a decentralized system. That is an open and transparent system without human decision makers
not verbatim, but you are using promotional words from 15 years ago. not looking at the reality of how bitcoin has changed and evolved over those 15 years who are you even speaking to when you speak the promotional words.. people reading this forum have already heard of bitcoin so dont need the promotional speak. they are looking for the actual current information to do their due diligence.. risk mitigation we should actually stay vigilant and scrutinise things when things change, dont just settle for letting it happen coz "ideology" "trust" "promotional words tell me" |
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Investing should never be mandatory and should only be done with funds you can afford to lose. Especially for highly volatile and risky assets like cryptocurrencies. So I don't think it's a good idea to focus on a monthly plan if the amounts invested are substantial. People doing that should do it as a game of chance, without specific goals. If they win, they must be happy, but if they lose, it shouldn't affect them, they shouldn't have to care about it.
yep which is why its advisable to have savings first.. to have the easy access rescue pot you dont want to lose to stupid gamble decisions*. as the safety barrier.. to cover the events where money is needed investments is then the secondary event which to use excess funds, you are less emotional about due to having the savings rescue pot. you are then less likely to panic when it comes to investments*.. the mindset is if the money you dont spend which you want to invest would have just been spent on frivolous stuff thus a loss anyway, you might as well aim it at investing to potentially increase wealth, still in the knowledge you might also have made bad judgements by spending it before. thus less emotionally attached.
i personally think of excess funds as: money IF used for a luxury car just to show off for others benefit that still ends up turning to rust, just like an inexpensive car does.. money IF used for luxury food.. it would have become a toilet flush the next day, just like home cooked food, money IF used for luxury homes require higher ongoing maintenance, landscaping, heating, bills, taxes, .. a cosy home is better so living within your means can keep you from over-extending yourself and avoid incidents and money troubles. thus i dont panic when investments yo-yo short-mid term. i dont need to touch it short-mid term. because if any real world incidents happen i have the easy access savings to cover that. so i am more free to then invest without the risks/fears. .. when people decide to go full-anal frugal and live like a hermit crap, delaying living comfortably within means and instead surviving below comfort, below basic means.. they then get emotionally attached to the investments and more likely to make mistakes short-mid term* *mistakes like still FOMO buying near new ATH, mistakenly thinking the price will "to the moon" forever and never come down be cautious with your money but not emotional to the point of making mistakes due to excessive greed overtaking rationality, or panic causing you to sell at a loss |
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I said it needs to be a consensus decision still which shows a bit of decentralization too not like fiat that a single government structure can decide on. For them to affect the network they need to control more than the total hash power of the network and that’s still limited to some decisions as they also need other nodes to accept some consensus rule, this is decentralization to me even if it is not total decentralization.
the network (due to the backward compatibility trick) no longer needs the majority of the masses of user full nodes to be ready to then activate a new feature the power triangle is now more centered around economic fullnodes(services, not users), pools, and dev politics of core we have seen proven instances of the economic nodes clearly stating they would reject pools blocks that did not comply to the mandatory changes envisioned by core so stay vigilant and scrutinise things when these games are played, dont just settle for letting it happen coz "ideology" "trust" |
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anyone else notice BITCO (investco galaxy) https://www.coinglass.com/bitcoin-etf/BTCOhas been stuck at ~6.1k for the last month.. whilst the others have been grabbing coins by the multiple basket full i feel we already have our first ETF weak-hand tap-out |
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Exactly. Bitcoin didn't actually become decentralized until Satoshi left, given his control over it.
satoshi was actually open to community engagement and idea's .. just read his post history of getting idea's from the community. heck he even got bug fixes from hal finney the first month of bitcoin running, having never met the guy bitcoin evolved due to lots of feature upgrade proposals from many independent devs even while satoshi was still around however core have meet-ups of their club, they know and socially circle each other in a hierarchy, and moderate out those they dislike that are not following the core roadmap plan I'd say the ultimate test for Bitcion is:
2. Can it be co-opted and controlled?
The answer appears to be no, never.
you might want to check on core and the NYA activity in the last 8 years |
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The large amount of bitcoins held at CEX like Binance or etfs like IBIT are not owned by one entity. They are their customers funds. So what you are saying doesn’t apply.
#not-your-key-not-your-coin having a balance on a offchain system is an IOU not actual ownership (then note instances of MTGox(people havnt got 'their' coin)) and share holders of ETF have no owner claim of bitcoin whatso ever, so not even a IOU of bitcoin(note SEC regs of not allowing in-kind redemption) we need to stay vigilant and actually look for the changes and risks,, scrutinising them.. rather then play dead and say "its decentralised simply because that was a buzzword of 2009 so must be true now" |
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We're essentially selling our BTC to companies driven by mainstream governments' own interests. With this, Bitcoin's true value proposition has failed (banks win). At least, the code is open source.
open to read as a book. but there is a tiered hierarchy of moderation and recruitment process for the privilige to be able to offer proposals to evolve the source code of activated rules of the network. .. when economic nodes (NYA) have the sway of what transactions they prefer to use and see wiling to ban pools blocks that dont comply to a economic node preference when the source code is literally in the hands of a brand that purposefully named itself CORE (center) when the mining is no longer solo but pooled.. when full nodes offer features to disable peer services such as full archive seeding and also backward compatibity so that older nodes get stripped data or data thats not required to be validated fully.. .. whats left? we need to stay vigilant and actually look for the changes and risks, rather then play dead and say "its decentralised simply because that was a buzzword of 2009 so must be true now" |
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Do you think Bitcoin has gone against Satoshi Nakamoto’s original intentions and embarked on a non-decentralized path?
No. Bitcoin is clearly MORE decentralized now than it was when Satioshi was involved. its no longer the "1 cpu 1 vote" system it was before..
The question was about "Satoshi's" intentions. It stopped being "1 CPU 1 vote" before Satoshi left, and he made no effort to prevent that. 1. ASICS exist now, we are no longer in the 'solo mine' days of block creation via one CPU
And GPU mining existed before Satoshi left. He never expressed any concern about that, or any belief that it drifted from his intentions. The concept of mining pools came into existence before he left as well. He never expressed any concern about that either, or any belief that they drifted from his intentions. topic is actually about white paper.. so yes its changed alot since also he clearly expressed he didnt want to be a ruling class decision maker moderating out proposals that defied his desires. so yes its changed alot since satoshi was open to community engagement and evolution of mass agreement of good beneficial independently offered proposals.. rather than central point of failures.. so yes it has changed alot since as for asics, remember how gmax wanted to stop asics evolving their efficiencies due to asic boost potentially ruining/hindering core roadmap plans.. so yes its changed alot since remember how in 2016 people were telling devs incessantly that core devs proposal for 2017 of miscounting bytes, not validating all bytes which would allow junk un-validated data like books of moby dick to be put into blocks.. and core ignored the risks and pushed and mandated the activation to soften the rules considerably more, anyway... and warnings for years to not work on an after activation fix.. and years later we had the congestion and annoyances of ordinal meme junk to prove the point.. yes bitcoin has changed alot since |
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if you purposefully go to the rich part of the richest city thats all you will see the, richest part of the richest city
but if you then go to a different city entirely., say blackpool (listed as most deprived in 2023) you will see the opposite
welcome to the rich-poor divide
..
as for news of "falling into recession"
these terms are not about entering a period of recession.. but that the last 6 months have now been designated as being in recession (after the fact)
we wont know if the jan-june period of 2024 is deeper in recession until august, because thats what the "recession-officiating" policy is(retroactive designation)
..
as for NYC
if you go to south of central park. you will see the most expensive houses and the lifestyle of the financial district.
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in workplace language
boss/manager/leader
boss gives orders, less likely to respect the employee but expects loyal unchallenged respect from employee
manager gives orders but manages to take into account the employees position and respects the symbiosis
leader sets the path and give and earns the respect for people to follow his lead
in household relationships boss
the one wearing the pants/the provider/master of the house
these terms are for the decision makers and those that have more control over the household
in relationships boss
the dom/protector/gift giver/annoyer/aggravator/agitator
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Do you think Bitcoin has gone against Satoshi Nakamoto’s original intentions and embarked on a non-decentralized path?
Why do you think it isn't decentralized? The point of decentralization was that nobody can shut it down and nobody can control it or direct access to it. Those two things are very much true. No person, govt, company, organization, etc can stop bitcoin or control who has access to it. do you not know of the core devs. or the NYA agreement of/sponsored by major services, where there is the importance of the results of the "COPA cases" .. core devs and major services vs a scammer/fraud.* things could change if a court decided that core devs and major services have to do as the other party requests ofcourse core devs will just disband and no longer be devs,. but whomever then decides to develop, and proposes changes then has to abide by the law.. so be risk aware. *ofcourse he wont win.. but knowledge of bitcoin to know where vulnerabilities lay then inform people what needs defending |
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I think as of the 21st century, every investment or financial playbook out there encourages saving as a means to take care of you and your family when you can nolonger work because you grow older or retire early ..but the problem with this model is that it does not shield you from inflation, or generally loss of buying power of a currency.
And besides keeping money💰 in a bank is loss of opportunity to grow your bank account as its gaining little to no interest at all while banks themselves make money off your deposits, which is why business minded people never let it sleep there but invest it in other ventures that can make so cash for you whether big or small profits they can make a huge difference.
savings is not for the long term future, nor suppose to be for big amounts of years worth of lifestyle. its the short term rescue to avoid the initial panic of a change of circumstance. for small incidents saves you from even needing to touch your investments.. for larger cost incidents, savings give you just enough breathing room to then organise how to expend the investments via making good investment decisions without the initial panic/worry, immediacy. (if big enough incident) .. the small amount meant for savings wont be big enough for inflation concern. because you can plan in the small 2-5% inflation of a small amount and spread it over the year(0.17%-0.42% a month) to not really dig deep into your funding amount for other things like investments |
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censorship resistant;
be cautious of the over use of that buzzword bitcoin is censorship resistant of an INDIVIDUAL editing/altering/censoring transactions. but bitcoin always had good rules to decide whats worthy of being in the blockchain and decided and agreed by the MASSES using consensus words like dropped, removed, rejected, orphaned, purged, evicted, stripped, pruned are part of the bitcoin wordage when talking about bitcoin ruleset policy recently those rules have been relaxed, softened to allow junk and stuff that does not benefit a bitcoiners experience.. but some people(those over using the term censorship resistance) pretend any junk should be allowed and no rules should exist to stop anything bloating the blockchain.. which is a risk to the network and a efficiency drag that goes against a lean blockchain that could scale to benefit bitcoiners |
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printing of money does not always lead to higher inflation.. it all depends on where that printed money then goes
for instance if its spend to subsidise public service and public goods. EG subsidise farmers or oil refineries. it allows for the end produce of food and fuel/plastic to stay low cost thus keeps the CPI(consumer price index) low.
however it can go the other way if the money leaves the country it benefits those other countries with new income. whilst then harming the domestic needs not being met due to then having government deficits of not having the cash to then fund public services and thus services then need to charge the people directly. EG privatisation of ex public services which then sell services at a premium
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-If you buy a real estate and rent it out on the other hand, you will collect payment every month. That's called an asset. It generates a positive cash flow.
not every month some tenants refuse to pay rent, some tenants damage the property some houses require ongoing costs that all combined are above the market rate of rents. its not a guarantee of perfect profit, just take a look at all the buy-to-rent people now selling-to-dispose of assets due to market downturn and inflation of maintenance costs. interest rates, taxes, state requirements As a matter of fact, it is not advisable to save a large amount in the bank unless the purpose of your depositing money in them is savings & investment type. The interest you get from the money you put in the bank is very low, so it's okay to save there if it's for an emergency fund or monthly expenses. It's even better if you can find an investment with a good return and can double up your initial money that you've invest, you can take a risk for that.
investments are not meant for the large amount, nor the long term. its small amounts for short term emergency for instance. lets say you had saved a months incidentals.. then you would stop inputting your income excess into savings. and put the income excess into investments. if you then had a medical emergency which later came to a huge bill.. instead of panic selling investment assets to pay the large medical bill. usually selling assets at a bad time, thus at a loss.. you would instead arrange a payment plan with the medical institution. by which the payments initially are affordable to use the rescue(savings) to cover 1+ payment. to buffer you and save you from the panic. to then organise peacefully and effectively how to dip into investments to pay down the bill over months.. rather then rash decisions in days of incident The money you save today will depreciate tomorrow and become cheaper. It is very not practical to save money for the future in the form of money. The value of money should be converted into something else: something more liquid in the short term, and something less liquid and profitable in the long term.
yep savings for short term small needs. investment for long term future needs. dont worry about inflation in regards to savings. the small amount of say $1000 even at 5% inflation is only $50 spread over a year is only $4 a month.. thus not something that will break the bank compared to putting $500 excess initially in savings for a couple months and then $496 excess going into investments per month |
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bitcoin has changed alot from its inception
its no longer the "1 cpu 1 vote" system it was before..
this can be seen by 3 main things
1. ASICS exist now, we are no longer in the 'solo mine' days of block creation via one CPU
2. node consensus, we are no longer in the era of hardened consensus which required majority consent to activate new big features
3. proposals for new features has less of an open door policy due to te core hierarchy and their control of communication platform moderation of technical discussions. their open door previously is now just open book, of open to read but less open to be a writer/editor of said book
we need to keep an eye on these central points of failure and not just be ego stroked back to sleep to be told its ok to let it happen. we need to stay vigilant and scrutinise the changes. to ensure any and all changes benefit bitcoiners and not centralised institutions
also to note:
bitcoin decade ago used to care about each bytes purpose in a transaction, thus then in a block, trying to find efficiencies and ensuring nodes checked every byte met a purpose and validated the data for reasons that were set in rules.. not the same as what we see today
i am a bitcoin maximalist, its the only crypto i see as having longevity and potential for the future. but i am also a realist and not a suckered into sleeping dreamer. so i dont fear talking about the risks and issues
this forum doesnt need zombie salesmen only speaking the utopian dream hype promotions.. readers have already heard the word bitcoin to then have found this site.. so they dont need the utopian dreamer promotion. they want to see the realities and learn about actual bitcoin not promotional material. its called risk mitigation, due diligence
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@franky1. However, the daisychain has ended already after the bankruptcy of FTX. Many founders have retired or were forced to leave their positions. The only original crypto rulers that are still running their exchanges and operations might be 2 only, Brian Armstrong and everyone's idol the announcer of announcements Justin Sun hehehehe.
In any case, Grayscale sent 4018 bitcoins to Coinbase according to some news articles. This might be the cause of the latest dump or this dump presently might only be the fear of the real dump.
the FTX related stuff was the "contagion" this new buzzword "daisy-chain" appears to be another ordeal which silbert feels needs a new name i guess its because its due to his company having so many sister companies playing in his backyard that the effects of one affect another and another and it comes round full circle like a necklace(daisy chain) (satire analogy) i can imagine silbert one day imagined his companies as daisys and imagined SEC gensler as the bully/crush.. so plucking at each daisy in his chain.. "he loves me, he loves me not, he loves me, he loves me not" when evaluating business risk of each company in DCG portfolio as for grayscale. they are not sending coin to coinbase. they are releasing coin from coinbase.. literally every day that said. last reports were of a 3394minus outflow and 4018 is not much when talking about the scales they have. and the debts DCG have ~$200m (4018 at $50k) vs dcg $3b 4000btc is not even a quarter of their fee's for 2023 (grayscale earned like 16k coins in just fee's in 2023) also worth noting. a $52k-$51k (2% change) is not a "dump", thats just daily opportunity |
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though google replaced the need for people to buy the encyclopaedia..
google+youtube did not replace the education system(though many people do learn more efficiently from google+youtube compared to teachers sometimes)
fast forward to AI. and some things will save people money, some things will save people time. but thats evolution. thats civilisation
AI can also help create new jobs no one has had or thought about before
for instance, imagine if AI formulated a new method of doing something complex that no one was able to do before but now able to do thanks to AI. that can start a whole new industry of employment
EG imagine AI found a way to cheaply detect cancers via.. for instance resonance images of minute frequency knowledge of particle patterns. making a cheap reliable way to scan for cancers at a higher success rate. allowing people to get safely scanned quickly. would lead to more medical staff trained to see more patients efficiently so more people get regular scans as part of their annual healthchecks. rather then only scanned when they reach certain ages or start displaying symptoms.
having AI solve tasks that can make tests/checks be done so cheap and quick that people can get it done more regularly and more precisely would start increasing the demand for more regularity of checks which then increase the medical staff numbers to aid in the checks
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Saving should be a habit like brushing your teeth or taking a shower. If you get into the habit of spending less than you earn, you will greatly improve your financial situation over time. Of course, after you have enough savings for an emergency fund you should invest the money in good quality assets, including Bitcoin of course, because if you simply save in fiat money you will lose purchasing power due to inflation.
the savings amount is a small amount that should stay as easy access rescue fund. not locked into investments once you have a set savings amount as a rescue fund. then use other later income excess for investing and wealth creation knowing you dont need to dip into investments in emergencies, thus no risk of selling assets at a loss because you have the savings fund there as the buffer to save you from needing to mess with investment plans |
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Ok so finders keepers but what about the law if you wanted to sell some of that for physical money like the US dollar how would the law see it.
even finders keepers is not as true as you hope its not finders spenders.. its finders keepers. you have to keep it and make an effort to reunite it with its owner whilst keeping it(not spending it). if there is provable effort to reunite it and all avenues are exhausted and no one has made a valid claim after reasonable time. then it is deemed as unclaimed, to which you as the keeper can claim it, after all there is no one else that can claim it off you |
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