Bitcoin....who's gotten into it?

[subtle plague]

Do strawmen have an intrinsic argument?

[jono]

Right, and then I defined how people typically use the term. The examples are myriad both here and elsewhere.

You really don't see any problem citing yourself as an authority on common use (rather than asking people who use the term to define what they mean by it) while defining it to suit your purpose in describing their thoughts?

[MultiVerse]

Citing myself? I cited this thread starting on page 2. A search turned up more. How many examples would suffice? Are you arguing calling bitcoin a Ponzi with no intrinsic value is not a trope? Can you show any examples other than yourself of people using the term differently?

[jono]

I do have one example. You. Two pages ago agreeing with the definition I offered.

Pre-reductio ad absurdum, of course.

[JimmyCarter]

Jesus fuck we’re being pedantic about pedantry now.

Can someone throw a fucking laser eyed twitter post in here before we have to nuke the thread?

[MultiVerse]

I do have one example. You. Two pages ago agreeing with the definition I offered.

Pre-reductio ad absurdum, of course.

Nonsense. You couldn’t toast a piece of bread with the heat from your argument.

[jono]

You want the next door, this is abuse.

[J. Barron DeJong]

You and Wrong Forum deJong are gonna have to fight the rest of it out on your own.

I’d need some outside help with that:



But I have no interest, and doubt anyone else does either.

[MultiVerse]

Glad Jong can be a coward in an age when it doesn't really matter

[stalefish3169]

69k BTC.

Nice.

[skaredshtles]

69k BTC.

Nice.

[byates1]

69k BTC.

Nice.

Good thing musty got out at 40.

[stalefish3169]

Please explain how Bitcoin will solve plastic pollution.


Sent from my island using TGR Forums

BTC may not solve plastic pollution. But Warren Buffett has more blood on his hands than Hitler.

https://www.theguardian.com/environm...y-sperm-counts

https://www.washingtonpost.com/clima...s-responsible/

https://www.marketscreener.com/quote...-4819/company/

[LeeLau]

Ok, fair enough. But they both have meaning.

I think it's possible to do something for commodities akin to, say, the various definitions of money supply, where you separate the different types of contributing factors to value. Intrinsic value needs a specific definition for that and it would contribute something to some commodities and zero to others (maybe negative to a few). BTC goes in the zero category (presently?). That doesn't mean it's going to zero. On the other hand, if it ever gets close to zero that won't be very helpful.

Lee, I think I was recalling this discussion:

Thanks Jono! I believed I used the "Ponzi Game" word incorrectly. I should have said "Pyramid Game" or "Pyramid Scheme". Ie I think of BTC/ETH specifically as the potential winners and also the survivors.

There's been some interesting work in improving the utility of ETH. Disappointingly slow in re BTC. Also BTC has lagged in mitigation of environmental impact but then it's just been 2 years.

I'm still dip buying as opposed to DCA and have consigned the funds to the registered capital-gains exempt ETFs available to Canadians but that's a personal choice.

Since I posted this fwiw I haven't changed my mind on the BTC ETH duopoly. I was burned ( as were many) on alt coins and DeFi, took my losses and moved on. That sector was replete with hucksters

[byates1]

BTC cranking. Inverse jong FTW

[J. Barron DeJong]

BTC cranking. Inverse jong FTW

I haven’t predicted the price of Bitcoin, so?

But it’s still negative-sum, even when it’s going up.

[byates1]

Jong will freak out capitulate and buy BTC at 150k

[J. Barron DeJong]

Uh, no.

[byates1]

By that time he'll be priced out of la la land Tahoe and selling cigs in a casino in n Dakota

[J. Barron DeJong]

Probably nothing (what would he know about it, anyway?)



https://x.com/grady_booch/status/179...sR_NcRK2VkCfkg

(and they’re the same everywhere:
)

[shera]

Stairs down, elevator up. Why is it always like that?

I know a lot of shorts got liquidated, but it's always so asymetric.

[shera]

stalefish I hope you see this:
https://x.com/vinibarbosabr/status/1792654224628568083

You read it right: BlackRock has been settling its BTC transactions with Coinbase without using Bitcoin's settlement network.

We are not talking about "buying a coffee," but institutional settlements of a $18.5 billion fund.

The reason: Transaction speed and fees.

Lots of comments, clearly missing the point of this post.
Adding up to the OP, I see three main problems here:

1. Possibility of using fractional reserves and market manipulation when transacting "paper Bitcoin" in a centralized database (outside the blockchain) and also outside the books.

2. Two services making millions of dollars in profits selling BTC, but choosing not to use (or use little) the underlying system that underpins the product being traded.

3. Enthusiasts looking the other way as traditional finance captures most of Bitcoin's volume, replicating bad practices that Bitcoin was created to address.

This all could have been prevented if people really cared about these things instead of LARPing around the narratives but not really caring about them, only NgU.

Bitcoin (and cryptocurrencies) exists for a reason, which is being ignored as TradFi takes over.

That said, more efficient settlement networks would facilitate the adoption and their use, discouraging these bad practices instead of encouraging them, as happening in daylight.

[shera]

So I'm pretty much worn out with tilting at windmills - presidential elections, GME short selling, global warming caused by the 1%, big pharma and healthcare for profit, the list goes on and on. I guess I'll just throw this on the pile with the rest and continue with my misanthropy. I just wonder if you can give me some hope, stalefish, you seem to see the optimistic side of things.

[shera]

tldr Blackrock will borrow from Coinbase to sell short, coins that don't actually exist, just paper handwaving business as usual for wallstreet. Price suppression strategy. Funny how getting etf coincides perfectly with agreements between the 1% on how to screw the market.

sigh

[JimmyCarter]

tldr Blackrock will borrow from Coinbase to sell short, coins that don't actually exist, just paper handwaving business as usual for wallstreet. Price suppression strategy. Funny how getting etf coincides perfectly with agreements between the 1% on how to screw the market.

sigh

It’s not all about selling short, or price suppression. it’s just keeping the BTC in one place and transacting ownership of those BTC on paper, because actually transacting in BTC is fucking expensive.

Some of us tried to warn folks about TradFi coming in.