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Merged Bitcoin - Part 3

psionl0 said:
Why do you say "was""

Do you think the experiment is over? Do you think the technology will never evolve? Do you think that cryptos can be purged from this planet?
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Seems pretty clear to me that the aspirations set out by Satoshi in the original white paper have utterly failed. Crypto people basically reinvented all the authority institutions that bitcoin was meant to not require, just worse.

Instead of a dreaded central bank controlling fiat, there's half-assed, scammy bitcoin banks that occasionally reveal that they have been ransacked by hackers or defrauded by those running it.
 
SuburbanTurkey said:
Seems pretty clear to me that the aspirations set out by Satoshi in the original white paper have utterly failed. Crypto people basically reinvented all the authority institutions that bitcoin was meant to not require, just worse.

Instead of a dreaded central bank controlling fiat, there's half-assed, scammy bitcoin banks that occasionally reveal that they have been ransacked by hackers or defrauded by those running it.
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That didn't address a single question I asked.

All you did was make up pure fantasy. There are no "bitcoin banks". Of course, I am assuming that you are not ignorant enough think that bitcoin exchanges are "banks". Even if they were, they don't control cryptos. They only facilitate trades.
 
psionl0 said:
That didn't address a single question I asked.

All you did was make up pure fantasy. There are no "bitcoin banks". Of course, I am assuming that you are not ignorant enough think that bitcoin exchanges are "banks". Even if they were, they don't control cryptos. They only facilitate trades.
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Sure, no banks. Just whales that control huge portions of the coin that could change the value at a whim, or scams like Tether that seem to be engaged in straight up fraud to pump the value. Or "reputable" exchanges like Mt. Gox that fold up overnight and leave crypto morons penniless.

Libertarians can only conceive as the state as a source of oppression, the ideology always fails to contend with the plain fact that powerful, non-state actors can engage in all kinds of shenanigans too.
 
The Great Zaganza said:
A currency is useful for more than just speculation.
Bitcoin isn't.
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That's right. I've got ETH as an investment, and BTC is my gamble. Any investment advisor will tell you that you need to diversify your portfolio.

I think it's important to remember that the word "bitcoin" in common usage often refers to all cryptocurrencies generically. That's fine, unless you want to talk about specific currencies.
 
arthwollipot said:
That's right. I've got ETH as an investment, and BTC is my gamble. Any investment advisor will tell you that you need to diversify your portfolio.

I think it's important to remember that the word "bitcoin" in common usage often refers to all cryptocurrencies generically. That's fine, unless you want to talk about specific currencies.
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Total crypto market cap is the real measure though I mainly watch bitcoin.
Is there a particular reason for the value of virtual assets to rise?
Is there a particular reason they might not recede to a low level, or be stable for ever like other currencies, that curiously range against each other at roughly 2 to 1 over the long term. Cryptos at large could easily range from 2 trillion to one trillion US for ever like the euro, the aussie and the pound.
 
I'm reading that Bitcoin plummeted over the weekend, but my total portfolio didn't drop by much. ETH is a much more stable currency than BTC is.
 
arthwollipot said:
I'm reading that Bitcoin plummeted over the weekend, but my total portfolio didn't drop by much. ETH is a much more stable currency than BTC is.
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It didn't plummet. :confused:
Also ETH follows BTC quite closely. While it might be somewhat more stable in some movements, I certainly wouldn't call it 'much more' stable. What makes you think so ?
 
Dr.Sid said:
It didn't plummet. :confused:
Also ETH follows BTC quite closely. While it might be somewhat more stable in some movements, I certainly wouldn't call it 'much more' stable. What makes you think so ?
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Eth currently trading 23.2% and bitcoin 32.4% below recent record highs.
Worth keeping an eye on.
 
Samson said:
I would like to have written this article .

https://www.abc.net.au/news/2021-12-13/cryptocurrencies-on-a-knife-edge-bitcoin-decline/100694872

It concludes

With the spectre of rising interest rates sending a cold shiver through high-risk asset markets, a shake-out in these overhyped, overvalued and overweight markets looks almost certain.

And the repercussions could be far more serious than anyone anticipates.
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Given the vague pronouncements and hedged comments, are you sure you didn't ;)
 
The Don said:
Given the vague pronouncements and hedged comments, are you sure you didn't ;)
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I thought that Samson wrote it too.

It basically says that the price of bitcoin will never recover and a crypto currency exchange failed so the blockchain is flawed.

The only difference is that they didn't add "this time it really is different" because this is the first time they have looked at bitcoin.
 
psionl0 said:
I thought that Samson wrote it too.

It basically says that the price of bitcoin will never recover and a crypto currency exchange failed so the blockchain is flawed.

The only difference is that they didn't add "this time it really is different" because this is the first time they have looked at bitcoin.
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Yes but it still is the falsehood of limited supply that exercises the mind.
Gold, 20 trillion, limited supply.
11,000 cryptos? Unlimited supply.
 
Samson said:
Yes but it still is the falsehood of limited supply that exercises the mind.
Gold, 20 trillion, limited supply.
11,000 cryptos? Unlimited supply.
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* SIGH * Time to highlight your dishonesty again. :boggled:
Samson on 8th June 2021 said:
Meanwhile the periodic table is stable with additions hard to add.
Cryptos not so difficult.
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psionl0 on 22nd May 2020 said:
This exchange took place 6 months ago.
psionl0 said:
Other than the highlighted, I can't make any sense out of this word salad.

You seem to insist that if you divide a finite crypto market by infinite cryptos, you get $0 per crypto.

That just illustrates your abysmal maths. Consider the sequence {1/2, 1/4, 1/8, 1/16, . . . }: This has an infinite number of terms and a finite sum but many of the terms are an appreciable fraction of the total (not zero).

The same is true of cryptos. No matter how many are invented, most will not amount to anything and won't drag money away from the top cryptos.
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Samson said:
I accept that zero is an unrealistic valuation, but that is all.
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psionl0 said:
I wish I could believe that but no doubt, you will soon go back to your "there are infinite bitcoins so bitcoins have no value" line again as if this exchange never happened. :boggled:
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No doubt, Samson was hoping that after all this time, the exchange will have been forgotten so that he could again rabbit on abou "infinite supply of digital money" as if it had never been discussed again.
Samson said:
For a moment putting to one side the technical picture, the fundamentals never change.
There is an infinite supply of digital money.
It is a matter of time to patiently watch infinite supply catastrophically atrophy demand.

Rat poison .
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Nailled It!!!
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