The hilarity that is the Crypto.com payout

[MigitAs]

Noob, btc and crypto will bounce back. Now is the time.

BTC under 10K soon.

 

[LooyStLouis]

I'm not a crypto fan but that's an odd question. Ask the same question about any currency. BTC is a currency that is also used as a speculative tool, as opposed to most currencies which are fairly stable over the short-term. The issue isn't what it was created for or what use it has (that should be clear), it's how it's being used financially.

I'd ask, given what we all know about the way currency is used and manipulated by powerful governments, groups and companies, why would a self respecting man in 2022 spend his time spinning the wheel gambling with currency? Somebody won't live forever, the hours you work shouldn't be wasted and given to some currency manipulators who promise you "you'll be rich one day and have so much money!" Well that money is no better for you, per your own words. So you're gambling with your life. When you earn money, it should go into your family, your community or your stomach or something like a business or a farm you own, a hobby, an education, something like this. Or it will go to waste. This is important. "Investing" and sitting on any type of currency, dollars, gold or bitcoins, is not the right way to live your limited years. Only some people will understand this.

 

[Sweater of AV]

I'd ask, given what we all know about the way currency is used and manipulated by powerful governments, groups and companies, why would a self respecting man in 2022 spend his time spinning the wheel gambling with currency? Somebody won't live forever, the hours you work shouldn't be wasted and given to some currency manipulators who promise you "you'll be rich one day and have so much money!" Well that money is no better for you, per your own words. So you're gambling with your life. When you earn money, it should go into your family, your community or your stomach. Or it will go to waste. This is important. "Investing" and sitting on any type of currency, dollars, gold or bitcoins, is not the right way to live your limited years. Only some people will understand this.

I said I'm not a crypto fan and I'm not getting into all of that stuff. That's for you and others to discuss to try and sound intelligent.

 

[Patrick Jane]

Well you can't "produce" anything with a stock certificate or a stack of paper currency either without first exchanging it so that's a weird question to ask about an investment/currency asset.
And you can use bitcoin in exchange for other investments, currencies, for certain goods and services, and as a financial asset.

What are you arguing?

The thing is that you're not buying a stock certificate, you're buying a stock, that is, part of a company, consisting of physical assets with actual value.

 

[LooyStLouis]

I said I'm not a crypto fan and I'm not getting into all of that stuff. That's for you and others to discuss to try and sound intelligent.

Are you the Queen of England? Why are you talking to peasants like us?

 

[kenetics]

The problem is you have not been answering my questions. Let me copy paste them for you again:
What can you produce out of Bitcoin?
What can you use Bitcoin for?
who wants to look at some math problem you bought?
Can you eat it? Live in it? Does it have industrial use? Your whole point seems to be "bruh, you can give it to other people". So they can do what with it?

You may notice, all my questions are about the same thing: What use does Bitcoin have?
Because Bitcoin has no use, you have obviously been unable to answer that question.

I get it. You can't give a clear answer because there is nothing you can do with Bitcoin.

Bitcoin produces financial freedom through decentralization. Away from Central banks and government.

Used Bitcoin to pay the remainder note of my house. I receive up to 10 percent interest for my Bitcoins exchanges. That beats not even 1 percent return from banks for having money in savings accounts.

Why would I want to eat my Bitcoin? I can't my stocks either. But I can sell both that give me money to buy food or buy a house lol

Are you done? Haaaa haaa

 

[Arrrrgh]

If companies that own Bitcoin go down, more established companies will scoop them up. Just like when terra Luna fell. Their bitcoins we're bought up immediately.


Whales crash prices to get the weak hands to give up their bitcoins. They don't lose anything when they are thinking long term where Bitcoin most likely going to be worth more than 500 k a coin. That if it hits gold market cap which it will most likely will. Also once bitcoins are no longer on exchanges this will also accelerate price.

And yes. I'm speaking about Bitcoin inception price to highest price ever touched. It always surpasses it's last high and had never went back to 0 like many non believers who's been saying Bitcoin is going to zero. Bitcoin been hearing this for 13 yrs and counting.

I think it is very naive to think Bitcoin can't bottom out because it hasn't for 13 years.

All it would take is a big technology breakthrough in traditional computing technology, or innovation in how to use current tech, to exponentially increase the rate of mining which would cause rapid inflation, and if a large enough jump it would completely crash the market and bitcoin would indeed bottom out. It's a cool technology in theory but it is ultimately doomed, it's just a question of how long. And if the rate of technology growth in traditional computing stabilizes that won't avoid a crash. We will still eventually see quantum computing making bitcoins obsolete since the transaction cost would reduce to near-zero, eliminating the inflation controls that make bitcoin so powerful.

It is a very fragile commodity.

But it could be 20 years or more where it is stable. Which if you start investing at 20 and live to 80 that's 33% of your lifetime as an investor so that's a pretty strong asset. Hell, plenty of really strong companies don't last 40 years.

 

[LooyStLouis]

Bitcoin produces financial freedom through decentralization. Away from Central banks and government.

No. That would make George Orwell shit his pants, what you just said. They require access to:

Government controlled power grids
Government controlled phone networks
Government controlled internet
Government controlled physical phone or computer

If you live in America or Europe and think you have a power grid, a phone network, an internet, a phone, or a computer, that you don't use at the PERMISSION of the American Government, bless your heart.

 

[kenetics]

I think it is very naive to think Bitcoin can't bottom out because it hasn't for 13 years.

All it would take is a big technology breakthrough in traditional computing technology, or innovation in how to use current tech, to exponentially increase the rate of mining which would cause rapid inflation, and if a large enough jump it would completely crash the market and bitcoin would indeed bottom out. It's a cool technology in theory but it is ultimately doomed, it's just a question of how long. And if the rate of technology growth in traditional computing stabilizes that won't avoid a crash. We will still eventually see quantum computing making bitcoins obsolete since the transaction cost would reduce to near-zero, eliminating the inflation controls that make bitcoin so powerful.

It is a very fragile commodity.

But it could be 20 years or more where it is stable. Which if you start investing at 20 and live to 80 that's 33% of your lifetime as an investor so that's a pretty strong asset. Hell, plenty of really strong companies don't last 40 years.

The software engineers are already ahead of security when it comes to quantum computing. That's why the network is always active on protection.

I grew anything cam happen but the fact still remains that the more years Bitcoin survives the harder it's going to be for it to fail. It has only got stronger since it's inception.

 

[kenetics]

No. They require access to:

Government controlled power grids
Government controlled phone networks
Government controlled internet
Government controlled physical phone or computer

If you live in America or Europe and think you have a power grid, a phone network, an internet, a phone, or a computer, that you don't use at the PERMISSION of the American Government, bless your heart.

Nope. You can't stop Bitcoin unless you actually shut down the internet. Which can't happen because society,.buisness run on that monster called the internet.

You still have people in China mining and trading Bitcoin and they "banned it " that didn't stop people and china is more controlling than USA. Also the senators are bought out by lobbyist crypto exchanges and companies lol

 

[LooyStLouis]

Nope. You can't stop Bitcoin unless you actually shut down the internet. Which can't happen because society,.buisness run on that monster called the internet.

You still have people in China mining and trading Bitcoin and they "banned it " that didn't stop people and china is more controlling than USA. Also the senators are bought out by lobbyist crypto exchanges and companies lol

That's not how I see it. China has a government just like America, I'm not sure of your point? The people who mine them there do so at the permission of the government. You know what media and governments tell us and what they do, sometimes differ, especially with Superpower Empires like USA and China? If you think you are doing something with bitcoins that the government DOESN'T want you to do, do the same thing with drugs or weapons, they'll stop you. That means they don't care if you play with bitcoins, for now. They're allowing you to do so.

In my opinion, a smart young man with resources should invest in himself by learning as much as he can about math and science, becoming as athletic and healthy as he can, and when he has extra money, put it into a place he can grow things. But what do I know. Perhaps Bitcoin will bring freedom to all, and the land will be covered in trailers full of graphics cards, running on power grids owned by Superpower Empires, producing bitcoins that will make everyone free. But I think my way is better, if more people would do it.

 

[kenetics]

That's not how I see it. China has a government just like America, I'm not sure of your point? The people who mine them their do so at the permission of the government. You know what media and governments tell us and what they do, sometimes differ, especially with Superpower Empires like USA and China?

In my opinion, a smart young man with resources should invest in himself by learning as much as he can about math and science, becoming as athletic and healthy as he can, and when he has extra money, put it into a place he can grow things. But what do I know. Perhaps Bitcoin will bring freedom to all, and the land will be covered in trailers full of graphics cards, running on power grids owned by Superpower Empires, producing bitcoins that will make everyone free. But I think my way is better, if more people would do it.

China regimen is more controlling than America and they can't stop Bitcoin..America government can't either. That's why it has it protocols it does.

 

[Derousey]

Keep buying the dip retards

 

[LooyStLouis]

China regimen is more controlling than America and they can't stop Bitcoin..America government can't either. That's why it has it protocols it does.

I disagree with that, I just don't see it that way. China and USA are both very controlling in certain aspects, some more than others in different ways at different times. I don't see the leaders of either China or USA as my friend, and I know a currency, no matter it's nature, isn't enough to deal with the problems they cause on it's own. A currency just isn't enough to do so much good, it mostly causes trouble.

I'm not saying Bitcoin is worse than any other currency, but it is wrong to put faith in a currency like this that it can bring freedom, etc. It's a gamble for you to invest it, in the best case, I believe. That's fine sometimes but it's not our savior.

 

[WHITEBELT JESUS]

Who is?

 

[Arrrrgh]

The software engineers are already ahead of security when it comes to quantum computing. That's why the network is always active on protection.

I grew anything cam happen but the fact still remains that the more years Bitcoin survives the harder it's going to be for it to fail. It has only got stronger since it's inception.

Huh?
What do you mean "engineers are already ahead of security?"

Quantum computing does cause serious problems in the security field as well (pretty much all encryption in existence is useless as brute force calculations could be completed instantaneously with a large enough qubit network) but that's not what I'm talking about. The way bitcoin works is based on mining new coins and transactions costs. That's where the stabilization controls come from. With faster computers, exponentially faster, those costs reduce to near 0. That means there is no incentive for people to actually mine anymore. Which disrupts the integrity of the blockchain. It is dependent on being a giant network and verifying transactions. If nobody has a reason to be part of that blockchain, the entire system crashes. Not to mention if that happens before every coin is mined, it will instantaneously devalue all other coins on the market with unprecedented inflation as the remaining coins will flood in overnight.

The reason bitcoin works is because it is a system built around pegging its inflation with energy costs and technology changes. That way no government can print more coins. And it has an open ledger of transactions that way nobody could do anything to manipulate the market like "printing" fake coins or steal any coins in transaction.

The blockchain ceases to exist if there is no financial incentive to participate, and technology changes can make that happen. Or worse, the number of participants in the blockchain goes down to a small group which essentially becomes the "government of bitcoin" because they would be able to go in and make changes to the blockchain that they all agree upon. It becomes much more susceptible to hacking and a whole host of other issues as well.

 

[kenetics]

Huh?
What do you mean "engineers are already ahead of security?"

Quantum computing does cause serious problems in the security field as well (pretty much all encryption in existence is useless as brute force calculations could be completed instantaneously with a large enough qubit network) but that's not what I'm talking about. The way bitcoin works is based on mining new coins and transactions costs. That's where the stabilization controls come from. With faster computers, exponentially faster, those costs reduce to near 0. That means there is no incentive for people to actually mine anymore. Which disrupts the integrity of the blockchain. It is dependent on being a giant network and verifying transactions. If nobody has a reason to be part of that blockchain, the entire system crashes. Not to mention if that happens before every coin is mined, it will instantaneously devalue all other coins on the market with unprecedented inflation as the remaining coins will flood in overnight.

The reason bitcoin works is because it is a system built around pegging its inflation with energy costs and technology changes. That way no government can print more coins. And it has an open ledger of transactions that way nobody could do anything to manipulate the market like "printing" fake coins or steal any coins in transaction.

The blockchain ceases to exist if there is no financial incentive to participate, and technology changes can make that happen. Or worse, the number of participants in the blockchain goes down to a small group which essentially becomes the "government of bitcoin" because they would be able to go in and make changes to the blockchain that they all agree upon. It becomes much more susceptible to hacking and a whole host of other issues as well.

The engineers already are aware of quantum computing and what issues it can cause for the future of the network is what I'm saying.

The more people , buisnesses, banks , hedgefunds , countries etc that start using the Bitcoin network the more incentive for the network to be protected. Even after the last Bitcoin is mined. Upholding the network security will continue to pay well for many years afterwards because it benefits everyone who's connected to the network.

 

[Arrrrgh]

The engineers already are aware of quantum computing and what issues it can cause for the future of the network is what I'm saying.

The more people , buisnesses, banks , hedgefunds , countries etc that start using the Bitcoin network the more incentive for the network to be protected. Even after the last Bitcoin is mined. Upholding the network security will continue to pay well for many years afterwards because it benefits everyone who's connected to the network.

I mean that just doesn't make any sense.
You can't protect the blockchain without closing public access to it which would immediately eliminate all the benefits of the blockchain.

You might as well just make a centralized currency that a central bank controls with an algorithm they decide on if that's the case.

And we already have that.

It's the US Fed's control over pegging interest rates with the federal funds rate having a trickle down effect over global markets because of the %share of global GDP that is aggregated in the US.

So what makes this future group of engineers more qualified to run global markets than PhD economists who spend their entire careers studying this stuff?

You see what I'm saying?
Even if what you are advocating were to happen, it would be far worse than what we already have. And it would be the antithesis of the point of bitcoin in the first place.

 

[GrantB13]

Well you can't "produce" anything with a stock certificate or a stack of paper currency either without first exchanging it so that's a weird question to ask about an investment/currency asset.
And you can use bitcoin in exchange for other investments, currencies, for certain goods and services, and as a financial asset.

What are you arguing?

Stocks represent equity in a company. Technically, you are part owner of the company. Now, the company isn't going to give a shit about your 1 stock of TSLA when hedge funds own millions, but it represents a real world asset.

Bitcoin produces financial freedom through decentralization. Away from Central banks and government.

Used Bitcoin to pay the remainder note of my house. I receive up to 10 percent interest for my Bitcoins exchanges. That beats not even 1 percent return from banks for having money in savings accounts.

Why would I want to eat my Bitcoin? I can't my stocks either. But I can sell both that give me money to buy food or buy a house lol

Are you done? Haaaa haaa

It all comes back to what it means in exchange for the dollar. Do you believe in the future that this will be THE currency or are you using it as leverage to better your life? How much did you put into it to get enough to pay off the house? The speed and low fees are a plus, but once you convert it to fiat money it's going to incur capital gains same with stocks, I know. I don't know how that compares to bank transfer fees, but if you put $1000 into the market and emerged with $500,000 that's a lot of fees (taxes) to deal with. At this point in time I don't see how a Bitcoin can produce value outside of converting it to dollars.

And for savings accounts, they're garbage. Savings accounts and CD are your grandpa's money makers. Very very low interest return. You'd be better off opening a brokerage account, putting that money in an S&P index and then withdrawing it and paying taxes.

I think it is very naive to think Bitcoin can't bottom out because it hasn't for 13 years.

All it would take is a big technology breakthrough in traditional computing technology, or innovation in how to use current tech, to exponentially increase the rate of mining which would cause rapid inflation, and if a large enough jump it would completely crash the market and bitcoin would indeed bottom out. It's a cool technology in theory but it is ultimately doomed, it's just a question of how long. And if the rate of technology growth in traditional computing stabilizes that won't avoid a crash. We will still eventually see quantum computing making bitcoins obsolete since the transaction cost would reduce to near-zero, eliminating the inflation controls that make bitcoin so powerful.

It is a very fragile commodity.

But it could be 20 years or more where it is stable. Which if you start investing at 20 and live to 80 that's 33% of your lifetime as an investor so that's a pretty strong asset. Hell, plenty of really strong companies don't last 40 years.

That's a point of contention as well. Bitcoin is the new kid on the block. The only problem is that with technology there's always something newer. Right now we have a situation that says "Paper money? Lol. Bitcoin is the future!". In 10 years it could be "Bitcoin? Lol. ___ is the future!". And that rate of improvement and replacement is going to speed up since that's what technology usually does.

 

[kenetics]

I mean that just doesn't make any sense.
You can't protect the blockchain without closing public access to it which would immediately eliminate all the benefits of the blockchain.

You might as well just make a centralized currency that a central bank controls with an algorithm they decide on if that's the case.

And we already have that.

It's the US Fed's control over pegging interest rates with the federal funds rate having a trickle down effect over global markets because of the %share of global GDP that is aggregated in the US.

So what makes this future group of engineers more qualified to run global markets than PhD economists who spend their entire careers studying this stuff?

You see what I'm saying?
Even if what you are advocating were to happen, it would be far worse than what we already have. And it would be the antithesis of the point of bitcoin in the first place.

Like I said I'm not a software engineer so I can't actually say. I don't know if you're engineer but that's what heard that the engineers are working to make sure the network is protected. Obviously they can be just saying that lol.

PHD economics get alot of things wrong constantly. I think that one of the few professions where you can predict wrong about markets and still have a job to be honest lol.