Bitcoins/Litecoins/Virtual Currencies

  • Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!



    Go here and give us your nominations!
    Who's been the biggest Asshat in the last year? Give us your worst ones!
Arden

Arden

Blackwing Lair Raider
2,732
2,055
There's always either one person or a very small cadre of people in control. You're fooling yourself if you think that isn't the case with BTC. With Vitalik at least we have a face to put to a name, rather than some mysterious pseudo-Japanese guy that may or may not still be alive :rolleyes:
 
Jackie Treehorn

Jackie Treehorn

<Gold Donor>
2,908
7,481
Arden said:
If you're up huge over the past two weeks, you should be teaching classes on this shit lol. I didn't lose out as much as many people, but I sure as hell am not up.
Click to expand...
MATIC, my man. I bought in 35k at 70 cents. I just sold it at $2.15 earlier. There was various trades inbetween but that’s where my massive profits came from. That 70 cent buy in was about 2 weeks ago if memory serves.

I’m going to buy back into it soon.
 
  • 2Tendies
  • 1Solidarity
Reactions: 2 users
Flobee

Flobee

Vyemm Raider
2,674
3,072
Arden said:
There's always either one person or a very small cadre of people in control. You're fooling yourself if you think that isn't the case with BTC. With Vitalik at least we have a face to put to a name, rather than some mysterious pseudo-Japanese guy that may or may not still be alive :rolleyes:
Click to expand...
You're missing the point. Satoshi could reappear right now and dump all his coins, start demanding changes to the network, but that wouldn't mean a damn thing except an obvious price dump in the short term. Bottom line is that bitcoin is structurally decentralized and there is nothing anyone can do about it. That's the entire point of its creation, not even Satoshi can change it now.
 
James

James

Ahn'Qiraj Raider
2,804
7,056
Nowhere in that point did you describe how the power centers of Bitcoin are decentralized, you have just assumed that this is the case because Satoshi himself could not influence them, but all that means is that Satoshi has been unseated from his position of power.

Flobee said:
That's layer 2 as I said. You're smarter than this, I know you understand what I'm saying.
Click to expand...

Again, actually read Vitalik's qualified math about L2 development. You can't just magically handwave away hard TPS requirements by saying an L2 will fix it.
 
Jysin

Jysin

Ahn'Qiraj Raider
6,457
4,345
US Treasury calling for all crypto transactions over $10k to be reported to the IRS. (same as standard banking transactions)
 
Arden

Arden

Blackwing Lair Raider
2,732
2,055
If anything those announcements should be lending more legitimacy to crypto and thus be bullish for the long run.

Edit: key words "long run"- will probably cause a panic in the short term
 
  • 1Like
Reactions: 1 user
swayze22

swayze22

Elite
<Silver Donator>
1,217
1,097
Anything coming out of Biden's mouth is irrefutably bad for normal people and only good for poors and establishment/career criminal politicians & banks. This is why people hate big government.

Why don't these Jokers fix the current tax system and actually make billion dollar corporations pay more annual tax than I do. Fucking clowns.
 
  • 2Like
Reactions: 1 users
Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,520
16,542
Arden said:
If you're up huge over the past two weeks, you should be teaching classes on this shit lol. I didn't lose out as much as many people, but I sure as hell am not up.
Click to expand...

MATIC turned out to be a killer play, bro. Really insulated us from the storm yesterday.
 
  • 2Like
Reactions: 1 users
Flobee

Flobee

Vyemm Raider
2,674
3,072
James said:
Nowhere in that point did you describe how the power centers of Bitcoin are decentralized, you have just assumed that this is the case because Satoshi himself could not influence them, but all that means is that Satoshi has been unseated from his position of power.

Again, actually read Vitalik's qualified math about L2 development. You can't just magically handwave away hard TPS requirements by saying an L2 will fix it.
Click to expand...
Do I really need to explain Bitcoin decentralization to you? I figured you understood the separations between individuals running Bitcoin code, Miners, and devs? Satoshi or any dev could make new code that drastically changes Bitcoin, but if individuals running nodes don't like the changes, they don't run the code. At best you get a hard fork. Same situation with Miners demanding changes, see the block wars for an example.

Lightning already handles transaction via payments routed through payment channels. You should really do some more reading on this, you don't seem to have a strong understanding of what you're talking about if Vitalik didn't blog on it. Lightning isn't a finished product but it already massively scales on Bitcoins 7 TPS an allows for nearly free micropayments.

Maybe the issue here isn't that Bitcoin isn't innovating, its just that you're not paying attention to it?
 
James

James

Ahn'Qiraj Raider
2,804
7,056
Spoiler alert, Lightning will never be a finished product because, again, Vitalik's qualified math about building on top of L1 cannot be ignored or handwaved away. Do you have any idea what Lightning is currently used for, its security properties, or how you expect it to scale to the point that it handles SWIFT amounts of transactions per second? I'll bet you don't, because it's fucking impossible. Maybe the problem is you don't understand decentralization and what it means, instead choosing to believe some Bitcoin maxi reblogger about what it is and how Bitcoin is the only chain to achieve it.
 
Flobee

Flobee

Vyemm Raider
2,674
3,072
James said:
Spoiler alert, Lightning will never be a finished product because, again, Vitalik's qualified math about building on top of L1 cannot be ignored or handwaved away. Do you have any idea what Lightning is currently used for, its security properties, or how you expect it to scale to the point that it handles SWIFT amounts of transactions per second? I'll bet you don't, because it's fucking impossible. Maybe the problem is you don't understand decentralization and what it means, instead choosing to believe some Bitcoin maxi reblogger about what it is and how Bitcoin is the only chain to achieve it.
Click to expand...
Lightning only writes to the main chain when a channel is opened closed, or when channels need to be rebalanced. I would encourage you to learn more about this because you are not framing the system properly. Since we're only dealing with value transfers on layer 1, and value transfers are only finalized when channels are opened or closed you're point is invalid.

Lets say Lightning fails though, you can still scale BTC on more centralized layer 2 systems like the current monetary system does while maintaining a decentralized settlement layer. It isn't ideal and not what I'd like to see happen but still achieves the 10x improvement over SWIFT. It can still achieve an end goal similar to reversion to the gold standard in this case, flawed as it would be.
 
LachiusTZ

LachiusTZ

Rogue Deathwalker Box
<Silver Donator>
14,472
27,162
Flobee said:
Then you should understand the point RE: Vitalik and why Satoshi disappeared. Innovation needs to happen, I'm not convinced ETH is the answer regardless of how smart and well intentioned Vitalik may be
Click to expand...

Innovation by committee is a death sentence.

You need a singular visionary to drive anything worthwhile.

Arden said:
There's always either one person or a very small cadre of people in control. You're fooling yourself if you think that isn't the case with BTC. With Vitalik at least we have a face to put to a name, rather than some mysterious pseudo-Japanese guy that may or may not still be alive :rolleyes:
Click to expand...

Satoshi was just DARPA.

BTC is just another form of control. Like Facebook, twitter, etc.
 
James

James

Ahn'Qiraj Raider
2,804
7,056
wormie said:
What the shit is qualified math?
Click to expand...

Math that's actually useful and agreed upon, and not just some stupid TOTAL EFFECTIVE HITPOINT calculation or some shit that's entirely meaningless. You know, the kind of shit Vitalik deals in, viable logic.

Flobee said:
Lightning only writes to the main chain when a channel is opened closed, or when channels need to be rebalanced. I would encourage you to learn more about this because you are not framing the system properly. Since we're only dealing with value transfers on layer 1, and value transfers are only finalized when channels are opened or closed you're point is invalid.

Lets say Lightning fails though, you can still scale BTC on more centralized layer 2 systems like the current monetary system does while maintaining a decentralized settlement layer. It isn't ideal and not what I'd like to see happen but still achieves the 10x improvement over SWIFT. It can still achieve an end goal similar to reversion to the gold standard in this case, flawed as it would be.
Click to expand...

You can go back to 2018 in this thread to find me shitting on Lightning and its technical capabilities, it's a worthless system that Bitcoiners believe is somehow revolutionary. It's vaporware. I have no idea why you think massive financial institutions would rip out SWIFT and replace it with unproven tech running on top of a blockchain with an unscalable consensus mechanism.
 
Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,520
16,542
What's the donation level on here to be a Gold Donator? $100 total? I should share some of this MATIC Wealth if Biden doesn't destroy it by the end of the workday.
 
  • 1Worf
Reactions: 1 user
Sanrith Descartes

Sanrith Descartes

You have insufficient privileges to reply here.
<Aristocrat╭ರ_•́>
44,543
120,811
Rajaah said:
What's the donation level on here to be a Gold Donator? I should share some of this MATIC Wealth if Biden doesn't destroy it by the end of the workday.
Click to expand...
$100 if I recall. It stacks on top of your silver if memory serves.
 
You must log in or register to reply here.