Bitcoins/Litecoins/Virtual Currencies

Flobee

Flobee

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Bitcoin could end war. This MIT/Space Force dude Jason Lowry has been making waves in the Bitcoin world the past few days. Posted a lot of interesting stuff. Below is a quick read going over some of what he's said along with ideas from Henry Ford, Buckminster Fuller, etc about how to replace war with electronic currency

tftc.io

Issue #1053: Mutually Assured Preservation

via LinkedIn [https://www.linkedin.com/posts/jason-lowery-648830151_bitcoin-cryptocurrency-blockchain-activity-6830917125805363200-XsWA] via LinkedIn [https://www.linkedin.com/posts/jason-lowery-648830151_bitcoin-cryptocurrency-blockchain-activity-6830917125805363200-XsWA] Here's a rare and...
tftc.io tftc.io

Finding this guys ideas fresh if nothing else... He got a massive amount of attention basically overnight for his writing on Linkedin around Bitcoin. Imagine he'll be on all the podcasts by next week

 
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Haus

Haus

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Flobee said:
Bitcoin could end war. This MIT/Space Force dude Jason Lowry has been making waves in the Bitcoin world the past few days. Posted a lot of interesting stuff. Below is a quick read going over some of what he's said along with ideas from Henry Ford, Buckminster Fuller, etc about how to replace war with electronic currency

tftc.io

Issue #1053: Mutually Assured Preservation

via LinkedIn [https://www.linkedin.com/posts/jason-lowery-648830151_bitcoin-cryptocurrency-blockchain-activity-6830917125805363200-XsWA] via LinkedIn [https://www.linkedin.com/posts/jason-lowery-648830151_bitcoin-cryptocurrency-blockchain-activity-6830917125805363200-XsWA] Here's a rare and...
tftc.io tftc.io

Finding this guys ideas fresh if nothing else... He got a massive amount of attention basically overnight for his writing on Linkedin around Bitcoin. Imagine he'll be on all the podcasts by next week

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I would disagree with him on a fundamental level in that the adoption of Bitcoin and other immutable cryptocurrencies is simply taking the ability to manipulate wealth of the individual away from the government, which should never have had it in the first place.
 
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James

James

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Haus said:
simply taking the ability to manipulate wealth of the individual away from the government
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This is only if you think about the blockchain as a distributed ledger. If you were able to express more complex ideas than what fits onto a simple ledger, then the system described by homeboy up there (i.e. what powers blockchains) would absolutely work to secure consensus on those ideas. It's the fundamental perma-bull case for Ethereum, hilarious anyone still thinks Bitcoin is capable of that at this point -- they're not even buying and selling fucking jpegs yet, how are they going to sell fucking property just a bunch of fucking retards I swear.
 
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Flobee said:
Bitcoin could end war. This MIT/Space Force dude Jason Lowry has been making waves in the Bitcoin world the past few days. Posted a lot of interesting stuff. Below is a quick read going over some of what he's said along with ideas from Henry Ford, Buckminster Fuller, etc about how to replace war with electronic currency

tftc.io

Issue #1053: Mutually Assured Preservation

via LinkedIn [https://www.linkedin.com/posts/jason-lowery-648830151_bitcoin-cryptocurrency-blockchain-activity-6830917125805363200-XsWA] via LinkedIn [https://www.linkedin.com/posts/jason-lowery-648830151_bitcoin-cryptocurrency-blockchain-activity-6830917125805363200-XsWA] Here's a rare and...
tftc.io tftc.io

Finding this guys ideas fresh if nothing else... He got a massive amount of attention basically overnight for his writing on Linkedin around Bitcoin. Imagine he'll be on all the podcasts by next week

Click to expand...
This seems like a good segue into "The Politics of Crypto" or something along those lines, the scope of which I would prefer to keep out of this thread and confined to the pol section. Maybe make a new thread if there isn't already one that works?

I'd rather keep this thread as pol free as possible though, and dedicated to non-political issues surrounding crypto as best we can.
 
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Haus

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I disagree that bitcoin will "end war". I agree Bitcoin could end Banking as we know it though.
 
James

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I don't even think Bitcoin could do that, otherwise it wouldn't have taken Ethereum to develop basic banking tools on the blockchain.
 
Tmac

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Yeah, I don't see BTC as a transactional currency. It's always been "digital gold" from the inception. Noone has ever used gold as a daily spender. It was always silver, which is what I view ETH as.

ETH is a platform that will allow us to adopt a daily spender, which I think will be something DOGE-like if not DOGE itself. DOGE is basically BTC on the ETH blockchain, so it allows for millions of transactions. And instead of spending .00004743 BTC for something, you can just spend 33 DOGE. It just makes a lot more sense due to the fact that they've solved a lot of the problem BTC experiences on a foundational level.
 
Izo

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Tmac said:
Yeah, I don't see BTC as a transactional currency. It's always been "digital gold" from the inception. Noone has ever used gold as a daily spender. It was always silver, which is what I view ETH as.

ETH is a platform that will allow us to adopt a daily spender, which I think will be something DOGE-like if not DOGE itself. DOGE is basically BTC on the ETH blockchain, so it allows for millions of transactions. And instead of spending .00004743 BTC for something, you can just spend 33 DOGE. It just makes a lot more sense due to the fact that they've solved a lot of the problem BTC experiences on a foundational level.
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Meme Puppy GIF by Shibetoshi Nakamoto

To the moon, baby.
 
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Flobee

Flobee

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Tmac said:
Yeah, I don't see BTC as a transactional currency. It's always been "digital gold" from the inception. Noone has ever used gold as a daily spender. It was always silver, which is what I view ETH as.
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Gold/silver analogy is flawed and BTC is and always has been an electronic cash system (feel free to argue its failed here if you want). The gold narrative is useful to explain why number go up from a scarcity standpoint. Trying to shove Bitcoin or Ethereum into existing asset classes is doomed to fail.

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Tmac said:
ETH is a platform that will allow us to adopt a daily spender, which I think will be something DOGE-like if not DOGE itself. DOGE is basically BTC on the ETH blockchain, so it allows for millions of transactions. And instead of spending .00004743 BTC for something, you can just spend 33 DOGE. It just makes a lot more sense due to the fact that they've solved a lot of the problem BTC experiences on a foundational level.
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ETH transaction fees make it completely unusable as a "daily spender". PoS may fix this but introduces other issues, side-chains or layers 2s can help as well but similarly have limitations. DOGE is most certainly not BTC on the ETH blockchain lol... what are you talking about? DOGE solves nothing, its a meme coin whos only value is held in its community (which isn't nothing). DOGE is an unmaintained fork of Litecoin from a technical standpoint, nothing more. Even with the "ETH bridge" DOGE still isn't BTC on ETH in any way whatsoever.

You're falling prey to unit bias if you think spending 33 DOGE is superior to a fraction of a BTC. You could just as easily use Satoshi's as a unit rather than BTC and invalidate that argument.
 
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Rangoth

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This rise is great and all, but do we have one more major dip coming up? I had some buy limits that need to hit :(
 
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Lowry has an interesting take. Since the primary role of governments is to protect the property of the opulent, (or seize more property from others via force) bitcoin could displace much of government's role.

Humanity will need to abolish war soon if we are to survive as a species regardless. Even if nuclear war doesn't eradicate us, we'll still need to avoid conflict otherwise space colonization becomes impossible due to kessler syndrome.
 
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Rangoth

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ShakyJake said:
Alright, in y'alls professional opinion what are the top cryptos to accumulate?
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Bitcoin and ETH seem to be the 2 long term plays, others will survive, meme, and make millionaires, but it seems if you buy those two with a long term(5year or longer) plan youll be solid
 
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Arden

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Rangoth said:
This rise is great and all, but do we have one more major dip coming up? I had some buy limits that need to hit :(
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According to conventional wisdom, yes there is one more big dip coming up before the "spring". The biggest dip of them all if you believe we have been in an accumulation phase. Again, this is assuming you believe in Wyckoff.
 
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Haus

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James said:
I don't even think Bitcoin could do that, otherwise it wouldn't have taken Ethereum to develop basic banking tools on the blockchain.
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That's actually fair, I should have said Cryptocurrencies instead of just BTC. I was saying BTC since that was what was being said directly by the originating tweet.
Ill Allow It Spanish GIF
 
Tmac

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Flobee said:
Gold/silver analogy is flawed and BTC is and always has been an electronic cash system (feel free to argue its failed here if you want). The gold narrative is useful to explain why number go up from a scarcity standpoint. Trying to shove Bitcoin or Ethereum into existing asset classes is doomed to fail.

View attachment 366768


ETH transaction fees make it completely unusable as a "daily spender". PoS may fix this but introduces other issues, side-chains or layers 2s can help as well but similarly have limitations. DOGE is most certainly not BTC on the ETH blockchain lol... what are you talking about? DOGE solves nothing, its a meme coin whos only value is held in its community (which isn't nothing). DOGE is an unmaintained fork of Litecoin from a technical standpoint, nothing more. Even with the "ETH bridge" DOGE still isn't BTC on ETH in any way whatsoever.

You're falling prey to unit bias if you think spending 33 DOGE is superior to a fraction of a BTC. You could just as easily use Satoshi's as a unit rather than BTC and invalidate that argument.
Click to expand...

Of the all the characteristics of money, ironically, the ones BTC does better than gold aren’t much better than gold: divisibility and transferability.

The divisibility issue hasn’t been worked out bc there’s no way to pay in smaller increments efficiently.

Transferability is the same issue. There’s no way to transfer BTC to pay for goods or services immediately or cheaply. There is no scale.

I have more BTC than ETH and own significant less DOGE, however DOGE is essentially a more efficient version of BTC. And yes DOGE is a memecoin. So what? BTC is a memecoin to Warren Buffet.
 
Flobee

Flobee

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Tmac said:
Of the all the characteristics of money, ironically, the ones BTC does better than gold aren’t much better than gold: divisibility and transferability.

The divisibility issue hasn’t been worked out bc there’s no way to pay in smaller increments efficiently.

Transferability is the same issue. There’s no way to transfer BTC to pay for goods or services immediately or cheaply. There is no scale.

I have more BTC than ETH and own significant less DOGE, however DOGE is essentially a more efficient version of BTC. And yes DOGE is a memecoin. So what? BTC is a memecoin to Warren Buffet.
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Huh? a Bitcoin can be subdivided into 100,000,000 satoshis and sent instantly to anyplace in the world essentially for free. How is that not much better than gold? Lightning network solves small payments, feel free to look into it. Check out Strike app on Google Play or Apple store for a simple example that works today. Lightning also allows for instant payments for paying for goods. Why do you think El Salvador made it legal tender? They're actually using it for daily transactions... so is Nigeria.

bitcoinmagazine.com

Nigerians Moved Nearly $40 Million In P2P Bitcoin Trading In 30 Days

Despite the ban in early 2021, Nigerians are trading millions of dollars worth of bitcoin in peer-to-peer markets every month.
bitcoinmagazine.com bitcoinmagazine.com

DOGE has none of the qualities of Bitcoin save that it uses proof of work and a blockchain. I've gone over this a lot in this thread so I'm not going to do so again but I would encourage you to dig a bit deeper into Bitcoin. It does everything you say it doesn't and your opinion is not uncommon at all. Revolution in money is happening right under our noses.
 
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