Best definition of Bitcoin

Aquarians said:
I personally can't stand it so I'm not totally unbiased on the issue but it's an interesting view. Also have several friends who are very loud fanboys which contributes to the annoyance.

Overall I stay clear of it and I'm pretty indifferent on those who get involved with crypto as long as they don't Jehovah's Witnesses-ize it too insistent on myself.

But the observation got me thinking. If someone were to make an honest buck through Definitely-Not-A-Ponzi scheme, the classic, centralized approach has proven kinda weak (Madoff and all). So the way Bitcoin was designed is a great source of inspiration. Maybe next time I take a hot bath ...

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JfW+ IRS seem to disagree on that bit con \
looks like IRS kingdom is right.
GOOG notes ,dont slam the door on J false w; they have been taught to expect that. Pray for them LOL:D:D I dont give them a $00.25 for thier magazine\
do they take crypto cr*p now??
 
Aquarians said:
Honestly, I missed the bus when it was in station (buy a ton when it was cheap) so it's now waay too late to catch it. Hence the very humane wish it crashes and burns so at least I get some schadenfreude :p
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The next Bitcoin and crypto assets bull market cycle is starting.... prolly nothing

johnarb said:
The reality is that people who hate Bitcoin and cryptos hate themselves for missing out on the many opportunities over many years

We just finished a third bull/bear market cycle

On the next cycle, these same crypto-haters will miss out on the opportunities again

They'll wait for it to crash again then post their celebration posts and Monday night quarterbacking bullshits

It is what it is

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Aquarians said:
I could say the obscene energy requirement and environmental impact, ridiculous transaction costs that only make it valid currency for money laundering and crime as legitimate use apart from speculation but truth is I don't give a **ck.

Honestly, I missed the bus when it was in station (buy a ton when it was cheap) so it's now waay too late to catch it. Hence the very humane wish it crashes and burns so at least I get some schadenfreude :p
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serious question how does anyone say it has crazy transaction costs anymore? I moved 50 K worth of bitcoin the other day on the base layer and a cost me less than one dollar. If I would’ve done the same transaction on the lightning net work it would’ve cost me less than one cent!

Don’t just repeat things you hear.

also the money laundering and criminal thing is like a five year old argument the truth is if you were criminal using bitcoin is the dumbest thing you could do you are essentially carving into stone a transaction that will never ever go away and can always be linked back to you if the authorities put the pieces together correctly. If you want to do crime just use regular old cash that way you won’t get caught.
 
murray t turtle said:
%%
JfW+ IRS seem to disagree on that bit con \
looks like IRS kingdom is right.
GOOG notes ,dont slam the door on J false w; they have been taught to expect that. Pray for them LOL:D:D I dont give them a $00.25 for thier magazine\
do they take crypto cr*p now??
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is this written in a foreign language I am not aware of? Is this pig latin?
 
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Pekelo said:
You didn't ask me, but if you don't mind me answering:

1. Its fanboys. They are insufferable and don't know history, psychology or finance.
2. It is very complicated to use.
3. Bitcoin itself is obsolete, it should have been left in the dustbin 5-7 years ago. Both BSV and BCH are technologically better. Well, even LTC is better, and LTC is like 12 years old.
4. Most of the original claims from the early 2010s about Bitcoin/crypto turned out to be lies or half truths.
5. Its mining is energy wasting.
6. Its goal post is constantly moved. Currency>>Investment>>Collector's item
7. Its valuation is not based in reality.
8. It can disappear into digital ether, with no recovery.
9. Because of its libertarian nature of the crypto economy, it is full of scams, ponzis, hacks.
10. Most (99%) of its fanboys in it because of greed, not for the technology.
11. With the current improvement in money sending technology (fast and cheap), there is really no need for it.
12. Once my wallet address is known, my purchases can be tracked by anybody. WTF??
13. Original Bitcoin is slow and can't handle lots of transactions, LN isn't blockchain.
14. The fundamental blockchain trilemma can not be solved.
15. Its best usecases are still illegal activities, like blackmail, hacking.

etc.etc.

Now I am not going to debate any of these points because first these are factually correct, second, what is the point? I have just listed some of the grievances what average people can have against cryptos and Bitcoin particular, because you wondered...
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alright mr pekelo let me ask ya this

do you have a good explanation as to why, despite you saying they are technically superior, bitcoin cash, bitcoin SV, Litecoin have essentially no market cap, no developers, no miners, no users, no settlement volume and no interest?

Why do you think that is?

It’s almost as though the transaction speed is not bitcoins main value proposition. This is way more than just a global version of Venmo most bitcoin errors got that through their head in 2017 but you still seem stuck on it.
 
I'm not a big fan of BTC, but it has/had first-mover advantage, and now has name-brand recognition (which also gives it a moat). But I'm not going to go heavy on it.

It had its place in history, and from BTC we were able to get Smart Contracts from a competitor. This is where the Cambrian explosion happened, and we've got everything from De-Fi to NFTs in such a short time-frame. At this point, it is going to be very hard to predict what other innovations will hit in the next 10 years. Many people are still trying to wrap their heads around DAOs.

God help the boomers...

The NFT bubble was FUN to watch. And I most enjoyed the inevitable burst of the craziness. But... NFTs are here to stay. They have their uses and they are only getting started.
 
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