CoinDesk finally comes clean

[johnarb]

It is. I'm trying hard to figure this out. Ever since I was told the fairy tale of the Emperors new cloths I'm a little suspicious of something I cant see.

Sorry to jump in the middle. You have really nice convo and exchange going on with @GlobalMacro90

I think it's fascinating to see someone like deaddog (who I believe is arguing in good faith, unlike others) and the level of exposure or understanding of bitcoin and cryptos are somewhere in the year 2013 when I first started

It's not an insult and I'm not being condescending, I'm basing it on the questions that do not take into account everything that has happened since

The reference "emperor has no clothes" which I know the story, completely diminishes every single development that has taken place since 2013 to now

It also paints Paul Tudor Jones as an idiot and a sucker who wrote a thesis in support of bitcoin as an inflation hedge asset

Ray Dalio is another idiot sucker. So is Stanley Druckenmiller. George Soros also got fooled into the bitcoin/cryptos scam

Elon Musk is not so smart, he got peer pressured into spending almost $2B on bitcoin. Richest man in the world right now and so gullible

My favorite one is Michael Saylor who graduated from MIT in 1987, with a double major in aeronautics and astronautics; and science, technology, and society. The school may not be familiar to someone in Canada, but it's a big deal here in the US

He's practically betting his whole company on bitcoin and if bitcoin turns out to be a scam, his Microstrategy company is kaput

There are resources to educate you on bitcoin, @deaddog

You can start with the Bitcoin Whitepaper

Afterwards, you can read the book "The Bitcoin Standard" by Dr. Saifedean Ammous

Then you can search your fellow Canadian ex-bond trader for 30 years, Greg Foss and bitcoin on YouTube

Your fellow Canadian Jeff Booth is also good, if you search with the term bitcoin on YouTube

Raoul Pal has tons of videos since last year on Bitcoin and Ethereum and other cryptos. Some of my favorites are when talks with the Winklevoss Twins and Dan Tapiero

There's Microstrategy youtube video discussion with NYDIG, excellent Macro level discussion

I'll post some of these, but I've posted them many times on the forum it's kind of pointless now


"If you don't believe me or don't get it, I don't have time to try to convince you, sorry." -Satoshi Nakamoto

 

[maxinger]

Trillion

A STORY

Tom was looking for a job.

Tom: So how much is the monthly pay?

Boss : 10 000

Tom :

A month later, Boss paid Tom 10 000 beans.

Tom :

THE END

 

[deaddog]

You can start with the Bitcoin Whitepaper

I started there. It needs a glossary.
I assume CPU is a processor.
I have no idea what a 'Node" is much less an "Honest Node". The fact that there are "Honest Nodes" leads me to believe there are "Dishonest Nodes"
I know what "Hash" is and could probably use a hit to understand the rest of the paper. Is that why bitcoin got so high?
Then we get a Merkle tree? So I google it. "A Merkle tree is a hash-based data structure that is a generalization of the hash list. It is a tree structure in which each leaf node is a hash of a block of data, and each non-leaf node is a hash of its children." Really???
I know that I don't have to understand it to speculate just like I don't have to know how the computer system in my car works to take advantage of all the features that weren't there when I started to drive. But I can see and touch my car.

 

[deaddog]

Sorry to jump in the middle. You have really nice convo and exchange going on with @GlobalMacro90

I think it's fascinating to see someone like deaddog (who I believe is arguing in good faith, unlike others) and the level of exposure or understanding of bitcoin and cryptos are somewhere in the year 2013 when I first started

It's not an insult and I'm not being condescending, I'm basing it on the questions that do not take into account everything that has happened since

The reference "emperor has no clothes" which I know the story, completely diminishes every single development that has taken place since 2013 to now

It also paints Paul Tudor Jones as an idiot and a sucker who wrote a thesis in support of bitcoin as an inflation hedge asset

Ray Dalio is another idiot sucker. So is Stanley Druckenmiller. George Soros also got fooled into the bitcoin/cryptos scam

Elon Musk is not so smart, he got peer pressured into spending almost $2B on bitcoin. Richest man in the world right now and so gullible

My favorite one is Michael Saylor who graduated from MIT in 1987, with a double major in aeronautics and astronautics; and science, technology, and society. The school may not be familiar to someone in Canada, but it's a big deal here in the US

He's practically betting his whole company on bitcoin and if bitcoin turns out to be a scam, his Microstrategy company is kaput

There are resources to educate you on bitcoin, @deaddog

You can start with the Bitcoin Whitepaper

Afterwards, you can read the book "The Bitcoin Standard" by Dr. Saifedean Ammous

Then you can search your fellow Canadian ex-bond trader for 30 years, Greg Foss and bitcoin on YouTube

Your fellow Canadian Jeff Booth is also good, if you search with the term bitcoin on YouTube

Raoul Pal has tons of videos since last year on Bitcoin and Ethereum and other cryptos. Some of my favorites are when talks with the Winklevoss Twins and Dan Tapiero

There's Microstrategy youtube video discussion with NYDIG, excellent Macro level discussion

I'll post some of these, but I've posted them many times on the forum it's kind of pointless now


"If you don't believe me or don't get it, I don't have time to try to convince you, sorry." -Satoshi Nakamoto

 

[deaddog]

I'll post some of these, but I've posted them many times on the forum it's kind of pointless now


"If you don't believe me or don't get it, I don't have time to try to convince you, sorry." -Satoshi Nakamoto

I've been checking out YouTube videos. The more I hear it pumped up the more it reminds me of the pump and dump stock schemes that used to take place on the Vancouver Stock Exchange. Any time someone wants me to buy an asset chances are he has some for sale.

 

[johnarb]

I've been checking out YouTube videos. The more I hear it pumped up the more it reminds me of the pump and dump stock schemes that used to take place on the Vancouver Stock Exchange. Any time someone wants me to buy an asset chances are he has some for sale.

Imho, you're watching the wrong type of videos if you're getting the pump and dump impression

Greg Foss is a retired bond trader and an engineer by education, he breaks it down by saying "it's grade 11 math"

No, Sir, we do not want you to buy bitcoin. I don't have any bitcoin for sale for you to buy

How many tons of gold are in Central bank warehouses? Seems useless just sitting there in warehouses

You should buy some gold bars so you can store them in your safe and touch them every day

 

[johnarb]

I started there. It needs a glossary.
I assume CPU is a processor.
I have no idea what a 'Node" is much less an "Honest Node". The fact that there are "Honest Nodes" leads me to believe there are "Dishonest Nodes"
I know what "Hash" is and could probably use a hit to understand the rest of the paper. Is that why bitcoin got so high?
Then we get a Merkle tree? So I google it. "A Merkle tree is a hash-based data structure that is a generalization of the hash list. It is a tree structure in which each leaf node is a hash of a block of data, and each non-leaf node is a hash of its children." Really???
I know that I don't have to understand it to speculate just like I don't have to know how the computer system in my car works to take advantage of all the features that weren't there when I started to drive. But I can see and touch my car.

You're doing well. CPU means computing power

Concept has evolved over time due to the miners being able to combine their computing power in a mining pool for greater efficiency

If a node wants to spread false information, the software has built in defense mechanism for the honest nodes on the network to reject the dishonest nodes

Anyway, you won't be able to learn all of technical stuff on the ET forum. There's old Reddit threads dedicated for that

Also go to bitcointalk forum and dig up some old threads. Very technical discussion since the beginning of Bitcoin over 10 years ago

 

[deaddog]

Imho, you're watching the wrong type of videos if you're getting the pump and dump impression

Greg Foss is a retired bond trader and an engineer by education, he breaks it down by saying "it's grade 11 math"

Watched a short video. I don't disagree with his take on a debt spiral but he doesn't explain how bitcoin is going to help. It's an asset that may or may not appreciate in value because of runaway inflation. I can buy that but most hard assets will also increase, that's what happens with inflation. You want to own things that appreciate.

One thing I'm curious about is why, when ever you see an article about bitcoin, it depicts it as a gold coloured coin? In Greg's video it show someone holding a handful of these shiny gold coins. Showing something that doesn't exist is false advertising isn't it?

If it's such a good deal why is everyone pushing it. Phase two maybe. Drive the price up then distribute. Hard to tell right now if we are in phase three or four. time will tell. I really think right now is too late to the party. But I've been wrong before. (One of my super powers)

 

[johnarb]

Watched a short video. I don't disagree with his take on a debt spiral but he doesn't explain how bitcoin is going to help. It's an asset that may or may not appreciate in value because of runaway inflation. I can buy that but most hard assets will also increase, that's what happens with inflation. You want to own things that appreciate.

One thing I'm curious about is why, when ever you see an article about bitcoin, it depicts it as a gold coloured coin? In Greg's video it show someone holding a handful of these shiny gold coins. Showing something that doesn't exist is false advertising isn't it?

If it's such a good deal why is everyone pushing it. Phase two maybe. Drive the price up then distribute. Hard to tell right now if we are in phase three or four. time will tell. I really think right now is too late to the party. But I've been wrong before. (One of my super powers)

For some reason, a sense of touch is very important to you

The reason Bitcoin is 100 times better than gold is that it's the hardest money in existence and is digital in nature that allows it to be easily divisible, easily verifiable, easily transportable across vast distances, easily stored

Are you able to touch Facebook's product? It's worth almost a Trillion $

Are you able to touch Google's product? Marketcap is almost $2T

Are you able to touch Netflix product? You can if you Netflix and Chill

Who is everyone that's pushing it to you? I mean people who believe in Bitcoin and cryptos like me definitely are always talking highly of these digital assets. I also own a Tesla car and I think it's the best car I've had in my whole life

I don't own any stock but if I owned AAPL stock, (Ugh, I hate Apple) I would also talk highly of it

There are many here on ET who do not own bitcoin and cryptos and they don't go on this forum, but if they do, they will see my posts of adoption and praises, as I'm a true believer

Please don't buy bitcoin or other cryptos because you're being pressured to do so. That's not how investing works

 

[deaddog]

For some reason, a sense of touch is very important to you

It's the reason I don't have a digital girlfriend.

The reason Bitcoin is 100 times better than gold is that it's the hardest money in existence and is digital in nature that allows it to be easily divisible, easily verifiable, easily transportable across vast distances, easily stored

It's the digital part that concerns me. I've had files corrupted. Yeah I know it's impossible, well until it happens and then it will be a black swan event.

Are you able to touch Facebook's product? It's worth almost a Trillion $

Are you able to touch Google's product? Marketcap is almost $2T

Are you able to touch Netflix product? You can if you Netflix and Chill

I may not be able to touch but I can see how they make their money. They report earnings and revenues and other useless fundamentals under GAAP. I can listen to the talking heads to get the latest reason why the price is moving.

Who is everyone that's pushing it to you? I mean people who believe in Bitcoin and cryptos like me definitely are always talking highly of these digital assets. I also own a Tesla car and I think it's the best car I've had in my whole life

I don't own any stock but if I owned AAPL stock, (Ugh, I hate Apple) I would also talk highly of it

There are many here on ET who do not own bitcoin and cryptos and they don't go on this forum, but if they do, they will see my posts of adoption and praises, as I'm a true believer

Please don't buy bitcoin or other cryptos because you're being pressured to do so. That's not how investing works

Every one is exactly that. You hear about bitcoin everywhere. Better get in now before it goes up!!. It will have to get to 2 million on it's way to 10 million!! Classic phase 2 mark-up.

Don't worry about me being pressured. I have triumphed over my FOMO.