes ago, Captainant said:

It's the height of irony that BTC needed the government to back it to break the barrier. I thought the whole idea was to get away from centralized powers and banking!

It truly beggars belief how malleable the argument for bitcoin is, and how little the substance actually matters

Where's the government backing, specifically?

Anyway, governments and public officials were always going to get on board eventually. Actors will follow financial incentives. That's the beauty of the system. It's a positive reinforcing cycle.

30 minutes ago, bernorange said:

I don't believe that is true.  The government just needed to end its war (operation choke point 2.0, etc) and provide regulatory clarity - to get out of the way and stop trying to impede the sector.  

This is correct.

27 minutes ago, Captainant said:

The """sector""" is literally just financialized FOMO. The tokens serve no purpose but to be sold to someone later for a hopefully higher price. I'm happy that y'all have been able to build wealth by selling digital beanie babies to other collectors

Keep fucking that chicken. You're doing great.

 

Anyway, will be interesting to see this morning. BTC typically pumps at market open. I'm guessing that might be etfs settling up with the previous days purchases? 

 

[Captainant 28,275]

https://www.newsweek.com/brian-thompsons-killer-becomes-focus-deny-defend-depose-crypto-1995931

Anyone getting on this hot new store of value??

[Distinguished Gentleman 8]

2 minutes ago, Captainant said:

https://www.newsweek.com/brian-thompsons-killer-becomes-focus-deny-defend-depose-crypto-1995931

Anyone getting on this hot new store of value??

Disingenuous at best. No one thinks memecoins are stores of value. Pure gambling. Great way to lose money.

[Captainant 28,275]

7 minutes ago, Distinguished Gentleman said:

Disingenuous at best. No one thinks memecoins are stores of value. Pure gambling. Great way to lose money.

No, memecoins and alt coins generally exist to drive demand for BTC and give it some sort of utility. 

[Distinguished Gentleman 8]

2 minutes ago, Captainant said:

No, memecoins and alt coins generally exist to drive demand for BTC and give it some sort of utility. 

No. They exist for the scammers that create them to extract value from people that are uneducated or straight up degen gambling.

Here you go, Capitan

 

"People who say stupid things about bitcoin are not just making their own pathetic selves poorer; they are also impoverishing all the people who have the misfortune of listening to them."

[bernorange 8,380]

31 minutes ago, Captainant said:

No, memecoins and alt coins generally exist to drive demand for BTC and give it some sort of utility. 

The contortions of the "rational" mind.  Fascinating.

The Hawk Tuah girl might actually end up in legal trouble for her rug pull yesterday.  Such an obvious grift.  Anyone who bought that shit deserves what they got.

With respect to value propositions for alt coins, are you asserting that there is zero value for the following use cases?

• DePIN
• RWA tokenization
• cross border remittance
• DeFi
• zero knowledge proof systems

Edited December 5 by bernorange

[Nice Guy Eddie 13,629]

Gotta laugh at yourself. Trump politics being set aside, this is the party when long term hodlers finally sell. Except with fewer guests.

 

Edited December 5 by Nice Guy Eddie

[Distinguished Gentleman 8]

Lolol

 

 

[52-80 19,363]

38 minutes ago, bernorange said:

The contortions of the "rational" mind.  Fascinating.

The Hawk Tuah girl might actually end up in legal trouble for her rug pull yesterday.  Such an obvious grift.  Anyone who bought that shit deserves what they got.

With respect to value propositions for alt coins, are you asserting that there is zero value for the following use cases?

• DePIN
• RWA tokenization
• cross border remittance
• DeFi
• zero knowledge proof systems

One of the Collison brothers of Stripe, which processes about 1/5th of all online transactions using old-money, made a good analogy after visiting Vegas for a business conference. 

He said on the veneer, people look at Las Vegas and they see mindless gambling and overstuffed buffets.  Beneath the surface, there's a tremendous amount of real-life, consequential  business being conducted.  (Vegas is often the #1 convention destination in the world).

And this is pure coincidence, but literally today I'm having to diagnose a big cross border payment that's 2 weeks overdue, because it involves 3-4 banks.

[UTPhil2006 3,876]

20 minutes ago, 52-80 said:

One of the Collison brothers of Stripe, which processes about 1/5th of all online transactions using old-money, made a good analogy after visiting Vegas for a business conference. 

He said on the veneer, people look at Las Vegas and they see mindless gambling and overstuffed buffets.  Beneath the surface, there's a tremendous amount of real-life, consequential  business being conducted.  (Vegas is often the #1 convention destination in the world).

And this is pure coincidence, but literally today I'm having to diagnose a big cross border payment that's 2 weeks overdue, because it involves 3-4 banks.

Damn the Giants SS just retired like 3 weeks ago 

[52-80 19,363]

5 minutes ago, UTPhil2006 said:

Damn the Giants SS just retired like 3 weeks ago 

Times are tough in professional sports

[Distinguished Gentleman 8]

 

 

[bernorange 8,380]

Quote

Bernstein Research forecasts Bitcoin (CRYPTO: BTC) will evolve into the premier “store of value” asset, ultimately supplanting gold over the next decade.

What Happened: The firm’s analysis emphasizes Bitcoin's growing role in institutional investment portfolios and corporate treasury management, signaling its acceptance as a key player in global financial ecosystems.

"We expect Bitcoin to emerge as the new-age premier ‘store of value' asset," stated Bernstein analysts, adding that its integration into multi-asset allocations reflects a maturing perspective among global investors.
...
"The adoption of Bitcoin as a treasury reserve asset is accelerating, aided by favorable accounting guidelines and the success of institutional ETFs," the analysts observed.

Bernstein projects Bitcoin will hit $200,000 by 2025, driven by its cyclical demand-supply dynamics and diminishing sell pressure from miners following halving events.

The report further estimates Bitcoin could exceed $500,000 by 2029 and $1 million by 2033 as adoption widens and demand strengthens.

https://www.msn.com/en-us/money/markets/bitcoin-to-emerge-as-premier-store-of-value-asset-hit-1-million-by-2033-says-bernstein/ar-AA1vkA7E

[Muny_Tex 315]

I was surprised/confused as to why $MSTR sold off all of its early AM surge, but then I saw that Cramer referred to BTC as a "can't lose investment" today...so I guess the kiss of death has finally arrived

[workswithseed 2,199]

[CHIEF 5,157]

If you invest in crypto in $Hawk, you deserve anything that happens to you:

CHIEF

[Nice Guy Eddie 13,629]

Rule 1 is never buy a meme coin.

The suckers benefit the rest of us. Most likely a fair amount of their losses get rolled up into eth, solana or btc. I hate to benefit from the ignorance of others but this occurs in everyday investments, credit card rewards, etc.

[Nice Guy Eddie 13,629]

I'm intrigued about how crypto works with the newest generations of AI agents. basically there are some AI tools that now have crypto wallets to manage on their own. They can trade, stake, or give it away for whatever reason they want. It's not that inconceivable that we could soon have a billionaire AI agent that doesn't have human control.

I played around watching some videos about the Virtuals Protocol protocol and one of their AI agents, aixbt. Admittedly I don't still fully understand this tech but there's something there. You can invest in both and many others. aixbt runs a 24/7 twitter account that gives advice about crypto investing. 

I'm tempted to throw a few thousand $ at the top players. Most likely many will be complete flops but if only a couple 100x, who cares.

[bernorange 8,380]

FWIW, I published a lengthy article addressing Sen. Lummis BITCOIN Act here:

https://www.pmbug.com/threads/know-what-you-hold-gold-bitcoin-altcoins-and-government-reserve-funds.7919/

 

[bernorange 8,380]

 

[52-80 19,363]

Microstrategy is about to get added to Nasdaq 100 index and thats kinda funny

[Captainant 28,275]

42 minutes ago, 52-80 said:

Microstrategy is about to get added to Nasdaq 100 index and thats kinda funny

It's pretty crazy how much love the market is giving them, when they haven't actually produced anything new or made any improvements to their product that brings in revenue. Is there anything besides their BTC holdings and hype that's underpinning their hockey stick?

[Blotto 23,876]

On 12/5/2024 at 12:04 PM, Nice Guy Eddie said:

Rule 1 is never buy a meme coin.

That's what I've been trying to tell everyone. You gotta stick to the heavy hitters, the elite, the creme de la creme of crypto. 

 

[Muny_Tex 315]

On 12/9/2024 at 3:53 PM, bernorange said:

FWIW, I published a lengthy article addressing Sen. Lummis BITCOIN Act here:

https://www.pmbug.com/threads/know-what-you-hold-gold-bitcoin-altcoins-and-government-reserve-funds.7919/

 

This was very thoughtful and well-written...only exception was the improper usage of "its" (you kept using the contraction of it's (e.g. it is), rather than the possessive form) which short-circuited my OCD.

Main takeway I had was the computation limits/scalability issues which I had never seen analyzed before.  If the fundamental use case is "bro, it's gonna completely remove the middle man and make all exchanges safer, cheaper, more efficient" then it certainly appears quite moronic through the lens of such poor transactional bandwidth.

This is obviously hyper-simplistic, but as far as I'm concerned Venmo already figured this shit out 15 years ago.  All the BTC action since then is essentially just greater-fool theory expressed to the most extreme degree imaginable.

[bernorange 8,380]

35 minutes ago, Muny_Tex said:

This was very thoughtful and well-written...only exception was the improper usage of "its" (you kept using the contraction of it's (e.g. it is), rather than the possessive form) which short-circuited my OCD.

Had to do something to keep the audience awake!  (yeah, that's the ticket)  I'll see about fixing those - thanks for the feedback.

The scalability issue was actually the source of a significant row amongst developers some years ago (block size war/argument).  Roger Ver - the guy going to jail for tax evasion - co-authored a book that supposedly covers this topic in more depth (I haven't read the book - just heard about it):

https://www.amazon.com/Hijacking-Bitcoin-Hidden-History-BTC/dp/B0CXWBCWDR

I tried not to dive too much into the technical weeds for the article.

[Nice Guy Eddie 13,629]

8 hours ago, Muny_Tex said:

This was very thoughtful and well-written...only exception was the improper usage of "its" (you kept using the contraction of it's (e.g. it is), rather than the possessive form) which short-circuited my OCD.

Main takeway I had was the computation limits/scalability issues which I had never seen analyzed before.  If the fundamental use case is "bro, it's gonna completely remove the middle man and make all exchanges safer, cheaper, more efficient" then it certainly appears quite moronic through the lens of such poor transactional bandwidth.

This is obviously hyper-simplistic, but as far as I'm concerned Venmo already figured this shit out 15 years ago.  All the BTC action since then is essentially just greater-fool theory expressed to the most extreme degree imaginable.

Bitcoin is not a quick transactional system. Just like many global systems are not quick. There are other crypto systems that are as fast if not faster than Venmo. Of course Venmo is a bad comparison because it’s a closed model. Actual money is not really transferring to anyone with the standard transaction. Money only gets transferred when you deposit or withdrawal. Venmo makes me wait on the latter for up to 3 days unless I’m willing to pay them extra.

i recently transferred some large (to me) bitcoin amounts from an exchange to my own wallet. I def wanted it to be faster than it was but its was much faster than if I had transferred money between banks. Less than hour with Bitcoin versus days with banks.

[Captainant 28,275]

55 minutes ago, Nice Guy Eddie said:

Actual money is not really transferring to anyone with the standard transaction. Money only gets transferred when you deposit or withdrawal.

Isn't this the same with Bitcoin? Transferring a number from one entity on the ledger to another doesn't result in your having moved actual money. The Bitcoin isn't usable until you find a greater fool to sell it to and convert it into actual money.

Because seriously. Have you ever actually bought anything with BTC?

[bernorange 8,380]

2 hours ago, Nice Guy Eddie said:

... Venmo is a bad comparison because it’s a closed model. ...

In my article, I included citations for credit card transactions (~1,708 per second) and ACH (electronic checking) transactions (~1,458 per second).  There are many alt coins that exceed this threshold easily:

https://chainspect.app/dashboard

Polkadot (DOT) recently stress tested their Kusama chain and processed over 128k transactions per second: