Bitcoin / Cryptocurrency Discussion (And Predictions)

[csalvato]

100% of the crypto nerds here after their "crypto-will-save-the-world" bubble burst:

View attachment 37207

BTC needs to go down 95%+ for me to see a loss....and even if I lost everything suicide would be the last thing on my mind.

not sure why you’d want to see other people on the verge of suicide tho... kind of f*cked up, but you do you

 

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[Timmy C]

100% of the crypto nerds here after their "crypto-will-save-the-world" bubble burst:

View attachment 37207

oh please lol

 

[Timmy C]

Might go hang shit on a bunch of Tesla stock investors today.

Hopefully they lose everything and realize Tesla is garbage.

 

[csalvato]

Might go hang shit on a bunch of Tesla stock investors today.

Hopefully they lose everything and realize Tesla is garbage.

Cathy Wood is long on bitcoin and Tesla. She must be a real idiot.

 

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[Timmy C]

Cathy Wood is long on bitcoin and Tesla. She must be a real idiot.

The scoreboard agrees.

 

[Timmy C]

All jokes aside. I couldn't give a rats a$$ what anyone here invests in lol.

I certainly don't hope for anyone to lose money, that's for sure.

 

[Timmy C]

https://twitter.com/i/web/status/1371549960030842893

View: https://twitter.com/elonmusk/status/1371549960030842893?s=19



People will really buy anything.

Shake my head.

Lol.

 

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[MaxKhalus]

https://twitter.com/i/web/status/1371549960030842893

View: https://twitter.com/elonmusk/status/1371549960030842893?s=19



People will really buy anything.

Shake my head.

Lol.

 

[Timmy C]

Now I know what people think of me investing in Bitcoin after seeing this NFT auction.
Some people have more money than god to be spending it on something so stupid.

One million dollar bid?!

 

[nitrousflame]

just be aware that there's a good chance the bubble is gonna pop and make sure you get out before that happens.

How do you define a bubble pop?

Bitcoin has been through several dot-com magnitude bubble pops in its history. I didn't make it out before the last two popped, and I'm guessing I won't make it out before this one pops. I must be doomed.

 

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[ChrisV]

Decentralization is going to literally change the way the entire world runs...

Almost certainly. But I doubt it will be bitcoin. Too many technological limitations to make it useful on a daily basis.

A cryptocurrency with the following attributes will have daily utility and be the one that changes the world:

•Instantaneous transfer of funds.

• Scalability. It needs a standardized way of fractioning the coins. Going to Starbucks and seeing "Coffee: 0.000090 BTC" really isn't going to fly. This is easily solvable by calling them pico-Coins, nano-coins or μCoins where it could be something like Coffee: 9 mus rather than .00009 coins.

Or perhaps a company that can figure out how verify funds that with the existing bitcoin. A company could verify that you have the funds in a similar way that banks do currently

Anyone want to make a shitload of money, solve these problems.

OH yea and:

• Volatility is a big problem right now. If I give my niece .00008 BTC to go buy a ice cream shake, by the time she gets to the store she either be able to buy 10 drinks, or not have enough for 7 reese's pieces that they usually put on top lol. It's way too volitile to be used daily.

It's also inflexible. The designers of bitcoin also made it so you can't ever upgrade the protocol. Bitcoin is what it is. It's not like Windows XP where updates can be pushed. Most software comes out with a version, then users complain about things, the devs go back and fix the issues. Bitcoin can't do this. Bitcoin will be the same in 2147 as it was in 2009.

But if you can solve these problems, or develop workarounds... you'll likely be a billionaire.

But still.. i'm not banking on Bitcoin. My bet is on another crypto that's not developed yet

 

[Sethamus]

Almost certainly. But I doubt it will be bitcoin. Too many technological limitations.

If you read everything in the thread I think you would see 90% agree that Bitcoin will not be the key technology in decentralization IMO in the long term(10 yrs out). However for this bull run and possibly the next one, it is the most well known and community backed crypto to start the process. It is getting headlines and making the non crypto world to start thinking about what blockchain is and how it can improve our digital infrastructure making the world turn faster and improvements not get bogged down by middlemen and governments. Smart contracts is 1 ex.

 

[ChrisV]

Why would you feel bad for people disagreeing on a particular investment vehicle than you Chris?

Because there are a lot of people dumping huge amounts of money into it just because they heard about it on the news. If this bubble pops a lot of people will lose life savings.

 

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[Sethamus]

Because there are a lot of people dumping huge amounts of money into it just because they heard about it on the news. If this bubble pops a lot of people will lose life savings.

Then they shouldn’t be careless with their life savings. No different then all the options players who sell their house and cash out 401k to trade options. @MJ DeMarco strategy is selling these guys insurance for when their bets do not work out. What about someone who uses his life savings for a business startup that is failing when they could have used financing?

 

[AceVentures]

A cryptocurrency with the following attributes will have daily utility and be the one that changes the world:

The zero-sum assumption is limiting - why does it have to be all or nothing?

There are numerous protocols for communicating and networking via the web2.0 today. There are numerous organizations, products and services that tend to different parts of the value-chain.

Similarly there are numerous ways people have learned to patch together different software -- different tools with different capabilities, each with their own tradeoff. It's an entire ecosystem of tools that interconnect - unfortunately in web2.0 mostly via networks that also come via tradeoffs.



Various blockchain systems aim to address the above trilemma differently. In the case of bitcoin, decentralization and security are optimized at the cost of scalability via PoW. But there is an ever changing dynamic between these aspects and are being addressed differently by innovators across the industry. Privacy is another layer that's also being addressed, many creative solutions out there to address this concern.

Fortunately these new ecosystems are gaining an ability to more easily connect to each other in a modular fashion. This means that end users can begin to leverage these communication protocols for use-cases that deliver real value to them.

People love the internet, and it has changed our lives for the better. Does everyone know how the internet works? Or do they care mostly about their use of it? Sooner rather than later, the complex way in which blockchains are patched together today will be simplified thru a UX that enables everybody to communicate via blockchain, just as they do today across different network protocols without knowing how.

There will be many winners - not just BTC. Many industries will be disrupted. This is already happening. You can stand on the sidelines and call it tulip mania, or you can educate yourself and learn. There is real innovation taking place across the board.

 

[biggeemac]

I think the problem with the crypto in terms of mass adoption is that most people just really dont understand it. They understand cash, and credit/debit cards. If people would stop trying to sell "crypto" and focus more on making crypto/blockchain applications that make lives better and stop trying to put the underlying technology on the front page, then mass adoption would just naturally happen.

This would be similar to trying to sell the public on what cool new programming language you used to write applications, instead of just creating really cool applications that solved a lot of problems. They don't give two shits about the programming language. They care about the app that makes life better.

I can't think of ONE crypto based technology that I use currently.....and thats the biggest problem from my perspective.

 

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[AceVentures]

I can't think of ONE crypto based technology that I use currently.....and thats the biggest problem from my perspective.

The easiest use-case to understand in my opinion is personal banking. Be in control of your own assets, and be able to transact freely. We used to trust the bank, because their buildings and security protected the gold vaults. But today? You can secure your own immutable funds better than the bank.

Another easy to explain use-case is DeFi - but for simplicity let's focus on AMM (automated market maker).

You can provide liquidity into a liquidity pool for a pair token (example ETH/USDC). You receive a synthetic version of the same coin at the amount you entered into the pool.

Congrats! You're now contributing to a decentralized economy. This now provides a liquidity pool for anybody to transact with, and in the simplest case allow for the exchange of the two coins in this pool. The synthetic asset holders can then programmatically accrue revenues off the transaction fees spent by users' exchanges with this pool.

Earn fixed or variable rate interest on your digital assets. Different risk profiles for each pool. As you can imagine, the larger the pool, the lower the return for providing liquidity (as a function of % share of the pool).

 

[Sethamus]

The easiest use-case to understand in my opinion is personal banking. Be in control of your own assets, and be able to transact freely. We used to trust the bank, because their buildings and security protected the gold vaults. But today? You can secure your own immutable funds better than the bank.

Another easy to explain use-case is DeFi - but for simplicity let's focus on AMM (automated market maker).

You can provide liquidity into a liquidity pool for a pair token (example ETH/USDC). You receive a synthetic version of the same coin at the amount you entered into the pool.

Congrats! You're now contributing to a decentralized economy. This now provides a liquidity pool for anybody to transact with, and in the simplest case allow for the exchange of the two coins in this pool. The synthetic asset holders can then programmatically accrue revenues off the transaction fees spent by users' exchanges with this pool.

Earn fixed or variable rate interest on your digital assets. Different risk profiles for each pool. As you can imagine, the larger the pool, the lower the return for providing liquidity (as a function of % share of the pool).

But why shouldn’t we trust the banks with our money? Oh wait....
Greek financial banking crisis
Do you think they are the only people this can happen to?

 

[biggeemac]

The easiest use-case to understand in my opinion is personal banking. Be in control of your own assets, and be able to transact freely. We used to trust the bank, because their buildings and security protected the gold vaults. But today? You can secure your own immutable funds better than the bank.

Another easy to explain use-case is DeFi - but for simplicity let's focus on AMM (automated market maker).

You can provide liquidity into a liquidity pool for a pair token (example ETH/USDC). You receive a synthetic version of the same coin at the amount you entered into the pool.

Congrats! You're now contributing to a decentralized economy. This now provides a liquidity pool for anybody to transact with, and in the simplest case allow for the exchange of the two coins in this pool. The synthetic asset holders can then programmatically accrue revenues off the transaction fees spent by users' exchanges with this pool.

Earn fixed or variable rate interest on your digital assets. Different risk profiles for each pool. As you can imagine, the larger the pool, the lower the return for providing liquidity (as a function of % share of the pool).

Right, if someone would start a bank using crypto/blockchain tech.....that fixes most of or ALL of the things that piss us off with traditional banks, then why would the public care about the underlying technology? They wouldn't......they would simply walk in with funds in hand.

But this has ALMOST zero chance of ever happening. Why? Because banks have to have the blessing of the federal govt. And do you think the feds are ever going to bless something where our right to privacy is respected?

 

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[nitrousflame]

Right, if someone would start a bank using crypto/blockchain tech.....that fixes most of or ALL of the things that piss us off with traditional banks, then why would the public care about the underlying technology? They wouldn't......they would simply walk in with funds in hand.

But this has ALMOST zero chance of ever happening. Why? Because banks have to have the blessing of the federal govt. And do you think the feds are ever going to bless something where our right to privacy is respected?

Perhaps something like this?

Anchorage Becomes First OCC-Approved National Crypto Bank

The crypto industry has its first federally chartered bank: Anchorage.

www.coindesk.com

 

[Deleted78083]

A lot of people don't like crypto because of the "energy consumption".

Let's admit it's true for a minute. It means there is a market for a "clean" crypto based on an efficient blockchain that (somehow) would guarantee that miners mine out of clean energy.

Voila.

 

[TinyTim]

I think the problem with the crypto in terms of mass adoption is that most people just really dont understand it. They understand cash, and credit/debit cards. If people would stop trying to sell "crypto" and focus more on making crypto/blockchain applications that make lives better and stop trying to put the underlying technology on the front page, then mass adoption would just naturally happen.

This would be similar to trying to sell the public on what cool new programming language you used to write applications, instead of just creating really cool applications that solved a lot of problems. They don't give two shits about the programming language. They care about the app that makes life better.

I can't think of ONE crypto based technology that I use currently.....and thats the biggest problem from my perspective.

I agree. In fact, most of the successful crypto/blockchain technologies will be those that we don't even know are blockchains. We will be benefitting from them every day without knowing it. There aren't too many around now, but it's growing and growing. There are some, like how covid vaccines are being stored on the VeChain blockchain.

 

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[csalvato]

Cathy Wood just provided this data-backed ammo for the energy consumption argument:



Note: This is not a survey based on what people think energy consumption is, but what it really is.

EDIT: Link to original article: PoW is Efficient

 

[Kevin88660]

I think the problem with the crypto in terms of mass adoption is that most people just really dont understand it. They understand cash, and credit/debit cards. If people would stop trying to sell "crypto" and focus more on making crypto/blockchain applications that make lives better and stop trying to put the underlying technology on the front page, then mass adoption would just naturally happen.

This would be similar to trying to sell the public on what cool new programming language you used to write applications, instead of just creating really cool applications that solved a lot of problems. They don't give two shits about the programming language. They care about the app that makes life better.

I can't think of ONE crypto based technology that I use currently.....and thats the biggest problem from my perspective.

At this present stage most coins are casino chip. If you join in their telegram groups most discussion are about trading and price targets.

Because the basic economic is the space is “casinomics”. The developing technology are focused on how to build a better casino. Defi is capturing this market building a trading and exchange platform that does not need to do kyc (know your customer).

You collect fees on the trades and the projects are instantly profitable.

Most lucrative or perhaps the only viable business model in the space is still building better tools and user experience for speculation. Million dollar digital art is another example.

Gambling is a big market. And a significant portion of men always like to gamble. This is a sure thing in market demand and gambling is heavily regulated. The “crypto business” is actually serving the gambling needs without calling themselves a gambling dent or casino.

Miners produce the casino chips (coins) and sell them above cost. Exchange business are leasing their poker tables and charging a fee no matter who wins.

 

[StrikingViper69]

If you want an example of blockchain with great UX, so you don't realise it's blockchain, check out Audius.co. It's music streaming built on blockchain... but it looks and works just like any other streaming service.

 

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[James Fake]

Oohhh.... we are nearing the countdown to begin on this gigantic rocket ship.

Bouncing off the bottom of this big rising wedge; once we hit the top line, it will break giving us a straight shot from mid $60k-70k to $100k in the blink of an eye (over a span of a few days, maybe a week)..

This thread activity will go Nuts. The media will go nuts. LFG!!!!

 

[Xeon]

Who says governments can't control crypto and are helpless against "decentralized blockchains"?
Inside China’s Effort to Create a Blockchain It Can Control

My bet is that, *eventually*, governments will be able to control it.

 

[csalvato]

Who says governments can't control crypto and are helpless against "decentralized blockchains"?
Inside China’s Effort to Create a Blockchain It Can Control

My bet is that, *eventually*, the government will be able to control crypto and blockchains.

cool...short btc & you will make a killing when the hammer drops

 

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[Xeon]

I think the problem with the crypto in terms of mass adoption is that most people just really dont understand it. They understand cash, and credit/debit cards. If people would stop trying to sell "crypto" and focus more on making crypto/blockchain applications that make lives better and stop trying to put the underlying technology on the front page, then mass adoption would just naturally happen.

This would be similar to trying to sell the public on what cool new programming language you used to write applications, instead of just creating really cool applications that solved a lot of problems. They don't give two shits about the programming language. They care about the app that makes life better.

I can't think of ONE crypto based technology that I use currently.....and thats the biggest problem from my perspective.

Agree. I find that to transact anything crypto related, I find myself needing to understand extremely technical terms. Till now, I still can't grasp the concept of blockchain. It feels so abstract. And then there's all there terms like "staking", "NFTs", "uniswaps", and a whole mess of computer science protocols. Does one need a double masters in financial engineering + computer science + trading experience to understand these? Because I sure as hell am not going to touch anything I don't understand if it's money related.

Unless you're able to get the rural-living, 68 year old grandma who does nothing but sews all day long to understand all these, crypto in its current form will not get mainstream adoption lol.

With fiat, it's simple. I take out a $5 note, made of paper, to exchange that chicken burger of yours. No complex "bitcoin addresses", "hashes"......and I don't need 10+ mins to figure out, install and setup some shitty Google Authenticator app on my phone which the Binance app requires.

This area is a huge gap, ripe for disruption. The next person who can solve this need will be F*cking rich. Imagine : a world where using crypto is as simple as buying candy at Walmart or sending money via PayPal.

 

[Musashi]

Till now, I still can't grasp the concept of blockchain. It feels so abstract. And

So you constantly feel the urge to proclaim here how everything related to crypto goes to shit and is bad – yet you don’t even understand how a Blockchain works?

How about first leaning the fundamentals before forming an opinion?

You’re making yourself a fool in this thread. You sound bitter and scared. Are you working in the finance sector there in Singapore? Or did your friends get rich off crypto while you were sitting on the sideline watching TV?

And no, you don’t need a double master in anything. Just a normal functioning brain and a little bit of effort.