https://twitter.com/PrestonPysh/status/1492977733957214222?s=20&t=BYpBFHGaQzKHNrHIlDUdkA

The cost to run a superbowl ad has really gone down over the past decade:

2012: 700,000 BTC
2013: 152,000 BTC
2014: 6,269 BTC
2015: 19,144 BTC
2016: 11,166 BTC
2017: 5,035 BTC
2018: 650 BTC
2019: 1394 BTC
2020: 565 BTC
2021: 142 BTC
2022: 153 BTC

Got #Bitcoin #SuperBowl @jack

— Preston Pysh (@PrestonPysh) February 13, 2022

aggiehawg said:

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The cost to run a superbowl ad has really gone down over the past decade:

2012: 700,000 BTC
2013: 152,000 BTC
2014: 6,269 BTC
2015: 19,144 BTC
2016: 11,166 BTC
2017: 5,035 BTC
2018: 650 BTC
2019: 1394 BTC
2020: 565 BTC
2021: 142 BTC
2022: 153 BTC

Got #Bitcoin #SuperBowl @jack

— Preston Pysh (@PrestonPysh) February 13, 2022

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Lol thanks. How the hell do you embed tweets now?

See that blue bird in the tool bar? That's a twitter icon.

Isolate the tweet URL, click on it, then copy, go back to your post and use that icon on the tool bar. You get a check if it embedded.

Wrong. Bitcoin is a way to settle payments outside of government control. Problem is everyone treats it like a "get rich quick" scheme.

I think I'm too much like Larry.

It's considered Property.

Which currently also avoids wash sale rules.

Hard to convince someone when their net worth has skyrocketed

https://giphy.com/gifs/FTX-Official-kFSjeNz3ZJ0qjYCq9S

https://giphy.com/gifs/FTX-Official-fIg1WAC2fwKbW2GYSI

Bitcoin has far outlasted any craze or pump for beanie babies or tulip mania. No need to change anybody's mind. If you think this is a valid question you don't understand the subject matter and that's okay.

Rofl, trolling coinbase

pic.twitter.com/5zFjbuI7LX

— FTX (@FTX_Official) February 14, 2022

It's all control material. Slavery material.

Anon might have a point… pic.twitter.com/5a5Szbp2Dj

— ROGUEWEALTH 🔱 (@ROGUEWEALTH) February 14, 2022

Ya'll will be very confused when the man-made "limits" of bitcoin get recompiled.

Either that or lost bitcoin will stay lost forever, making them about as good of a currency as a Spanish Doubloon is today.

I just read about those guys.

My back of the napkin numbers say they'd have made more pumping electricity to the grid.

TexasRebel said:

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Ya'll will be very confused when the man-made "limits" of bitcoin get recompiled.

Either that or lost bitcoin will stay lost forever, making them about as good of a currency as a Spanish Doubloon is today.

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How will the limits get recompiled?

When it's realized that the entire supply is out of circulation (essentially making it worthless squared) there will have to be a soft fork for continued existence. Among other things, this fork will have to result in more bitcoin to be mined.

The alternative is to fractionalize the satoshi smaller and smaller (assuming there is any left circulating) which would dangle a huge boulder overhead of some "lost" bitcoin resurfacing.

It'd be like the US treasury not printing bills to replace those that wear out. Eventually even pennies would become scarce and valuable, but the guy who finds a $100 bill in a safe somewhere is now the richest person alive while devaluing all of those sliced up fractions of a penny folks were using for exchange.

Lost fiat has to be recoverable.
Are you willing to create an industry that guesses at addresses to dig up lost crypto?

Who's going to do the soft fork you describe? The President of Bitcoin?

Quote:

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Lost fiat has to be recoverable.
Are you willing to create an industry that guesses at addresses to dig up lost crypto?

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I think that is a feature, not a bug.
Kinda no difference between that and people searching for sunken treasure

tysker said:

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Quote:

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Lost fiat has to be recoverable.
Are you willing to create an industry that guesses at addresses to dig up lost crypto?

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I think that is a feature, not a bug.
Kinda no difference between that and people searching for sunken treasure

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Like the guy that threw away his key with 7500 bitcoin, and now people are digging though the landfill it supposedly went to.

ac04 said:

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bitcoin is divisibile to to eight digits as-is (1/100,000,000), meaning there will eventually be over two quadrillion satoshis (2,100,000,000,000,000) without any need for a soft fork. i think any divisibility issues are probably a long way off. i do have to give credit for originality though, i think this is the first time i've ever seen someone essentially argue that bitcoin will one day be so valuable that it will actually be worthless. impressive galaxy brain take there.

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Its a variation of the 'what is BTC worth when only one person/entity/government buys the whole thing' argument.

If the US government and China own 65% of the tradable BTCs and Saylor holds another 10% after continued dollar cost averaging, what is the remaining 25% really worth? Would other alternatives by found due to the concentration of power?

Champ Bailey said:

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tysker said:

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Quote:

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Lost fiat has to be recoverable.
Are you willing to create an industry that guesses at addresses to dig up lost crypto?

---

I think that is a feature, not a bug.
Kinda no difference between that and people searching for sunken treasure

---

Like the guy that threw away his key with 7500 bitcoin, and now people are digging though the landfill it supposedly went to.

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exactly and a totally rational response. at some point a VC firm will pay the guy $$ for his key and buy the whole landfill. Like one of those 'we'll pay you now for your annual insurance settlement' firms

You confusing worthless and priceless. In this case it's actually both.

Define " tradable BTCs "

There's no way China or USA could accumulate 65% of bitcoin.

Actually I take that back...the US could in theory confiscate all of the bitcoin held by custody services like Coinbase. This would allow them to take GBTC, Microstrategy...it would be a massive blow.

But barring that type of seizure, any attempt to buy up the available BTC would result in price immediately skyrocketing.

While the speculation on cryptos is very seductive to the greedy investor side, there are a lot of stories that pop up which trouble me.

Like this one, where a couple of young idiots - and I mean idiots - were in on hacking into a cryptocurrency exchange back in 2016 and stealing what was then $71 million in BitCoin. Which then had ballooned into about a $4 billion dollar theft by 2022.

Inside the Bitcoin Laundering Case That Confounded the Internet - The New York Times (nytimes.com)

Which as the article itself states, played into the feeling that the Crypto world stuff is a Wild West full of dubious characters.

Articles like these saying all that NFT stuff is full of fraud feeds right back into that.

NFT Forgeries Aren't Going Away (coindesk.com)
FEATURE-Booming NFT art market plagued by 'mind-blowing' fraud | Reuters

Anything whose value can up or down wildly based on a single tweet from a guy like Elon Musk, doesn't help.

I don't think all cryptos are going to crash, but I do think most of them eventually will. And although people who got a lot of money in this thing are obviously pushing and selling it hard, you also get the feeling more and more government regulation of cryptos is inevitable. Because a Wild West driving stock market speculation is a recipe for disaster.

exp said:

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Define " tradable BTCs "

There's no way China or USA could accumulate 65% of bitcoin.

Actually I take that back...the US could in theory confiscate all of the bitcoin held by custody services like Coinbase. This would allow them to take GBTC, Microstrategy...it would be a massive blow.

But barring that type of seizure, any attempt to buy up the available BTC would result in price immediately skyrocketing.

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You dont know who is buying so price only rises if a market cornering scenario becomes public. Governments can be buying through other mechanisms to prop up the price not unlike the PPT for stocks.

By tradable BTCs I mean the BTCs not lost to forgotten keys, hard drives, etc which will not or cannot be recovered and essentially are removed from the total count.

The crashing of NFTs and other cryptos may actually give credence to BTC, ETH, etc. Maybe not credence but bolsters the reputation of the more respected, more fully tested, and widely accepted. Survivor bias basically

Survivorship bias indicates you need to study the ones that survive to improve the ones that failed.

Basically, where the surviving aircraft were NOT shot is where future aircraft need more armor.

I don't think that applies here.

Pumpkinhead said:

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While the speculation on cryptos is very seductive to the greedy investor side, there are a lot of stories that pop up which trouble me.

Like this one, where a couple of young idiots - and I mean idiots - were in on hacking into a cryptocurrency exchange back in 2016 and stealing what was then $71 million in BitCoin. Which then had ballooned into about a $4 billion dollar theft by 2022.

Inside the Bitcoin Laundering Case That Confounded the Internet - The New York Times (nytimes.com)

Which as the article itself states, played into the feeling that the Crypto world stuff is a Wild West full of dubious characters.

Articles like these saying all that NFT stuff is full of fraud feeds right back into that.

NFT Forgeries Aren't Going Away (coindesk.com)
FEATURE-Booming NFT art market plagued by 'mind-blowing' fraud | Reuters

Anything whose value can up or down wildly based on a single tweet from a guy like Elon Musk, doesn't help.

I don't think all cryptos are going to crash, but I do think most of them eventually will. And although people who got a lot of money in this thing are obviously pushing and selling it hard, you also get the feeling more and more government regulation of cryptos is inevitable. Because a Wild West driving stock market speculation is a recipe for disaster.

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I find it interesting that the bitcoin mining developers, the ones that I have worked with, tend to give their projects names that conjure up images of Wild West outlaws.

Anyone here having their eyes opened to the need for BTC based on what happened in Canada yesterday? Big government considers it your money to the extent you agree with them. Bitcoin solves this so long as you custody your own coins.

Pumpkinhead said:

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While the speculation on cryptos is very seductive to the greedy investor side, there are a lot of stories that pop up which trouble me.

Like this one, where a couple of young idiots - and I mean idiots - were in on hacking into a cryptocurrency exchange back in 2016 and stealing what was then $71 million in BitCoin. Which then had ballooned into about a $4 billion dollar theft by 2022.

Inside the Bitcoin Laundering Case That Confounded the Internet - The New York Times (nytimes.com)

Which as the article itself states, played into the feeling that the Crypto world stuff is a Wild West full of dubious characters.

Articles like these saying all that NFT stuff is full of fraud feeds right back into that.

NFT Forgeries Aren't Going Away (coindesk.com)
FEATURE-Booming NFT art market plagued by 'mind-blowing' fraud | Reuters

Anything whose value can up or down wildly based on a single tweet from a guy like Elon Musk, doesn't help.

I don't think all cryptos are going to crash, but I do think most of them eventually will. And although people who got a lot of money in this thing are obviously pushing and selling it hard, you also get the feeling more and more government regulation of cryptos is inevitable. Because a Wild West driving stock market speculation is a recipe for disaster.

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Frankly, this shouldn't be the least bit surprising. The early days of the internet were the same way - you had websites all over the place promoting products and services that were vaporware. Then you had the dot.com bust/recession when everyone realized a lot of it was fake news.

Part and parcel to new tech and growth curves. Crypto is similar and we are still very early. Most of the crypto out there is vaporware and will go away. The real stuff will survive and thrive.

TChaney said:

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There are a couple of major problems with digital currency.

As stated before any government can make it illegal to own and/or demand you turn yours over to them.

Don't say it can't happen, it's happened with gold already.

One other issue

You will need crypto the most if current fiats being used fail.
That will create a panic.
You have to have power and internet access to do a transaction.

We have seen countries restrict and totally shut off cell signals and access to the internet during times of strife, don't think it can't happen here.


That being said
What is the harm in buying a little or if you can afford it buy a good chunk of it.
Every speculation and investment is a risk.

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Counterpoint. The banks would surely be closed in your complete authoritarian disaster situation anyway.

How much cash do you have in your wallet right now? What about under your mattress?

If cell signals and the internet is shut off how are you going to pay for anything with dollars anyway?

Champ Bailey said:

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tysker said:

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Quote:

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Lost fiat has to be recoverable.
Are you willing to create an industry that guesses at addresses to dig up lost crypto?

---

I think that is a feature, not a bug.
Kinda no difference between that and people searching for sunken treasure

---

Like the guy that threw away his key with 7500 bitcoin, and now people are digging though the landfill it supposedly went to.

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The issue in this case is that the owner FORGOT his key. He received that BTC back in the early 2010's when it was still valued at only a small sum. Over the years, he has unsuccessfully attempted 8 of 10 allowed logins using what he thinks might have been the key. Once he executes the 10th attempt unsuccessfully, the wallet will be deleted and those BTC will be burned. It is actually an interesting story. He has totally reconciled to the fact he will never access that BTC.

Given the "halving" mechanic of Bitcoin, wouldn't it pretty much be a no brainer to invest in some before it is all mined (and in particular before the next halving)?

Also, after all 21 million have been mined, what is the outlook for price stability of Bitcoin? Will it have a pure supply/demand driven price at that point (not influenced by future halvings)?

And what happens to the miners at that point? It seems speculation at this point that enough would stick around off of transaction fees. Then again I guess fewer numbers of miners might be needed at that point and the market for miners would equalize vs the amount of transactions being processed (and thus fees collected)?