An insight on Bitcoin

[Grapemask]

Well shit, if a YouTube video with a clickbait title claims something, it must be true.

Yeah, I muddled my way through his video, and what I saw was the sort of spin we used to see from the tobacco industry.

For one, claims aren't being made based on some years-old study - they're being made based on the actual energy use we're observing right now. Novel studies with new data are coming out every other day that reinforce these points. Even when arguing against that one study, he was only arguing against himself - his argument was that crypto's climate impact wasn't as bad as predicted because people stopped using it and the boom collapsed. IE, crypto energy consumption is acceptable so long as no one uses it, and that's why everyone should use it. This stuff is intended to persuade people who aren't going to think too hard about it.

[Zan15]

An out of touch billionaire who doesn't understand things... amazing.

Also "he can't come up with a single use case!" Where do you see "that" in that twitter thread? I largely see a dismissal and invitation.

When the telegram first came out people are against it... there were nyt articles about the dangers of telegrams and how it wasn't the future because who needed news instantly when you could get mail in 10 days... and that was not a sarcastic statement...

Then when telephones came out... against major issues with those... when photos came out... when people first started thanks to printing presses...

"haha how can crypto ever amount to anything, we all know progress is static."

The use case mainly for ADA I would see as currency... stores of value... transactions that are cheat and near instant. Uses an extraordinarily small amount of energy to produce. The entire smart contract platform which exists to address the issues of cryptos... to poo poo on that is literally to poo poo on trying to progress. It's silly.

Those examples are things that made the process of X much simpler and faster/more efficient.
Crypto does none of that.

[ranzino]

meanwhile ADA climbs to new all-time heights. $ 2.46 was the last peak.

[hellhamster]

ADA smart contract testnet is coming out this month, with mainnet arriving late summer. Smart money is on ADA and other third gen coins like Matic and others to follow (my sights are on IOTA/AVAX/XTZ/FTM, maybe HBAR but their tokenomics are not up to par to be honest) with all the scalability/environment FUD following BTC/ETH as their dominance wavers for a bit. DOT and LINK are also sleeping giants.

BTC will go to 44k-48k, crab for a few weeks as alts are mooning, then continue pumping to 6 digits in the summer.

Source: halvening cycle + fiat money supply, pretty much all the stars are aligning. Only unknown so far is Musk and his incessant doge shitcoin shilling, AKA his ability to fuck up entire markets.

[Melozz]

How is it legal for Elon Musk to just tweet about random alt coins and they rise 1000% (dogecoin)

[kail]

How is it legal for Elon Musk to just tweet about random alt coins and they rise 1000% (dogecoin)

Do cryptocurrencies fall under market manipulation?

[Fluttershy]

ADA smart contract testnet is coming out this month, with mainnet arriving late summer. Smart money is on ADA and other third gen coins like Matic and others to follow (my sights are on IOTA/AVAX/XTZ/FTM, maybe HBAR but their tokenomics are not up to par to be honest) with all the scalability/environment FUD following BTC/ETH as their dominance wavers for a bit. DOT and LINK are also sleeping giants.

BTC will go to 44k-48k, crab for a few weeks as alts are mooning, then continue pumping to 6 digits in the summer.

Source: halvening cycle + fiat money supply, pretty much all the stars are aligning. Only unknown so far is Musk and his incessant doge shitcoin shilling, AKA his ability to fuck up entire markets.

AVAX literally had a double spend error when it launched, imagine trusting that. FTM is copy pasted code and is a shitty BSC imitation.
Link is definitely smart money though.

>How is it legal for Elon Musk to just tweet about random alt coins and they rise 1000% (dogecoin)

The crypto market isn't really regulated and mostly irrelevant at the moment. If you had done that for stocks/commodities/bonds you'd have 20 men in suits coming to interrogate you. Michael saylor is an example of a snake oil salesman that would be in prison if he had spread his bullshit about say, AT&T stock instead of bitcoin.

CZ manipulates the crypto market more than JP morgan + comex manipulates silver.

[Zan15]

How is it legal for Elon Musk to just tweet about random alt coins and they rise 1000% (dogecoin)

because the SEC and congress have not moved to regulate the fuck out of crypto's....yet.....
Though the IRS just sent their first batch of request for information to exchanges for relevant information on transactions for tax evasion.

[Ursus]

because the SEC and congress have not moved to regulate the fuck out of crypto's....yet.....
Though the IRS just sent their first batch of request for information to exchanges for relevant information on transactions for tax evasion.

It would help if the average age of Congress was lower than 60 years. After hearing some of the moronic questions these dinosaurs asked of the big tech CEOs last year during the congressional hearing, I have zero confidence in their ability to regulate cryptocurrency sufficiently.

[Zan15]

who needs bitcoin when you have....CUMROCKET!

634% IN ONE DAY

https://www.benzinga.com/markets/cry...e-mania-market


or...SCAM (yes the actual name of the crypto) Dre created Simple Cool Automatic Money, or SCAM for short.

https://www.mic.com/p/he-made-a-cryp...legit-76587537

All in all, Dre says, it took him about 30 minutes in total to make SCAM.

It hit a $70 million market cap (the snapshot current value of all tokens in circulation) almost immediately after launching, then slumped to $7 million, then $5 million, and now sits at $2.5 million.

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It would help if the average age of Congress was lower than 60 years. After hearing some of the moronic questions these dinosaurs asked of the big tech CEOs last year during the congressional hearing, I have zero confidence in their ability to regulate cryptocurrency sufficiently.

meh 95% of regulations come from staff, businesses and lobbyist.
They just sign their names to it when their handlers say its a good move

[Twdft]

Do cryptocurrencies fall under market manipulation?

As much as Magic the Gathering cards do.

[Fluttershy]

As much as Magic the Gathering cards do.

Those assholes in the secondary market are why we cant have good things.

Imagine MANDATORY 8-12x fetchlands each worth 30$ just to play modern

[Edge-]

who needs bitcoin when you have....CUMROCKET!

Finally, a respectable crypto to invest in. I'm gonna pay everyone with cum.

[kail]

As much as Magic the Gathering cards do.

I would support such practices to be deemed a federal crime.

[hellhamster]

I called it unfortunately, I even got the price target right. Musk went on a rampage last night, bitcoin is on a massive downtrend and heading towards a bear market after breaking the 21 weekly EMA. This 44k-48k range will probably break towards the downside, and then it's going to be freefalling unless some big fucking money goes into it, which may have been planned all along with all the FUD we've been seeing and Musk trolling on twitter.

I personally bet against the bear market for now by not selling or taking profits. I am usually unlucky swinging even when it was clear as day like my previous call.

I am also confident we will be seeing a relatively weak reversal and a much lower than anticipated blow off top in the summer, but it will pick up again this year nonetheless.

This is likely the anticipated "flippening", the loss of bitcoin dominance, which has to result in a market reversal into a bear market. Overall, it's bad for short term investors who got in after March, but good for the long term crypto space longevity, in order to break free from the hold of bitcoin.

[Edge-]

Weird how one super rich dude can just troll the shit outta a highly valued crypto and in a matter of days boom, down 20%.

All while trolling and boosting a garbage, valueless meme crypto.

Crypto is truly the future.

[Themius]

Weird how one super rich dude can just troll the shit outta a highly valued crypto and in a matter of days boom, down 20%.

All while trolling and boosting a garbage, valueless meme crypto.

Crypto is truly the future.

That isn't exactly an argument against the tech itself.... instead you're making an argument for regulations. Because someone "can" manipulate something doesn't mean that something new "isn't" the future. That hasn't been how any progress has ever worked.

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I'm confused. I thought BTC was like, super duper stable and staying that way for a long time? Now its losing dominance!

It's relatively stable and this whole idea that eventually BTC would lose dominance should have been expected since it's been said for over four years now that BTC isn't such a great asset for a lot of uses since it is expensive and slow. When it comes to adoption, BTC is not the crypto for that at all.

[Edge-]

That isn't exactly an argument against the tech itself.... instead you're making an argument for regulations.

Blockchain tech? No. Cryptocurrency? Sure. Regulations? You betcha. I'm more pointing out that this is still very much a wild west of speculation, scams, high hopes, fervent beliefs, and disappointment. Crypto and some of the community that surrounds it just makes it too easy to clown on. Bitconeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeect, yano?

Because someone "can" manipulate something doesn't mean that something new "isn't" the future. That hasn't been how any progress has ever worked.

Sure, but it speaks to the people who are currently buying/selling/holding the currency. It's not a bunch of idealists out to revolutionize the world with emergent tech and decentralized currencies, it's a bunch of folks that just wanna get rich as fuck and have a new potential way to make money out of nothing.

[Themius]

Blockchain tech? No. Cryptocurrency? Sure. Regulations? You betcha. I'm more pointing out that this is still very much a wild west of speculation, scams, high hopes, fervent beliefs, and disappointment. Crypto and some of the community that surrounds it just makes it too easy to clown on. Bitconeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeect, yano?



Sure, but it speaks to the people who are currently buying/selling/holding the currency. It's not a bunch of idealists out to revolutionize the world with emergent tech and decentralized currencies, it's a bunch of folks that just wanna get rich as fuck and have a new potential way to make money out of nothing.

Same can be said (and is said) about stocks when it comes to speculation and hopes. So it isn't special in that regard, only the medium is different.

Perhaps it is a bunch of opportunist without cares, yet there are also real institutional interests including some governments in a few countries looking to its potential.

I suspect you understand the nuance around this whole thing and just left them out of the post, but without it, all that can be garnered is some sarcasm around crypto and not much more.

[Edge-]

Same can be said (and is said) about stocks when it comes to speculation and hopes. So it isn't special in that regard, only the medium is different.

They don't move as much and are a fraction as volatile, in part because they're regulated.

Also, stocks aren't attempting to be like, an everyday currency like a lot of crypto is. I'm not fan of the stock market (it's irrational, prone to whims, and functionally gambling often times), but crypto is even more volatile.

I suspect you understand the nuance around this whole thing and just left them out of the post, but without it, all that can be garnered is some sarcasm around crypto and not much more.

I don't hold crypto, nor the culture surrounding it, in any regard. I'm hardly up to date on everything, and it seems there are more practical/improved crypto coming out more recently but I still don't see it ever taking off as any kind of decentralized currency system. A bunch of folks are just gonna make a lot of money off this trend before it crashes and eventually maybe finds some institutional use somewhere.