Bitcoins worth more than gold
NFTs are interesting but only for the facts you're not actually buying the artwork (or whatever) and they are on the ETH blockchain ledger, that anyone can view, and all your buying is a hexadecimal key that links to it!
It's a bit like buying the right to play music from Itunes.
It's a bit like buying the right to play music from Itunes.
pew, pew, pew, pew!
Why I don't read the Guardian anymore.
"Cryptocurrency is the term for a group of digital assets that share the same underlying structure as bitcoin: a publicly available “blockchain” that records ownership without having any central authority in control."
I wonder if we'll actually get to see which ones are truly decentralised in the next few years.
"Cryptocurrency is the term for a group of digital assets that share the same underlying structure as bitcoin: a publicly available “blockchain” that records ownership without having any central authority in control."
I wonder if we'll actually get to see which ones are truly decentralised in the next few years.
Craig S Wright is a bullshitter of the highest order. He claims to be Satoshi but Satoshi knew the importance of cryptographic signatures and signed each and every one of his messages. There’s a very obvious reason for doing so: it proves authenticity.
The person behind the Satoshi moniker is in possession of the relevant keys and can cryptographically prove his identity. Satoshi lives like he/she/it/they preach. Every public message by Satoshi has been cryptographically signed. Every single one of them.
That’s an unsigned post on some social media (Facebook?). It is not Satoshi.
Disregard that message for the hoax it is. BTC has been the abbreviation for Bitcoin since for ever. You can’t “steal” a decentralized blockchain.
The person behind the Satoshi moniker is in possession of the relevant keys and can cryptographically prove his identity. Satoshi lives like he/she/it/they preach. Every public message by Satoshi has been cryptographically signed. Every single one of them.
That’s an unsigned post on some social media (Facebook?). It is not Satoshi.
Disregard that message for the hoax it is. BTC has been the abbreviation for Bitcoin since for ever. You can’t “steal” a decentralized blockchain.
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I got it off LinkedIn. I was aware of the controversy about him. Figured it may be of interest because of his bullshit or because he’s not bullshitting and we’re all about to face the music (and I see comments that he has said this kind of thing before)Alexandra wrote: ↑Mon Jul 04, 2022 6:50 pmCraig S Wright is a bullshitter of the highest order. He claims to be Satoshi but Satoshi knew the importance of cryptographic signatures and signed each and every one of his messages. There’s a very obvious reason for doing so: it proves authenticity.
The person behind the Satoshi moniker is in possession of the relevant keys and can cryptographically prove his identity. Satoshi lives like he/she/it/they preach. Every public message by Satoshi has been cryptographically signed. Every single one of them.
That’s an unsigned post on some social media (Facebook?). It is not Satoshi.
Disregard that message for the hoax it is. BTC has been the abbreviation for Bitcoin since for ever. You can’t “steal” a decentralized blockchain.
The mind is not a vessel to be filled, but a fire to be kindled.
- Plutarch
- Plutarch
Bitcoin is facing the same music as the broad market because despite what cryptocurrency evangelists tend to believe, the majority of Bitcoin is owned by institutions. The same institutions that are liquidating their assets to survive the bear market are driving the price down. Bitcoin evangelists don’t have this financial backing.
People threw their money at Bitcoin religiously believing that they were hedging against a coming market crash. Now that the market crashes and they see that Bitcoin is no safe haven, it is hard to imagine that it will regain the popularity it once had. But who knows, people behave in strange ways.
Don’t get me wrong, cryptocurrencies and blockchain technologies are wonderful at certain use cases. I just think that most buyers and hodlers have misunderstood what those use cases are, and nerds are bad at building them.
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It will likely take the total collapse of the markets and the dollar for BTC to break away from the stock market. But that goes for gold too. If gold shoots up, expect Bitcoin to shoot up even higher.Alexandra wrote: ↑Mon Jul 04, 2022 7:58 pmBitcoin is facing the same music as the broad market because despite what cryptocurrency evangelists tend to believe, the majority of Bitcoin is owned by institutions. The same institutions that are liquidating their assets to survive the bear market are driving the price down. Bitcoin evangelists don’t have this financial backing.
People threw their money at Bitcoin religiously believing that they were hedging against a coming market crash. Now that the market crashes and they see that Bitcoin is no safe haven, it is hard to imagine that it will regain the popularity it once had. But who knows, people behave in strange ways.
Don’t get me wrong, cryptocurrencies and blockchain technologies are wonderful at certain use cases. I just think that most buyers and hodlers have misunderstood what those use cases are, and nerds are bad at building them.
Talking of total collapse of the market, we seem to be well on the way to a paradigm shift.
So a Great Depression version 2.
If that happens no one will invest in an electronic currency. It’ll be gold or cash. Or toilet paper.
If that happens no one will invest in an electronic currency. It’ll be gold or cash. Or toilet paper.
pew, pew, pew, pew!
I'm not sure you're correct in your thinking there. I think the very wealthy know the benefits to having digital as opposed to physical gold. Most hedge their bets with a bit of both. But you have an incredible amount of money - hundreds of millions, invested in mining farms the investors whom absolutely don't agree with your way of thinking.
Those mining rigs are paid for with borrowed money. In North America alone mining companies owe up to $4 billion and are facing defaults and liquidation.JollyBee wrote: ↑Tue Jul 05, 2022 8:15 pmBut you have an incredible amount of money - hundreds of millions, invested in mining farms the investors whom absolutely don't agree with your way of thinking.
https://www.coindesk.com/business/2022/ ... ar-market/The private and publicly listed crypto miners have racked up debts anywhere between $2 billion to $4 billion to finance the construction of their gargantuan facilities across North America, according to data compiled by CoinDesk and industry participants.
As the value of the miners’ output dramatically falls along with the price of bitcoin (BTC), they have to make tough decisions about how to survive – including selling off hard-earned coins and equipment.
“It was painful but necessary,” Alex Martini, CEO of mining hosting firm Blockfusion, told CoinDesk, regarding the selling of “millions” of dollars worth of bitcoin reserves to service the firm’s debt. Now Blockfusion has a cash reserve to last about six months, but “if the market doesn’t turn” the company “will be forced to do another round” of liquidations, he said.
And I’m assuming (not going to read all of it) that they hold a lot of coins so a forced sell will push the price lower?
And anyway. It’s all moot because Jollypee is apparently talking about the “very wealthy” now (assuming he means fiat wealthy) and not all the other investors, who stand to lose a lot more.
But then I thought crypto was for the common people? Decentralised ledger. Stripping the power away from “them”. Untraceable.
Blah blah blah blah blah.
And anyway. It’s all moot because Jollypee is apparently talking about the “very wealthy” now (assuming he means fiat wealthy) and not all the other investors, who stand to lose a lot more.
But then I thought crypto was for the common people? Decentralised ledger. Stripping the power away from “them”. Untraceable.
Blah blah blah blah blah.
pew, pew, pew, pew!
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