Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
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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!
Oblio
Utah
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Arden
Blackwing Lair Raider
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I know I had my finger on the button and bought as soon as news turned good. And I'm up about 12% as of now.
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Tmac
Adventurer
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It doesn't necessarily matter if mining is centralized as long as nodes are independent right?
Flobee
Vyemm Raider
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That seems to be how Vitalik feels. Granted he is doing a lot of handwaving about separating block production from block validation via "specialized anti-censorship magic". I tend to think his explanations sound pretty bogus though. I guess one of those example solutions he provided could work... I can't say I truly understand what he is really talking about. Neither does anyone else though and I think that's the point. No worries though, we have years to wait until its all working properly.
Centralized chains are eating Ethereum's lunch right now (Solana specifically) and this article is a response to that. He has a method for those centralized chains to "turn into something trustless and censorship resistant" though... so I expect ETH to careen in that direction so they can compete. More or less confirming what I've been saying for a while now, they have to centralize or die because they're competing on TPS and a decentralized system simply can't have the same throughput as a regular database.
LachiusTZ
Rogue Deathwalker Box
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Flobee
Vyemm Raider
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In other news, I thought this was an interesting read about El Salvador's Bitcoin move and why Globohomo + US seems to be letting happen.
Why Are Nation-State Agencies Ignoring Bitcoin As It Challenges Dollar Hegemony?
As bitcoin gains traction in becoming the world reserve currency, why are globalists ignoring it? Whatever the reason, Bitcoiners must stay vigilant.
bitcoinmagazine.com
Oblio
Utah
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Does MJ have anything to do with the Solana spike in the last 24 hours? 6-0 in the finals, just saying
Michael Jordan Jumps Into Web3 via Solana App for Athletes - Decrypt
NBA legend Michael Jordan and son Jeffrey Jordan are launching HEIR, a fan engagement platform built on the Solana blockchain.
decrypt.co
Mist
REEEEeyore
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I just need ETHE to hit 40 today and I can make almost half a year's salary in 1 trade.
American oligarchs have been selling out the nation's interests for decades. They don't give a fuck so long as they get richer. China didn't steal our jobs; they were given our jobs. We trained their workforce. The anti-China propaganda is used to shift blame off the oligarchy and on to them. It's hilarious to feign concern for Muslims in China after we slaughtered 1 million Iraqis. Nobody outside America buys that nonsense. The oligarchy is starting to adopt bitcoin so there is internal resistance to outlawing it. The more it goes up, the more political power bitcoiners have, because wealth is political power. Rich people love democracy because they can buy it. In this case the interests of the rich and the poor actually align.
Bitcoin is just hard to outlaw because it's entirely opt-in and unintrusive. It's like banning weightless invisible gold mined from your backyard. Banning possession of a harmless rock is hard to justify in a (classical) liberal society that likes to trumpet the freedoms it grants its citizens.
Bitcoin however is still not a good replacement for money because of the volatility. The value of bitcoin has to be compared to something stable otherwise you have no idea what bitcoin is worth. Right now that something is US dollars. Michael Saylor makes the argument that crypto will make the USD more relevant in the future, not less, because weak currencies will disappear and they'll use cryptoized USD instead (in the form of stablecoins or similar). Nations won't officially adopt CBDCs of other nations, but they will adopt stablecoins.
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Flobee
Vyemm Raider
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1 BTC = 1BTC
1 Satoshi = 1 Satoshi
We're not there yet, but its certainly possible that Bitcoin is used as a unit of account some day. Bitcoin is only volatile in USD (fiat) terms. Over time, assuming things swing that way, it may be that fiat currencies are what is actually volatile and BTC is the stable store of value. How Bitcoin and crypto in general affects the international monetary system will be quite interesting. Personally I think that BTC demonetizes just about everything else eventually, but Saylor's version makes some sense as well. May be a question of time frame.
I agree that the higher the market cap, the more stable it becomes. But we're a long way off from the level of stability required to displace the world reserve currency. The downside to a very open and unregulatable monetary system like bitcoin is that trading shenanigans will cause large price swings. Bitcoin keeps dumping and rebounding largely because of overleveraged derivative trading. I love the wild west aspect of this personally but it makes it harder for bitcoin to replace fiat.
Rajaah
Honorable Member
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That's legitimately how I feel when I have excess money to go around. Like I wouldn't mind the current numbers so much if I were sitting on a pile of extra money and could buy some more. Unfortunately it's December, the absolute worst month for having any major amount of extra money.
Rajaah
Honorable Member
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I made around 12% of a year's salary in one trade earlier this year. It was VET, IIRC, after it shot up that first time and was super hot. That's my personal best trade. Unfortunately that, along with a majority of my crypto profits in general, are up in the air with the current market because I don't really ever pull money out, I reinvest it.
