Bitcoins/Litecoins/Virtual Currencies

Kithani said:

I mean wouldn’t failure actually be your “store of value” losing ground to inflation or other asset classes?

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Obviously. My point is that I don't think that happens at this point, or at least it's less likely than what I laid out.

Haus said:

So I have reached a kinda sad conclusion today....

I went into Alts (i.e. things other than BTC) because younger, more optimistic, more naive Haus believed that we were going to really see the emergence of a new digital financial system free of the traditional banks and governments. I not firmly believe that for the foreseeable future the governments will never allow a system they can't put them thumb on (both in control of people, and control of the currency), and banks will never allow the emergence of a system that they don't actively have a monopoly over transactions of and can ergo leech fees for eternity.

As such... I have regrettably gone BTC Maxi. It's the only store of value digitally I see with any feasible future right now.

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It's funny, I'm seeing the same things you are and coming to a completely different conclusion.

I knew we were never going to see the emergence of a "new digital financial system free of banks and governments." That was always a libertarian pipe dream, as I've noted many times on here.

Something like that would require a fundamental change in the way human behavior works.

I've also never been a Bitcoin maximalist (or an anything maximalist). And I'm even less so now.

I’m a bit bummed bip110 failed so miserably. I don’t fully understand what quantifies as ‘consensus’ but the 110 nodes as a % was way higher than the mining % that backed 110. It appears to me large mining pools control BTC and those who were opposed to 110 seem to share the NFT (retarded) mentality and are happy to bloat the blockchain with non financial data. At this point I’m done stacking sats, I’ll probably sit on what I have unless it reaches its near ATH, and then likely just sell out.

MachRed said:

I’m a bit bummed bip110 failed so miserably. I don’t fully understand what quantifies as ‘consensus’ but the 110 nodes as a % was way higher than the mining % that backed 110. It appears to me large mining pools control BTC and those who were opposed to 110 seem to share the NFT (retarded) mentality and are happy to bloat the blockchain with non financial data. At this point I’m done stacking sats, I’ll probably sit on what I have unless it reaches its near ATH, and then likely just sell out.

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Yea, I see where you're coming from. I kind of sat on my hands during the whole BIP-110 fiasco because I simply wasn't convinced that BIP-110 was the correct approach to the issue. I think it was necessary and good that the attempt was made, its activation would have had zero long term negative impact and would have likely sent a strong message to miners to get their priorities straight. Now that it has failed I suspect that bigger changes will be coming and a stronger counter-movement to spam on chain will start to build... its just going to take some time.

I suspect I was part of a large group of people that were paying some amount of attention to the issue but just didn't see a real solution in the BIP-110 direction. If a stronger candidate arrive to resolve the issue I think it gets significantly more support. I do however see this as an existential issue for Bitcoin long-term if its not resolved. People may need to feel some pain on this before they're willing to take a stronger stand.

EDIT: Additionally I think part of the problem here is one of incentives. If the "suits" pump BTC price and make it a store of value vs medium of exchange, my failure state of being sad but rich, then a lot of the people who ARE against this are unlikely to act because they're already financially set. Its a pretty smart approach to attack Bitcoin to be honest. You disarm the most rabid critics by making their lives so comfortable they're unwilling to fight. BTC can succeed in price but fail in its real use case, digital medium of exchange that can't be censored.

Not a good month for self-custody. Increased phishing attempts aren't the half of it. Home addresses were divulged. There's going to be some doors getting knocked on in the near future.

Grats to everyone who didn't bitch out and sell their crypto at the bottom

MusicForFish said:

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Don't scan QR codes period. Make the yuppie waiter bring you a paper menu even. Scanning random QR codes is clicking risky links you can't even do an eyeball check on. You deserve the lemonparty you end up with