what so we are r/bitcoinbets now? No , wall observer. Bitcoin Forum > Economy > Economics > Speculation ( n memes n shit) ........ and not under "religion" |
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Here we fucking go...... now this IS an attack, and it is an attack from folks who are salivating, wanking , smeagoling, desperate , for any opportunity , any disaster, any tragedy, any excuse.... to stick the knife in. |
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The thing is, no one can predict the future. That's why there's the saying "the best time to buy Bitcoin is now." The guy bought 18,600 BTC and then the price dropped 35%. It could have just as easily gone the other way. Endlessly postponing buying BTC in the hope that "the price gets lower," you may end up never buying at all.
In 2-3 years' time, the guy who bought 18,600 BTC could be sitting at a few billion dollars' worth of BTC. It could be the smartest investment he's ever made, even if he's "currently losing"...
I totally agree... However, today he is not "currently losing" , he is just currently losing. (as much as a guy with that much BTC can be considered "losing " lol) It is what it is, I am donkeying about, playing devils advocate, whatever.... But, price moves in both directions. This is not a bug and it is definitely a feature Y'all realise that some people make/accumulate more BTC, when the price moves down right ? It is not an "attack" Jus facts. btw Viva la BTC !!!! Nothing wrong with some dry powder |
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snip
value has nothing to do with current loss. no more complicated than that. current loss is zero. Sure... people know the cost price of everything and the value of nothing However.. it is not called a "value chart" ... its called a "price chart" Like I am kinda donkeying around here, but alas, the guy if he sold today, or had to report today for accounting purposes.. is down, like all jokes aside ..... Tomorrow, he could get squashed to death by a fattie that did an accidental sitting on them, who knows what happens tomorrow. Today though, that guy is down half a billion dollars.... Probably NOT the worst problem he could have , and yes tomorrow or next month he could be at break even again... but today the bro is down. Try paying for shit with your unrealised p/l , it does not work Down is down, and up is up... like when people are praising this guy in a few years , about his amazing gains, which I am sure they will be... then he will no doubt be the first to say " I was down half a billion dollars , and now I am up 2 billion dollars" and you are not going to say to him... "bro you ain't in profit until you sell bro" |
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....btw I had heard that Croatian wine was decent.... but their ham game is also on point....muy buena .... hiccup
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 If in any doubt I am probably joking |
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hmmmmmmm
Bitcoin is money 2.0
Bitcoin is property
etc
OK well I am your accountant, tell me what is your networth today ?
Well, at todays valuation, unless your accounting method is 1 btc = 1btc, then yeah, he has made a loss as far as any accounting method which makes sense.
Cannot have it both ways.
He bought high, and now , TODAY , it is worth less.
It takes mental gymnastics to make it anything other than that.
Own it ....
BTC price fluctuates, that is what the Y-axis is for... oh and it fluctuates over time, that is what the x-axis is for.
The value of future BTC, is unknowable... it could be $5000, it could be $1,000,000 + ....
There is a reason that we have price charts showing todays price.... because, it matters.
As of today, that guy is down almost half a billion dollars, his net worth , measured by today , is down half a billion dollars, it is what it is... own it.
I dunno why that is so hard for people swallow.
His opportunity cost, has depreciated by half a billion dollars..
Just imagine, if he waited, and bought today... and the market recovers to where he did actually buy.... then, he would have bought at half a billion dollars cheaper, (bought half a billion dollars more BTC) and then for example if he sold at the price he actually bought at, half a billion dollars+ in profit... and so would be almost a billion dollars up.
Say what ya like.... but I am sure he would rather have bought cheaper.... even if he intends to hodl.
It is not complicated, and someone pointing it out... is not an "attack" ffs
Fucking price moves both ways , get over it .
ffs
ok ok be a maxi, ok whatever you feel is best... but denying that the price moves both ways, denying that a guy who is down almost half a billion dollars, is somehow not "down" , as of TODAYS date... is peak delusional, peak "over invested" , peak cultish...
Stay honest ...BTC does not need smoke blowing up its ass by an internet cult, it is plenty plenty plenty impressive enough.
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Charts have a y axis for a reason.
SLUT.
Are you referring to Chartbuddy? If so, you're absolutely right. There technically is a Y axis but the book is so flat it's under the first division. I'll see about tweaking that. No ser, CB is all good... I just mean in general, or in this case the Bitcoin/crypto market price chart(s) in general.... |
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Charts have a y axis for a reason.
SLUT.
Is either a valediction or a signature, you decide. |
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Charts have a y axis for a reason.
SLUT.
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I mean, sure further down the line maybe "bitcoin fixes this" , but right now, would we want 30 odd million land registry records (just for England and wales, imagine globally) stored on the BTC chain ? and given the amendments/requests/new records that would be required, would it be economically feasible, given the idea is to reduce costs........perhaps or perhaps one day it would? , I would not be against it at all... longest oldest chain etc.. but perhaps that would just be a waste.
Interestingly enough, I see that Bitfury, have already rolled out a system which is in use today in conjunction with the gubermint of Georgia which does use BTC in a fashion for real estate registry. (It uses a private permissioned blockchain to collect all the data and execute the tx, and then publishes it to the Bitcoin blockchain for public verification) So far has 300,000 properties supposedly recorded in this fashion. "NAPR (which is charged with land registry in Georgia) was able to provide Georgian citizens with digital certificates of their assets supported with a cryptographic proof (known as a hash). This hash was published to the Bitcoin Blockchain. This enabled the owner of the document to prove their legitimate ownership of the property by showing their timestamp. No one can alter the timestamp on the Bitcoin Blockchain, including NAPR. Integrating this layer meant that information about a property title could not be altered, and that any attempted tampering would be equivalent to tampering with the Bitcoin Blockchain (making it publicly visible to everyone on the Bitcoin network)" https://napr-gov-ge.translate.goog/udzravi?_x_tr_sl=ka&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=schttps://naprweb-reestri-gov-ge.translate.goog/?_x_tr_sl=ka&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc#/blockchain-------------------------- On another note, I decided last year that I would really like to travel to the country of Georgia, and spend some time there, given the 1 year visa free entry, and the interesting cultural melting pot that Georgia is, cheap prices of rent/food/wine etc, and the quality of awesome food and wine, and stunning scenery..... and to explore the rather interesting taxation situation especially for expats and especially for Crypto related business activities  ..... not sure if its rational or not, but the current situation in Ukraine has put me off/ made me postpone, does look great though. Apparently the rents in Tbilisi have recently tripled for available properties due to an influx of 40,000+ Russians... though I do wonder if the rents have gone up ...just for the russians, as some of the houses I saw , are the same price now as they were pre the Russia/Ukraine situation. |
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True story... some of the tastiest chicken I have ever eaten, was in Thailand, and they looked far far more like the 1957 chicken in the picture above... running around one minute , then snap, pluck, cook... tasty as fuck. |
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Happy Easter WO Gang! Italy, the land formerly known for good, healthy, unprocessed food!  Did you think my hat was only a meme? PS: No, bitcoin still not accepted. Happy Easter! Is it busy? I have seen more and more of these pop up, and manage to stay open in Spain, they used to open them, and then close them again because they did not get much business. Now in city centres they have managed to keep some open, and they are mainly full of kids or tourists though (why would you go to spain, or Italy as a tourist and eat MacDonalds?) |
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Using a blockchain while having a 51% attack advantage on said blockchain, is a contradiction in terms...
Sure thats a fair point... I was just answering the "who pays" aspect, and before that the "why" aspect, and as I think I have shown the who and why and how are actually, upon looking , quite obvious. The "who pays" question raises exactly this point. When those performing the security are monolithic in nature (either explicitly or by implication), you might as well use a private database. Well the who pays , as stated in this case, are the multiple actors that will use the system.... firstly the HMLR themselves, then the actors that they interact with, and ultimately the paying clients that they serve, what they are doing is streamlining and decentralising the process somewhat , and moving away from a completely centralised , slow, leaky, fraud prone, expensive, manpower hungry, system. Also, the network, the private permissioned need to know only , network, that they are building, which will be supported by nodes, it will live on the R3 Corda "blockchain" which is really a DL.... which is then secured and maintained in its own right (and not maintained by the HMLR) Is the Corda r3 DLT anything other than a DL, that allows for "decentralised databases" , no. It (corda) is not a permissionless network, it is nothing like BTC, it is not trying to be. But it is precisely because they (HMLR) need to have a non fully centralised system in place to achieve what they are trying to achieve that they have chosen to explore this route... and it is specifically a "private enterprise "blockchain"" they have decided to explore, on a permissioned distributed ledger, because, the actors involved are carrying out private transactions, which are on a need to know basis only , which require immediate atomic, deterministic immutable settlement. Also worth noting, that due to the nature of the real estate transactions they will be recording, they have chosen a structure which will have legal standing which Corda provides. So they have decided that they certainly do not want to use a permisionless public blockchain, which indeed would perhaps be unsuitable for what they are trying to achieve. Yes, it is mundane, its not that revolutionary.. it ain't "property NFT's" , it ain't a fully decentralised public blockchain solution... I still find it interesting... |
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So, the idea I believe is that they partner with various established players within the industry , in conveyancing, legal, HMRC, banks etc... and these guys who participate will/can run nodes to support the chain, and so the cost will be shared by them (and they will reduce their margins, and increase their profit by doing so)
The idea, that , it will be cheaper to maintain, than the current system(s) , more easily accessible, much much faster/streamlined, and far less prone to being gamed/defrauded.
So why would the land registry not just run a private secure database and charge fees to cover development costs? All the problems and expenses you decry are issues with the bureaucratic structure, not the underlying tech. A bureaucratic structure that isn't likely to take well to immutable databases, at that. Apart from they haven't , they are using a "blockchain" (well in actual fact they are using a permissioned network, supported by nodes, that will live on the Corda r3, which is a DL(T) , they call it an enterprise blockchain , but it actually does not have any blocks) to build their network The reason quite simply imo is that, they wish to have a non fully centralised system,(ie do not want to have a centralised database) as the various players that will interact with the system want and need a way to be able to have some trust in the data, due to the nature of the transaction, and prevent it being gamed, so they are going with a private permissioned network , that does provide immutability to transactions, with a UTXO ledger. I'm guessing they have decided to go this route, because of the fact that there are multiple actors involved in the transactions, ie the bank, the ID/KYC providers, the conveyancing/legal, the buyer, the seller, etc. I believe that , as they are wanting to make the whole process, digital, and fast, and fully automated (from the land registry point of view) that they are looking for finality in transactions, which they seem to have decided easier to achieve using a permissioned network, on the Corda DL(T). They currently have two systems , one paper system and two, the digitised "newer" system that they launched in 1993, which brought them half way to digital. It is both of these systems they are replacing. ...as I said, it is quite a mundane really, I am not claiming it is anything other than that, but I still find the direction of trend interesting. (ps, also they are not issues that I decry, they are issues that the HMLR decries and has stated themselves) |
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