many people in the cryptospace appear to be in denial of this
So true. And denial means unrealistic expectations, bad surprises and sometimes dramas too, unfortunately. That's why we, at least here on this forum, should be realistic and express clearly the truth/situation, with both its good and bad sides. I think many people who have been here for a while tend to be realistic: bitcoin will be worth a whole lot or very little with not much room for a middle value. To me most people here realize the benefits of crypto (bitcoin in particular) and so tend to think that as more people realize the benefits the fiat price will go higher. |
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Celsius, FTX, Terra etc have all seemed like scam coins and scammy institutions all along.
Don't hold coins on exchanges, and don't fall for the dodgy get-rick-quick pump and dump coins.
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This is the real issue BTC is facing. Chickens get afraid and sell even if they lose their money. They don't even understand how crypto works. I've never sold a satoshi since 2013. I know BTC will rise back and one day will hit the 100k and beyond. In a way I'm glad this is happening, more strong hands and less chickens. HODL! Hoping to buy more if it gets down to 10k. Haven't even heard about FTX until now lol. This shows how panicked I am  1 BTC = 1 BTC. That's all you need to know. Less drama, live longer.Anyone who has held bitcoin for just about any length of time is way ahead of people in fiat, stocks, bonds etc. Between inflation and authoritarian kleptocrats around the world, there are few safe havens. PMs and bitcoin being the main ones. I did sell some between 58k and 62k, but I have only sold rarely since 2010. |
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fresh blow to the risk asset outlook
Not a blow, Elon Musk is just not afraid to call out the elephant in the room (unlike the economists or the Federal Reserve) which we all know about. Bitcoin may spend the time until its next block subsidy halving battling recession, Elon Musk suggested.
Bitcoin does not battle recession. Countries do.
We're already in a global recession - just state the obvious, no need for useless reports speculating on the subject. Exactly. Bitcoin gives power to the people to protect themselves from kleptocrats around the world who are using inflation to steal money from everyone else to try and cover their own sins. |
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It could be just that they were serious but the scope and size of the problems were so obvious that it became clear in just a few hours that it would be criminal insanity to rescue the scammers at FTX - from what I've seen they were using customer funds for their own uses. I don't know who was buying what FTX was selling for so long - to me, it just seemed like they were incompetent and dodgy from the start. Like celsius, they just seemed like corrupt from the start. |
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Good luck banning it for many people, but with the projected cost of power, that alone may solve the issue. This is, however, the camel's nose under the tent. Regarding this: [moderator's note: fixed date format]
And yet it still doesn't match the format in the sticky - brackets are not included: POST FORMAT: YYYY-MM-DD SITE - HEADLINEhttps://bitcointalk.org/index.php?topic=246823.0 |
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This is the type of publicity he wants. He could easily prove it by moving a satoshi. He chooses not to do so. That should be the end of the discussion in my opinion.
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...
Do you think with the level of civilization in the united states, that the digital dollar will be successful?
If you like a centralized, reversible, censorable, seizable, non-pseudoanonymous, inflationary currency who's value is set by whim, then the digital dollar will succeed. If you want to preserve your wealth and freedom, then you won't view bitcoin and the digital dollar as anything similar except that they both are "digital". |
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... What will the industry look like in 10 years in terms of regulation and KYC?
When bitcoin is stable in another couple of magnitudes in fiat price, then people will not feel the need to use a centralized exchange to get out of crypto. If you transact in and stay in crypto then KYC would seem to be much less of an issue. Instead of control freaks, one will have more freedom. |
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@NeuroticFish. What is certainly bullish about this is there will be more institutional investors that will buy and hold bitcoin because the fear of it being under an unknown legal classification is not there anymore. Also, there might be more financial outlets for regular people to buy small amounts of bitcoin and altcoins.
I speculate the next unregulated part of the cryptospace and where criminality's billions of dollars might flow is in NFTs. This cashflow going inside might help NFT total market capitalization grow by 10x or more.
One would hope they would hold "physical bitcoin" vs futures. Holding bitcoin futures is just stupid since you are stuck with counterparty risk. |
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"For people in foreign countries that are living in places that are very insecure, that is definitely a backstop and something that they can comfortably go to bed at night and know it’s going to be there in the morning," the senator opined.
I did enjoy reading almost everything that she said, except for the part where she implied it's safe or rather nothing bad could happen to it and that gives the wrong impression to both newcomers & tech-illiterate users that no matter how you store it, it's going to be impenetrable [all of us know that's not true]! I think she was assuming that people store it properly which the last 13 years has shown isn't as easy as some people think. |
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Two US senators, Kirsten Gillibrnd and Cynthia Lummis advised employees in America to include Bitcoin in their retirement plans. This was conveyed by both of them in an interview with CNBC. these two US senators are called Bitcoin Queen LOL, this nickname was obtained because of their love of bitcoin and cryptocurrencies. Bitcoin can't be stopped, Bitcoin can't be shut down. Bitcoin is an asset that only circulates 21 million, and it can't be added and can't be subtracted, when Bitcoin is getting harder to get then the price will soar, so bitcoin is very suitable for long-term investment, especially for those who have retirement plans. Agreed. People need to think that the time to get bitcoin is now (or earlier) because by the time you realize you need it (e.g. Cyprus, Venezuela, Hong Kong etc) it could be too late, or at least more expensive. Buy it when you don't need it to be prepared for when you actually do. |
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The fact this isn't talked about much even more so after Canada froze bank accounts watching people tx bitcoin and ETH addresses tied to other ETH addresses are being black listed / banned is really bad..
BTC will fail or much much much worse become the money of enslavement if privacy is not added.. Unbreakable privacy..
Privacy and anonymity are important. Whether bitcoin will fail without them, I don't know. At some point bitcoin reaches a point where one doesn't need to be exchanged for fiat, people just exchange in bitcoin which makes anonymity even more important. But also easier since you don't need a centralized exchange. |
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You can always have multiple safety deposit boxes at multiple banks and require access to all the keys or some M of N keys. Then a breach at one doesn't result in a loss.
FDR seized gold in March of 1933 and required people to open their safety deposit boxes and then gold was confiscated at well below market rates. The same could occur with bitcoin stored like that. The statists and authoritarians don't like people having the freedom to protect their assets.
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She is exactly right and it isn't just other countries. With inflation in the US and the huge deficit spending and confiscatory tax rates that are being proposed, not to mention people like Bernie Sanders and AOC people in the US should be aware and wary too. Socialism destroys freedom and wealth in proportion to the degree it is imposed and bitcoin gives a way out to protect oneself.
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@Betwrong. This is because their argument is bitcoin does not do anything productive for society except help criminality by making it much easier for criminals to launder their money, much easier to create drug dealing marketplaces in the darknet, much easier to pay for pedophilia content from the darknet and many much more negative reasons. In my own personal interpretation, if they are being used for those things, this good for bitcoin as a technology because it makes real peer to peer payments across the world much easier to do. I do not support criminality, however.
Using cryptocurrencies, especially Bitcoin, for money laundering and other criminal activities results in capture of those criminals in the increasing number of cases. Imo, ciminals will still be using crypto, but only because of their own stupidity. Check out this article, "Crypto Crime Trends for 2022" by Chainalysis Team: In fact, with the growth of legitimate cryptocurrency usage far outpacing the growth of criminal usage, illicit activity’s share of cryptocurrency transaction volume has never been lower. Btw, unscrupulous journalists can use the same article to blame BTC in helping criminals, but we all know what is really true. Exactly. Criminals use tools. That doesn't make the tools evil or good. A bank robber driving a getaway car doesn't mean cars are evil. Ditto a gun or bitcoin. People can be killed with things that are "all natural and organic" and people can be saved or killed by various medicines (see e.g. Michael Jackson). When you see "journalists" saying something is evil or bad, it pays to really thing about it. |
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The more people that use bitcoin the better. Anyone who owns some bitcoin will be well served in times of economic turmoil so if this plan is successful, the people involved should be better protected later. Will one small place change the world? One never knows, the world is made up of small places with people who each want to be free.
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We know a basic software code change would reduce Bitcoin’s energy use by 99.9%. If only 30 people — the key miners, exchanges, and core developers who build and contribute to Bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting the planet. So why isn’t Bitcoin changing its code?
They don't care about security and probably in their case actively want to destroy it because a secure bitcoin prevents the statists from essentially enslaving everyone to be subservient to their whims. Clearly a fork would be beneficial because it would cause chaos, and a change to PoS would empower them. The only thing the conservationists want to conserve is their own power over everyone else. Bitcoin threatens that. They'd like to expand it of course and bitcoin stands in the way of that too. |
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ESG is a scam. This is really posturing by the administration to make it look like they are trying to address "climate change"
Once again, the old KGB saying "they pretend to pay us, and we pretend to work" can still be found in the post-communist world. Once again, my blog post about this is relevant here. I would not take the stance that bitcoin will (or should) never change to PoS mining. Based on the arguments that I have heard thus far, I think that PoW is superior to PoS, but I am open to changing my mind. As it stands now, I would be opposed to a switch to PoS. There is a thread about a similar article that discusses how Fidelity investments is being pressured to try to pressure the bitcoin devs to switch to PoS. I noted that many investment management companies often push their own political and social agenda while threatening to vote a particular way with shares that belong to their customers. Noted in your blog post is that there are a small number of exchanges that stake coin on behalf of their customers. If a change to PoS is done, it would be best to not do so for reasons related to "climate change". From the technical side, I am not convinced that PoS is equivalent in security, let alone better than, PoW. The NaS issue hasn't been answered to my understanding. |
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I think the appropriate subject line would be:
"Crypto Mining Is Threatening US Control and Censorship Efforts, White House Warns"
That's what this is about in reality. All these people claiming they care about the environment are flying around on private jets with multiple homes. When they go first and put their lifestyle where their mouth is, then they should be believed. Until then, not so much.
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