Bitcoins/Litecoins/Virtual Currencies

Creslin said:

One thing to remember is there were literally world wars fought in part over establishing the current international banking system. This idea that the world governments are just going to give up their power over currency is crazy to me, its a power that is probably on par with a governments monopoly on violence in terms of marking what we all consider a functional legitimate government.

Maybe it happens some day but it would be a totally different looking world. And really a stable bitcoin that just holds its value and increases basically on par with inflation isn't what any BTC investor is looking for, it is a speculative asset that people envision for some reason growing in real value, and in the short term maybe it is, but in the long term it is insane to think that is sustainable. A currency pegged at some point in time that just keeps up with inflation, sure maybe I believe that, basically a more fair version of a T bond, but an investment that produces real alpha long term but invests in nothing, produces nothing and has no risk?

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I haven't forgotten Bretton Woods, don't worry. If you couldn't tell from my post, I have a decent concept of the gravity of what it would take to change the current paradigm. That said, all paradigms change eventually.

I totally get your skepticism (and everyone's skepticism, because you are in the majority) about the possibility of crypto, specifically BTC, taking over as the global reserve currency. I'm not saying it's inevitable, but I think there's a higher chance of it than you think.

Do a deep dive into the economics of BTC. A DEEP DIVE. Because that's what it takes. I can't tell you how many people start out as crypto skeptics and do a true deep dive and come out as its biggest advocates. It's a really long list.

Rajaah said:

Punched 3090 into the Nicehash calculator and that bumps it up from 2.75/day to... 3.15/day.

Would be cool if there were external mining tools that I could get and run instead of the computer. Like a device whose only purpose is mining and getting a better hash out of it.

Something like....this: Used - Like New: Bitmain Antminer L3+ with Bitmain Offical Power Supply Scrypt Asic Bitcoin Miner Bitminer L3+ Crypto Mining - Newegg.com

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It is usually less than 10% difference in mining between a 3080 and a 3090. Non-LHR 3080s are preferred over 3090s for mining for numerous reasons, inlcuding thermals and initial cost. Nicehash and others have also unlocked full potential on LHR cards now, so if your 3080 is the LHR variant that isn't a concern any more. Etherium mining will change drastically before the end of the year, and opinions are all over the place as to the future of GPU mining.

Creslin said:

One thing to remember is there were literally world wars fought in part over establishing the current international banking system. This idea that the world governments are just going to give up their power over currency is crazy to me, its a power that is probably on par with a governments monopoly on violence in terms of marking what we all consider a functional legitimate government.

Maybe it happens some day but it would be a totally different looking world. And really a stable bitcoin that just holds its value and increases basically on par with inflation isn't what any BTC investor is looking for, it is a speculative asset that people envision for some reason growing in real value, and in the short term maybe it is, but in the long term it is insane to think that is sustainable. A currency pegged at some point in time that just keeps up with inflation, sure maybe I believe that, basically a more fair version of a T bond, but an investment that produces real alpha long term but invests in nothing, produces nothing and has no risk?

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I think the idea is that Governments won't have a choice. People get a say too, and Bitcoin has potential to be the fairest monetary system we've ever had. If people start to grok that I'm not sure it can be stopped. Government is just people, and people want good money. Maybe less outlandish than it seems at first.

Bitcoin will be 'stable' when it is the unit of account. In fact, it will be deflationary, which is to say that a gallon of milk may cost 1000 Satoshi's in 2030, but will only cost 500 Satoshi's by 2050. We've only ever experiences inflationary currencies, and that isn't how a Bitcoin standard would work. If you want to know more about this idea look into Jeff Booth, he wrote a whole book on the concept of technological deflation and how our monetary system is actually fighting against the direction that technology is taking us. Everything should be getting cheaper as we become more efficient as a society.

It isn't obvious at first because its a complete paradigm shift from how things currently work. Imagine a world where the change in your piggy bank increased in value over the years...

On this topic, I'm about half way through watching this and its worth a share. Saifedean is the author of "The Bitcoin Standard" which is probably the most recommended and shared Bitcoin book ever and "The Fiat Standard" which uses the same lens to examine our current monetary system. Lex, to his credit, is asking some very good and very basic questions and letting Saif run with them. Questions like "What is money" and "What is Economics". I think there is a lot of value in his answers.

reavor said:

Luna making a comeback...? View attachment 412478

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Yep, it's now only down 10000000000% from a few days ago.

Ever want to watch a pnd scheme play out as it happens? Keep watching Luna

Here's how it works: there's a big pool of money out there. The money comes from idiots trying to make easy money in the crypto market. If you want to use the lawyerly term, you can call them "unsophisticated investors."

Now, most of these idiots don't have a lot of money, but there's a lot of idiots, so the pool is pretty big. And what the scammers do is they take a big towel and they dip it into the pool, soak up a bunch of that money, move it over to their bank account, and wring it out. Then they dip towel back in the pool and do it again.

What's about to happen with Luna is what that process looks like. The scammers are pretty smart, so they use a lot of different towels and they all look a little different, but they all do essentially the same thing. And the idiots, well they're idiots, so some of them fall for the same scams over and over again.

These scammers are going to keep dipping, and they're going to keep wringing, until the pool is empty and their bank accounts are full. Then they will wait a while for the pool to refill, and do it all over again.

So my advice to you is to not be an idiot. Either don't put your money in the pool, or learn to recognize the towels.

Mist said:

I think BTC and ETH will be nearly double where they are right now by January 2023. So if people have been waiting to get in, now is the time.

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Which did you buy then?