White House: Biden Will Veto Bitcoin Legislation

[wxytrader]

It is a constantly moving goalpost. First it was money, but nobody used it.

Then it was anonymous money for black market purposes but it turned out that purchases can be tied to wallets and people.

Then it was cheap money/value transfer device, but when the average tx fee goes over 100 bucks, it is hard to argue for it, specially when other cryptos do it for cents.

Then it is a store of value, except it keeps crashing 70-80% in every 2-3 years.

So in 15 years the purpose of bitcoin changed 4-5 times. (sometimes they overlapped, but that is beside the point) Mind you, for every purpose there is a BETTER crypto. Truly anonymous money? Monero. Fast and cheap value transfer? Pretty much any other crypto. Store of value? Tether! Investment? When BTC goes up, other cryptos outperform it.

In short, BTC is an obsolete crypto that doesn't want and can't improve.

P.S.: Ignore is the best feature of ET. I think the only crypto fan whom I haven't put on Ignore is, well, let's keep it secret. There is no point in arguing with cult members (be it religion, MLM, crypto, etc.) who can't or won't change their minds.

Tell us you missed out on buying bitcoin without telling us you missed out on buying bitcoin.

 

[NoahA]

Yes, technically you are correct, it's not exactly storing energy and transporting across space and time

How would you store and transport $1M worth of stranded unwanted energy that is in Kenya to Dubai 5 years from now?

Can you do it with batteries? Is that efficient, how much battery you will need and the cost? There's leakage over the course of 5 years

See, that is a different argument though. If you're looking to store that energy for later use, you need a different type of technology than bitcoin. If you're looking to extract the monetary value from that energy, that is Bitcoin.

I watched a bunch of stuff on Ammonia and its a wonderful liquid fuel and you only need stuff in the air, plus energy, to make it. Of course you can just make H2, but I think this conversion isn't very efficient. Obviously, using the energy and mining bitcoin is most attractive, but that means the energy is used up. Of course if you buy solar panels with that money at a later date, you can get back to making energy, but this is a different thing all together!

 

[johnarb]

See, that is a different argument though. If you're looking to store that energy for later use, you need a different type of technology than bitcoin. If you're looking to extract the monetary value from that energy, that is Bitcoin.

I watched a bunch of stuff on Ammonia and its a wonderful liquid fuel and you only need stuff in the air, plus energy, to make it. Of course you can just make H2, but I think this conversion isn't very efficient. Obviously, using the energy and mining bitcoin is most attractive, but that means the energy is used up. Of course if you buy solar panels with that money at a later date, you can get back to making energy, but this is a different thing all together!

engineering also responded with a similar comparison to liquid nitrogen

Saylor has described other forms, but again, the challenge is "across space" and "across time"

How much resources would you need to transport $1M worth of Ammonia or Liquid Nitrogen from Kenya to Dubai?

How much resources would you need to store $1M worth of Ammonia or Liquid Nitrogen for 5 years?

That is why I used stranded energy as the example. There's no fiat market for it

But if you capture the energy and store it in the form of bitcoins

what is the cost of transporting 20 bitcoins from Kenya to Dubai? i.e. in a USB stick or memorize 12 words in your head

what is the cost of storing 20 bitcoins for 5 years?

Yes, bitcoin is not energy, but it's a creative way to store energy,

that's what money is, people work for 40 years to store their all their work, in money so they can retire...

People work 40 hours a week so they can earn money...

Bitcoin is money


https://www.cnbc.com/2024/04/20/bit...ed-by-block-builds-site-at-kenya-volcano.html

 

[TheDawn]

Everything you just said is exactly why Bitcoin came to be. The US is only one of the reserve world currencies and it doesn't have a choice about Bitcoin. Bitcoin is here so now they are playing catch-up...basically if you can't beat em, join em.

Exactly!! Thanks for confirming what I have just said regarding why Bitcoin will never be accepted as a currency. And as of right now, US is still THE reserve currency in the world. There are a few reserve currency wannabe's, when transacting for various commodities in certain parts of the world especially. And those countries with the reserve currency wannabe's don't like Bitcoin either and crack down on Bitcoin even more harshly than the USA.

I have written many posts before pointing out that Bitcoin has so far failed to achieve every single objective that it's set out to accomplish and is right now basically a tradable commodity at this point. And that's not about to change, any time soon unless you start a coup and take over the government and force Bitcoin upon everybody but then you just became the government, the same thing that you destroyed and forcing Bitcoin down everybody's throat is no different from the current government adopting a digital currency of their design.

 

[semperfrosty]

And that's not about to change, any time soon unless you start a coup and take over the government and force Bitcoin upon everybody but then you just became the government, the same thing that you destroyed and forcing Bitcoin down everybody's throat is no different from the current government adopting a digital currency of their design.

Except that a government digital currency would assuredly be subject to the same manipulations of its non digital counterpart.

Bitcoin at least has design structure in place to remain tamper proof and real.

 

[TheDawn]

Except that a government digital currency would assuredly be subject to the same manipulations of its non digital counterpart.

Bitcoin at least has design structure in place to remain tamper proof and real.

LOL Bitcoin is created by human, the "non-digital counterpart". As long as anything is created by the "non-digital counterpart", there would be manipulations and everything. How many stories have you heard about theft, sabotage, fraud, mysterious "disappearance" of Bitcoin exchange owners and the equally mysterious loss of keys to the wallets holding billions of dollars of worth of Bitcoin and even murder? Temper-proof and real? LOL I don't think so.

And this is when Bitcoin is not even the legal tender. Imagine if it is?

 

[semperfrosty]

US dollar and US digital dollar would be identical in terms of manipulation.

Bitcoin at least has 'design' structure to avoid manipulation of the core product.

Anyone can be robbed or ransomed for any product,thats not a crypto thing.

I'll quote @NoahA from the Bitcoin Price thread who said it better:

The incorruptible supply and known future issuance of bitcoin is an amazing feature.

 

[wxytrader]

Exactly!! Thanks for confirming what I have just said regarding why Bitcoin will never be accepted as a currency. And as of right now, US is still THE reserve currency in the world. There are a few reserve currency wannabe's, when transacting for various commodities in certain parts of the world especially. And those countries with the reserve currency wannabe's don't like Bitcoin either and crack down on Bitcoin even more harshly than the USA.

I have written many posts before pointing out that Bitcoin has so far failed to achieve every single objective that it's set out to accomplish and is right now basically a tradable commodity at this point. And that's not about to change, any time soon unless you start a coup and take over the government and force Bitcoin upon everybody but then you just became the government, the same thing that you destroyed and forcing Bitcoin down everybody's throat is no different from the current government adopting a digital currency of their design.

From $60 to $60k...and projected to be on its way to $1M...sry what objective are we talking about...objective to get rich?

Those who didn't jump on the Bitcoin train fall into two categories...either they are completely ignorant, or they just can't admit they missed the opportunity of a lifetime. ALL OF US missed the opportunity of a lifetime or we wouldn't be on a stock forum arguing endlessly over pnl...we'd be on our yachts surrounded by bikini clad women.

Someone was once quoted saying that everyone you talk to will say they got into Bitcoin too late and got out too early.

 

[TheDawn]

From $60 to $60k...and projected to be on its way to $1M...sry what objective are we talking about...objective to get rich?

This statement shows you obviously have no idea what Bitcoin is all about and what Bitcoin was set out to achieve when it was first created.

Those who didn't jump on the Bitcoin train fall into two categories...either they are completely ignorant, or they just can't admit they missed the opportunity of a lifetime. ALL OF US missed the opportunity of a lifetime or we wouldn't be on a stock forum arguing endlessly over pnl...we'd be on our yachts surrounded by bikini clad women.

Someone was once quoted saying that everyone you talk to will say they got into Bitcoin too late and got out too early.

EXACTLY!! Bitcoin is now just a tradable commodity to get rich. But if somebody like Warren Buffet is not fretting about missing this "opportunity of a lifetime" then I am certainly not fretting either. LOL

And btw FYI this is not a stock forum. This is a trading forum. You don't know this because you are not a trader either. LOL

It's ok...

 

[wxytrader]

This statement shows you obviously have no idea what Bitcoin is all about and what Bitcoin was set out to achieve when it was first created.



EXACTLY!! Bitcoin is now just a tradable commodity to get rich. But if somebody like Warren Buffet is not fretting about missing this "opportunity of a lifetime" then I am certainly not fretting either. LOL

And btw FYI this is not a stock forum. This is a trading forum. You don't know this because you are not a trader either. LOL

It's ok...

He doesn't care because he's already a billionaire and doesn't understand it. Bitcoin was started as an anti inflation decentralized currency but evolved into a store of value. Why do you guys have such a hard time understanding that?

I have a (2008) Lambo from trading...what do you have to show for it?