True, but that does not make BTC legit.
Reality is, when surrounded by bad ones, choose the least bad one and deal with it.
I’m not here to tell anyone what to do, just keep perspective. FIAT is garbage, that does not turn BTC into gold.
Choose your poison I guess.
When there is nothing else on the table, the only option is actually one designed for that specific purpose. Love it or hate it.
Much of the world is still in shock after finding out BTC is not a get rich quick scheme.
I guess we arrived at the point where reporting my posts solves the issue.
Have you seen reddit posts around Luna (and other crypto that crashed?) not a joke for some yet apparently inconvenient for some. I was surprised of the sheer numbers.
Unlike bitcoin?
Well yes, but I don’t think that is the case.
When Satoshi created Bitcoin, there where already decades of attempts to create something like that and there are economic theories about what the properties of good money are. Bitcoin is the first time humanity actually designed money and it has basically all the good properties.
I mean there are some things that aren’t perfect, because physics. People have invested over a decade now to figure out how to make the design better and they didn’t really come up with anything, which is actually surprising.
If anything it’s definitely worth trying to understand how it works. Once you understand how it works the pieces start to fall into place for most people, slowly but surely. But it’s a deep rabbit hole.
Oh yes. This isn’t the first time. Stuff like this happens every cycle. The whole defi stuff with their shitcoins and smart contracts are basically a modern fiat system on steroids.
They create completely insane constructs where you put shitcoins into a lending platform, get a token as recipe, then you can use that as a security to get a loan to get more shitcoins, and then repeat the whole process. They even automated that ■■■■. It’s like the whole 2008 layered dept fiasco but magnitudes worse, and it just started to unravel. Because if the coins tank, which they do every cycle, they start to get margin called and then the whole thing falls apart and it just liquidation-cascades into oblivion.
Just sit back and watch the show.
Basically you can watch in 100x speed how the fiat system will unravel.
In theory but what do you think about the governments who will support the fiat system? A big worldwide issue is energy, there is no way anyone will replace currency with another fiat currency based on the overconsumption of energy.
I’ve not reported any of your posts.
Yes, the number of people involved in Luna & Celsius is staggering and it will be difficult for them to get out.
When I check it, the BTC I have can’t be duplicated. So…if the value of mine does go down then it will be because lots of people are selling theirs and crypto exchanges already have enough BTC so they won’t offer a high price.
This is actually unique and should not be ignored, Someone invented a currency which is working as intended.
If people are investing in BTC and they don’t understand the price is linked to supply/demand then they will run into problems should lots of people decide to sell suddenly.
As you say lots of people lost their life savings in Luna and other schemes, and the entire world is watching it happen. Hopefully this will show the world that they must be careful with BTC and not put their entire life savings into it and expect it to double or triple.
Lots of people invested too much money that they obviously needed for other things, so when hard times hit they tried to withdraw. Because of what’s happened people will be forced to invest less in crypto and keep it humble and careful, this is what will create a strong demand.
And how will they “support” it?
Bitcoin does not compete with regular consumers for electricity. The big majority of industrial miners use waste or curtail energy and actually help to better monetize power plants. It makes the power cheaper for the regular customer, not more expensive.
Because it is a highly dynamic load that has no side effects when powering down, it can actually help to stabilize the grid and make it far easier to get more renewables on the grid.
neither did I
I know, I believe you. That is also why I didn’t made the post as a reply in our convo.
BTC is unique, correct. BTC is a private currency, correct. You make a ‘profit’, well lets say you are running a sort of business ‘facilitating transaction’ and from what you say you are making money with it. correct and good. BTC’s owner is “unknown”, very suspect, red flag.
The thing is inversed I believe. People who are desperate fall victim of the VERY COMPLEX crypto market. With so many people promoting it for a quick buck. As long as that is going on BTC will get no where (in the assumtion it would become an ‘accepted’ currency). When I left BTC mining (which was more of a test in technological things, replacing the SETI@home screensaver) in 2010 I did so because BTC was used for bad things mostly because the governemnts had no idea what it was. Cartels saw it as an efficient money moving vehicle. Tailored specifically for their needs, and now lightning networks makes it even faster. Yes, it’s not reliable but for Cartels it doesn’t matter, ok the government takes a shipment, so what it’s just a few million USD and on top of that, it’s insured so their losses are 0.
The ironic thing is that it follows the economy very fast, that’s why the FED is going to sue the exchanges for insider trading, which wasn’t a problem before because no one really knew how these things are. But like I said, the law is catching up and the system is no longer of use for those who ‘early adopted it’, the second wave of investors will most likely drop it for the same reason, so while those bleed the value of the BTC, many others follow. However, there is a steady influx of new ignorant people being introduced to teh system that one day will replace currency. However Only dictatorships have yet allowed it so people who are eh… “BTC investors” can spend their private money there in chains owned by… well uh… Mexicans. How good of those to invest in El Salvador and “make the economy better”. It’s horrible how that BTC private money is being abused and it’s not very transparent.
I found an interview with John McAfee; fun to listen to. Somehow he got dissapointed in Bitcoin (and other currencies). He sees the dark web as the future, but even in taht future we won’t be buying noodles in some alley lit by neon purple and neon blue signs in the rain. 
The concept of this looks good, and in Texas they are trying. But do not think it’s going to be cheaper as they need a lot of renovating the dilapidated decentralized electricity network over there. If electricity companies would start to mine, then maybe? Because they would make BTC at the lowest price (and if not too greedy) only to pick up waste energy while they make changes to the grid.
Russia is making laws about it. Other governments are also trying to get to make a CBDC, but the biggest thing is how to regulate and unlike cartels (who give their mules the necessary equipment but at a high cost) governments can’t just give the masses smartphones+internet without causing market issues.
I know, you two would have done it hundreds of posts ago if you wanted to.
That is wrong, because there is no “owner”. Bitcoins creator is unknown. But the system he created is open source and can be dissected and analyzed as much as you know. There are no hidden parts, no secret meetings that change how it works. It’s all in the open. You don’t have to trust anyone, you can verify.
I mean why should they mine for rewards that are lower than what they get when they sell their electricity to regular homes? Over the last decades, as more miners entered the business the competition among them skyrocket, there are only 900 BTC per day that can be mined at the moment (halves every ~ 4 years), and that is split amongst all the miners. Every time a miner finds a cheaper source of energy they push other miners out of the market.
This is essentially a race to the bottom, and eventually you will only have miners that use energy they pay nothing for. Bitcoin will be a consumer of last resort, something you use when there is absolutely no other ways to utilize your electricity.
But what will that eventually solve? The problem with fiat is systemic. CBDC is just a dress up game not a new currency, bundled with dystopian-level control over the livelihood of each individual person. It will give them an insane amount of power, and they will abuse it, which will erode the confidence in the currency even faster.
The title is deceptive as the bigger issue is 'He also wants to block Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law." A very nice move, if only the crypto apps would all be considered gambling… 
It’s the little steps that will dry up the “young people who graduate without any outlook in life… besides becoming a gorilionaire with Bitcoin and related scams.”.
Stock trading apps too?
Ok, so the guy who made the white paper is like “Nah, I’ll just remain anonymous”. Yes, I’m the most influential person in the world but, ya know, I don’t like TV. lol.
That guy has millions of BTC. When he dumps it he better be anonymous. Imagine the faces of the poor guys who don’t even come close to having a million BTC. Just imagine. That’s why it’s a red flag lol.
Because transport is the major cost lol.
No they don’t, people still mine at home. Even computer viruses mine on servers. Theoretically maybe you are right, but if it was, then Aaron would not be mining, right? Everyone can pool up.
CERTAINLY. And now, not later.
The issue is that it’s being managed to avoid crashes, spikes and the resulting wars and riots. Ok, the FED isn’t perfect but it’s a free world so they can only lean towards something to steer it. They cannot suddenly force businesses to do as they say. They work like a brake. You propose to rip it out and hope for the best?
Yes, and teh reason behind it -which I forgto to mention- is that people TODAY no longer see stocks as an investment but as a legal no limits gambling casino. Things change. Every 50 year or so as I bet these cycles keep on repeating.
Also very important is the angry cat I drew. It was perfectly fine and purring until one of my posts got reported.
I think Bitcoin is not yet reached bottom in 2022.
Looking at environment surrounding it, its like tumbling down, down the abyss, and there is a long way still to the bottom.
Like in the nature.
Will it survive the drop, and peoples hopes holding on to it? 
This is also dependednt on many things that can, but dont have to happen.
Certainly, hopium caches must be slowly dwindling…
We still have a lot of copium cashes but since hopium became scarce, it’s price just doubled!!!
