It’s funny that you ask the question right after being already given the answer :
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So you’re saying those 46 million in the USA who buy and hold BTC and those who use it for transactions are deluded? The transactions are the most important part of Bitcoin, that is the whole reason why people use it. It’s no use you trying to say that part of it isn’t important you’d be typing like an idiot trying to bully his point and force others to believe it when a simple google search will prove you completely wrong.
Yes some people speculate when mining, there are many retail projects being prepared where many are mining in preparation.
That’s just a description of what’s happening now if someone was to mine, I never said anyone should go and do that now. I feel like I’m speaking with a spoilt teenager trying to get his way no matter what the facts say. Why bother wasting your time trying to pretend I am promoting that right now when I am not? You seriously need to grow up and talk straight when you’re speaking with grown adults.
Hey probably thinks you or I can do a couple of clicks and create 10,000 BTC and sell it for ££££ despite being told near 100 times it’s impossible.
No, he’s saying that “electricity I make myself is free” is fallacious. Learn to read.
Now it may also happen that 46M people are deluded. But that’s not what he’s saying, stop stretching words to make them unfit the deluded idea you have of reality.
Stop interpreting things. You are wrong all the time.
You lack the intellectual ability to understand reality. Your intepretations only show your delusion.
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I hope those 46 million people aren’t as deluded as you, but I can’t confirm as I did not speak with them.
Now getting back to reality, you actually said
I can’t wait to see your business plan here… you are so lucky you were very general in your description of what you’d buy as you know I’d be making an epic meme of it.
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What exactly do you want to achieve here? you really don’t have anything to contribute when your perspective is one where you’ve literally done no research on the topic, why are you so keen on speaking about a subject you don’t know much about?
You’ve not done any research on the topic how would you even know if I was wrong or right? I’ve come to this conclusion because you’ve never got any answer for reasonable questions. Come back and ask questions when you understand what crypto is and why it’s popular.
You say I’m wrong but you’re not saying what I’m wrong about, You can’t find anything I’m wrong about simply because I only gave a description of what I did, and over a year ago I suggested the people asking me questions about it go and try it themselves with their existing hardware and get their own idea of mining. feel free to show me where I was wrong if you can, If not grow up and don’t say it.
Reality is either accepting facts or presenting proof that it is not fact, evidently you are incapable of accepting reality and want to live in a fantasy world where everything you say is right because you said it. Life just doesn’t work that way.
You’re speaking to me like I invented Bitcoin, What I did was rent processing power for payment in bitcoin, I now buy bitcoin to use in a few transactions. that is about the extent of my current and past involvement with Bitcoin. Stop being a dickhead and talking to me like my name is SBF, it is not.
I see we reached the point where you are only able to resort to personal attacks.
Nice to see godwin’s law into action. Have a nice day, you are definitely not worth my attention.
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Call it what you will, your way of talking is self entitled, spoilt, ignorant and deluded. Have a good day yourself 
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How’s the circle **** going, lol …
Make sure to keep us all up to date with your money making hustles… maybe make an appearance on AlphaCon (Don't Miss Out!) …
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Translation: I don’t have any valid argument, and I can’t even be bothered to read about crypto so that I know what I’m talking about, And because I’m self entitled I’ll expect everyone to take me seriously.
It’s not good when a CEO of a crypto firm handling £40 billion of crypto assets is found guilty of forging official documents. This is the fate of someone who fraudulently tricks people out of their fiat money.
Huh, so I see a lot of misconceptions here about money. I’m going to wade into this debate, probably unwisely, to give my two satoshis.
Most Crypto is in fact ■■■■■■■■ and people should stay away from it, there are loads of scams out there promising to be the next bitcoin to get people to buy in before the people who created it withdraw their share of the money and leave everyone else holding the bag. It’s so common this type of scam has a name and is referred to as “rug pulling”.
Bitcoin itself does not seem to be such a scam, despite being vulnerable to bubbles produced by mania. Bitcoin does have intrinsic value, the same intrinsic value that all currency has as a medium of exchange, it also possesses a niche in that being unregulated can be used for black market transactions. This niche may be changing in light of recent attempt to bring it under regulatory control which will reduce its intrinsic value.
Bitcoin is actually not as new or revolutionary as people seem to think. It is a private digital currency that is seemingly hard to counterfeit. None of this is actually new, most transactions in the past few decades have been conducted through private “ledger money”, digitally, and via the use of double entry book keeping it is hard to counterfeit such transactions. This is how things like debit cards work; a person goes to the store and pays with their debit card, they swipe or chip their card and authorize a digital payment from their banking institution to the merchant’s institution. This transaction is recorded on both sides by their respective institutions. However, rarely is actual currency used to settle the transaction instead they just keep it on the books until another transaction comes along and clears the debt. This is how majority of transactions occur because it would be incredibly inconvenient to actually transfer currency between institutions, instead they hold enough currency to cover a certain portion of their liabilities in reserve (hence “reserve currency”).
Bitcoin has pros and cons which give it potential as a reserve currency, but not as a general use currency. Because it supposedly has a limited supply it is not subject to currency devaluation as a government backed fiat currency is, this does make it a potential store of wealth which is exactly what an institution wants in a reserve currency. For example the USD is the reserve currency of the world precisely because it is the most stable currency in the world that also has the volume to support worldwide trade.
Bitcoin is prohibitively expensive to actually conduct transactions with though. This makes it really only good for very large transactions which occur rarely, such as major deals between large institutions or banks transferring reserve currency. While it is prohibitively expensive for use by the general public, such institutions can hold the bitcoin in reserve while allowing people to conduct transactions using a digital ledger system between institutions in much the same way as banks currently hold USD in reserve and people charge credit between these institutions with their bank cards.
This does raise the question “why switch then?” since it would essentially be the same system as that in current use. The likely answer is that for the most part it will not, Bitcoin will likely remain but as a sort of “digital gold” with which it shares many of the same properties. It is hard for governments to devalue by fiat, has a limited supply, and is prohibitively inconvenient to use generally as a currency.
There’s a lot more I could say on the topic but I think that’s enough for one post, probably more really.
Edit: PS I would also like to briefly address the OP which is why I originally clicked on this post before going down the bitcoin rabbit hole. I do agree that NFT’s and even most Crypto are basically scams that should be avoided. I am concerned that CCP has shown interest in co-mingling this game with anything of the sort. Being from Iceland you would think they ought to know better than to go with the latest fad, a lesson they ought remember from the 08 credit bubble that did great damage to Iceland because their banks jumped on the bandwagon at the end of the “line goes up”. It was such a notorious catastrophe that when I just typed in “Bank of Iceland” to make sure IIRC before posting the first result was “Bank of Iceland Collapse” referring to the collapse of their banks fifteen years ago.
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I agree with a lot of what you write, but there are some point I don’t:
The current systems, where banks are running the ledger only works because of trust between this banks. Every regular person has to interact with this monetary system trough such a bank (except for physical cash obviously). Because of this trust involved, there is a large amount of regulation required to keep the system in check, and participants honest.
Bitcoin is a revolution in the sense that it doesn’t require trust. It is a central ledger that runs completely autonomously, it’s more like an automated central bank in that regard. Everyone can easily join the network and transact as a first class citizen on the network, no trust and hence no regulation required for the system to work.
Something like this has simply not existed before Bitcoin.
Another novelty is that Bitcoin is the first digital native bearer asset. It is the first non-credit based money that can be transacted at the speed of light.
Yes, on the base layer. A decentralized blockchain is extremely difficult to scale, it’s purpose is to find global consensus on who owns what. But it obviously doesn’t make sense to find global consensus on every single coffee transaction. This monetary base layer can however be utilized by other applications who build on top and add new properties and functionality that make other trade-offs.
A popular example is the Lightning network. It is a Layer 2 protocol on top of Bitcoin, not a blockchain, but a mesh network of payment channels. It makes Bitcoin payments extremely cheap, with basically instant finality. The trade-offs are that a Lightning node has to always be online.
I believe it’s not the end user that will switch, but some of the infrastructure of the financial system will be replaced by it in my opinion. Think of it more as a fully automated global monetary network with instant finality (because of Lightning) everyone on the planet can just plug into, instead of just as a monetary asset. Think of it as the internet, but for value instead of data.
What we currently see in the end user market is a lot of walled garden payment solutions that pop up. There is Revolut, Venmo, Cash App, PayPal, … countless solutions that spring up and allow their users to easily pay and transfer money within their ecosystem. However if you want to send money between those ecosystems, it becomes less trivial, because they are basically just another layer on top of a huge stack, on top of the very same old and slow trust based banking system that depending on the location of the receiving app’s banking backend may experience all sorts of friction.
On the other hand they can just plug into Bitcoin/Lightning they have instantly access to a friction-less monetary network that is by it’s very nature global. We see this already happen with Cash App and Robinhood. I think if only a couple others follow this may very well be the tipping point for this to be established as a de-facto open standard to exchange value.
The end user would probably notice nothing at all. They would just happily send their dollars to each other and Bitcoin/Lightning is just used in the backend without them knowing.
Doesn’t mean that has to happen, but I see it as a very likely possibility. The reason why I think this is likely is because it offers tangible value for this payment apps. It effectively sidesteps the banks, but I still think they don’t see this coming, not a lot of people do anyway.
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you more or less described what I said but in more specific detail.
Bitcoin may have the property of being secure, but like cash or gold it is inconvenient to hold personally and actually use for transactions. Cash and gold are analogous in this “new” monetary system to the layer one bitcoin. A person needs some kind of institution they trust to hold their bitcoin in some kind of wallet, like a crypto exchange. Functionally these are the Banks of the crypto system, though they seem to be about to be regulated as securities exchanges. For the purpose of the monetary system whether the Bitcoin held in reserve is called a security or a currency is irrelevant.
A person then needs to be able to convert that Bitcoin into a currency that is actually usable, this is where your layer two currency comes in. It is analogous either to debit systems in the US or internationally by local currencies which are backed by local national bank’s mostly USD reserves.
This is essentially how an institution like Robinhood crypto operates. Robinhood holds a certain amount of cryptos, I have a claim to a certain amount of that total. If/when I trade it, I am not trading the crypto that remains with RobinHood. I am trading my claim to that portion of Robinhood’s crypto.
Bitcoin will require some form of centralized institutions to actually store the reserve of Bitcoins, those exchanges will need to be regulated as FTX as has demonstrated. People will not trust them otherwise and those that do are just waiting to be robbed. This move to regulate the crypto industry may actually be what it takes to get people to adopt it.
I still don’t foresee it truly supplanting the USD anytime soon, there are still other problems it has to overcome. For one it has a volume problem, and a wealth concentration problem. A reserve currency has to have a large enough volume to meet the demands of all people using it as a reserve, since more can’t be made the only way to solve the volume problem is to divide it. It can be divided that’s not actually the problem, the problem is that only dividing the existing bitcoin won’t help it actually reach others because that currency is concentrated in the hands of a few. This is one of the reasons why you have probably heard economists say that a small amount of inflation is actually good for the economy, it prevents concentration of the currency. I foresee, Bitcoin being used more as a security, or gold, than actually supplanting government issued fiat currency.
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Well that is the current situation where most actual end users are accessing Bitcoin trough centralized custodians. There is actually another option and its a rather resent development. It’s called a federated chaumian mint (https://fedimint.org/). Instead of trusting a single institution, you can spread out that trust or take it closer directly into your community.
Basically this is an automated bank that is funded with Bitcoin and run by any number of trusted guardians with the trade-off that N of M guardians would have to collude to steal the funds. This guardians could be anyone, it could be regular banks which together form such a bank (already better than trusting a single bank), other regulated entities, etc. Or a mix of those. It could however also be trusted people in your local community.
Obviously there is always the possibility to do self custody, and that gets easier from a UX perspective all the time. But in the future (if not already), the simple demand and limited availability for block space will out-price most people from that.
Yeah but does it have to? Different forms of money have different properties and all of them make different trade-offs that make them more or less desirable for different situations. I don’t think that credit money (fiat) will go away, it clearly has it’s use as that the supply automatically follows demand, because that is essentially how it is created.
Bitcoin on the other hand has other properties that make it useful in certain situation, for example the fact that it is a digital native bearer asset that is global and trustless.
In the end money is a market good, and Bitcoin is a new product on that market that will either find demand in certain use cases or it will fade into insignificance like a lot of previous attempts to create digital money did.
Thanks for answering my question about your businessplan. Good luck.
What valid arguments do you actually need? You were told “THIS WILL END BADLY FOR YOU”. And it did. What do you need more? Keep trying the same thing? Having to revert to crypto is only for private transactions? No, you will mine to make money, you keep repeating it, just look at the proof of you posts. You keep on saying you will mine. That’s your plan, you just ramble on like a drugged drunkard trying to avoid the inevitable arrest. And that, is the funny part, you keep on going the wrong way and keep on saying you are part of ‘the cypherpunk dudebros’ and no one understands. But we all understand you failed as we warned you it was a scam. But hey, keep on being delusional.
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Oh boy. I know you really dream of crypto (the BTC part of it, I mean the fork that’s current I guess…)as a standard. I have to point out a small thing :
- Money from central banks have value.
- Money from crypto does not.
“A digital euro would be central bank money. This means that it would be backed by a central bank, designed to meet the needs of citizens: it would be risk free and respect privacy and data protection. Central banks have a mandate to maintain the value of money, independently of its physical or digital form.”
I understand that for you value does not matter as you need to pay people and not get caught paying them as that would have dire consequences.
Don’t say “a” just say “yet another”. They slowly get caught one after another as the net tightens, like I posted years ago.
It ended, I wasn’t too happy, but as I mentioned I’m glad I did it in the way I did. I managed to get about 2/3 of the value of the GPU’s which was way better than I expected, a good few of them I only lost about £70 each, it’s almost like I rented those GPU’s, shout out to all the good folks on ebay who purchased my GPU’s I wish them happy gaming.
And for the 12th time…My GPU mining ended due to Ethereum changing from a proof of work consensus to a proof of stake consensus where GPU mining wasn’t required to maintain the network any longer. Nobody was scammed, nobody was arrested, tried, or convicted due to there being no crime committed.
LOL, arrest? for what exactly? mining crypto or Bitcoin? You really have no clue what you’re talking about do you?
Which is part of the problem, folks like you don’t want to understand. You’ll invest lots of money with a lack of understanding and then be surprised when it fails. At least I have a good understanding of computers in my investment which is the Entire reason why I did it that way, I know GPU’s do hold value and are in good demand and my losses were minimal compared to a novice investors loss, the reason I’m able to come out of a crypto investment with tiny losses is due to my level of understanding.
Yes, regardless of what industry they are in scammers get caught. Make sure you understand why they were arrested, they weren’t arrested for simply owning a crypto business, they were arrested for scamming people within the crypto business. There is a difference which you would need to understand.
Good find though, I’m glad the fools are getting locked up.
1 Bitcoin has currently the purchasing power of what $~28k would buy you. So either the market is completely delusional or there is something you don’t understand about why it has value. I kinda have a feeling it’s the later.
And how exactly is the central bank backing it? “Backing” made sense when fiat was an IOU for gold, but that is no longer the case, so what does that even mean?
Trust me bro, we just collect the data, we don’t look at it.
They don’t do a particularly well job so far. The Euro lost like 40% of it’s purchasing power since its inception just 26 years ago, and it kinda looks like that is accelerating.
Oh sweet, again with the “you are all criminals” angle. You really know a fiat-maxi is out of arguments when they accuse you of crimes without any actual reason to do so.
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