Bitcoins/Litecoins/Virtual Currencies

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T

Torrid

Molten Core Raider
926
611
Flobee said:
short write up RE: the "Bitcoin mining council" sums up how I feel pretty well. I'll be quite happy to be proven wrong on this, but I don't like it right now.

tftc.io

This is the opposite of owning the framing

As bitcoiners we should be hyper-vigilant about these type of attacks that start off as what seems to be a benign virtue signal.
tftc.io tftc.io
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It was inevitable that large stakeholders would start to ensure that bitcoin mining wouldn't be a source of concern for them after they bought multi-billions worth of the coin. They just saw bitcoin drop 50% from a recent ATH and most of that was in a week, over carbon pollution FUD. This IS them attempting to 'own the framing' and trying to change the current narrative, which is largely bunk pushed by haters who don't understand the technology. Is this the best way to do it? I dunno. But I don't see it as a power grab. Sometimes you have to regulate yourselves or the feds will do it for you and they'll be worse at it.

They have no legal authority to do jack shit. Mining is worldwide. The USG can't mandate that non-US miners join this or self report or anything. Worst case is American buyers are forced to buy renewable mined coins I guess?

Bitcoin was designed to resist the world's most powerful governments. If bitcoin is vulnerable to Saylor and Musk seizing control, then crypto is worthless anyway.
 
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James

James

Ahn'Qiraj Raider
2,804
7,056
Flobee said:
short write up RE: the "Bitcoin mining council" sums up how I feel pretty well. I'll be quite happy to be proven wrong on this, but I don't like it right now.

tftc.io

This is the opposite of owning the framing

As bitcoiners we should be hyper-vigilant about these type of attacks that start off as what seems to be a benign virtue signal.
tftc.io tftc.io
Click to expand...

The arguments seem super weak, you need to have more faith in decentralization.

Second, it's extremely concerning that this group of bitcoiners wandered into this "meeting" without any sense of self-awareness. Do they not recall the last time there was a closed door meeting that involved industry stakeholders who attempted to speak on behalf of an entire industry? How did they think this would turn out? The hubris is astounding.
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He starts the article by saying that secret meetings involving industry stakeholders don't end up influencing Bitcoin development. It's not concerning in the slightest.

"They committed to publish current & planned renewable usage & to ask miners WW (world wide) to do so." This sentence may seem innocuous at face value, but it sets the stages for social pressure that will lead to regulatory pressure that will lead to the subsidizing of certain energy mixes over other, which will inevitably lead to a massive misallocation of capital throughout the mining industry and potentially end in a scenario where this council attempts to bifurcate the network by selling "green" bitcoins at a premium when compared to "dirty fossil fuel" bitcoins.
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What's wrong with this, exactly? How does this bifurcate the network at all? It might bifurcate investors, but the network is still the Bitcoin network whether it's green BTC or dirty fossil fuel BTC. If anything, this will increase demand in the network.

Ironically, the data above has been provided to the world by... miners self-reporting their energy mix to an academic study. The "council" is attempting to solve a problem that doesn't even exist and promising to do things that are already done. In fact, it is hard to believe they aren't attempting to solve anything except their inability to create a regulatory moat within the mining industry to date. No better way to do that then to inject the carbon credit scam into the conversation and shame miners who do not fall in line.
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This dude thinks having to perform a fucking academic study to determine the energy mixture of the Bitcoin network is a viable fucking strategy and not a problem in need of solving. Un-fucking-real.
 
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Daezuel

Daezuel

Potato del Grande
23,408
50,228
I want to read Elon's tweet about not working with banks anymore unless they reduce their carbon footprint.
 
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Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
9,970
16,988
So, we close on a big land purchase this week. We’re going to put in a reservoir and have the local and state politicians on board.

We had the EMC out last week to talk hydro power and they’re bullish.

Who here can talk to me about the infrastructure and ROI involved in a mining operation? I already mine, but what kind of scale is required, using free energy, to make big dollars?

I was already looking at BTC mining as a way to use off-peak power, but Kevin O’Leary’s comments got my heart racing.
 
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swayze22

swayze22

Elite
<Silver Donator>
1,217
1,097
You guys don't think it's coincidental that this is after they have amassed $1b+ positions in BTC that they NOW care about the coins and their origins?

Do we think Musk did not understand where BTC comes from PRIOR to the TSLA purchase?

Where did the bad for environment stuff come from again? Bad compared to what? Was it last week, or a year, or 5 years ago? Surely not from the guy who mines cobalt and uses all the rare earth minerals to make the "clean" shit that still runs on oil and gas infrastructure.

This is the beginning of "buy american coins" which is exactly the fearful propaganda we've seen historically and it's a slippery slope. And these people are trying to position themselves at the forefront for control.

Could just be late and i'm worrying too much, but i'm sensing a general theme and it's definitely anti-ME as a market participant.
 
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Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
9,970
16,988
Daezuel said:
I want to read Elon's tweet about not working with banks anymore unless they reduce their carbon footprint.
Click to expand...

This is already a thing in the timber industry (the most renewable form of energy) and I don’t expect it to slow down.
 
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Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
9,970
16,988
swayze22 said:
You guys don't think it's coincidental that this is after they have amassed $1b+ positions in BTC that they NOW care about the coins and their origins?

Do we think Musk did not understand where BTC comes from PRIOR to the TSLA purchase?

Where did the bad for environment stuff come from again? Bad compared to what? Was it last week, or a year, or 5 years ago? Surely not from the guy who mines cobalt and uses all the rare earth minerals to make the "clean" shit that still runs on oil and gas infrastructure.

This is the beginning of "buy american coins" which is exactly the fearful propaganda we've seen historically and it's a slippery slope. And these people are trying to position themselves at the forefront for control.

Could just be late and i'm worrying too much, but i'm sensing a general theme and it's definitely anti-ME as an individual.
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You’re being paranoid. Suggesting that Elon is suddenly coming out of nowhere being “The crypto guy” shows as much.

Elon’s always been the crypto guy.

I think he criticized it so he’d have the credibility to keep white knighting it. “Elon’s not a Bitcoin maximalist bc he criticized it!”
 
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Edaw

Edaw

Parody
<Gold Donor>
13,272
88,001
Daezuel said:
The comments on that are hilarious.
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Screenshot_2021-05-25 St Louis Fed's Bullard Most cryptocurrencies are 'worthless'.png
 
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Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,516
16,540
Mist said:
No, you fail at comprehension. I paperhandsed my 100k position down to a 10k position when I was still just barely above water.

Additionally, my 100k position was up over 25% when every fiber of my being was telling me to paperhands the fuck out right then and I didn't listen.
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I'm not sure how he's "failing at comprehension" when you posted this:

1621920661800.png

And congratulations, in that one move you lost about 3x as much as I've lost altogether since January.
 
Lambourne

Lambourne

Ahn'Qiraj Raider
2,863
6,833
I recovered my wallets from 2014 and found 150 Doge that I got from a faucet before I stopped bothering with it. Sometimes the junk in the attic really is just junk. Guess I can buy a pizza with it.

BTC seems to be going sideways now. Really unsure if which way it's going to break out when it does. Closed out my short since it's just costing money to keep open right now. I don't really want to take a position right now.
 
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Edaw

Edaw

Parody
<Gold Donor>
13,272
88,001
Lambourne said:
I recovered my wallets from 2014 and found 150 Doge that I got from a faucet before I stopped bothering with it. Sometimes the junk in the attic really is just junk. Guess I can buy a pizza with it.

BTC seems to be going sideways now. Really unsure if which way it's going to break out when it does. Closed out my short since it's just costing money to keep open right now. I don't really want to take a position right now.
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I'd say this is a safe bet. We are in the middle of something and noone is sure where it's going.

strangegame.png
 
James

James

Ahn'Qiraj Raider
2,804
7,056
Testnet version up and running. It's not too bad, I'll get mainnet setup tomorrow and do a little writeup.
 

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James

James

Ahn'Qiraj Raider
2,804
7,056
O shit I got the jackpot!!!

EDIT: Solver got 2991 $TRU for solving the task, the verifier got 749 $TRU for hitting the jackpot.

truebit-goerli2.png
 
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TJT

TJT

Mr. Poopybutthole
<Gold Donor>
42,720
109,019
Mist said:
No, you fail at comprehension. I paperhandsed my 100k position down to a 10k position when I was still just barely above water.

Additionally, my 100k position was up over 25% when every fiber of my being was telling me to paperhands the fuck out right then and I didn't listen.
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You seriously took a $90k loss this week due to paperhands?

Jesus... why the fuck didn't you just hold it for at least a few years?

If true you might deserve a medal.
 
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TheBeagle

TheBeagle

JunkiesNetwork Donor
8,744
30,382
TJT said:
You seriously took a $90k loss this week due to paperhands?

Jesus... why the fuck didn't you just hold it for at least a few years?

If true you might deserve a medal.
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I think she's saying she sold $90k worth of Ethe after it hit $125k and dropped. She didn't lose $90k. Her phrasing sucks and makes it hard to understand, but she has stated a few times she made a small profit. As a fellow ETHE holder I've paid particularly close attention to her posts lately and can decipher them.
 
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Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,516
16,540
People are lacking comprehension here. As I understand it she invested $100k, it blew up to $125k, she wanted to paperhands it and didn't and regrets missing out on that $25k (believe me, I get it, I could have made something like +$7k myself if I'd paperhandsed). Then as it dropped, she took $90k out just above her buy-in level (so just over $100k). So far so good. Not sure how anyone is getting "lost $90k" from that. She left $10k in, and lost %30 of that before folding and getting out.

I was very paperhandsy and it often doesn't work out, but sometimes it does. A lot of folks on here were like "y u no hodor" and after a while I was just like yeah, I should just hodor. Except I picked this terrible week to do it. Thing is, hodoring really IS the right move over time, in the grand scheme of things. Get in low, let it sit, check in in five years. TrueBit is great right now because it's so early.

At the end of the day you don't lose anything until you sell.
 
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