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Author Topic: An article on how to be a Bitcoin maximalist  (Read 600 times)
franky1
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September 05, 2022, 06:20:29 PM
Last edit: September 05, 2022, 06:33:00 PM by franky1
 #41

PEOPLES(individual) values (note plural. for personal sentiments) are different
to bitcoins value

EG live in germany, japan, hawaii.. mining costs are at $0.40 electric rate that converts to a btc mining cost of $90k($78k-$90k hardware variable)
so if the market rate is cheaper than their mining rate then its cheaper and thus great VALUE for THEM

however if you were to put all the different acquisition costs of individuals ability to get bitcoin today onto a chart (like a scatter chart of everyone as a dot per person

you will see a blank void below ~$15k..
and this is the underlying BITCOIN value for the planet.
its NOT individuals speculative "value" personally to them looking towards bitcoin
but IS the value of bitcoin from the prospective of bitcoin looking towards the people as what no one can get below

EG im in the UK my residential electric is £0.20($0.23)kwh
which is about $50k on most efficient asic
so me personally was happy to buy at $30k and $20k as its cheaper then buying a miner and mining for a long while to get a few btc, as it costs more that way

but separately from that. knowing the BITCOIN SoV is ~$15k for whole planet underlying cost no one can reach.
thats a good 50% 75% Sov of those buys

however someone in [cheapest region] that can mine at $15k is preferring to mine as their SoV is 133%
for every $15k they put in they can sell it for $20k right now

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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JayJuanGee
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September 05, 2022, 07:19:49 PM
Merited by pooya87 (1), Dunamisx (1)
 #42

PEOPLES(individual) values (note plural. for personal sentiments) are different
to bitcoins value

EG live in germany, japan, hawaii.. mining costs are at $0.40 electric rate that converts to a btc mining cost of $90k($78k-$90k hardware variable)
so if the market rate is cheaper than their mining rate then its cheaper and thus great VALUE for THEM

however if you were to put all the different acquisition costs of individuals ability to get bitcoin today onto a chart (like a scatter chart of everyone as a dot per person

you will see a blank void below ~$15k..
and this is the underlying BITCOIN value for the planet.
its NOT individuals speculative "value" personally to them looking towards bitcoin
but IS the value of bitcoin from the prospective of bitcoin looking towards the people as what no one can get below

EG im in the UK my residential electric is £0.20($0.23)kwh
which is about $50k on most efficient asic
so me personally was happy to buy at $30k and $20k as its cheaper then buying a miner and mining for a long while to get a few btc, as it costs more that way

but separately from that. knowing the BITCOIN SoV is ~$15k for whole planet underlying cost no one can reach.
thats a good 50% 75% Sov of those buys

however someone in [cheapest region] that can mine at $15k is preferring to mine as their SoV is 133%
for every $15k they put in they can sell it for $20k right now

You are describing a way to place a supposed objective value on bitcoin that seems to be based on mining costs (costs of production) and trying to take out the people aspect to it, which is a bit detached from reality (even though you surely have rights to do that).

Of course, you have also not accounted for future value that you believe are based on subjective value and expectations of future value that can affect present value?  You are too busy trying to negate the counting of people as if the world really works like that.. as if you really are going to be capable of figuring out actual costs without accounting for subjective value. 

And, yes there are actual mining costs, but there are also miners who speculate on bitcoin and even will mine at a loss.. and there is also changes in costs and changes in perceptions about whether costs will change that will cause changes in mining efforts too.

I thought that I agreed with your earlier post, but since you are devolving into too much attempts at what you believe is pure objective value (that does not exist as much as you like to believe it does), maybe I don't agree as much as I had previously thought?

Even if there might be some ways of valuing bitcoin (and/or any other thing) in more credible ways, I have my doubts that there is any meaningful way to proclaim value - even if you are trying to assess what you believe to be objective values.. while excluding subjective perceptions of value (even if subjective value is not the only contributor to value - whether bitcoin or some other asset).

I guess my point is that both objective and subjective value needs to be accounted, even if your aspirations to remove subjective value can be a good thought exercise (that is decently detached from reality because it ends up being an extreme in its own right). Objective value ends up being selective in its own right because it is suggesting itself to be excluding one of the main components of value, even if subjective value is not the ONLY thing that contributes towards value, but it is a decently good-sized components that have a lot of angles to it and a lot of indirectness too in the sense that it is everywhere even embedded within your purported proclamations of objective value, too..

1) Self-Custody is a right.  There is no such thing as "non-custodial" or "un-hosted."  2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized.  3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
franky1
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September 05, 2022, 09:05:16 PM
Last edit: September 06, 2022, 08:02:51 AM by franky1
Merited by JayJuanGee (1)
 #43

what you are trying to attempt to do is change this into a discussion about the differences between
individuals values
(the plural of sentiment speculation and variation of emotion and desire)
vs
bitcoin store of value
(a measurement)
..
peoples values(the plural) are subjective and individual

legegendaryK and windfury. were discussing "store of value" and confusing it with market price

i was clarifying the store of value number is different to the market price number

my personal threshold is the $50k line where below that i deem it "cheap"
im happy to buy at anything below $50k
(i already have hoards from as far back as 2012 so dont NEED to buy. .. but while its deemed cheap why the hell not stock up some more.. no point holding onto spare fiat that loses value)

my values(plural sentiment), are that i want bitcoin for its functions, its utility and benefits to me. which are many
i know the code. and i trust and use the legacy addresses. and that is my personal choice. though i do not like certain devs changes to certain features. of new tx formats that are cludgy and unfinished. i personally trust my value on a legacy address as i can see that the legacy tx format code of validation and verification still fully work.

as for the store of value.
bitcoins store of value for my personal batches of hoards over the years are protecting my wealth very very very well at different levels. but all are more so than other assets/mediums of exchange ever has or will

and thats why i am a maximalist

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
JayJuanGee
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September 06, 2022, 07:30:17 AM
 #44

what you are trying to attempt to do is change this into a discussion about the differences between
individuals values
(the plural of sentiment speculation and variation of emotion and desire)
vs
bitcoin store of value
(a measurement)

What I thought that I was doing was responding to a point that you made in regards to value.  Initially, I thought that I agreed with you, but as we had a couple of exchanges, for the reasons that I already stated, it appears that I do not agree with you as much as I initially thought that I did.

So I am not trying to change any kind of discussion because this thread is about Pete Rizzo's article and his views on what a Bitcoin Maximalist should be - so the value discussion, so far ends up being a tangent to the thread's subject matter.


peoples values(the plural) are subjective and individual

legegendaryK and windfury. were discussing "store of value" and confusing it with market price

i was clarifying the store of value number is different to the market price number

Yes, and I already responded to your point. .It seems that we disagree, and I already made my points about that, to the extent that I had any points.

my personal threshold is the $50k line where below that i deem it "cheap"
im happy to buy at anything below $50k
(i already have hoards from as far back as 2012 so dont NEED to buy. .. but while its deemed cheap while the hell not stock up some more.. no point holding onto spare fiat that loses value)

I am glad that you are embracing the idea of BTC accumulation - and for sure each of us needs to figure out how much BTC that we want to accumulate based on our individual circumstances, which surely would include considering how many BTC we may have already accumulated and if we have gotten through BTC accumulation, then our thoughts might be different if we are in maintenance stage or even liquidation stages.. but sure view of value versus price could also be considered no matter which stage we perceive ourselves to be in.

For me, I had done my initial BTC accumulation mostly between 2014 and 2015 but I still had some continuing accumulation in 2016 and early 2017, and it seems that I felt that I transitioned mostly into a kind of maintenance stage since about mid-2017... and so surely I have my ways of dealing with my ideas and practices regarding how to maintain my BTC portfolio.. which largely attempts to maintain some levels of price agnostics contained therein.. even though I am working on some formulas for also transitioning into a kind of living on bitcoin (and/or funding projects) that are likely to have formulas that for now spring off of the 200-week moving average in terms of assessing BTC valuations and possible authorizations to sell. so that would be more getting into liquidation stages, even though I am not quite feeling like I am quite yet getting into practices related to such a stage.. still considering myself as being in a kind of maintenance stage, overall..

my values(plural sentiment), are that i want bitcoin for its functions, its utility and benefits to me. which are many
i know the code. and i trust and use the legacy addresses. and that is my personal choice. though i do not like certain devs changes to certain features. of new tx formats that are cludgy and unfinished. i personally trust my value on a legacy address as i can see that the legacy tx format code of validation and verification still fully work.

Perhaps the franky1 version of bitcoin maximalism that appears on its face to be a big blocker nutjob bullshit anti-segwit baloney, but maybe you have your reasons for such (as you just summarized)... and if it works for you so far, then so be it.  To each his own, no?

as for the store of value.
bitcoins store of value for my personal batches of hoards over the years are protecting my wealth very very very well at different levels. but all are more so than other assets/mediums of exchange ever has or will

and thats why i am a maximalist

That seems to be called NGU technology, and surely so far it appears that the longer that any of us have been in bitcoin, then the more likely we are going to been able to do relatively well compared to any other assets that we might have invested into so long as we largely accumulated BTC early on and mostly continued to hold or maintain our BTC holdings with the passage of time.  We can also have all kinds of views about what brings bitcoin its value or our how we perceive our future allocations into BTC to play out, and there's no real evidence that bitcoin is losing any of its foundational values - even if we might assess foundational (fundamental) values in different ways.

1) Self-Custody is a right.  There is no such thing as "non-custodial" or "un-hosted."  2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized.  3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
franky1
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September 06, 2022, 08:25:47 AM
 #45

by you pandering to certain social clan buzzwords of 2017 to some bitcoiners as  oppositions to bitcoin. is you trying to be a fool of those social drama clan war games where groups think that certain people should not be bitcoiners.

that social drama game ended, by centralising parts of the network towards one central group
(central points of failure are bad for the network)

a bitcoin maximalist cares more about not having central points of failure, rather than clan loyalisms. .
by how you coment and present yourself in this forum, it seems you are a clan loyalist not a bitcoin maximalist

my mindset is clear..
i care more for the protocol than i do for the human developers that can mess with the protocol... and have! bypassed consensus for their own sponsor paid features they preferred which 5 years after 2017 are not even finished, nor multiplied utility by even 1.#x of numbers mentioned in 2010

EG
imagine the 2017 change was not segwit. but instead a change to PoS..
where the same NY agreement(DCG partners) of economic nodes decided that they will declare PoS flagged blocks as BTC and reject any PoW blocks as of august 2017

imagine blockstream(DCG) paid devs coded the mandatory fork for that period..
would you be soo willing to be loyal to the crew that enforced the activation by splitting the network

yep many of DCG businesses are regulated. so if DCG want to stay in operation and make profit and if regulators decide that they prefer PoS.. guess what could actually happen..

consensus is about:  agreement =activation.
not splitting network to fake 100% vote of remainers

if another NY agreement and blockstream sponsored core code release of a preferred change happened again.. guess what would happen(ill leave you to answer that)

you want to play buzzword games of "big blockers" but none of 2017 was about massive blocks, even the 'bloq(DCG) segwit+2mb supposed compromise was just another ploy to get segwit 2017 cludgy unfinished code activated outside of proper consensus rules

a BITCOIN maximalist cares about the bitcoin protocol. not some brand, not some dev team, not some side business/service, not some other network that some dev team want to offramp people to.. but actual UTILITY of the bitcoin network

its not about coin accumulation(just keep buying) that makes someone a maximalist. its about wanting to protect their accumulation by staying strong and calling out things that can threaten their value

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
JayJuanGee
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September 06, 2022, 09:46:01 AM
 #46

by you pandering to certain social clan buzzwords of 2017 to some bitcoiners as  oppositions to bitcoin. is you trying to be a fool of those social drama clan war games where groups think that certain people should not be bitcoiners.

I doubt that I was pandering to anyone.  I used words to attempt to describe what I perceive to be your framework in bitcoin, and I am not even saying that you cannot be a bitcoiner or a maximalist with your perspective of how you believe bitcoin best works for you, in terms of attempting to stick with legacy wallets and various practices in which you seem to be shunning current bitcoin developments (such as lightning network seems to be a segwit related set of practices, no?).

I don't claim to be technical, so of course, some of your technical perspectives may well inform an approach that you believe to be superior..... yet wouldn't we be deviating from this topic if we go into very much of those discussions here?

that social drama game ended, by centralising parts of the network towards one central group
(central points of failure are bad for the network)

I was around during that time, and my framing of the matter is different from yours, at least in the sense that in 2017 part of the efforts were to attack bitcoin's then governance in order to make it easier to change bitcoin.. I doubt that bitcoin has become more centralized as a response, but surely when some aspects of bitcoin were being attacked then there are likely responses and even ideas that carry into the future to attempt to cause bitcoin to be less vulnerable... and so if you are not confident in how bitcoin's governance or lack of governance is evolving, then you may well lose confidence in bitcoin, too, no?

a bitcoin maximalist cares more about not having central points of failure, rather than clan loyalisms. .

Yes.. so stop trying to suggest that I am motivated by loyalism.

by how you coment and present yourself in this forum, it seems you are a clan loyalist not a bitcoin maximalist

I disagree, but I do have some history in the ways that I present myself - and largely I try to not get caught up in certain political and/or governance arguments, even though sometimes I do come across such threads and such discussions... and yes, to bring the matter back to this thread, I recall that Rizzo was very much part of the BIG Blocker nutjobs.. but he seems to have come around.. but he still has some of the BIG blocker nutjob tendencies in terms of his seeming to suggest how bitcoiners should think about maximalism. .as if it were to be better if bitcoiners had a kind of unified front in terms of being good builders...

my mindset is clear..
i care more for the protocol than i do for the human developers that can mess with the protocol... and have! bypassed consensus for their own sponsor paid features they preferred which 5 years after 2017 are not even finished, nor multiplied utility by even 1.#x of numbers mentioned in 2010

I see no reason to go down this line of discussion unless you are somehow relating the topic to the thread.  You are suggesting bitcoin to be broken in various ways since 2017, and from my perspective, I see ongoing growth in bitcoin since 2017.... and surely some of the wallets, and usages of the second layer solutions, such as the lightning network continue to be developed, too.  You can choose not to get involved in using those aspects of bitcoin.. sure. there are some complications with user-friendliness and even under-the-hood technical matters that I am not going to claim to know or even consider to be directly relevant to this thread.

EG
imagine the 2017 change was not segwit. but instead a change to PoS..

That would be dumb.  Fuck POS.

where the same NY agreement(DCG partners) of economic nodes decided that they will declare PoS flagged blocks as BTC and reject any PoW blocks as of august 2017

imagine blockstream(DCG) paid devs coded the mandatory fork for that period..
would you be soo willing to be loyal to the crew that enforced the activation by splitting the network

yep many of DCG businesses are regulated. so if DCG want to stay in operation and make profit and if regulators decide that they prefer PoS.. guess what could actually happen..

consensus is about:  agreement =activation.
not splitting network to fake 100% vote of remainers

if another NY agreement and blockstream sponsored core code release of a preferred change happened again.. guess what would happen(ill leave you to answer that)

You are going on quite the tangent....  We had Taproot go through recently, and surely some other small changes have taken place in bitcoin's code.  I don't claim to follow every change or proposal or to even understand the ramifications to each of these matters, even though from time to time, I do run across some of the various discussions of what kinds of code changes that are being proposed or some developments that might be being built here and there along the way.

you want to play buzzword games of "big blockers" but none of 2017 was about massive blocks, even the 'bloq(DCG) segwit+2mb supposed compromise was just another ploy to get segwit 2017 cludgy unfinished code activated outside of proper consensus rules

My view of how that played out is different from yours, and sure I understand the various underlying facts because I was there and I was actively involved in this forum during that time, too.

a BITCOIN maximalist cares about the bitcoin protocol. not some brand, not some dev team, not some side business/service, not some other network that some dev team want to offramp people to.. but actual UTILITY of the bitcoin network

There are a variety of ways that people can be involved in bitcoin and consider themselves to be bitcoin maximalists.  They do not necessarily need to subscribe to the franky1 school of thought regarding what is a proper bitcoin maximalist, and you surely seem to be describing some kind of disgruntled historical view of bitcoin, and even if you do not like to be called a big blocker, you surely are anti-segwit - which is also part of where bitcoin currently is.. even though bitcoin's backwards compatibility allows you to have some use cases that seem to have narrow views of bitcoin that are not in touch with current practices of a lot of folks.. which to me, based on your framings in your post, it seems that you are fighting a battle about water that has already gone under the bridge.

its not about coin accumulation(just keep buying) that makes someone a maximalist. its about wanting to protect their accumulation by staying strong and calling out things that can threaten their value

Why not both?  We can accumulate coins and choose to get involved in understanding whether and how our bitcoin's are protected. There are other things that we can do too, and still be involved in bitcoin and even call ourselves a bitcoin maximalist, if we so choose.

1) Self-Custody is a right.  There is no such thing as "non-custodial" or "un-hosted."  2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized.  3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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