Lol… so if you can predict the future then you should make money. Just brilliant…. How would one know when the all time high is? How would one know if BTC will ever reach those all time highs again? Faith? I am, but I don’t really care to wager on it because of how irrational you and others are about it. I have no idea how long it will take to crash but I am confident it will… just like the USD eventually. You made the wild claim that it will be around for 200 years… I’d love to take that wager.
Or one could argue price (discovery) is a "good idea" of value *at that point in time*. First question...what's the point of this debate? To complains about the waste and excess of crypto? Fair enough, skip the rest of the reply. Or something more in the lines of getting governments to ban it outright? Because for the second point, why should the government get in the way of mining btc for the reasons brought out so far (CO2 emitter, not productive, "useless")? With fraud, regulation is likely more preferable than prohibition. Again, it's run by private entities and you'd be more justifiably upset if it were your taxpayer money supporting it. Otherwise it's the same as a YT channel buying a 30 tons of caviar, making sand castles out of them, then blowing it all up with fireworks. Oh hey...gender reveal parties are fruitless to single folks, ruin the environment and has caused wildfires before! Do sumthin govmint!!! I think there's pro/cons to that relationship, but that's more a Juanvaldez question. Either way, Texas isn't stepping in for/against it. It's still rationalizing actions to your favor, but again, it's completely fair for a voter to hold the government accountable for what it does with your money. Quite different to demand the government or the private entity itself to dictate what it should do with that company's money. And again, it sidesteps the contract issue (faith/enforcement) which is a big reason of why our country attracts/is a model for global investment. It could be a waste, or maybe the "security" it promises justifies the excess behind PoW. You kinda have to tear down the network if you want back energy equivalent to what the Netherlands uses. As to where it goes instead and how much "more productive" it'd be, I imagine it's as fruitful as the "cap n trade" scheme currently implemented. It's not like if BTC was shut down, Euros wouldn't have paid up the butt for energy this winter. If it had actually happened and was provable (repeatable studies), that would be a compelling Political Case to ban it, no joke.
There is a counterarguement in the overall central bank/btc currency debate that economic cycles are similar every 100 years because it follows a multi-generational pattern. What that means in this context is that boomers dominate all aspects of power and their managed retirement/pension funds are extracting blood from a stone to generate yields we shouldn't have any textbook notion of hitting (6-9% per year). On a brighter note, I think it was from a Gladwell book that children from a period of crisis faired pretty well (absent of war) because less families were having children and more resources were devoted to existing children. Have you seen that Frontline documentary about the Fed and their post GFC response? Pretty sobering.
Sure. I am a big proponent of supercycles and the boomers were a very fortunate generation to ride the post war wave. My boomer parents did well for themselves, saved and invested a lot of money for the retirement and beyond, so there will be a subset of fortunate millennials inheriting their large assets. Also cycles involves asset classes, seems like savings will be worthwhile again. I have not, which one since I see there are several? As I've stated before, I blame the fiscal side (Congress) moreso than the monetary side (Fed) for the post GFC. The Fed did what it set out to do, make money cheap to spur activity, but we needed Congress to pass a bigger stimulus to juice demand and absorb that cheap money. Instead the cheap money was gobbled up and leveraged by the wealthy. Obviously Obama is to blame too, but the democrats weren't the party talking about "austerity". But I'll give the video a watch.
Yeah...hmm...you might know that I complain about how "productive" it is to support them at everyone else's expense. The pile in that Dragon's Den is way too high...! I used to watch Frontline and Nova all the time before streaming. I'll post in the D&D.
https://earthjustice.org/feature/cryptocurrency-mining-texas Pretty damning allegations against bitcoin mining in Texas.
@DonnyMost (or anyone else that cares about my earlier discussions), I don't think I have the time right now to follow-up on our conversation from before. I have a draft of some thoughts, but I haven't found the time to finish a complete response (especially as I did want to look into stuff like that Progressive Bitcoiner guy). I'll be out-of-town for a little while, but at some point in the future, I may attempt to bring back our discussion. This is one of the reasons I didn't want to get down into the weeds. Even trying to keep the discussion at a fairly high level, I'm not really able to keep up with discussions in this thread (though I am reading all the posts). Anyway, carry on.
This is basically a Rorsach test. If you do not value BTC or understand the utility of proof of work, this is scandalous. If you do, this is business as usual.
I'm predicting BTC's value accreting indefinitely the same way I predict what will happen if I jump out of an airplane. There's certainty that comes with understanding the mechanics that dictate outcomes, knowing what makes something valuable and not valuable. You would be wise to learn more about that. Study money, study fiat, study bitcoin. Lol. That makes no sense. You can admit you do not have the confidence or risk tolerance. It's ok. I've been here 20 years and plan to be here at least 20 more. Try me.
Following the last few days of Louis CK's twitter timeline is wild. You see him go through the same objections everyone else has raised here, and there are perfectly salient explanations and answers offered in response. If you're BTC curious, it's a good read.
Is that even LouisCK's Twitter or a parody account? Hard to tell anymore. Bluecheck mark means ****. Don't you need to be gold to be verified as who you claim to be now?
That's hilarious. A possible fake account pushing a fake currency by the person that posts the most fake news on this forum in Commodore. Of course Donny chimes in and says we could all learn about bitcoin from reading a thread from a fake account.
I had no idea Danica Patrick had a podcast. She's a total BTC noob but to her credit she approaches the subject with curiosity and humility. Breedlove is a great teacher, too. This is a very good beginner's entry point to the topic.
