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Old 16th May 2022, 11:00 PM   #2121
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Originally Posted by Dr.Sid View Post
Indeed. It's quite far fetched to compare bitcoin to bathtub water though, wouldn't you agree ?
Nope, it's 100% accurate.
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Old 17th May 2022, 05:14 AM   #2122
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Originally Posted by Gord_in_Toronto View Post
What part of "Unless I can find someone that accepts it is worth something, it is useless . . ." do you not understand? I'm trying to buy something I want. Cash works. Bit-thingies don't if I cant find someone to accept them. If I go on a barter site like swapsity.ca I may find someone who is prepared to swap my cat for a bicycle. Does that make cats currency?
Saying that something is "useless" if you can't spend it is no better than saying that something is "useless" if you can't sell it.
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Old 17th May 2022, 05:30 AM   #2123
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Originally Posted by psionl0 View Post
Saying that something is "useless" if you can't spend it is no better than saying that something is "useless" if you can't sell it.
I think useless is too charitable. Crypto is worse than useless, it's malignant. It's continued existence is a detriment to society. If this country wasn't a joke, SEC cops would be chopping up mining rigs with an axe like prohibition agents on a whiskey raid.
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Old 17th May 2022, 05:40 AM   #2124
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Originally Posted by SuburbanTurkey View Post
I think useless is too charitable. Crypto is worse than useless, it's malignant. It's continued existence is a detriment to society. If this country wasn't a joke, SEC cops would be chopping up mining rigs with an axe like prohibition agents on a whiskey raid.
Because that worked out quite well, didn't it. I mean I'm not taking this seriously, I'm just calling bad joke.
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Old 17th May 2022, 08:22 AM   #2125
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Originally Posted by psionl0 View Post
Saying that something is "useless" if you can't spend it is no better than saying that something is "useless" if you can't sell it.
No, it's not. If I own it and use it, it is useful. If I want to trade it for something else, it is useless.
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Old 17th May 2022, 08:44 AM   #2126
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There is a legitimate use for Crypto currency, paying people who take your computer network hostage. This creates a real demand for crypto that is not easily taken over by cash and other forms of transaction.
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Old 17th May 2022, 08:47 AM   #2127
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Originally Posted by Gord_in_Toronto View Post
No, it's not. If I own it and use it, it is useful. If I want to trade it for something else, it is useless.
You can always buy or sell bitcoin so your pet definition of "useless" is useless.
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Old 17th May 2022, 10:35 AM   #2128
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You can always buy or sell the bathwater of a youtuber, so this bathwater is not useless...right?........right, guys?
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Old 17th May 2022, 10:41 AM   #2129
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Originally Posted by ponderingturtle View Post
There is a legitimate use for Crypto currency, paying people who take your computer network hostage. This creates a real demand for crypto that is not easily taken over by cash and other forms of transaction.
This is true.
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Old 17th May 2022, 10:52 AM   #2130
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Originally Posted by psionl0 View Post
You can always buy or sell bitcoin so your pet definition of "useless" is useless.
Things you buy and sell are products or services, not currency.

Why do Cryptobros keep rediscovering "barter" and parading it about like it means anything.

This has been another rousing edition of "What words mean."
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Old 17th May 2022, 11:05 AM   #2131
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Crypto still works fine for circumventing bad laws. If say a corrupt or ignorant government has stupid drug laws.

Or as a potential future use if say numerous states enact insane abortion laws and use various means of tracking women such as period apps, or payments to an out of state abortion clinic. Might be nice to pay for that anonymously to reduce the risk of being tried for murder.
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Old 17th May 2022, 12:16 PM   #2132
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Old 17th May 2022, 12:20 PM   #2133
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I give it a year before Bitcoin is either a microbrewery or another online mattress company.
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Old 17th May 2022, 01:51 PM   #2134
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Originally Posted by JoeMorgue View Post
I give it a year before Bitcoin is either a microbrewery or another online mattress company.
The IPA will be so citrusy. Hops for days.
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Old 17th May 2022, 03:11 PM   #2135
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Originally Posted by EaglePuncher View Post
You can always buy or sell the bathwater of a youtuber, so this bathwater is not useless...right?........right, guys?
Plus bathwater can be used to water your lawn. Overall used bathwater has way more inherent utility that crypto and it doesn't take massive amounts of electricity and expensive computer hardware to produce.
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Old 17th May 2022, 04:05 PM   #2136
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Originally Posted by psionl0 View Post
You can always buy or sell bitcoin so your pet definition of "useless" is useless.
Maybe, only if I can make it to the ATM before everyone else cashes out.

"A loaf of bread in Berlin that cost around 160 Marks at the end of 1922 cost 200,000,000,000 Marks by late 1923." (per our friends at Wikipedia)
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Old 17th May 2022, 05:06 PM   #2137
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Originally Posted by Gord_in_Toronto View Post
Maybe, only if I can make it to the ATM before everyone else cashes out.
This time for sure!

Originally Posted by Gord_in_Toronto View Post
"A loaf of bread in Berlin that cost around 160 Marks at the end of 1922 cost 200,000,000,000 Marks by late 1923." (per our friends at Wikipedia)
I guess that's new. Bitcoin hasn't been compared to a currency that can be printed into oblivion before.
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Old 17th May 2022, 06:13 PM   #2138
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Originally Posted by psionl0 View Post
This time for sure!


I guess that's new. Bitcoin hasn't been compared to a currency that can be printed into oblivion before.
In 1922, the mark was about 320 per dollar. By November 1923, one US dollar was worth 4,210,500,000,000 German marks. That's volatility (aka bad).

Just hope Satoshi doesn't decide to cash in.
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Old 17th May 2022, 07:26 PM   #2139
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Originally Posted by Gord_in_Toronto View Post
In 1922, the mark was about 320 per dollar. By November 1923, one US dollar was worth 4,210,500,000,000 German marks. That's volatility (aka bad).
That's what happens when you don't read a thread before posting.

Most people know that there is a hard limit of 21 million BTC that will ever exist - unlike the German Mark. Like your crystal ball predictions, your posts shed no light whatsoever.
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Old 17th May 2022, 07:53 PM   #2140
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Originally Posted by Gord_in_Toronto View Post
In 1922, the mark was about 320 per dollar. By November 1923, one US dollar was worth 4,210,500,000,000 German marks. That's volatility (aka bad).

Just hope Satoshi doesn't decide to cash in.
And that was far from history's worst hyperinflation.

Apropos of nothing really, the falli in value of Terra (halving every 3 hours) was five times faster than what was the worst hyperinflation in history, that of the Hungarian pengö (value halving every 15 hours).
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Old 17th May 2022, 11:34 PM   #2141
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Originally Posted by psionl0 View Post
That's what happens when you don't read a thread before posting.

Most people know that there is a hard limit of 21 million BTC that will ever exist - unlike the German Mark. Like your crystal ball predictions, your posts shed no light whatsoever.
Aww, that's cute. You think the amount of bitcoins is somehow tied to their price.
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Old 18th May 2022, 12:06 AM   #2142
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Soon the magic 21 million cap will be exposed for the hoax it is.
21 million bitcoin clones can never be prevented unlike the unique proton neutron combo that makes a gold nucleus.
Hodlers are joining for a lovers leap.
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Old 18th May 2022, 12:21 AM   #2143
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Originally Posted by Samson View Post
Soon the magic 21 million cap will be exposed for the hoax it is.
21 million bitcoin clones can never be prevented unlike the unique proton neutron combo that makes a gold nucleus.
Hodlers are joining for a lovers leap.
Just to show that there is nothing new in these bitcoin threads, readers should check out post #1600.
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Old 18th May 2022, 12:26 AM   #2144
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Originally Posted by psionl0 View Post
Just to show that there is nothing new in these bitcoin threads, readers should check out post #1600.
Repeating the debate does not invalidate. It is the infinite supply of cryptos that trumps the human construct of 21m bitcoin 1's.
There is a long term trend on the log chart about to be broken, no floor exists.

Last edited by Samson; 18th May 2022 at 12:27 AM.
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Old 18th May 2022, 02:12 AM   #2145
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Originally Posted by Samson View Post
Repeating the debate does not invalidate.
Yes it does. I proved that even if other cryptos could divert money away from bitcoin, it would not make bitcoin go to zero. You even admitted that yourself.

Ever since, you have been trying to pretend that exchange never happened but I will never let you forget it.
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Old 18th May 2022, 06:31 AM   #2146
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It's pretty obvious why Bitcoin crashed. It turned 13 and libertarians lost interest.
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Old 18th May 2022, 07:39 AM   #2147
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Originally Posted by psionl0 View Post
That's what happens when you don't read a thread before posting.

Most people know that there is a hard limit of 21 million BTC that will ever exist - unlike the German Mark. Like your crystal ball predictions, your posts shed no light whatsoever.
I was just illustrating what volatility means. If I'm a manufacturer of wigets in the crypto-currency world, I'd like be assured that my input costs don't suddenly exceed my sales price the next time I go to buy my materials.
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Old 18th May 2022, 08:18 AM   #2148
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Originally Posted by Gord_in_Toronto View Post
I was just illustrating what volatility means.
No you weren't. You were equating apples to oranges (something that has been done many times in the bitcoin threads).

The demand for bitcoin may be volatile but the supply isn't - unlike the German Mark where the government was able to crank the printing presses into overdrive.
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Old 18th May 2022, 08:26 AM   #2149
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Originally Posted by SuburbanTurkey View Post
It's pretty obvious why Bitcoin crashed. It turned 13 and libertarians lost interest.
I hope there is some shred of originality in this.
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Old 18th May 2022, 08:29 AM   #2150
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Originally Posted by Gord_in_Toronto View Post
I was just illustrating what volatility means. If I'm a manufacturer of wigets in the crypto-currency world, I'd like be assured that my input costs don't suddenly exceed my sales price the next time I go to buy my materials.
Of course that just illustrates its failure as a currency, nothing is priced in bitcoin only in real money that you can exchange based on what ever the value of bitcoin is at that specific time.

Now I am imagining agreeing to buy something on a net 30 schedule and pricing it in bitcoin.
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Old 18th May 2022, 08:53 AM   #2151
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Originally Posted by Dr. Keith View Post
I hope there is some shred of originality in this.
Unfortunately no, I saw this elsewhere and shamelessly stole it
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Old 18th May 2022, 09:11 AM   #2152
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Originally Posted by SuburbanTurkey View Post
Unfortunately no, I saw this elsewhere and shamelessly stole it
Don’t tell Thermal.
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Old 18th May 2022, 10:35 AM   #2153
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Originally Posted by SuburbanTurkey View Post
It's pretty obvious why Bitcoin crashed. It turned 13 and libertarians lost interest.

LOL, what was that word? Moppet? Humbert Humbert, I mean to say?


eta: Google to the rescue, Nymphet.
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Old 18th May 2022, 10:39 AM   #2154
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To be fair if age fluctuated as much as Bitcoin's value being a pedo would be harder to avoid.

"Crap she was 21 when we started! I swear!"
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Old 18th May 2022, 02:33 PM   #2155
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Originally Posted by SuburbanTurkey View Post
It's pretty obvious why Bitcoin crashed. It turned 13 and libertarians lost interest.
Bitcoin didn't really crash. It's slightly bellow half of ATH, and about 10 times more than 2 years back. It's still higher than 2017 bubble.
Luna crashed .. but it wasn't 13. So yeah, another lame joke. But at least this was somewhat easy to spot.
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Old 18th May 2022, 03:02 PM   #2156
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Originally Posted by psionl0 View Post
Yes it does. I proved that even if other cryptos could divert money away from bitcoin, it would not make bitcoin go to zero. You even admitted that yourself.

Ever since, you have been trying to pretend that exchange never happened but I will never let you forget it.
Why forget what I believe and always have? I agree with Buffet and Munger and hope cryptos become a means to transfer reliable funds for poor countries without their cheap electricity being ravaged by rapacious neer do wells.
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Old 18th May 2022, 03:14 PM   #2157
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Originally Posted by Samson View Post
Why forget what I believe and always have? I agree with Buffet and Munger and hope cryptos become a means to transfer reliable funds for poor countries without their cheap electricity being ravaged by rapacious neer do wells.
Whatever that means.
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Old 18th May 2022, 03:29 PM   #2158
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Originally Posted by psionl0 View Post
No you weren't. You were equating apples to oranges (something that has been done many times in the bitcoin threads).

The demand for bitcoin may be volatile but the supply isn't - unlike the German Mark where the government was able to crank the printing presses into overdrive.
Yes I was. Cryto-currencies manipulated by speculators are worthless for real world use if they fluctuate in value from minute to minute.

Take a look at whats happened to the AKA "investors" in LUNA:
How a Trash-Talking Crypto Founder Caused a $40 Billion Crash
https://www.nytimes.com/2022/05/18/t...y-do-kwon.html

Quote:
The downfall of Luna and TerraUSD offers a case study in crypto hype and who is left holding the bag when it all comes crashing down. Mr. Kwon’s rise was enabled by respected financiers who were willing to back highly speculative financial products. Some of those investors sold their Luna and TerraUSD coins early, reaping substantial profits, while retail traders now grapple with devastating losses.
Though, of course, some made out OK:

Pantera Capital cashed out 80% of its Terra investment before UST crash

https://www.theblockcrypto.com/post/...fore-ust-crash

Quote:
Since Pantera exited most of its investment early on, it generated a significant profit, per the firm. The firm turned $1.7 million into around $170 million, Paul Veradittakit, partner at Pantera Capital, told The Block.
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Old 18th May 2022, 03:39 PM   #2159
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A report on sanity from the New Yorker:

Coffeezilla, the YouTuber Exposing Crypto Scams

https://www.newyorker.com/news/lette...g-crypto-scams

The channel is here: https://www.youtube.com/channel/UCFQ...S502aghlcr0_aw

Enjoy.
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Old 18th May 2022, 03:48 PM   #2160
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Originally Posted by Captain_Swoop View Post
Whatever that means.
Try This:

https://www.newshub.co.nz/home/techn...te-change.html

Prominent investors may find bitcoin bear markets a bore. But research shows the environmental losses from high-priced cryptocurrencies are far more disturbing.

The damage caused by bitcoin mining disproportionately affects poor and vulnerable communities, as mining outfits and crypto developers take advantage of economic instability, weak regulations and access to cheap energy.

Locals wanting to use these resources for productive purposes can be priced out by bitcoin miners. These communities also tend to face the sharp end of the climate crisis, which crypto mining fuels.
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