Bitcoins/Litecoins/Virtual Currencies

Flobee said:

short write up RE: the "Bitcoin mining council" sums up how I feel pretty well. I'll be quite happy to be proven wrong on this, but I don't like it right now.

This is the opposite of owning the framing

As bitcoiners we should be hyper-vigilant about these type of attacks that start off as what seems to be a benign virtue signal.

tftc.io

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It was inevitable that large stakeholders would start to ensure that bitcoin mining wouldn't be a source of concern for them after they bought multi-billions worth of the coin. They just saw bitcoin drop 50% from a recent ATH and most of that was in a week, over carbon pollution FUD. This IS them attempting to 'own the framing' and trying to change the current narrative, which is largely bunk pushed by haters who don't understand the technology. Is this the best way to do it? I dunno. But I don't see it as a power grab. Sometimes you have to regulate yourselves or the feds will do it for you and they'll be worse at it.

They have no legal authority to do jack shit. Mining is worldwide. The USG can't mandate that non-US miners join this or self report or anything. Worst case is American buyers are forced to buy renewable mined coins I guess?

Bitcoin was designed to resist the world's most powerful governments. If bitcoin is vulnerable to Saylor and Musk seizing control, then crypto is worthless anyway.

Flobee said:

short write up RE: the "Bitcoin mining council" sums up how I feel pretty well. I'll be quite happy to be proven wrong on this, but I don't like it right now.

This is the opposite of owning the framing

As bitcoiners we should be hyper-vigilant about these type of attacks that start off as what seems to be a benign virtue signal.

tftc.io

Click to expand...

The arguments seem super weak, you need to have more faith in decentralization.

Second, it's extremely concerning that this group of bitcoiners wandered into this "meeting" without any sense of self-awareness. Do they not recall the last time there was a closed door meeting that involved industry stakeholders who attempted to speak on behalf of an entire industry? How did they think this would turn out? The hubris is astounding.

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He starts the article by saying that secret meetings involving industry stakeholders don't end up influencing Bitcoin development. It's not concerning in the slightest.

"They committed to publish current & planned renewable usage & to ask miners WW (world wide) to do so." This sentence may seem innocuous at face value, but it sets the stages for social pressure that will lead to regulatory pressure that will lead to the subsidizing of certain energy mixes over other, which will inevitably lead to a massive misallocation of capital throughout the mining industry and potentially end in a scenario where this council attempts to bifurcate the network by selling "green" bitcoins at a premium when compared to "dirty fossil fuel" bitcoins.

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What's wrong with this, exactly? How does this bifurcate the network at all? It might bifurcate investors, but the network is still the Bitcoin network whether it's green BTC or dirty fossil fuel BTC. If anything, this will increase demand in the network.

Ironically, the data above has been provided to the world by... miners self-reporting their energy mix to an academic study. The "council" is attempting to solve a problem that doesn't even exist and promising to do things that are already done. In fact, it is hard to believe they aren't attempting to solve anything except their inability to create a regulatory moat within the mining industry to date. No better way to do that then to inject the carbon credit scam into the conversation and shame miners who do not fall in line.

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This dude thinks having to perform a fucking academic study to determine the energy mixture of the Bitcoin network is a viable fucking strategy and not a problem in need of solving. Un-fucking-real.

I want to read Elon's tweet about not working with banks anymore unless they reduce their carbon footprint.

Edaw said:

St. Louis Fed's Bullard: Most cryptocurrencies are 'worthless'

St. Louis Fed President James Bullard told Yahoo Finance that among the thousands of private cryptocurrencies out there, 'most of them are worthless.'

finance.yahoo.com

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The comments on that are hilarious.

I recovered my wallets from 2014 and found 150 Doge that I got from a faucet before I stopped bothering with it. Sometimes the junk in the attic really is just junk. Guess I can buy a pizza with it.

BTC seems to be going sideways now. Really unsure if which way it's going to break out when it does. Closed out my short since it's just costing money to keep open right now. I don't really want to take a position right now.

Testnet version up and running. It's not too bad, I'll get mainnet setup tomorrow and do a little writeup.

O shit I got the jackpot!!!

EDIT: Solver got 2991 $TRU for solving the task, the verifier got 749 $TRU for hitting the jackpot.

TJT said:

You seriously took a $90k loss this week due to paperhands?

Jesus... why the fuck didn't you just hold it for at least a few years?

If true you might deserve a medal.

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I think she's saying she sold $90k worth of Ethe after it hit $125k and dropped. She didn't lose $90k. Her phrasing sucks and makes it hard to understand, but she has stated a few times she made a small profit. As a fellow ETHE holder I've paid particularly close attention to her posts lately and can decipher them.