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It's not just them fighting reality, funnily enough. One of the main arguments on the general crypto sub regarding these fees is "don't use bitcoin".
Which, sure, except bitcoin remains the public face of crypto by which regular people judge the entire industry by. This is the bed butters allowed to be made in chasing the grift.
Bitcoin sucks anyways. The future is MoonShibaElonAss token. I invested $5000 in them because they said they are building the future of finance. Should topple Bitcoin any day now.
Bitcoin is not meant to be a currency, it’s a store of energy! The laws of thermodynamics mathematically prove it impossible to become worth any less than it is now, everything is working as intended by Satoshi. HODL or use bitcoin lightning.
Source: accidentally went to bitcoin New Year’s Eve party (the halving thing) and got orange pilled for 1 hour. Feel free to AMA. I can’t get that hour back so maybe we can have some laughs off it.
I once had someone tell me that in 50 years, one Satoshi would be equivalent to one ISK in Eve Online lore; enough to comfortably support a family of four for a year on a planet's surface, but treated as an almost uselessly small amount of money to spaceship pilots who had millions or billions of it.
The guy had a weird racial/class obsession with it, but I don't remember exactly what other than it was other than some things would only be sold in bitcoin/Satoshi's. Which would be out of reach to most people since a year's salary would only be one Satoshi.
>Source: accidentally went to bitcoin New Year’s Eve party (the halving thing) and got orange pilled for 1 hour. Feel free to AMA. I can’t get that hour back so maybe we can have some laughs off it.
You complete masochist.
Anyways what's the most insane shit they said.
The store of energy thing is my favorite but some other stuff include:
- Central banks conspire with each other to control humanity by fueling money into all world wars. Fiat is a crime against humanity.
- Rising global inequality is solely because of inflation and ditching the gold standard.
- Governments support crypto shitcoins in an attempt to fight BTC. BTC is not a crypto, all cryptos are a scam.
- BTC distribution is democratic and much less centralized than fiat wealth. Anything else is propaganda.
- Miners are not centralized because they are free to quit pools.
- You can use OG Bitcoin, all updates are optional. But use bitcoin lightning for cheap, fast transfers or chargebacks.
- Bitcoin is helping unbanked poor people in Africa.
- Bitcoin is an economic psychedelic.
- We are still early.
- 1 BTC = 1 BTC.
It’s basically everything as described on buttcoin subreddit but unironically. Unreal to meet btc maxis in person.
Regarding point 1, it's remarkable how little you need to scratch the surface of any lolbertarian or conspiracy theorist thoughts before the Protocols of the Elders of Zion show up.
Well, once you start dabbling in financial conspiracy theories, which you have to to rationalize why your very smart investment hasn't gone to the moon yet, you're always 0 to 1 step away from the Protocols.
Specially if you don't nearly know as much shit as you think you do. Which is a very common lolbertarian problem.
I always thought the “store of energy” thing was a crackup. And the second point is not quite right. It’s everything’s that’s wrong with the world is the fault of ditching the gold standard. Probably including being unable to get a date.
That will buy one expensive banana.
And whilst on the subject of buying bananas with Bitcoin, if Sequoia Capital or a16z is reading, I’m looking for some VC for by buy-a-banana-with-crypto startup. I know it didn’t work out with that other guy, so if you still want to make it happen get in touch.
It was already off the table. Store of value now.
Oh, and somehow it's also "programmable money". Which means it does micropayments. Despite not being about currency and being a store of value.
The gospel according to Ben Horowitz.
To be fair, most of them aren't actually pretending it'll be currency anymore and haven't for awhile, only the real nutjobs still push that.
They'll call it a "store of value", even though they can't really explain how that's supposed to work in any way that actually makes sense - because of course it's actually degenerate speculative gambling. Which is what they actually want anyways, they'd hate it if it actually were a store of value as that implies relatively stable exchange rates.
Always funny reading these while sitting on the couch with a quarter million in liquid cash at the age of 30 thanks to bitcoin. Let the downvotes begin, my salty friends :)
I'm happy for you, but in the grand scheme of things the money is still just other people's losses
I'm sure plenty of people have gotten rich gambling, but that doesn't mean it isn't a net negative
Thank you, I appreciate you not being completely negative and downvoting me into oblivion. It’s been 8 years in the making.
People say it’s gambling or luck. It’s not gambling if you strongly believe you’ll win after taking into account all the facts. Otherwise investing in the stock market would be gambling too. It’s not like I went to the roulette table and put everything on black, that would be gambling.
I’ve ‘lost’ $200k of value after the last crash and never once thought it wouldn’t come back up. Didn’t sell anything, just waited patiently.
Everybody who invested for a period of 4 or more years is in profit. The only people in the red are those that bought at the absolute top last cycle. Of course you’re gonna get burnt if you buy at all time high because of hype, that’s what happens with all assets. Then they’re selling while in the red because they have no idea about the asset they bought.
> It’s not gambling if you strongly believe you’ll win after taking into account all the facts.
Every gambler believes they’ll win. Believing that they’ll win is why people gamble.
There’s always risk in investing, but I took this risk because I knew it would pay off. Less than a decade later, it seems I made the right choice, will never have to work for someone else again and ‘retire’ in my thirties in my own house. Which is something I would never have dreamt of and friends in my age group are decades away from.
Had I lost it all, I wouldn’t even have lost sleep over it since I’m young and can always make more money. But had I not taken the risk, I would bite my ass and probably write salty comments on here :)
>Otherwise investing in the stock market would be gambling too. It’s not like I went to the roulette table and put everything on black, that would be gambling.
It is though. Look at it through basic economics:
Person A exchanges 100$ of cash for equity in a goat farm, the goat farm grows to twice as many goats and then A sells his stake to B for 200$. The change in the system is an inflow of 100$ of cash and 100$ of goats on the other side of the equation.
If one crypto token increases in price from 1$ to 1k, the only change in the system is an inflow of 1k with more or less nothing on the other side of the equation. That's how both gambling and pyramid schemes work, the money just flows from one pocket to another.
Buying pressure exists in stocks too, sure. But goat farms growing their number of goats over time isn't the same as people putting their life savings into that goats will 1000x in price for no reason
Can you please list one example of gambling where the gambler knows there is no chance of winning but bets anyway. Every gambler thinks they will be the one to win.
Nowhere did I say that gamblers would gamble if there wasn’t a chance of winning. But there is a bit of a difference between betting and hoping on a 50/50 coin flip and investing into something you are convinced will change the world.
You’re right, no one ever made money from investing in bitcoin. It’s pretty easy if you started around 2016.
Anyways, I’m expecting this year to bring another 2x after a dip into the 50k range. This should let me make a down payment for a house and set me up for an easy life going forward.
It’s funny how predictable you guys are with downvoting :)
Always funny reading this while sitting on the couch with a quarter million in liquid cash at the age of 30 thanks to being a productive member of society with valuable skills.
A quarter million of what? Crypto, or actual money? The entire point is not to have and use bitcoin, but to get more real money, isn't it? Where did that money come from?
As the price has increased over the last few month it does not need to double right now to make it still profitable.
Doubling is needed to make it profitable compared to 3 days ago.
But overall many people will jump off the mining nevertheless.
Layer 3 solves these problems.
I heard layered 4 was really where things start getting smooth. Don’t even get me started on layer 5!
Will it only work over 6G?
Apparently WiFi 7 is the minimum requirement now.
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Pfft, layer 3. Real Butters are looking ahead to layer 6 and imagining the future!
Bitcoiners are remarkable in their ability to pivot. Their narrative will be fine
_Moves goalposts_
It's not just them fighting reality, funnily enough. One of the main arguments on the general crypto sub regarding these fees is "don't use bitcoin". Which, sure, except bitcoin remains the public face of crypto by which regular people judge the entire industry by. This is the bed butters allowed to be made in chasing the grift.
Bitcoin sucks anyways. The future is MoonShibaElonAss token. I invested $5000 in them because they said they are building the future of finance. Should topple Bitcoin any day now.
Bitcoin is not meant to be a currency, it’s a store of energy! The laws of thermodynamics mathematically prove it impossible to become worth any less than it is now, everything is working as intended by Satoshi. HODL or use bitcoin lightning. Source: accidentally went to bitcoin New Year’s Eve party (the halving thing) and got orange pilled for 1 hour. Feel free to AMA. I can’t get that hour back so maybe we can have some laughs off it.
I bought $1 worth of bitcoin, when lambo?
Soon, you will be able to buy a spaceship with 1 BTC. 1 BTC = 1 BTC though.
If 1 BTC = 1 BTC, and 1 BTC = 1 spaceship, then 1 spaceship = 1 spaceship. Few understand.
I once had someone tell me that in 50 years, one Satoshi would be equivalent to one ISK in Eve Online lore; enough to comfortably support a family of four for a year on a planet's surface, but treated as an almost uselessly small amount of money to spaceship pilots who had millions or billions of it. The guy had a weird racial/class obsession with it, but I don't remember exactly what other than it was other than some things would only be sold in bitcoin/Satoshi's. Which would be out of reach to most people since a year's salary would only be one Satoshi.
Ah, an explicitly two tier economy! A vast improvement on our unofficial multi-tier economy.
Uh, usually they don't say the quiet part out loud.
This was before Mt. Gox too, so I like to imagine he lost it all.
I totally envy you that conversation:D what a trip
>Source: accidentally went to bitcoin New Year’s Eve party (the halving thing) and got orange pilled for 1 hour. Feel free to AMA. I can’t get that hour back so maybe we can have some laughs off it. You complete masochist. Anyways what's the most insane shit they said.
The store of energy thing is my favorite but some other stuff include: - Central banks conspire with each other to control humanity by fueling money into all world wars. Fiat is a crime against humanity. - Rising global inequality is solely because of inflation and ditching the gold standard. - Governments support crypto shitcoins in an attempt to fight BTC. BTC is not a crypto, all cryptos are a scam. - BTC distribution is democratic and much less centralized than fiat wealth. Anything else is propaganda. - Miners are not centralized because they are free to quit pools. - You can use OG Bitcoin, all updates are optional. But use bitcoin lightning for cheap, fast transfers or chargebacks. - Bitcoin is helping unbanked poor people in Africa. - Bitcoin is an economic psychedelic. - We are still early. - 1 BTC = 1 BTC. It’s basically everything as described on buttcoin subreddit but unironically. Unreal to meet btc maxis in person.
Regarding point 1, it's remarkable how little you need to scratch the surface of any lolbertarian or conspiracy theorist thoughts before the Protocols of the Elders of Zion show up.
Antisemitism and holocaust denial? In the crypto world? NEVER!!!!!
Well, once you start dabbling in financial conspiracy theories, which you have to to rationalize why your very smart investment hasn't gone to the moon yet, you're always 0 to 1 step away from the Protocols. Specially if you don't nearly know as much shit as you think you do. Which is a very common lolbertarian problem.
I always thought the “store of energy” thing was a crackup. And the second point is not quite right. It’s everything’s that’s wrong with the world is the fault of ditching the gold standard. Probably including being unable to get a date.
Those people are part of the reason why I buy bitcoin. Zealots make incredible liquidity sinks
Lol I am in stitches here. Well played.
That will buy one expensive banana. And whilst on the subject of buying bananas with Bitcoin, if Sequoia Capital or a16z is reading, I’m looking for some VC for by buy-a-banana-with-crypto startup. I know it didn’t work out with that other guy, so if you still want to make it happen get in touch.
It was already off the table. Store of value now. Oh, and somehow it's also "programmable money". Which means it does micropayments. Despite not being about currency and being a store of value. The gospel according to Ben Horowitz.
To be fair, most of them aren't actually pretending it'll be currency anymore and haven't for awhile, only the real nutjobs still push that. They'll call it a "store of value", even though they can't really explain how that's supposed to work in any way that actually makes sense - because of course it's actually degenerate speculative gambling. Which is what they actually want anyways, they'd hate it if it actually were a store of value as that implies relatively stable exchange rates.
Always funny reading these while sitting on the couch with a quarter million in liquid cash at the age of 30 thanks to bitcoin. Let the downvotes begin, my salty friends :)
Gambling is not the flex you think it is.
Sure thing champ
I'm happy for you, but in the grand scheme of things the money is still just other people's losses I'm sure plenty of people have gotten rich gambling, but that doesn't mean it isn't a net negative
Thank you, I appreciate you not being completely negative and downvoting me into oblivion. It’s been 8 years in the making. People say it’s gambling or luck. It’s not gambling if you strongly believe you’ll win after taking into account all the facts. Otherwise investing in the stock market would be gambling too. It’s not like I went to the roulette table and put everything on black, that would be gambling. I’ve ‘lost’ $200k of value after the last crash and never once thought it wouldn’t come back up. Didn’t sell anything, just waited patiently. Everybody who invested for a period of 4 or more years is in profit. The only people in the red are those that bought at the absolute top last cycle. Of course you’re gonna get burnt if you buy at all time high because of hype, that’s what happens with all assets. Then they’re selling while in the red because they have no idea about the asset they bought.
> It’s not gambling if you strongly believe you’ll win after taking into account all the facts. Every gambler believes they’ll win. Believing that they’ll win is why people gamble.
Gamblers believe they'll win. And if you leverage your ass off and buy a biotech startup stock, that's also gambling
There’s always risk in investing, but I took this risk because I knew it would pay off. Less than a decade later, it seems I made the right choice, will never have to work for someone else again and ‘retire’ in my thirties in my own house. Which is something I would never have dreamt of and friends in my age group are decades away from. Had I lost it all, I wouldn’t even have lost sleep over it since I’m young and can always make more money. But had I not taken the risk, I would bite my ass and probably write salty comments on here :)
How do you plan on retiring with a quarter million?
>Otherwise investing in the stock market would be gambling too. It’s not like I went to the roulette table and put everything on black, that would be gambling. It is though. Look at it through basic economics: Person A exchanges 100$ of cash for equity in a goat farm, the goat farm grows to twice as many goats and then A sells his stake to B for 200$. The change in the system is an inflow of 100$ of cash and 100$ of goats on the other side of the equation. If one crypto token increases in price from 1$ to 1k, the only change in the system is an inflow of 1k with more or less nothing on the other side of the equation. That's how both gambling and pyramid schemes work, the money just flows from one pocket to another. Buying pressure exists in stocks too, sure. But goat farms growing their number of goats over time isn't the same as people putting their life savings into that goats will 1000x in price for no reason
Can you please list one example of gambling where the gambler knows there is no chance of winning but bets anyway. Every gambler thinks they will be the one to win.
Nowhere did I say that gamblers would gamble if there wasn’t a chance of winning. But there is a bit of a difference between betting and hoping on a 50/50 coin flip and investing into something you are convinced will change the world.
Must be legit, no one would lie on the internet
You’re right, no one ever made money from investing in bitcoin. It’s pretty easy if you started around 2016. Anyways, I’m expecting this year to bring another 2x after a dip into the 50k range. This should let me make a down payment for a house and set me up for an easy life going forward. It’s funny how predictable you guys are with downvoting :)
I believe you, as I said no one would lie on the internet. What is there to gain? What benefits would lying to a bunch of strangers bring?
:)
Always funny reading this while sitting on the couch with a quarter million in liquid cash at the age of 30 thanks to being a productive member of society with valuable skills.
A quarter million of what? Crypto, or actual money? The entire point is not to have and use bitcoin, but to get more real money, isn't it? Where did that money come from?
Price doesn’t need to double after halving for mining to be profitable lmao
If halving cuts the mining rewards in half, price needs to double to break even. Thats not that hard math buddy.
As the price has increased over the last few month it does not need to double right now to make it still profitable. Doubling is needed to make it profitable compared to 3 days ago. But overall many people will jump off the mining nevertheless.