The problem with this advice is the "Maximalists" are currently too busy trying to explain why INX is "different" than so many other ERC20s and why it's sad that the "bad people" made it hard for the "good people" to run a scam. Umm, I mean contribute to a legitimate blahblah token.
If it weren't for a new ERC20 token scam every few years (DeFi being the latest), no one would even bother to buy ETH. Hence if you need scams to stoke interest in hodling your tokens, then your whole token ecosystem is one giant scam.  |
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OT: I'm starting to think that Tesla's stock split was the "buy the rumor, sell the news" moment.
If so, I wouldn't be surprised if they fell all the way to $100/share or lower.
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Oh lookie, the OP is a contraindictor troll!
We must be going up then!
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It's now comical to the point of ridiculousness that there's always a crypto media published "reason" for literally every bitcoin drop.  |
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That is simply the most narrow minded thought process possible When it comes to pow virtual coins.
But is it really though? Look at reality for a moment. Buying btc and selling it for profit (or loss) currently comprises 99.9999999999999999999999% of all use case activity. That is the current reality. Presumably, that will still be the future reality. And no one seems unhappy about it. So here we are, 10 years on, doing the same exactly thing with bitcoin that we were doing a decade ago. SoV and digital exchange. Nothing more, nothing less. 10 years from now....same damn thing. 30 years from now, probably same damn thing. Now, I'm as much an abuser of hyperbole as the next person and I appreciate that most Bitcoin is being used for profit BUT I very recently spent $56 USD worth of Bitcoin for a service. Based on your estimates, if that were the only such use case, it would mean that the total fiat value of Bitcoin moving around recently would be US$56 septillion (that's 24 zeros if you didn't know). To put that into perspective, the entire world's debt is around US$300 Trillion (12 zeros if you didn't know). So looking at reality for a moment, this is utterly impossible until the next Bitcoin peak!  But...bbut....literally billions of $$$ worth of bitcoin can move around from wallet address to wallet address, and no goods or services are exchanged in the process. It just moved. And just because you personally just exchanged bitcoin for a service, doesn't mean other people routinely do. I'm saying the hodling of bitcoin as a SoV, and buying/selling it on exchanges for fiat, outweighs using it as a currency to directly buy goods/services by MANY MANY orders of magnitude. One could even make the argument that nearly a decade ago it was used more as a currency than it is being used today. |
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That is simply the most narrow minded thought process possible When it comes to pow virtual coins.
But is it really though? Look at reality for a moment. Buying btc and selling it for profit (or loss) currently comprises 99.9999999999999999999999% of all use case activity. That is the current reality. Presumably, that will still be the future reality. And no one seems unhappy about it. So here we are, 10 years on, doing the same exactly thing with bitcoin that we were doing a decade ago. SoV and digital exchange. Nothing more, nothing less. 10 years from now....same damn thing. 30 years from now, probably same damn thing. |
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But what I do NOT believe is that there are no other crypto projects that are worthy experiments or fill roles bitcoin cannot or will not. Just that the VAST (over 99%) majority of them are useless at best and scams at worst.
Ah yes, but therein your statement lies the difference. 1. Once you strip down a cryptocurrency to it's bare, basic usage as a secure SoV and digital online exchange asset, Bitcoin becomes all anyone will ever need. 2. Once you separate what a crypto can do for you *today*, vs. what all the shitcoins purport to do for the far-away future (i.e., solutions looking for hypothetical, non-critical problems that don't really exist, ergo purely speculative bs with no basis in reality), Bitcoin is still the only cryptocurrency anyone will ever need. Judged against this criteria, the 99% you mentioned above suddenly becomes 100%. "Worthy experiments" (completely subjective btw) should hold no monetary value. See Theranos for example. Filling hypothetical, made-up roles that aren't even a problem should hold no monetary value. |
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By the way... I think Greg Maxwell did a better job summing up my feelings on the whole "maximallists" shilling INX thing here: https://bitcointalk.org/index.php?topic=5271424.msg55090841#msg55090841Such a good job I did a giant merit blast at him. I find it one of the most depressing things in the bitcoin world all year. Perhaps I put more trust in the "thought leaders" and personalities than I knew. In my opinion Blockstream has taken a good size dent from this whole thing with the positions that it's leaders have taken. I cannot help but wonder if Pieter Wuille leaving for Chaincode Labs had any basis in this sort of crap. And I am not even a maximallist. I am just anti shenanigans. And that's what this garbage is in my humble opinion. The question is, why aren't you though? "Bitcoin maximalism" isn't just about those who have a stake in Bitcoin TM believe everything else is a scam; it's about the belief that Bitcoin is so complete in the functionality and security it provides, that no other crypto coins are necessary to even exist. Period. Therefore creating shitcoins, shilling them, owning them, or even trading them is defacto stupid and pointless. And those that do are regarded with a loss of trust and common sense at best, and at worst are seen as complete scammers. An analogy would be in the Precious Metals world, but a world in which a constant supply of laboratory-created "fool's gold" metals were created, shilled, owned and traded on the open market. Why even do that when you can just own Gold or Silver? The only people that will gain anything by creating and shilling fake metals would be the scammers that created them. |
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TBH, I'm not really impressed with the volume so far. I know this isn't going to be a popular opinion, but it feels as if a single entity (or a small whale group) controls everything in the market float from ~$10,5k to $12k. And it looks as if their mega pump hasn't really attracted other whale traders en masse at this point.
It seems nothing has really changed from when I posted this. Until other whale traders come in to play, this single entity is just going to keep splashing around and barting between $11K-12K. |
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https://finance.yahoo.com/news/bitcoin-miner-scoring-700-profits-110010796.html"By this spring, he expects to install 50 cryptocurrency mining containers on his 30-acre campus west of Midland, Texas, that will consume as much as 100 megawatts of electricity. At that rate, he says they can produce about 27 Bitcoins a day, worth about $310,000 at recent prices. When he’s not making money off that, at least there’s an electricity market to trade." Wow, super cool. 
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There has been systematic fucking around with regular people (who have turned into rioters) and even giving so many of the spoils to the rich, and lack of attention to the infrastructure of normies, so normies start to feel that they have nothing to lose - they turn into rioters.
normies are just like us
I don't care how frustrated they are, I have something they apparently lack... morality, ethics, compassion, and law-abiding. Anarchistic rioters and looters are not "peaceful protesters with a cause", they are criminals. So stop justifying their actions. By the way, there is no such thing as antifa, too.. it is a made up acronym that tries to suggest that rioters are some kind of organized entity, when they are just a bunch of frustrated and unorganized normies.. who don't have property or seem to have opportunities
Ok whatever you say Jay...  |
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I can't even even about that. Things are getting crazy in parts of the country. Really don't like what BLM and Antifa are trying to foment.
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It's not healthy if you attempt to frame history in such a way that largely just imposes many of your own values on other peeps. There is that angle, too.
And maybe if you stopped being such an insufferable condescending, know-it-all jackass who has to try and shame anyone that slightly disagrees with you, you might have more friends around here. That, and writing your ungodly long, droning walls of text that no one has time or patience to read. |
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Is everyone just starting to go fucking insane from this Covid and election season?
Apparently so. Many years ago, I originally came to this forum and this WO thread specifically, because I assumed that everyone that posted here (who loved and supported Bitcoin TM) was also really smart and open-minded. Outside-the-box, creative thinkers. Above petty political bias or agenda. Mostly Libertarian in thought, common sense, fiscal responsibility, and action. Supportive of every individual's right to life, liberty, and the pursuit of happiness. But man o' man, this year really opened my eyes.  I won't name names, but some of you that post here claim to be laid-back open-minded Libertarians, but are really Socialist-damn-near-communists in sheep's clothing. Some of you have your heads so far up the asses of your respective nanny-state governments, that one begs to question why you are even involved with Bitcoin in the first place.  I don't know what exactly happened here, but that's definitely not what the OG Bitcoiners were all about. ( of course some of them lost their fucking minds and went to shilling shitcoins, but that's a different story ) |
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"Examining the The Fed’s balance sheet uncovers that it added $344 billion more mortgage-backed securities and $820 billion more long-term Treasurys (i.e., debt monetization) from February 2020 to July 2020. In other words, of the $3 trillion increase, $1.1 trillion was printed. To put this into perspective, the Fed printed two-thirds as much money in the last 6 months as it did over the prior 11 years. And that’s not all, the Fed has committed to a YOLO whatever it takes QE posture going forward…"
And yet very few people understand the real gravity of this statement. |
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Just in case you want to follow Jerome Powell sending USD full brr and full inflation: https://www.youtube.com/watch?v=Eig-NOwTpboENDED NOW. First reaction. They are crazy. They are focusing on unemployment. Letting inflation running high to "help" lower wages labourfoce to find a job. This is nonsense, they get slaughtered by inflation in the meantime. EURUSD, XAU and BTC all going the same direction. Until the Fed actually puts their money where their mouth is and raises interest rates, it's all just a load of bullshit anyway. It's doubtful that Wall Street will even allow them to raise rates at this point. If they try it, WS will just mass sell off stocks, sending markets crashing. So it's the Fed's allegiance to the 1% that's keeping rates at zero and inflation low (aka stagflation). |
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Tangential to bitcoin, but I just looked at the long term charts of some prominent tech stocks; AAPL, MSFT, AMZN, GOOGL, ADBE, NFLX, FB
They are ALL exponential and in some cases (AAPL, MSFT, ADBE) significantly deviating from the very long term stock patterns.
I don't know what to make of it, but at a minimum such exponential moves are unsustainable, obviously.
When the break would come, nobody knows, but it will come, unless all this means that stocks are already pricing in high real inflation (that is pending) while bonds don't, suggesting a market that is simply crazy. Not going more into stonks, looked just for fun.
Yeah, they are all pricing in real asset price inflation, which by some estimates is between 6-10%/yearly. So they have to print money and pump stonks to outrun it, otherwise they are actually deflating (i.e., losing wealth). Just look at a stonk chart of Venezuela for where it's going. Just like a hockey stick, straight up. It's a melt-up. The problem comes when there are no more buyers, i.e., corporations vis a vis central banks have bought up 99.99% of their own stocks. Who will they then sell to? That's when the final straw will break. When will that happen? Nobody knows, but probably when main street inflation becomes unbearable (things cost too much for Average Joe to even live any more). Not sure why btc is not supra-exponential yet.
I feel like it's because Bitcoin still has a public image problem, no thanks to the negative MSM that seeks to slam it constantly. But hopefully one day it can overcome it. |
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