Merged Bitcoin - Part 3

[psionl0]

yeah, the tens of thousands of people ignorant to crypto that he stole hundreds of millions of dollars from

I meant other than the brainwashed MAGA republicans.

Even if they have never heard of crypto before, any reasonable person would run a mile the moment they heard that Trump was offering an "investment opportunity".

 

[psionl0]

It's obvious by the way it's engineered, that cryptocurrency was purposefully engineered as a scam to enrich its inventors and early adopters at the expense of "Greater Fools" who have come later.

This crap was demolished way back in 2011. All of the details about bitcoin and the genesis block were in the public domain right from the start. Anybody could get in as soon as the genesis block was released. Of course, they were mostly computer geeks at the time but they were not psychics. They had no idea where this technology would go.

 

[dirtywick]

I meant other than the brainwashed MAGA republicans.

Even if they have never heard of crypto before, any reasonable person would run a mile the moment they heard that Trump was offering an "investment opportunity".

i’m not sure it was presented as an investment opportunity. typically in those types of scams the celeb influencer goes out of their way to make sure you know it’s not investment advice, so later on they can claim ignorance

 

[John Albert]

This crap was demolished way back in 2011. All of the details about bitcoin and the genesis block were in the public domain right from the start. Anybody could get in as soon as the genesis block was released. Of course, they were mostly computer geeks at the time but they were not psychics. They had no idea where this technology would go.

"Demolished"?

Anybody could get in on the ground floor, if they knew about it. And the creators were not exactly advertising it.

 

[John Albert]

This is not news. Everybody knows (or should know) that bitcoin's price is volatile and can experience severe and sustained price falls. There have been several such periods in bitcoin's history.

And that's one of the attributes that make it inappropriate for use as a currency.

 

[dirtywick]

the claim that they didn't know how the program they wrote would work is more credulity than demolition imo

 

[psionl0]

the claim that they didn't know how the program they wrote would work is more credulity than demolition imo

Lucky I never made such a claim.

But it is still true that the early adopters couldn't predict whether this technology would gain widespread acceptance or not (nor if a btc would ever have a significant price in the market).

 

[psionl0]

Anybody could get in on the ground floor, if they knew about it. And the creators were not exactly advertising it.

If you mean that they didn't take out paid advertisements on national TV or news papers then you are correct.

The original white paper was first published in 2008 on metzdowd.com - a cryptology website with public access. Comments about it were initially quite skeptical but quickly became more positive. (You can find out more about how it became public knowledge on reddit.com).

Like I said, it was mostly computer geeks who first learned about bitcoin but it puts paid to your conspiracy theory about a cabal that was secretly mining bitcoin in private.

 

[dirtywick]

https://www.strategy.com/press/strategy-announces-digital-credit-capital-framework_06-29-2026

strategy announces they will be selling bitcoin

 

[dirtywick]

Michael Saylor's Strategy sold $216M of bitcoin last week (MSTR:NASDAQ)

Strategy (MSTR) shares slip after selling 3,588 Bitcoin for $216M to fund dividends, as BTC dips and losses mount.

seekingalpha.com

sells $216m to pay dividends

 

[John Albert]

If you mean that they didn't take out paid advertisements on national TV or news papers then you are correct.

The original white paper was first published in 2008 on metzdowd.com - a cryptology website with public access.

I'm not talking about the white paper. The white paper is not the investment medium.

I'm talking about the launch of the application itself, which wasn't announced on a public website. It was announced on a special interest email list with only 271 members.

271 people, out of a world of 8 billion.

And before it was even announced, the creator had already mined 50 BTC in one day, an amount which today is trading for $61,815 USD.
.

 

[psionl0]

I'm talking about the launch of the application itself, which wasn't announced on a public website. It was announced on a special interest email list with only 271 members.

Why was that significant? This wasn't a "revolutionary currency". It was a new digital technology that was being shared with people who might be interested in trialling the technology. Interest wasn't likely to spread unless the technology proved feasible.

And before it was even announced, the creator had already mined 50 BTC in one day, an amount which today is trading for $61,815 USD..

There you go assuming that the creator was psychic again. At the time he mined those 50 btc, the price was ZERO.

Incidentally, Satoshi Nakamoto had mined some 968,452 BTC before disappearing from the scene forever (Source). The total value of the BTC he mined at the time was ZERO. Sure, he may have hoped that he could sell them in the future for a good price but hope is not the same as being psychic.

 

[John Albert]

There you go assuming that the creator was psychic again.

Nope.
.

 

[dirtywick]

https://www.bloomberg.com/news/articles/2026-07-06/distressed-funds-explore-a-swap-of-strategy-holdings-after-rout

distressed debt funds that bought up the tanking stock in talks with strategy’s bankers to swap funds at a discount

 

[SpuriusMaximus]

Well, you don't need to be psychic, just understand something about economics.

When you buy shares in a company, you essentially buy a piece of its revenue stream, even if it doesn't go to you. Plus physical assets. There is some incentive for someone else to buy it from you. I mean, if nothing else, someone attempting to take over the company would need to buy those.

Hell, even way back in the tulip craze, you got a physical tulip bulb of some rare variety. If nothing else, you could plant it and get a flower to hold while getting your portrait done, as was the fashion at the time. Or create more physical bulbs out of it to sell. You need one initial bulb to create a second bulb. It wasn't smart at that price in a bubble, but you can see some thought in thinking about it as being an investment.

Meanwhile, crypto was never even that. It was like buying a napkin on which a child wrote "TULIP" with crayons. It had "greater fool" written all over it from day one. It had no value. Unlike tulips, you didn't even need one bitcoin to mine a second bitcoin. The ONLY way to get something out was if a bigger idiot bought it from you for more money.

 

[dirtywick]

nothing really highlights that more imo than strategy, who borrowed billions of dollars to buy almost a million bitcoin, and found that he can do nothing with it besides sell it at a loss

 

[dirtywick]

India central bank backs crypto ban, tax department warns of evasion risks, documents show

India's central bank has reasserted a call for a cryptocurrency policy "leaning towards prohibition," while the country's tax department warned that trading via offshore exchanges is hard ‌to track, government documents reviewed by Reuters showed.

www.reuters.com

central bank of india favors crypto ban

 

[novaphile]

India central bank backs crypto ban, tax department warns of evasion risks, documents show

India's central bank has reasserted a call for a cryptocurrency policy "leaning towards prohibition," while the country's tax department warned that trading via offshore exchanges is hard ‌to track, government documents reviewed by Reuters showed.

www.reuters.com

central bank of india favors crypto ban

India did something very clever with real money too.

They announced that a particular banknote, the one used the most for illegal transactions, would not be recognised as currency after a particular date. This meant that criminals had to scramble to convert their ill-gotten gains.

I'd like to see Australia do the same thing with the current $100 bill.

 

[psionl0]

Meanwhile, crypto was never even that. It was like buying a napkin on which a child wrote "TULIP" with crayons.

Every now and then somebody claims that the tulip craze didn't last therefore bitcoin won't last.

It is just the old "something else is bad therefore bitcoin is bad" analogy being repeated yet again.

 

[dirtywick]

i don't think that was the claim being made. besides, people still buy and sell tulips