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Just now, pat said:

 

If Coinbase avoids a liquidity crisis then sure, I'll have respect for them.

 

But these layoffs aren't just cuts.  They are also rescinding offers left and right, ie cutting engineers who just quit other jobs to take a position at Coinbase.  That kind of move hurts tech recruiting for years afterwards.  It reeks of desperation.

 

After burning retail investors, what's next for BTC?  Why would finance need it?

Sure, they have made bad business decisions around hiring and got ahead of their skis. 

Let me be as clear as possible. 

 

Bitcoin does NOT need Coinbase. It survived before and it will survive afterwards. There is minimal risk from Coinbase to go bankrupt and steal everyone's coins. There are tons of other exchanges that operate in the US. 

Even if Coinbase took everyone's Bitcoin to fulfill creditors, Bitcoin will continue. Everything will be fine. 

Again, I would advise anyone who has Bitcoin on any exchange to take it off immediately and self-custody. 

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Meanwhile in NFT land...    

My bitcoin has been going nutssssssss! Up 70% in the last month and almost 1000% this year! Gimme the loot baby!    Edit: when bitcoin was first developed I started mining it and had al

The first rule of crossfit/Crypto: always talk about crossfit/crypto

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The question isn’t whether BTC will exist. It was popular because it had an insane return. The question is will it be a viable investment at all. 
 

The days of insane returns are Def over. 
 

The risk/reward now makes it worthless imo, why would you bother? 
 

I believe it hasn’t made money for over 3 years 

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11 hours ago, Supdawg said:

Deserves its own post. 
 

 

 

The pioneers of cryptography (i.e. the real "crypto") deserve the praise for the world they created (secure comms, i.e. critical infrastructure for the 21st century).  Not so much someone fitting technologies they didn't create into an application that happens to take off. Without the aforementioned scams, the "innovation" is still effectively application-less.

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On 6/18/2022 at 6:25 AM, Supdawg said:

A couple of days ago I decided to pull my remaining sub-20K bids. I am not selling any other spot. So much bad shit going on everywhere right now I am going to sit this out until things calm down. Still DCA'ing with a % of my income each month and still earning BTC through credit card rewards through BlockFi.  

A lot of firsts going on with BTC at the moment. An 85% draw down takes us to $10K. I really hope that doesn't happen because there are a lot of loans out there that will be liquidated creating more carnage. The shit keeps coming out about 3AC, once had over 18b in AUM, now reportedly is insolvent and owes 1.5b. 

Bitcoin will eventually recover, but honestly until the Fed reverses course to being dovish, and the equity markets find a bottom. It could be a year or two. So much debt still left to unwind. It's crazy out there. 

 

 

i just bought another half a btc. huge discounts.

 

when people are fearful is when you should be brave... when everyone is in a frenzy... you should be fearful.

 

 

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On 6/18/2022 at 11:34 AM, OILERMAN said:

Not even remotely the same, the platforms that hold my money aren’t going belly up, I’ll be getting dividends in a few weeks and the market has a long proven history of rebounding, I’m not worried in the least. I haven’t seen any suicide hot lines for the market drop

 

whose private BTC wallet is going belly up? that makes zero sense.

 

quite a few banks and traded companies and hedge funds are going belly up...

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1 minute ago, titanruss said:

quite a few banks and traded companies and hedge funds are going belly up...

 

Who the hell is in a hedgefund?

 

And what banks are going under?

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14 minutes ago, OzTitan said:

 

The pioneers of cryptography (i.e. the real "crypto") deserve the praise for the world they created (secure comms, i.e. critical infrastructure for the 21st century).  Not so much someone fitting technologies they didn't create into an application that happens to take off. Without the aforementiloned scams, the "innovation" is still effectively application-less.

 

Nothing is new under the sun. everyone steals ideas, gets inspired by other thing, collages things together to "create" something new. whether thats code or cars or cinnemon buns or music or art or political innovations - everything grows from previous ideas.

 

BTC solved problems unsolveabe before by combining ideas from before- most namely the byzantine generals problem.

 

For all you know SN was a pioneer of cryptography and was most definitely a cypher punk.

 

 

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6 minutes ago, titanruss said:

 

Nothing is new under the sun. everyone steals ideas, gets inspired by other thing, collages things together to "create" something new. whether thats code or cars or cinnemon buns or music or art or political innovations - everything grows from previous ideas.

 

BTC solved problems unsolveabe before by combining ideas from before- most namely the byzantine generals problem.

 

For all you know SN was a pioneer of cryptography and was most definitely a cypher punk.

 

 

 

It was a comment on the merits of bitcoin as a technical innovation, not the person, who could very well have had much bigger innovations prior or since. I would personally rate something like git or bittorrent as more of technical innovations, in the similar sort of technology sphere as bitcoin and blockchain.

 

Bitcoin's relevance to the Byzantine Generals Problem is as a money/currency system, which it is still yet to actually realize. Otherwise, it wasn't the first decentralized system to use cryptography for integrity and availability purposes.

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13 minutes ago, OILERMAN said:

 

Who the hell is in a hedgefund?

 

And what banks are going under?

 

Who the hell is a hedgefund? what?

 

No, no banks have failed this year ...yet. But hedgefunds have and stock portfolios have and publically traded companies have and the value of a dollar has plummeted... and there's a new housing bubble ready to pop..  banks are next.

 

The 2 years after the last big recession over three-hundred bank failures ocurred. This recession by many is seen as arriving because bandaids were put on the last recession with the big boys getting away with even more shady practices and money now being printed like never before. This recession will hurt.. alot... alot more than 14 years ago.

 

Inflation is now at a point where it has to be controlled.. how do you control inflation while bailing out banks as things continue to crash? Its a problem that didnt exist in 2008. Inflation stayed lower than expected back then... now its a whole different ballgame.

 

Bank of england just basically put out a warning that there are now no banks there that are "too big to fail" and they cant bail them out because of inflation concerns. https://www.emarketer.com/content/bank-of-england-lenders-no-longer-too-big-fail

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10 minutes ago, OzTitan said:

 

It was a comment on the merits of bitcoin as a technical innovation, not the person, who could very well have had much bigger innovations prior or since. I would personally rate something like git or bittorrent as more of technical innovations, in the similar sort of technology sphere as bitcoin and blockchain.

 

Bitcoin's relevance to the Byzantine Generals Problem is as a money/currency system, which it is still yet to actually realize. Otherwise, it wasn't the first decentralized system to use cryptography for integrity and availability purposes.

 

I didnt say it was the first using crypto for integrity... but it was the first with the BG solution and did figure out the decentralized concensus that can be applied in a myriad of ways outside of money.  Of course the POW is required to maintain the integrity if it expands to other uses and of course the value of truth will need to be worth the work put in.

 

But it IS new in that regard.

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