discussion comment
5 years ago
https://www.forbes.com/sites/michaeldelcastillo/2020/02/05/jack-dorsey-backed-lightning-labs-raises-10-million-to-build-visa-network-for-bitcoin/#201426f65ede
“Jack Dorsey-Backed Lightning Labs Raises $10 Million To Build Visa Network For Bitcoin.”
So, I guess all these millionaires and billionaires who invested in building the Lightning Network, and the 4,000 developers who helped build the Network, are all idiots? I mean... Bitcoin is just for terrible dark web transactions. It’s for drug dealers and pornographers. Bitcoin has no intrinsic value, guys! Making a network for Bitcoin transactions that is as fast and as powerful as VISA.... that will be a disaster!
“ Carlson says the reason Venezuelans spend bitcoin is because the pain of using such an unstable currency outweighs the difficulty of spending bitcoin. But as projects like Lightning take off, which make spending bitcoin easier, that pain threshold will lower, making spending more likely. “Looking at the size of lightning specifically and bitcoin more broadly, it still feels so huge of an untapped area that I think it’s one of the few venture opportunities where we could see the 1,000X growth that we’re looking for,” Carlson says.”
- I guess all those Venezuelans are evil drug dealers and pornographers, because there is obviously no way that Bitcoin is actually useful for anything other than dark web transactions, riiiiggghhhhttttt???????
Whatever you do......... Don’t. Buy. Bitcoin.
😄
discussion comment
5 years ago
^^ I'm a millenial... lookin' at your photo, I'm quite confident in writing that millenials won't stop going to strip clubs as long as girls as hot as you are working there.
discussion comment
5 years ago
Anxiety is a spectrum. A strip club is not as comforting and calming as my warm bed in my locked home, but a strip club is not as stimulating and anxiety inducing as a casino heist or a mass shooting at a rave.
discussion comment
5 years ago
@Random, yes, many believe the unwinding of the Fed's balance sheet is part of the cause for the big sell off around Christmas time of 2018. And I also saw the interview Robert Shiller did at Davos, it was pretty good. He also did an hour-long interview a few months ago, I think, hosted by Jeff Gundlach's firm. He actually mentioned Bitcoin like 3 times within the first 20 minutes lol, talking about his Narrative Economics book. The interviewers kinda joked with the audience, whispering about his Bitcoin position, "he's long."
discussion comment
5 years ago
Same. Peter Schiff actually made some good points about gold and gold mining stocks: https://youtu.be/3iFolFv4RV0
might add some of that.
discussion comment
5 years ago
https://mega.nz/#!B0w2zYxI!jw-HAN8plSH1FhM2SqKsJ2dh-XNNO8DpavvBYxA5bS0
discussion comment
5 years ago
"Do you expect all of these in a definition of bitcoin? Any time someone asks you what bitcoin is do you really answer all of these questions or do you give a basic overview? Lol. If a coworker asked me what bitcoin was I'd give that explanation. If they have more questions I'd answer it."
- Maybe not all of them. And, technically, I didn't ask for a definition; I believe my exact words were, "a full, concise and accurate description of how Bitcoin actually works." Admittedly a semantic point, but that's neither here nor there because you didn't even provide a good definition of bitcoin. The fact is, you didn't mention ANY of the innovations introduced by Satoshi Nakamoto, or by those who preceded him as they tried to develop a digital currency. There are some very specific concepts that you didn't even hint at. What you described has as much in common with Bitcoin as does an Excel spreadsheet. Go onto r\Bitcoin and try telling people that Bitcoin is basically a shared Excel spreadsheet, I can only imagine the reaction you'll get.
I had some free time on my hands, so to demonstrate this point I actually went ahead and programmed an Excel spreadsheet that is pretty darn close to what you actually described. It's called ShitCoin.xlsm, you can download it here: https://mega.nz/#!B0w2zYxI . It's actually better than what you described because this program doesn't use a lot of electricity. It's only 90 lines of code, took me about an hour to write (and I'm not a programmer by profession). And it does just as you describe: users' computers are used to process transactions and it uses users' computers and rewards them by giving them some ShitCoins. If you put it in a shared location and let a limited number of users edit it, then it's decentralized. Is this spreadsheet worth hundreds of billions of dollars of value, like Bitcoin is? No. Maybe EXCEL is worth lots of money, but not this specific spreadsheet.
Teaching Bitcoin to people is not an easy task and there is no such thing as a basic overview. I mean... think about this: They're called "cryptocurrencies." Did you even write anything about cryptography in your description? The one root word that is actually IN THE NAME, you failed to mention. How can you think that you came even close to getting it right? That's like trying to describe baseball without mentioning bases and balls. Impossible. If you give that explanation to a coworker then you would do him/her a disservice.
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"You say 'more usage = more electricity from mining activity. That is just plain incorrect.' Then you give examples of how that's wrong sentences later lol."
- Dude, no. Please read more carefully. It is not at all obvious that energy consumption from mining will continue to grow indefinitely. The mining industry has matured considerably, and because of this it is very competitive. It takes a lot of startup capital to just break-even in the Bitcoin mining industry, so to think that its energy consumption is just automatically going to grow at the same growth rate as user adoption is not at all obvious. Plus, new hardware is always being developed to make the mining process more energy-efficient.
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"I'm also sorry for quoting Elon Musk, I did it mostly because you were linking other people who were successful to prove a point just because they think one way about bitcoin it isn't right. You used the winklevoss twins as a pro to bitcoin so I guess we can scratch that off as a pro. I will refrain from citing successful people's opinion on bitcoin if you do the same"
- That's fine with me. But, just to set the record straight... I didn't cite the Winklevoss twins in order to promote bitcoin (i'm not really sure that that would even be considered a promotion). If you go back and look at the context, I mentioned the twins mining operation as an example of how Bitcoin is a completely seperate entity from its forked counterparts. It wasn't like I was saying, "look at what the Winklevoss twins say/do, Bitcoin must be good." Rather, just arguing the point that Bitcoin is separate from the forked projects by providing an example. Next time I'll just say "people" instead of [famous person].
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"There are transactions that are made legally using bitcoin however they are taxable since the IRS considers it as you selling bitcoin for cash. How many people actually follow that? If you dont, you are breaking a law."
- For the record, I did pay taxes on my gains. I had to fill out about 4 sheets of some IRS form just to give a record of all my crypto transactions.
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"While browing r/bitcoin I happened across this thread about someone trying to hide away his bitcoin. To your point about the govt being able to catch people buying horrible reprehensible things on the dark web., there are work arounds to tracking bitcoins. Who knows what this guy is about to buy and/or who or what was harmed in the creation of that content."
- Bad people are going to do bad things. That's just a fact of nature. Some animals eat their own offspring. I'm reminded of the debate about gun violence and gun ownership rights. The big difference being, of course, that digital stuff can't harm anybody, whereas guns are definitely lethal. I hope you understand the argument that you're making: somebody used some digital money to buy something that might have been created by harming somebody, so the digital money is bad.
So... are you okay with the millions of people who lost their homes during the financial crisis, brought about by centralized manipulation of money? You okay with drug cartels that use dollars? The terrorists that use dollars? Are you okay with the internet? Cuz, you know, if there were no internet then there wouldn't be a dark web. Why are you using the internet, buddy? Don't you know that the internet is the source of the dark web? WHY ARE YOU PROMOTING THE DARK WEB BY USING THE INTERNET? THE INTERNET IS EVIL! See, I can do it too, and it makes no more sense when I write it than it does when you write it.
Why haven't you mentioned anything about the potential good that Bitcoin can provide to billions of unbanked people in undeveloped or underdeveloped nations? Why haven't you mentioned the people in Argentina who are surviving hyperinflation in 2020 by using Bitcoin? Why did you mention that reddit thread and not something like this one: https://www.reddit.com/r/Bitcoin/comments/eq6j7x/authorities_hijack_82373_life_savings_at_the/?utm_source=share&utm_medium=web2x .
discussion comment
5 years ago
"they want to use that as a pro to bitcoin? Lol."
- I don't think they were intending to use that as a... "pro".... to bitcoin. To quote the research paper: "This document does not contain, or purport to be, financial promotion(s) of any kind.... The purpose of this document is to provide objective, educational and interesting commentary and analysis in connection with Bitcoin Mining."
Again, you seem to think that more adoption, more usage = more electricity from mining activity. That is just plain incorrect. It is probably true that large increases in user adoption creates additional incentive that motivates more mining activity, but that is not a feature of Bitcoin! That's a feature of human greed! If people wanna mine for Bitcoin, they're gonna mine! Nothing you can do about it, buddy, and nothing in the Bitcoin code that says they have to do it. Also... why do you write, "In exchange for using user's computers bitcoin rewards them by giving them some bitcoin?" First of all, it seems you misused the apostrophe. Second... who is "them?" The users? The miners? Whose computers do what now? How many bitcoins? What is the fundamental operation that is performed during mining? Why is it important? How is it related to security? Isn't there some cryptography involved in cryptocurrencies? I think you can do better than this!
Also, as I said previously, it seems you are delegating your due diligence to an authority figure... wait, scratch that, you are delegating your due diligence to an engineer / tech entrepreneur who has no expertise in this particular technology. Elon can talk all he wants in theoretical terms, but he obviously hasn't learned about how Bitcoin is used by law abiding citizens every single day. If people are using it legally, every day, then it must have a use case other than concealing transactions!
1/2 point for a correction. But, you also lose 1/2 point--I forgot to mention that, actually, decentralization alone is not what makes it impossible to be policed; there is another feature, another "d" word, that is also needed.
Zero points. Thanks for playing (again).
discussion comment
5 years ago
Also, for quality information on Bitcoin's mining activity and energy consumption : https://coinsharesgroup.com/assets/resources/Research/bitcoin-mining-network-june-2019-fidelity-foreword.pdf
From their conclusion: "Finally, using a combination of estimates of global mining locations and regional renewables penetrations we again calculate the Bitcoin mining industry to be heavily renewables-driven. Our current approximate percentage of renewable power generation in the Bitcoin mining energy mix stands at 74.1%, more than four times the global average. This estimate is marginally lower than our November 2018 estimate of 77.8%, reflecting the upstart of major mining clusters in fossil dependent regions such as Iran as well as relocation away from hydro-dependent regions such as Oregon. Overall, our findings reaffirm our view that Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilised renewables infrastructure. This could help turn loss making renewables projects profitable and in time—as the industry matures and settles as permanent in the public eye—could act as a driver of new renewables developments in locations that were previously uneconomical. "
discussion comment
5 years ago
Well, at least you were able to write something....
Welcome to Who's Bitcoin is it Anyway, where nothing is made up, but it's okay because the points don't matter. CTLennay..... You get one point for using the word "decentralized." However, you lose one point for mischaracterizing the mining process*. You get a half point for identifying the government's lack of control, but you lose half a point for saying the government has no oversight**.
Congratulations, your score is zero. Coulda been dozens of points if you tried harder. Thanks for playing.
* Any given individual is not required to mine bitcoins in order for that individual to use Bitcoin. Your description seems to conflate the concepts of mining and general usage of the Bitcoin network. The fact is, mining is a distinct process. The entire globe CAN use Bitcoin, and that DOESN'T mean everybody is mining bitcoins; far from it. An increase in user adoption does not necessitate increases in energy consumption by mining activity.
** While the dictionary definition of the word "oversight" often implies some type of managerial activity, and therefore control, it could easily be interpreted as literally "over"-"sight", i.e. seeing over the network activity. Interpreted this way, the statement "the government has no oversight" would be false. In fact, the government can very easily trace the movement of Bitcoins and track the activity of any and all public keys. Therefore, if the government associates your identity with your public keys / addresses, then the government can monitor all of your transactions. This is why Bitcoin is often referred to as a pseudonymous network, and not a totally anonymous one.
discussion comment
5 years ago
“If I write something out that explains how bitcoin works you'll just say I googled it. If I dont then you'll think I dont like bitcoin because I don't understand it.”
- I have google too. Using google to learn isn’t a shortcut... copying and pasting would be a shortcut. If you write it out in your own words, from your own understanding, then there is almost zero chance that I will find the same description when I copy paste your description into google. I could also ask follow up questions that aren’t easy to find on google. But I don’t really give two shits what you do.
Also, it would be unreasonable and unfair for me to say that you don’t like Bitcoin BECAUSE you don’t understand it. I don’t fully understand how my smartphone works, but I still like it. Rather, I would make the argument that you CAN’T have a strong opinion about it, for or against, if you have neither used it nor understood it. The conversation would basically be this:
“I don’t like it.”
“What is it?”
“I don’t know.”
“So how do you know you don’t like it if you don’t know what it is?”
It’s like... what the fuck are we even talking about? I have a decent understanding of what it is we’re talking about because I’ve studied it and used it. But, does the average Joe Schmoe know? No.
PS The argument has been made that Henry Ford would have been a supporter of Bitcoin. In fact, he promoted energy-backed currency before it was even a thing: https://link.medium.com/wAgdGwalu3
discussion comment
5 years ago
There is a problem in trying to pin down Bitcoin, in trying to fit into a particular category. The problem is that Bitcoin is so new, so novel, it can’t be categorized. This has been written about on Forbes, here: https://www.forbes.com/sites/spencerbogart/2017/12/03/bitcoin-is-a-platypus-the-story-of-category-creators/
So, I think it is misguided to try to categorize Bitcoin in legacy terminology: right wing, left wing, currency, commodity, tech platform, etc. Bitcoin is its own category. Both liberals and conservatives love it or hate it. Liberals for the freedom from government control and, conservatives for the privacy and potential for sound money.
The big problem is that so many people, including those on this discussion board, are quick to dismiss Bitcoin, for one reason or another. Maybe they heard somebody call it a fraud (Jamie Dimon) and they are appealing to authority and delegating their responsibility to perform due diligence to some authority figure that they’ve never met. So many people are just downright LAZY, and they don’t bother to do the work to learn how the technology works, and what the potential impact could be. People don’t want to put in the work to read, to learn, to study, to analyze. “Look here, I found a book on Amazon that says it’s a right wing thing. It must be true. Herr dee deeerrrr.” Garbage. I would love to see just one person, other than me, post a full, concise and accurate description of how Bitcoin actually works. Until then, I don’t really take anything that anybody writes seriously. Why should I? Does anybody else here really know how Bitcoin works? How to use it? How to secure Bitcoin funds in a cold wallet?
End Rant
discussion comment
5 years ago
Sounds like Mons Venus is the correct answer. Too bad it's got no private dance area and limited mileage.
discussion comment
5 years ago
Bitcoin price chart
discussion comment
5 years ago
I guess the people over at Fidelity Investments Inc. are right wing extremists also: https://www.reddit.com/r/Bitcoin/comments/eqf6nq/looking_on_linkedin_fidelity_is_hiring_bitcoin/
Either that, or SJG is just an idiot...
discussion comment
5 years ago
Hey SJG, I have you muted, but I still logout sometimes to read your comments in this thread. With that said.... you're kind of an idiot. Go away.
no offense.
discussion comment
5 years ago
I already went on and looked. There are new reviews posted in the last couple of days... and reviews from 2 years ago. Nothing in between. Seems like it's exactly the same as it was...
discussion comment
5 years ago
Yea, it's founded on libertarian principles... which means it's right. I agree with that!
discussion comment
5 years ago
I.e. idiocy in a book.
discussion comment
5 years ago
![]()
Papi_ChuloMiami, FL (or the nearest big-booty club)
2. I'm young.
discussion comment
5 years ago
And guess which currency they accept for payment of premium membership.... that currency that's native to the internet...
discussion comment
5 years ago
They did.... and now it's back.
discussion comment
5 years ago
Okay. Is there a point to that? Again, Bitcoin SV and Bitcoin are different. This thread is about Bitcoin.
discussion comment
5 years ago
Shows how much you know, bitcoin doesn’t have a target market. I’m sure you’ll figure it out eventually.
discussion comment
5 years ago
I did say hello to Jared. He said Bitcoin is the future.
Enjoy your paper money.