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Some interesting tidbits, that have been lost in the hoopla and hysteria surrounding bitcoins. (which the government didn't fully anticipate would happen)

The government created the bitcoin blockchain well before "Satoshi" published his white paper......that contained technical information about the blockchain.

One of the early adopters of Bitcoin and one of the pioneers was a programmer named Hal Finney.

Hal Finney admitted he was "in contact" with the CIA prior to that same time period. He also was an early "miner" of free bitcoins but lived a normal lifestyle.

He claimed that he didn't possess the bitcoins anymore, when he should have the same size stash as the "Satoshi" .........1 million coin wallet stash.

I believe the coins that Finney mined actually belonged to the government and therefore he didn't have access to them.

Bitcoin "whales" are a few people who were early adopters and they could be the government. They own most of the existing bitcoins.

The origin of bitcoins may explain why the US government hasn't simply shut it down. It is very useful for them to track criminals and terrorists.
 

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Do the bitcoin fanatics not notice that prominent promoters of crypto, pump the crypto on their social media and then announce they sold it AFTER the fact ?

Elon Musk, Cathie Wood, Jim Cramer.....to name a few. It is classic pump and dump, which they do because it is an unregulated market.

If they did the same thing with stocks, the regulators would be all over them.
 
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First, the mayors are not getting paid in crypto - they just wanted media attention by announcing their personal point of view. Its funny that they will need FIAT to buy their crypto though.

Nothing is impossible. But to say the governments will allow the decentralization of currency is somewhat crazy.
I agree it's mostly a publicity stunt for the mayors and pro athletes. You can just as easily get paid in fiat and buy the crypto you want yourself.

Governments are just fine with it as commodity trading and they should be for good reason - capital gains taxes. As long as it is taxed as a commodity it won't work as a legal currency which makes the financial services industry happy. A lot of regulatory clarity is needed. We could pay taxes directly to a government blockchain wallet instantly - that would be very good for society I'd argue. Transparency and innovation in taxes is very scary for the wealthy who have mastered the current system of off shore banking etc.

This forum is not even scratching the surface of what developments are going on. You're basically making arguments that are years behind and it's not worth my time to address them all. You could spend all day trying to keep up with development and you're all in the dark just waiting for me to feed you some crumbs of information on a forum. Things are changing and developing very fast right now and the information is available. The internet took decades to get to FAANG and blockchains are going through the same process

NFTs are definitely in a .com bubble right now. They have many disruptive use cases that will take time to develop. Kind of like 2010 smartphone apps on steroids.
 

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I have no idea what'll happen with bitcoin. It may keep soaring past the moon and all the way to Mars. It may be a tulip mania. I've heard the arguments on both sides, and I don't know who's right. I personally keep just a small amount (up to 1% of my money) in bitcoin. Just to have some skin in the game. Only money I'm willing to lose. I personally got in late so I missed the huge runup that made some people very wealthy.
 

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I didn't read it but I'm sure the angry old women is yelling at the sky with all the other angry old people

What entitles the US to be the world reserve currency? How does that benefit Canada and other nations? Ironic that she argues Bitcoin can destabilize nations when the USD can as well

Look what happens to any nation that tries to trade oil in their choice of currency.

 

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The alpha and omega of bitcoin.

Introduction as an alternative currency........failed as the price is too unstable and retail adoption is less today than it was years ago.

Digital gold...........failed as the price is unstable and security is an issue.

High risk speculative investment.........success, if you can time your market buys and sells perfectly.

What is next.......lack of interest from the public, wide public perception the price will decline, a mass exit causing the value to collapse to zero.

The next big thing.......pet rocks........oh wait, we already had that one.
 

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Bitcoin is already getting elderly and the public has a low attention span. Time for something new and exciting.
 

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My daughter's friend bought a hat on Roblox. She's 14. She's a straight A student and has a job earning $13.75/hour at a store. She works 4 hours, every Friday.

She saved up $1000 to buy a hat, in the game. A hat that her avatar can wear, in the game and nowhere else.

I think it's stupid. But, as time moves forward and reality and VR/AR and mixed realities merge, we're going to see that many people prefer to send digital roses or tokens of appreciation. Not me. But my daughter for sure.

And I see blockchain, crypto and NTF's as being the backbone of that.

A thousand dollar digital hat. It's important because it's a mindset and NFT's are going to take that to a new level. And crypto (perhaps ether?) is going to help drive that. What will be the winner? Who knows. Will it be BTC? Not sure? Etherium, Dash, Cardano, Solana, Ripple or one of the other 13,000+ cryptos. I literally have zero clue.

The tech will move forward, but whether we, as humans, choose the right one, only time will tell.

I roll the dice on a few crypto's to the moon and fully accept I just threw my hard earned hours for dollars money away. And I also own some Dogecoin and Shiba because they're stupid... But so is the world so it may go up, up, up! Or am I stupid for buying and betting on stupid in a pump and dump? Who knows. lol
 

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A colleague said the same thing about his son buying a digital hat. He said he was pissed at first and then realized he would have bought him some plastic junk from China that would get left on the floor, stepped on at 3am and then thrown in the trash.

The whole point of NFTs is that you can resell the hat. My generation spent lots of money on digital items that can never be traded, sold or handed down etc. These cultural items hold a lot of nostalgia and memories and could be worth more over time

I don't buy NFTs I just process the network and earn the fees. I go into the metaverse sometimes when I know there's free loot from events because this early stuff will prove I was there early. I got a deadmau5 hat free from his virtual metaverse concert

What's that hat worth now? Well they were selling them for like $200USD right after the concert. Then facebook renamed itself meta and it's probably worth thousands now. Haven't bothered to check. It's not like I need more devalued fiat just to pay capital gains on a freakin free digital hat

A thousand dollar digital hat. It's important because it's a mindset and NFT'sare going to take that to a new level. And crypto (perhaps ether?) is going to help drive that. What will be the winner? Who knows. Will it be BTC? Not sure? Etherium, Dash, Cardano, Solana, Ripple or one of the other 13,000+ cryptos. I literally have zero clue.
It's all ethereum right now. Like 10,000 of those random crypto tokens are just ethereum tokens on the ethereum network. There's very very few challengers to ethereum all the ones you listed are lacking in some way for now. If you understand token distributions, token burning/issuance and other tokenomics rules out the vast majority

I roll the dice on a few crypto's to the moon and fully accept I just threw my hard earned hours for dollars money away. Oh! And I also own some Dogecoin and Shiba because they're stupid... But so is the world so it may go up, up, up! Or am I stupid for buying and betting on stupid? Who knows. lol
Why not get yourself a few bazillion free HOSKY tokens this week if you have a few ADA in a cardano wallet. Horrible tokenomics but excellent memes.

 

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Kids have always wasted money stupidly with tokens and tickets.

From pinball games to penny arcades to jukeboxes to Space Invaders they happily wasted their money.

Most people grew out of it in adulthood, because as the saying goes.....with age comes wisdom.

Those who didn't figure it out also had a saying....a fool and their money are soon parted.
 

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At least most do, but the rest are the subject matter for an old saying.........a fool and their money are soon parted.
Unless the money is devalued by quantitative easing. Then a fool is the one who didn't buy any appreciating asset.

People with long history being wrong always seem to enjoy telling everyone else how to be wrong tomorrow
 

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Yup.....and people predicting a financial disaster due to money printing and debt........have been wrong for a long, long time.
 

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Look -

I can't understand why people buy McDonald's. I don't understand why people wait in drive thru's for it. I don't understand how they can sell a burger without a tomato. But people buy that shyt.

Same with Starbucks.

I don't try to figure out why people do what they do.
But people buy McDonald's. They buy Starbucks. And they sure as shyt buy crypto.

So, I buy crypto, too.
Because if everyone thought like me? McDonald's and Starbucks would be obsolete.
 

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^^^ im old enough to remember value guys in the late 90s (Buffett included) saying Amazon was nothing more than a speculation and clearly overpriced because it was valued more than all the bookstores in the world put together. those guys had near a decade in the 2000s to celebrate how right they thought they were, but look at the scoreboard now. Ben Graham and Warren Buffett are heroes of mine too, but things change and there is no guarantee that any specific investing framework will work forever.
Yup, that's also true. I spent 11.5 years working for Amazon before finally retiring. (Partly but not entirely due to my stock grants.) The thing about Bezos is that he's insanely charismatic, so he managed to keep the VCs entranced for almost 20 years before the AWS wing started printing money. I missed out entirely on Tesla and a few others because I stuck to the plain old P/E valuations...

In the end, I modified my approach a bit and went after giant and relatively bulletproof companies once they dropped in price. In May 2020, that meant Boeing, Exxon-Mobile, some retail companies, cruise ships, etc. Right now, that means Disney and a few others. Gotta adapt.

There is intrinsic value in moving money across borders, and in criminal activity/money laundering, and in some cases, for failed economic states with currency collapses. There is not much else. People buy Bitcoin because it has gone up and because they think it will make them rich, or at least some money, or it's fun, or it's gambling. Gambling and speculation can make a lot of people rich, it's real money.
Yup, 100% agreed. The only thing I've found that Bitcoin does better than traditional banks is international money transfers. It's a ridiculous pain in the *** to move money between my own accounts in the US and Canada. For anything else, it's worse than useless as a currency. People hoard it, they don't actually use it out in the real world. It fails to meet its own definition of value.

I don't try to figure out why people do what they do.
But people buy McDonald's. They buy Starbucks. And they sure as shyt buy crypto.

So, I buy crypto, too.
Because if everyone thought like me? McDonald's and Starbucks would be obsolete.
But what if you'll end up being the last person out there holding that tulip bulb pet rock Beanie Baby bitcoin? :p I invest in companies I don't like, too, but at the end of the day they have a certain book value per share, so I know I'll get at least something back if the company goes under. There are no such assurances with crypto currencies. You've heard about the pump and dump with the Squid Game coin, right? From ~$2,300 to $0.00 in an instant.

Edited to add:
My daughter's friend bought a hat on Roblox. She's 14. She's a straight A student and has a job earning $13.75/hour at a store. She works 4 hours, every Friday.

She saved up $1000 to buy a hat, in the game. A hat that her avatar can wear, in the game and nowhere else.
Have you seen the Black Mirror episode "15 million merits"? It's the perfect illustration of this concept: people riding exercise bikes all day, every day, just so they could buy stuff for their virtual avatars. That whole episode more or less encapsulates the anti-consumerist lean-FIRE lifestyle. (I don't steal other people's leftover food, though. :p )
 

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But what if you'll end up being the last person out there holding that tulip bulb pet rock Beanie Baby bitcoin? :p I invest in companies I don't like, too, but at the end of the day they have a certain book value per share, so I know I'll get at least something back if the company goes under. There are no such assurances with crypto currencies. You've heard about the pump and dump with the Squid Game coin, right? From ~$2,300 to $0.00 in an instant.
in a bankruptcy the equity should go to zero.
 

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A colleague said the same thing about his son buying a digital hat. He said he was pissed at first and then realized he would have bought him some plastic junk from China that would get left on the floor, stepped on at 3am and then thrown in the trash.

The whole point of NFTs is that you can resell the hat. My generation spent lots of money on digital items that can never be traded, sold or handed down etc. These cultural items hold a lot of nostalgia and memories and could be worth more over time

I don't buy NFTs I just process the network and earn the fees. I go into the metaverse sometimes when I know there's free loot from events because this early stuff will prove I was there early. I got a deadmau5 hat free from his virtual metaverse concert

What's that hat worth now? Well they were selling them for like $200USD right after the concert. Then facebook renamed itself meta and it's probably worth thousands now. Haven't bothered to check. It's not like I need more devalued fiat just to pay capital gains on a freakin free digital hat

Heh - I never realized that this NFT thing would be applied to "regular digital stuff" en mass, to take the money from gen-z kids in a whole new way... So selling digital hat to teens now is just like selling $100 jeans to teens 30 years ago (Gen X).

To the bolded part - did we spend tons of money on digital stuff?? I remember that we thwarted and destroyed the burgeoning digital economy with piracy and copying and the understanding that "it's just a file". We decimated the prices of digital media/services everywhere, which corporate America spent 20 year in vain trying to charge us good money for and failed... Eventually we were willing to pay $10/month (way less than they wanted to charge us no doubt) for unlimited, convenient access to everything. But that's just because we got older with more money and less time, willing to pay.

Some days, I sure feel glad to be a millennial.
 

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My daughter's friend bought a hat on Roblox. She's 14. She's a straight A student and has a job earning $13.75/hour at a store. She works 4 hours, every Friday.

She saved up $1000 to buy a hat, in the game. A hat that her avatar can wear, in the game and nowhere else.

I think it's stupid. But, as time moves forward and reality and VR/AR and mixed realities merge, we're going to see that many people prefer to send digital roses or tokens of appreciation. Not me. But my daughter for sure.

And I see blockchain, crypto and NTF's as being the backbone of that.

A thousand dollar digital hat. It's important because it's a mindset and NFT's are going to take that to a new level. And crypto (perhaps ether?) is going to help drive that. What will be the winner? Who knows. Will it be BTC? Not sure? Etherium, Dash, Cardano, Solana, Ripple or one of the other 13,000+ cryptos. I literally have zero clue.

The tech will move forward, but whether we, as humans, choose the right one, only time will tell.

I roll the dice on a few crypto's to the moon and fully accept I just threw my hard earned hours for dollars money away. And I also own some Dogecoin and Shiba because they're stupid... But so is the world so it may go up, up, up! Or am I stupid for buying and betting on stupid in a pump and dump? Who knows. lol
Why would you let your daughter spend her hard earned money on something like that? That’s incredibly strange to me.
 

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Heh - I never realized that this NFT thing would be applied to "regular digital stuff" en mass, to take the money from gen-z kids in a whole new way... So selling digital hat to teens now is just like selling $100 jeans to teens 30 years ago (Gen X).
They typically mint for the cost of the transaction and maybe small amount. I got the deadmau5 hat for free like picking up loot in a game. It's the secondary market where it picks up value. Kind of like people selling game accounts or something

I'm on the tail end of gen x but I can related to millennials somewhat. I suppose it was more when iTunes came that people starting buying digital music and videos. Then all the in-app transactions came with smartphones (everyone seems to refer to zoomers as millennial right)

Music artists still seem to do well for themselves selling royalties, concert tickets and merch. I remember making mix tapes off the radio. Same thing. It took all night to download 1 song on napster. I always said I would happily pay and I've paid for spotify for years

NFTs will be huge for artists though. Streaming services are not paying the artists enough. Death to the record label hopefully. Some musicians I've followed since the '90s are already pitching their NFTs. I think the next generation will figure out better ways to use them then monkey jpegs
 

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Why would you let your daughter spend her hard earned money on something like that? That’s incredibly strange to me.
No clue how the parents allowed it.

OTOH, when I was 14 (almost 15) I bought my first car stereo. Rode my bike to the local stereo store and dropped $800 on a Pioneer Cassette Deck and 6-Disc CD changer for a car I was "going" to buy in a couple years when I got my license. Parents had no clue and I had it in my closet for a year before I sold it to a friend who actually HAD a car.

So the parents might not even know. Let's face it, parents are completely unaware when it comes to tech for the most part. I work in high tech, manage a tech stack and live and breathe the digital space so it's pretty easy for me, but not most.

I know that my kids would rather do chores for Robux (Roblox digital currency) more than real money. They would rather a $10/week allowance of Robux than a $25/week allowance of real money.

Mind boggling, but true.

And that's where crypto and NFT's, etc can grow. A perceptual shift in society. Will bitcoin go up? No clue. Will Crypto as an idea? 1000000000%.
 
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