Full Cryptocurrency Transactions Ban Planned in Russia

[johnarb]

As I said before, real wealth is goods & services. Not numbers on a screen, which applies to fiat first and foremost

Fiat is the gateway, so in simple terms, it's a race for fiat gains to get those goods and services.

Crypto is obviously the super asset plane for those gains. I'm a me-maxi, my goal is cash flow and access to the goods & services.

Thanks for the detailed response

Here's my opinion as a crypto investor:

Bitcoin is not the enemy. Other crypto projects are not the enemy

Fiat is not the enemy, but fiat debasement is an enemy to everyone, even to non-crypto investors. This shows up in the form of high inflation

I anchor more to btc valuation rather than fiat valuation

I would prefer my net worth btc equivalence to triple versus my USD equivalence to triple but my btc equivalence to be cut in half

Bitcoin lobbying that you mentioned, the lightning network in El Salvador, the integration in the stock market and futures market, the integration in over 1000 banks and credit unions (NYDIG), the integration in the biggest Australian bank and German banks benefit every crypto investor even if you do not own a single satoshi

It ensures that when you want to travel to El Salvador or move to Australia or Germany, you have an exit liquidity to fiat from your cryptos by simply converting to btc when needed

When btc is integrated into over 1000 US banks, you can do the same in the US through your Bank of New York or US Bank account or even through your investment account at Fidelity

Bitcoin devs who constantly work on upgrading the software and bringing complex features like Segwit and Taproot benefit everyone in cryptos

Bitcoin supporters who work who push for adoption in every financial system are helping all of cryptos ecosysten and the whole cryptos ecosystem, such as Ethereum and Solana and Fantom and others help increase the value of Bitcoin

When bitcoin (btc) crashes in value, all of cryptos get hurt and no crypto investor should be wishing it even if they hate the Bitcoin tech as being outdated

 

[Sprout]

Beyond that, what's really there aside from a prototype shitty code that probably still has bugs to be exploited, inefficient & slow network and a terrible community full of hypocrites?

Do you really believe a 1 trillion asset has buggy code?


When I transfer BTC from my custodian account is costs <$.50usd

When I transfer ETH from an exchange (even at low gas times) >$17usd

BTC just has to exist. ETH is the innovation chain of chains. Every crypto that is not BTC is arguably a sidechain of BTC.

Even though other speculative digital assets have more of a asymmetrical R:R than BTC. If one uses BTC as the base, all roads lead to BTC.

 

[They]

So here is the big question I have for you, and I want you to think upon this hard, from a currency standpoint...

The USD is what it is. It is based on dollars, and is divided into 100 cents. 1 penny=1 percent

We get that. Now if we need more of it to pay for the things we need, we cannot divide it into more cents. So we print more of the big bits, the dollars. That drives down the dollar by diluting it though more supply.

So now we come to BTC. We know it will have a limited supply of 21,000,000 ever. That is a fixed value of 21,000,000 into a fixed number of satoshis.

So what would prevent the blockchain network from simply re-designating the BTC to 10 satoshis? Wouldn't that mean that the BTC is being devalued, thereby causing inflation of the BTC?

That is not a true statement at this time. Cryptos are inextricably linked to fiat, because that is the only thing they can be compared to, to be able to use them to purchase real-world assets and tangible property, which are valued in fiat.

When a tangible asset like a car, or a potato, or a condom can be valued in a Crypto rather than fiat? Then the crypto will have true meaning.

All it would take is for some manufacturer to say "We are selling this item for x crypto." The buyer will go, "OK, here is x crypto for the item." Then the person takes the item they bought in X crypto and trades it for another item in x crypto. And so on and so forth down the supply chain.

If nothing is priced in crypto value, then crypto has no meaning outside of what everything else is priced in.

I own numerous cryptocurrencies that I trade against Bitcoin.
For example ABC/BTC or XYZ/BTC pairs.
Bitcoin is my unit of measure.
The goal is to trade and accumulate more Bitcoin.
I don't care what the price of Bitcoin is in USD.
Bitcoin's price is only relevant to the coin on the other side of the pair and the other cryptocurrency's price is only relevant to the price of Bitcoin.

 

[Cryptjitsu]

Do you really believe a 1 trillion asset has buggy code?

It has had two inflation bugs, the first one they had to roll back the chain, the 2nd a benevolent dev caught it and instead of exploiting it, brought to the BTC foundation.
The code has never passed a security audit, the community just does not care to fund the endeavor, for whatever reason.
The dev who created Solana, straight up said that Bitcoin is "spaghetti code".
BTC valuation is more based on emotional cultist belief and less so on logic.
This applies to crypto in general, as well as much of trad finance.
Tesla anyone?

 

[Cryptjitsu]

I don't care what the price of Bitcoin is in USD.

So if BTC gets stuck at $50k-$60k range, while ETH goes on to appreciate, and the core light blues go on to appreciate even more, for the intermediate future, do you honestly not care?
Hypothetical situation of course.

 

[They]

So if BTC gets stuck at $50k-$60k range, while ETH goes on to appreciate, and the core light blues go on to appreciate even more, for the intermediate future, do you honestly not care?
Hypothetical situation of course.

I own ETH and trade ETH pairs too.

I own/trade the light blues in their relation to BTC and ETH. When they fall out of favor, when their price depreciates in it's relation to BTC or ETH I'll trade out of them and into BTC or ETH and wait for the next high flyer.

But I view Bitcoin as having won the store of value race.

https://news.in-24.com/business/392277.html
https://bitcoinmagazine.com/business/idaho-largest-credit-union-integrates-bitcoin
NYDIG will continue to onboard banks and thus mainstream Bitcoin.

 

[ph1l]

Do you really believe a 1 trillion asset has buggy code?

I guess I'd have to think about that a bit ...

Conclusion: Yes, expensive things can still have bugs!

https://quoteinvestigator.com/2019/09/19/woodpecker/
If Builders Built Buildings the Way Programmers Wrote Programs, Then the First Woodpecker That Came Along Would Destroy Civilization

 

[johnarb]

So if BTC gets stuck at $50k-$60k range, while ETH goes on to appreciate...

Wow! We are in the most exciting investment space (cryptos) and most of ET have no clue

Your statement really puts it into the correct framework where BTC at $50-60K is just "meh"

The year 2021 is almost over and btc has a very good performance, up about 70% YTD

But you and I know that is not so exciting compared to Sol, Eth, Ftm, Avax, etc

There's just so much gainz in cryptos compared to any other investment asset class


My only comment to you is that you seem to be in a hurry to get your fiat riches as high as possible as if you're planning to get out of this exciting space or that you think it's going to come crashing down and never coming back up?

I don't want to speak for everyone, but I get the sense on crypto twitter that many of us are looking forward to a 2-3 year bear market when btc goes down 85% and altcoins go down over 90%

It would be an excellent time for everyone including us who have been here for a while and also others who have missed out to pick up many coins including btc at a great price. For everyone who believes in crypto for the long term (forever)

 

[Cryptjitsu]

Bitcoin is not the enemy. Other crypto projects are not the enemy

It's a competition for economic capital, there is a constant flux & rotation of money flow.
There is major maximalism & cultism within all these ecosystems. All sold as "community" and altruistic beliefs. I wonder where this came from, hmmm.
There is growing flow of capital from trad finance into crypto, so all get to benefit in general, for now.

Economic capital going toward another's project means it's not going to yours. Projects that create economic output value, beyond "number go up", are rare. I personally prefer those projects but I also understand that those are not the driving characteristics for crypto adoption, at least right now.

This notion that BTC is the end all, be all, is an assumption. Its market cap will get flipped by ETH, again. Will most likely revert back, but what happens after that, noone really knows. It won't go away, that's for sure. Neither will Cardano or XRP or DOGE, apparently

What's interesting this time around is that ETH is treated more like a digital asset now rather than network utility token. Meanwhile ETH as a network has gotten stale and has almost stopped onboarding users. That primarily happens on other L1s now, and memecoins.
I'm just here to make money, and then hopefully invest that into real life productive assets, goods & services. I try to be as pragmatic as I can, and don't embrace the narratives, just try to understand them. It aint easy.

 

[johnarb]

It has had two inflation bugs, the first one they had to roll back the chain, the 2nd a benevolent dev caught it and instead of exploiting it, brought to the BTC foundation.
The code has never passed a security audit, the community just does not care to fund the endeavor, for whatever reason

The first bug happened when Satoshi was still part of the Bitcoin project. Literally, btc was not worth any effort to exploit the bug, there was no liquidity

They could have forked Bitcoin 10x and would have been perfectly ok, see previous statement

The 2nd bug I vaguely remember was not as easy to exploit or it could have been when btc was again still very low in value not worth the effort


As Sprout has mentioned, you cannot equate the current state of a $1 Trillion asset to a buggy code of when Bitcoin was in its infancy and had a market cap of less than $1M

If Bitcoin has such a bug now, anyone can easily cash out hundreds of billions of $ by shorting the futures market, shorting btc at many places, shorting btc in defi markets, shorting many coins who will crash in sympathy, shorting miners listed on the stock market, shorting bitcoin ETF's and ETP's, shorting GBTC, just short and short and short. Then short some more

A Solana dev saying Bitcoin code is spaghetti code is disingenuous at best. Bitcoin is open source on github and has been there for over 12 years, and supported by unpaid but the best and passionate developers (recently some companies like Coinbase has stared paying pittance to the devs, but better than nothing)

Bitcoin foundation has no funding from premined coins. At one time, Bitcoin Jesus was spending so much to spread awareness of Bitcoin until he became Judas

I own over 6 figures $ value of Solana, but it's a different project that is very centralized with unlimited VC funding and billions of $ of premined coins

I am shocked at the level of hatred to Bitcoin in the cryptos space when literally, we would not have all our riches if Bitcoin never started this whole thing

Bitcoin continues to give back to all of cryptos if only cryptos folks understand that the exit liquidity to fiat and goods and services are so very much possible because of Bitcoin is accepted as a new asset class by tradfi wall street wold (see Morgan Stanley) and by extension other cryptos digital assets