BobbyCoins Posted June 3, 2021 Report Share Posted June 3, 2021 Link to post Share on other sites More sharing options...
Supdawg Posted June 3, 2021 Report Share Posted June 3, 2021 7 hours ago, NashvilleNinja said: Never heard of or seen this dude, but this video was great. He is obviously and surprisingly very well informed and does a good job on his hypothesis. Again, I believe with unbelievable conviction Bitcoin will continue to appreciate against the US $ in perpetuity. I believe it's a mathematical certainty. The longer I have been in Bitcoin the stronger my conviction has become. It is amazing how many people truly don't understand how bad real inflation is and how it's robbing you of your purchasing power over time. Bitcoin fixes this problem. Link to post Share on other sites More sharing options...
BobbyCoins Posted June 3, 2021 Report Share Posted June 3, 2021 3 hours ago, Supdawg said: Never heard of or seen this dude, but this video was great. He is obviously and surprisingly very well informed and does a good job on his hypothesis. I found him pretty early into my dive into crypto. All his videos are like that. It's not full of moonboi hype or FUD. Just him trying to break things down rationally and calmly. Although it's hard not to feel at least a little moonboyish watching this video with the stuff he was saying. 3 hours ago, Supdawg said: Again, I believe with unbelievable conviction Bitcoin will continue to appreciate against the US $ in perpetuity. I believe it's a mathematical certainty. The longer I have been in Bitcoin the stronger my conviction has become. It is amazing how many people truly don't understand how bad real inflation is and how it's robbing you of your purchasing power over time. Bitcoin fixes this problem. If BTC ever gets to a $1M valuation that would make 1M sats worth $10k, as a Satoshi would be worth 1 penny at that point. 1% of 1M is 10k just as 1% of 100M (Satoshis) is 1M. A million pennies is worth $10k. So unless my mathing is retarded an $18M valuation of a single Bitcoin, like he demonstrated in that video, would bring a valuation of a million Satoshis to $180k. Right now you can buy 1 million Satoshis for roughly $385, depending on where the market is. Even if inflation cuts the dollar's spending value in half over the next 5/10 years, that's still $90k. Spending $385 right now for at least a $90k return 5/10 years from now is not unwise, unless you just don't have $385. And due to the stimulus payments in the last year that have gone out who hasn't had $385? If you didn't have work then it's hard to justify spending $385 on something like Bitcoin when you have to eat, buy shit paper to wipe your ass, buy gas, continue to pay for health insurance, etc. But then again, that's why most rational people tell you to DCA. Besides, if you'd spent $385 on Satoshis a year ago your return 5/10 years from now would be a helluva lot more than $180k. Supdawg 1 Link to post Share on other sites More sharing options...
Supdawg Posted June 3, 2021 Report Share Posted June 3, 2021 It all boils down to what risk to reward ratio is. I think it is safe to assume after 12 years of price growth there is a greater than zero % chance it will go to 7 figure US $ value at some point in the future. NashvilleNinja 1 Link to post Share on other sites More sharing options...
Jamalisms Posted June 3, 2021 Report Share Posted June 3, 2021 Anybody mining Helium? I would totally have gotten into this if I found out about it last year. Simple setup and free coins to sell for actual money. Now, the miners are impossible to get. Link to post Share on other sites More sharing options...
9 Nines Posted June 3, 2021 Report Share Posted June 3, 2021 (edited) President Biden is starting a taskforce on ransomware. More and more articles, that I am linking below, are popping up. Technology cannot keep up with the exploits - if there is a way to steal money they will continue. So the only solution is to remove potential payment to exploiters, which is a simple task, ban cryptocurrencies, push them to black market use only, making them worthless in normal markets. So as ransomware increases, society has a choice, let it keep growing, with vital industries possible shut down each new day, or completely shut off the inventive for ransomware - shutdown cryptocurrency. I would think the choice is obvious, especially since Corporate interests will start lobbying for it. Also, it might be a truly bipartisan situation that will bring Democrats and Republicans together, I am sure both would be excited to have breather like that that both camps can claim as a victory. So unless you think the corporate world and leading countries are going to let the Russian thugs win, you would agree that cryptocurrency will be banned/highly regulated soon. The writing is on the wall...or below........... This strongly suggests that the best way to deal with this new era of big-game ransomware will involve not just securing computer systems (after all, you can’t patch against a zero-day vulnerability) or prosecuting (since Russia clearly doesn’t care to either extradite or prosecute these criminals). It will also require disrupting the one payment channel capable of moving millions at a time outside of money laundering laws: Bitcoin and other cryptocurrencies. Currently, there are various methods that can degrade, disrupt or destroy the cryptocurrency space. Others may argue that with so much money involved, the bad guys will find another way. I strongly disagree. There are only three existing mechanisms capable of transferring a $5 million ransom—a bank-to-bank transfer, cash or cryptocurrencies. No other mechanisms currently exist that can meet the requirements of transferring millions of dollars at a time. The ransomware gangs can’t use normal banking. Even the most blatantly corrupt bank would consider processing ransomware payments as an existential risk. My group and I noticed this with the Viagra spammers: The spammers’ banks had a choice to either unbank the bad guys or be cut off from the financial system. The same would apply if ransomware tried to use wire transfers. Cash is similarly a nonstarter. A $5 million ransom is 110 pounds (50 kilograms) in $100 bills, or two full-weight suitcases. Arranging such a transfer, to an extortionist operating outside the U.S., is clearly infeasible just from a physical standpoint. The ransomware purveyors need transfers that don’t require physical presence and a hundred pounds of stuff. This means that cryptocurrencies are the only tool left for ransomware purveyors. So, if governments take meaningful action against Bitcoin and other cryptocurrencies, they should be able to disrupt this new ransomware plague and then eradicate it, as was seen with the spam Viagra industry. https://www.lawfareblog.com/ransomware-problem-bitcoin-problem Ransomware, for those that don’t know, is the automated exploitation of computer networks that aims to extract cash from the owner of that network. These attacks are usually done by foreign actors and they use cryptocurrency as the medium of exchange for extortion between them and their victims. Now this is not a new phenomenon by any means. But what is new is that the level of these attacks has gone parabolic in the last few years because of one simple fact. With the addition of bitcoin to the problem it’s insanely profitable, low-risk, and almost the perfect crime. It’s also a very real economic tool that nation states can use to disrupt each other’s infrastructure. The singular reason why these attacks are even possible is due entirely to rise of cryptocurrency. Consider the same situation on top of the existing international banking system. Go to your local bank branch and try to wire transfer $200,000 to an anonymous stranger in Russia and see how that works out. Modern ransomware could not exist without Bitcoin, it has poured gasoline on a fire we may not be able to put out. Cryptocurrency exchanges are the channel by which all the illicit funds in this epidemic flow. And it is the one channel that the US government has complete power to rein in and regulate. The free flow of money from US banks to cryptocurrency exchanges is the root cause of this pandemic and needs to halt. Through sanctions, control of the SWIFT network, and our allies in NATO the federal government has all the tools to put a stop to these illicit flows. Nothing of value would be lost by shutting off the spigot of dark money and darknet trade. Cryptocurrencies are almost entirely used for illicit activity, gambling and investment frauds, and on the whole have no upside for society at large while also having unbounded downside and massive negative externalities. https://www.stephendiehl.com/blog/ransomware.html Cryptocurrencies, which drain more and more of the world’s electricity by the day, don’t provide much value beyond being a tool for speculators and the already rich to corner a new market. With wild swings of up to 30 percent from week to week—something most state-backed currencies don’t do—they are totally insufficient as spending money. The criticisms only accumulate from there. (I find the notion of non-sovereign money—money disconnected from the backing of a nation-state—to be inherently unstable and a quick trip to feudalism.) We’ve had a decade-plus of cryptocurrencies, and their main innovations appear to be new forms of wasting natural resources and extorting innocent people for money. https://newrepublic.com/article/162589/ban-bitcoin-cryptocurrencies-stop-hacker-ransomware Edited June 3, 2021 by 9 Nines OILERMAN, and titanruss 1 1 Link to post Share on other sites More sharing options...
9 Nines Posted June 3, 2021 Report Share Posted June 3, 2021 Here is a bitcoiner proponent stating the same thing: https://www.coindesk.com/bitcoins-ransomware-problem-wont-go-away Why it matters Ransomware could have big effects on the bitcoin ecosystem. I’d suggest that any payments network is subject to a calculus of legitimacy. Once the percentage of illicit transactions reaches a certain percentage of total transactions, the system becomes stigmatized. A chill sets in. The public, politicians, law enforcement, and regulators begin to protest, and the system is either retired or its operators are forced to reform it. I have no idea if bitcoin is close to reaching a critical level in the calculus of legitimacy. But the usage of bitcoin by crooks who cripple schools and health care providers makes for terrible optics. If enough voters have been hurt by these attacks, that serves as fertile breeding ground for political and regulatory pushback. Supdawg 1 Link to post Share on other sites More sharing options...
Titans_Win_Again Posted June 3, 2021 Report Share Posted June 3, 2021 22 hours ago, 9 Nines said: Wall Street Journal calls for making bitcoin illegal to protect society from ransomware. The writing is on the wall, the more cyber attacks and ransom demands that happen, and they are on the rise and linked to cryptocurrency, the more calls for banning the source of demand, cryptocurrencies, will be made: https://www.wsj.com/articles/ban-cryptocurrency-to-fight-ransomware-11621962831 Ban Cryptocurrency to Fight Ransomware Supdawg, and titanruss 1 1 Link to post Share on other sites More sharing options...
BobbyCoins Posted June 4, 2021 Report Share Posted June 4, 2021 @heyitsmeallen Link to post Share on other sites More sharing options...
OilerTitanHybrid Posted June 4, 2021 Report Share Posted June 4, 2021 Breaking Bitcoin news! I have come up with a new meme coin! It's kinda like the Dogecoin, but even flakier and far out. I'm calling it the Dodgycoin! As the Brits would say... It's a bit dodgy, that coin is. Don't let it hit you in your wallet! Link to post Share on other sites More sharing options...
BobbyCoins Posted June 4, 2021 Report Share Posted June 4, 2021 I don't know what to think about this yet. https://www.theblockcrypto.com/linked/107250/jack-dorsey-says-square-is-weighing-a-possible-bitcoin-hardware-wallet Link to post Share on other sites More sharing options...
Supdawg Posted June 4, 2021 Report Share Posted June 4, 2021 1 hour ago, NashvilleNinja said: I don't know what to think about this yet. https://www.theblockcrypto.com/linked/107250/jack-dorsey-says-square-is-weighing-a-possible-bitcoin-hardware-wallet I think it is good. His intentions appear to be pure and he wants it to be open sourced and openly developed. Exactly the Bitcoin ethos. Link to post Share on other sites More sharing options...
BobbyCoins Posted June 4, 2021 Report Share Posted June 4, 2021 19 minutes ago, Supdawg said: I think it is good. His intentions appear to be pure and he wants it to be open sourced and openly developed. Exactly the Bitcoin ethos. For those who buy Bitcoin on Cash App and don't already have a Trezor/Ledger it's probably a very welcome bit of news. But I wonder if Cash App/Square's fine print will be as open as the development. I just don't see (yet) how it would be worth buying if one is already using other HW wallets. The biggest question to me is how it will manage the private keys. Link to post Share on other sites More sharing options...
titanruss Posted June 4, 2021 Report Share Posted June 4, 2021 Lol at the Wall Street journal wanting to ban btc... yeah .. no shit haha! please protect us and our crooked ways! Link to post Share on other sites More sharing options...
BobbyCoins Posted June 5, 2021 Report Share Posted June 5, 2021 pat 1 Link to post Share on other sites More sharing options...
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