ShortCoins
Newbie

Activity: 14
Posts: 195

Total time logged in: 1 days, 13 hours and 40 minutes


I can only post every 6 minutes, so I spend a lot of time reading other threads and trying to learn. Ive spent 37 hours on this forum in just the last few days. I have no motives except to learn about crypto. And just to be upfront about everything, I did think crypto was going to go down with the introduction of options - and I was wrong. I did make my name ShortCoins expecting that to happen, but I had no stake in it either way.

I'm not here to spread FUD or low quality topics. Some of my threads were garbage, I am a newbie and learning the ropes.

Anyhow - back to bitcoin and crypto

Really nice post nullius, thank you.

I spent a few minutes rereading it. Perhaps the correlation between mining costs and bitcoin price is not as straightforward as I thought.

I like how you simplified for me what miners are doing: Security. But here is where I start to get lost. Doesn't security become more and more expensive to provide? And essentially that concept is what drives the Bitcoin prices higher at the end of the day? The fact that we know we are going to have to waste more resources to provide that additional security.

So basically this is how I'm simplifying it in my own head:

 mining fees = security = always increasing = bitcoin price rise


You have definitely spent the time to learn the Crypto space and I respect that. I apologize if I only bring abstract ideas to the table like "can we make bitcoin more eco friendly?" instead of having the technical solutions. I'll try to learn from you. I'm here because I want to be convinced... if you can believe that. I'm still going to make topics that express my opinion but ill make a concerted effort to increase the quality of my posts

I post because I enjoy talking about bitcoin. Really my activity number means nothing to me lol. I think I have around 170 posts? Because I want to post and share my thoughts not because I am doing a campaign. I have 0 intentions to do any faucets, campaigns, etc. I am actually open to the idea of "investing" in crypto and I am hoping to find a reason to. Possibly even on this forum.

My investment strategy has always been:

1. Buy entire markets don't stock pick etc (ETFs)
2. Least amount of commissions possible and use new brokerage accounts to trade for free
3. Least amount of fees possible when liquidating investments

So I buy something like QQQ commission free. I re-invest dividends free. And I pay one fee to sell the entirety of my shares.

I believe most people will lose money investing because of a) time value of money and b) entering and exiting too much which causes fees to become to great of a percentage of the investment


I can translate this strategy to bitcoin.

Step 1. Long Options on entire coin market or wait for a crypto index that isn't a complete scam
Step 2. Avoid paying fees for wallets and exchanges by not actually holding any coins. If I do buy coins don't move or transfer them apart from initial security.
Step 3. Open a new brokerage account to buy the indexes/options for incentives

Nah I don't think fiat money is backed by much of anything. When I say money represents a "future claim" on goods and services I mean the literal definition of a claim: a demand or request for something considered one's due. Which is exactly what it is.

So instead of exchanging product A for service B we exchange product A for money and then buy service B

This allows us to transfer assets without a direct trade through the use of a medium (money)



Wrong. Each BTC that is mined increases the difficulty of the next computation. In order to solve a more difficult equation, more electricity is required. Therefore, Bitcoin increases in value when mining costs rise. The price needs to rise in order to cover the losses of the miners (which they receive in direct payment of BTC).

Real Life Example: If cost of goods sold go up, so should your sale price

I think even the platforms with the lowest transaction fees are too expensive. And in general, the more well known exchanges like Coinbase have huge fees. Not to mention, if Bitcoin keeps going in the same direction the fees are only going to increase.

Ok Nullius, you are right. Have fun

Ah. I didn't mean to put it as a reply, I meant to make a new thread.

That's why I didn't see your response. Although I wouldn't respond anyhow as I feel you are just being a cyber bully at this point. I have seen you attack person after person on the boards for seemingly no reason. I have no idea what your intentions are. I'm sorry you don't like me.

However, I am not spamming at all and have been enjoying making friends and discussing bitcoin topics

You should live and let live. Because I don't wish to argue or fight with you.

Lets fast forward to the year 2100;

Lets Just Guess:
Bitcoin is the world currency
Prices are still through the roof
We have mined 20m/21m of the coins


What will we have accomplished in 91 years? Well you can bet those mining costs in 2100 to create the last 1m BTC will be insane. We will have destroyed so many resources by then that we will barely need a currency. If mining destroys enough assets and actual resources, it could get to the point where we literally can't stop it. Because people will be rushing to acquire the last of the currency and resources. I think the idea that bitcoin is finite is both attracting and alarming. A finite amount of currency reflects the sad truth about a finite amount of resources. I fear this currency will be used to further divide the wealth classes rather than bring us together. I wish we could learn to share. And realize the future is all that matters




Thanks for sharing about BTC-Green, I will check it out. I'm actually interested a lot in the ICO side of crypto and want to look into that more too!

Nullius - this is actually a stimulating discussion on asset destruction vs asset preservation.

If you ever have issues with spam, FUD, etc please contact a moderator rather than taking it upon yourself to police the forum. I have asked repeatedly for you to stop stalking and harassing me.

So please, move along and let us talk about improving crypto and the world

Don't worry I didn't take it that way. Your questions are very good and friendly.

I'm not sure how the coins could be created or if it could fit into the block chain. I think you could use AI or something similar to the block chain, where it is decentralized and people are incentivized to 'mine for the currency'.  I'm trying to think of how to make this currency, which would somehow encourage world preservation, rather than world destruction.

Step 1. Decide if we have enough resources for everyone in the world
Step 2. Figure out how to allocate those resources
Step 3. Use money as a means to share the resources, rather than destroy them


I'm worried the answer to Step 1 is we don't have enough resources for everyone. And instead of using money to share resources we will continue to use it to destroy the world. Without resources why do we need money? We shouldn't destroy resources to create something we actually want to use to allocate the resources. Especially if we are destroying resources when we already don't even have enough for everyone in the world

Yeah it would definitely be difficult.

I can barely wrap my head around it enough to even explain what I am thinking about


Basically:

1. bitcoin requires asset destruction for mining
2. it would be great if there was some way to make bitcoin based around asset preservation instead

One thing I personally don't like about Crypto is how wasteful it is when it comes to resources like electricity and man hours.

Mining costs play a large roll in the end value of Crypto. The more resources destroyed in mining, the more digital currency that is created


I think this is very backward. Instead of destroying resources to make a new currency we should be protecting resources and awarding those who help to save the planet. What if there was a Crypto that wasn't backed by asset destruction?

We could essentially incentivize people to do good things by awarding them crypto. Instead of going to a "job" you can decide how to spend your time. Anything that could be considered not environmentally friendly could be a debit. And everything that is beneficial to the planet/saving the world could be a credit. People could have freedom to live their life more to the fullest and technology could gradually replace most "jobs".



Basically what I am trying to say:

What if there was a way to create crypto based on saving resources rather than based on destroying resources

The reason we need money is to have a medium to exchange goods and services for each other. Money is the way we divide the world's resources.

What is money?
Money is a FUTURE claim on services or goods. It represents an amount of goods one is entitled to collect on


Now lets think about how this differs from crypto currency

The reason we need crypto is to exchange goods and services for each other using a digital medium and to provide it in a decentralized but secure way.


What is crypto?
Crytpo is a PAST claim on services or goods. It represents an amount of goods or services that one has already used



Here is what I mean by the difference between a future and a past claim on goods or services. Money is a future claim on the world's resources (including labor and services). You can use that money at a future point to collect in on what you are 'owed'. This differs dramatically from crypto. Crypto is actually a past claim on services or goods, because it cannot be earned without destroying resources. The value of crypto comes from the fact that electricity, man hours, and hardware are destroyed in order to create. We are essentially destroying resources in order to make a medium that will allow us to divide the rest of the resources up. Instead we should be earning currency based on the good things we do and the resources we protect. We should be incentivized to save the world, not destroy it.

I think the process of adopting crypto is too much of a sacrifice when it comes to resources. The very things we are trying to divide up we are destroying. We arguably need money to divide the resources, but we don't need to destroy resources just to make the money

The reason we need money is to exchange goods and services for each other using a medium. Money is the way we divide the world's resources.

What is money?
Money is a FUTURE claim on services or goods. It represents an amount of goods one is entitled to collect on


Now lets think about how this differs from crypto currency

The reason we need crypto is to exchange goods and services for each other using a digital medium and to provide it in a decentralized but secure way.


What is crypto?
Crytpo is a PAST claim on services or goods. It represents an amount of goods or services that one has already used



Here is what I mean by the difference between a future and a past claim on goods or services. Money is a future claim on the world's resources (including labor and services). You can use that money at a future point to collect in on what you are 'owed'. This differs dramatically from crypto. Crypto is actually a past claim on services or goods, because it cannot be earned without destroying resources. The value of crypto comes from the fact that electricity, man hours, and hardware are destroyed in order to create. We are essentially destroying resources in order to make a medium that will allow us to divide the rest of the resources up. Instead we should be earning currency based on the things we save and the resources we protect. We should be incentivized to save the world, not destroy it.

I think the process of adopting crypto is too much of a sacrifice when it comes to resources. The very things we are trying to divide up we are destroying. We arguably need money to divide the resources, but we don't need to destroy resources just to make the money

Ah it appears I am not the only person to be harassed by Nullius

After reading through his posts I noticed he starts arguments with many users on the forum. I think his intention is to create drama

I am hearing this more and more. I wonder if bitcoin can remain the top crypto while allowing an alt to fill in its old role as a currency.

I did not call him out until he came on the thread and posted the same spam that I had asked him to stop posting three times. I then edited the first post AFTER he came in AGAIN and posted more spam. He is simply copy and pasting the same false accusations of FUD etc. Yes, Nullius is well spoken and has a nice control of the English language. I agree that he articulates better than I do. That doesn't make my posts less valid




Hmmm. My point is that there haven't been enough changes to the technology to justify the growth in bitcoin's price. People are quick to defend bitcoin by saying it is still in its infant stage when really it is 8 years old with few upgrades. And SegWit isn't even integrated into the largest exchange yet (Coinbase)

Saying there has been so many upgrades and then listing Lightning Network as one of your primary examples just highlights my point that the technology has seen few changes. The Lightning Network is still in beta and cannot be counted as an update or upgrade just yet



This is a huge and dangerous assumption to make. In reality we cannot see into the future and know. Some unforeseeable event could cause mass selloff etc

I see what you mean now Dorkie 

I will just ignore his attacks, because I think he is going to continue to harass me.

I think one overlooked reason to cash out Bitcoin is the idea of "locking in profits"

With returns as massive as 500%, 1000%, 10,000%+ it makes sense to take the profit at some point. Sure you could miss out on additional gains, but by getting out before the crash you are essentially taking a safer route and mitigating risk. When compared to other investments like ETFs or Blue Chip Stocks, the returns that bitcoin has provided are incredible. A good exit strategy can involve things like: Selling at an arbitrary price point, selling at a certain ROI, selling if the price dips below a certain amount, selling if the trend starts to change, etc.

The important part is to understand your own strategy and your risk/reward ratio.

I think everyone is confused what FUD means

Being bearish on bitcoin DOES NOT mean I am spreading FUD. Most of my topics are very well researched and I provide sources on a lot of my boards. Instead of providing substance or adding to the conversation, Nullius has simply spammed all my boards with the same (lengthly) false accusations of me having short positions, multiple accounts, and claiming 'FUD' when I am discussing very relevant issues such as rising fees.

I am bear on bitcoin, I am also reasonable and quick to point out many good things about it.

I am looking to engage in conversation about bitcoin with other mature individuals. But it appear Nullius just wants to attack me and try to fight