bit¢oin$

only if its as a larj

Sorry i slip into norwegian when i’ve had a fewj

treej

Its Bi-tulip mania!

https://en.wikipedia.org/wiki/Tulip_mania

How we defeat the transhumanist technocracy:
-Worship God
-Buy bitcoin
-Build our own internet (satellites + free speech software)
-Build our own bitcoin and silver/gold-backed banks
-Build our own digital economy
-Exit the existing system

— Gab.com (@getongab) February 13, 2021

are they moving to mars?

papa elon

I started listening to the ARK Invest podcast, and some of it is pretty interesting, e.g. when they get into the nuts and bolts of the autonomous vehicle race. But I just listened to the bitcoin one and it was so many layers of bullshit.

My favorite part was when they addressed the common criticism that bitcoin was too volatile, and their spin on that was that "what's great about it is that it's not correlated to other assets." You know what else isn't correlated to other assets? My boogers. That doesn't make them an investment.

coming bak to the tether thing. Their last reported mint was Feb 20 for 800mil. The nyag's report and fine came out 3 days later and they haven't minted any tethers since, although there has been a lot of huge transactions overnight and a lot of other stablecoin minting. But if you look at the btc one month chart it sure looks not entirely coincidental.

I spoke to a couple of the smarter bitcoin enthusiasts I've known, and both of them seem to have settled down and cooled their expectations a lot about it. Crazy that it's still having the run it is -- the stablecoin manipulation theory seems very plausible, it's just a magnitude of manipulation I don't know if the world has ever seen before if so.

Like both of these guys were once telling me "bitcoin is the new internet" and now they're like "it's overhyped and there are a lot of scammers out there but blockchain has a few good uses"

i mean bitcoin people are super sensitive when you say that tether is a huge scam and it's the main driver of bitcoin pumps... so you know. There is data out there but supposedly it's all FUD, i am not putting in the energy to try to convince people of something so obvious. I just trade around it.

weird how a super slow expensive distributed database didnt change everything

man, this is a fun thread to read back through, lots of gems

smarter bitcoin enthusiasts

Good intro

― ❏❐❑❒ (gr8080), Wednesday, December 5, 2012 9:28 PM (eight years ago)

posts that aged unexpectedly; that's over a million dollars.

The more I get back to reading about bitcoin, the more I feel like my friend has probably lost his judgment living in the silicon tower

― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 5:54 PM (seven years ago) bookmarkflaglink

yes

― lag∞n, Monday, December 2, 2013 5:56 PM (seven years ago) bookmarkflaglink

it's weird though, dude is smart as fuck and usually a cool-headed and skeptical thinker. But he keeps repeating these catch phrases like "it feels like the internet in 1990" that must ping-pong around a lot out there. He spent years having his employer do his laundry and drive him to work, so he may have lost touch a bit.

― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 6:01 PM (seven years ago) bookmarkflaglink

oh also "it's going to disrupt banking"

― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 6:02 PM (seven years ago) bookmarkflaglink

lol this is one of the guys I'm talking about who now says it's mostly scams and hype but there might be a few good uses for blockchain

my brother works in this industry and he says there really aren't any good uses for it...just a bunch of stuff that could be done much more efficiently with other data structures

Just use Postgres ffs

thats your answer for everything

It’s usually correct!!

I mean you can’t buy drugs with Postgres but otherwise

i'm sure some database programmers convert money earned with Postrges into drugs

i'm sure some database programmers convert money earned with Postrges into drugs

I feel seen.

Another thing I have to think is helping to drive the bitcoin price runup is leverage. My understanding is that there are offshore trading platforms that let you use up to 100x leverage to buy bitcoin. Presumably there's little or no oversight there.

https://news.artnet.com/opinion/beeple-everydays-review-1951656
some real humdingers in there

I was just talking with ZS on the NFT thread about how the piece is terrible as a whole -- the mosaic just does not work in the slightest in a visual sense. And also about how some of the individual images were kind of lame, sub-banksy trench commentary. But I hadn't seen a lot of those. Yikes.

didn't know we had an NFT thread!

NFTs

u should repost it there

forks, for the benefit of my sanity, even if you like NFTs, please do not like NFTs, please do not

but speaking of beeple and all the terrible shit he's made and said (and is now embedded into the 3rd-most value work of art by a living person), what sucks is that a certain kind of artist/audience could acknowledge that past and maybe the "work" would partly be about showing how he used art to move beyond that and not be a total fucking dick whose existence and continuing success serves as perhaps the quintessential example of everything that is wrong with white men. but instead, his current fanbase/supporters/#cryptobros/art fans are like mid-2000s ilxors calling everyone the r-word stuck in a time freeze, never growing past that or taking any criticism at heart

that maker "scene", along with the audience and now even the platform/currency they're using, is all fucking bullshit

Lol nft is endtimes shit

its higher than the volume of... a single stock

― lag∞n, Friday, February 12, 2021 2:18 PM (twenty seconds ago) bookmarkflaglink

Higher as a percentage of market cap though, i.e. the percentage of bitcoin that trades per day is higher than the percentage of, say, Apple stock that trades per day. Of course, Apple is very clearly widely held and traded among many many holders and trades on a transparent national exchange.

― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:20 (one month ago) link

matt levine quoted someone talking about this today, but didnt compare it to stocks -

“Bitcoin is extremely sensitive to increased dollar demand,” the BofA strategists said in a note Wednesday. “We estimate a net inflow into Bitcoin of just $93 million would result in price appreciation of 1%, while the similar figure for gold would be closer to $2 billion or 20 times higher. In contrast, the same analysis for the 20-year-plus Treasuries shows that multibillion money flows do not have a significant impact on price, pointing to the much larger and stable nature of the U.S. Treasuries markets.” ...
BofA notes that since about 95% of total Bitcoin is owned by the top 2.4% of addresses with the largest balances, it’s “impractical as a payments mechanism or even as an investment vehicle.”

this is a good summary of where we're at

Just imagine traveling 10 years back in time and trying to explain this to someone; just imagine what an idiot you’d feel like. “There’s going to be this online currency that people think is a form of digital gold, and then there’s going to be a different online currency that is a parody of the first one based on a meme about a talking Shiba Inu, and that one will have a market capitalization bigger than 80% of the companies in the S&P 500, and its value will fluctuate based on things like who is hosting ‘Saturday Night Live’ and whether people tweet a hashtag about it on the pot-joke holiday, and Bloomberg will write articles and banks will write research notes about those sorts of catalysts, and it will remain a perfectly ridiculous content-free parody even as people properly take it completely seriously because there are billions of dollars at stake.”

i disrespect anyone involved with cryptocurrency

i also hold $2200 worth of XRP now, after stupidly investing $2000 in it a few years ago based on this thread and my complete idiocy, watching it fall to $140, and then back up to $2200 again over the last few months. i'd get rid of it and buy some sort of local-market tv ad making fun of cryptofucks, but i don't want to figure out how to get into my goddamn wallet and con some motherfucker into giving me cash for it

of course, my current stance is based upon my overwhelming love for the petrodollar economy, and actually, it's ME who is the asshole

there's a mystery ilxor who i follow on twitter (different username/handle, no idea, but a bunch of ilxors follow them) and they talk a lot about cryptocurrency. sorry if i'm dissing that person, they are probably really cool. i suppose this is supposed to lead to some sort of thought path that leads to "i guess they're not ALL cryptofucks", but i'd like to see the number of verified "cool cryptotraders" rise above 0.000001% before going there

if anyone makes serious $$ off of this shit the only way they can get into heaven is to devote 110% of the profits to mutual aid

who is the mystery crypto ilxor out yourself

🤑

i am. i love crypto, tweet about it constantly to my thousands of followers.

maaaaaaaaaaaaaaaaaaaaaaaap

damn sorry to report matt has been canceled

wait

hey i'm not canceling anyone but myself. i am over there, in my own little cancel box. playing with real fiat money

cancel me dammit

these are the dumbest people alive

https://i.postimg.cc/gJQSFDTS/image.png