Barry McCockinner Posted June 24, 2022 Author Share Posted June 24, 2022 4 minutes ago, nj meadowlands said: You're right, I just don't get and I'm not smart enough to get it. Bitcoin is awesome. I don't think you want to get it. Solving digital scarcity in and of itself was a major breakthrough in computer science. Solving the Byzantine Generals problem was another major breakthrough. There are a lot of interesting things about it if you care to learn. It's easier to hear someone else yell Tulips and move along parroting that though. Quote Link to comment Share on other sites More sharing options...
nj meadowlands Posted June 24, 2022 Share Posted June 24, 2022 16 minutes ago, Barry McCockinner said: I don't think you want to get it. Solving digital scarcity in and of itself was a major breakthrough in computer science. Solving the Byzantine Generals problem was another major breakthrough. There are a lot of interesting things about it if you care to learn. It's easier to hear someone else yell Tulips and move along parroting that though. Meanwhile, you want to believe, Mulder. Quote Link to comment Share on other sites More sharing options...
batman10023 Posted June 24, 2022 Share Posted June 24, 2022 15 minutes ago, Barry McCockinner said: I don't think you want to get it. Solving digital scarcity in and of itself was a major breakthrough in computer science. Solving the Byzantine Generals problem was another major breakthrough. There are a lot of interesting things about it if you care to learn. It's easier to hear someone else yell Tulips and move along parroting that though. how efficiently can transactions be done in Bitcoin? how long would it take to buy something at Home Depot if i wanted to pay in Bitcoin? when did you start buying bitcoin? Quote Link to comment Share on other sites More sharing options...
#27TheDominator Posted June 24, 2022 Share Posted June 24, 2022 What this thread is really missing is some of our classic conspiracy theorists. The one world guys that complained about all the police cars being white. Cause cryptocurrency, like the ez pass and metrocard are going to end up scams by the man to able to change prices and gouge us without the majority even noticing. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 24, 2022 Author Share Posted June 24, 2022 50 minutes ago, batman10023 said: how efficiently can transactions be done in Bitcoin? how long would it take to buy something at Home Depot if i wanted to pay in Bitcoin? when did you start buying bitcoin? Layer 1 transactions are slow and inefficient. The lightning network is a layer 2 network that allows for instant settlement with bitcoin. It is already integrated into many of the well known POS systems retailers use and it allows them to accept the settlement in whatever currency they want. So if they choose USD they can accept bitcoin payments over the lightning network and have them instantly settled in us dollars. This is far more efficient and less expensive than the traditional payments system for the retailer. With the traditional payment system they have to wait days for settlement. From a personal use perspective, it would take as long as using a visa card. I think it was about 2016 when I got into bitcoin but I'm not 100% sure on that. Edit: actually it had to be a year or two before that because I remember donating to a presidential candidate during 2016 primaries with Bitcoin. That turned out to be a huge mistake.? Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 24, 2022 Share Posted June 24, 2022 1 hour ago, Barry McCockinner said: You are correct it is not good money today because of the volatility. Bitcoin has a relatively tiny market cap and is still in price discovery mode. As it matures and becomes a bigger market cap the price will stabilize and become less volatile. Bitcoin has crushed gold (and everything else) on the longer time frames though. So you have now admitted it's not digital gold. It's your expectation that it will become digital gold. That's not the same thing. The market cap has shrunk drastically. Crushing gold as an investment is ruitenly done by huge amounts of investment opportunities. None of them are replacement for gold as a reserve currency. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 24, 2022 Author Share Posted June 24, 2022 15 minutes ago, Biggs said: So you have now admitted it's not digital gold. It's your expectation that it will become digital gold. That's not the same thing. The market cap has shrunk drastically. Crushing gold as an investment is ruitenly done by huge amounts of investment opportunities. None of them are replacement for gold as a reserve currency. Bitcoin is better money than gold due to reasons already stated and will eventually, Satoshi willing, mature into the world reserve currency. btw, the market cap has grown significantly since it has been introduced. you just choose a short term time frame of a volatile low market cap asset to point. Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 24, 2022 Share Posted June 24, 2022 Just now, Barry McCockinner said: Bitcoin is better money than gold due to reasons already stated and will eventually, Satoshi willing, mature into the world reserve currency. This is exactly why it's a ponzi scheme. Eventually if everyone dies SS will be solvent. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 24, 2022 Author Share Posted June 24, 2022 4 minutes ago, Biggs said: This is exactly why it's a ponzi scheme. Eventually if everyone dies SS will be solvent. wut Quote Link to comment Share on other sites More sharing options...
Biggs Posted June 24, 2022 Share Posted June 24, 2022 20 minutes ago, Barry McCockinner said: wut Telling people why it's better money while agreeing it's not money is definitionally a ponzi scheme. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 24, 2022 Author Share Posted June 24, 2022 20 minutes ago, Biggs said: Telling people why it's better money while agreeing it's not money is definitionally a ponzi scheme. that is not even close to the definition of a ponzi scheme, you should look up what a damn ponzi scheme is. I am telling you it has better properties than gold for being good money. Gold has been the best money in human history due to the properties it has. It failed as the world got smaller and people needed to transport it over larger distances. That's where bitcoin wins. It has all the properties that made gold good money and it doesn't have the weakness that allowed scammers to rug pull with fiat. We are living in a world that is more and more digital and we now have digital scarcity that makes better money than gold. Keynes was used as a tool for the scammers who had already rug pulled everyone by printing way more fiat than gold they had owned. The scam that is Keynes economics is going to come to a brutal end. You cannot print economic energy out of thin air or delete it. The can can only be kicked so far. Many will suffer. Quote Link to comment Share on other sites More sharing options...
nj meadowlands Posted June 24, 2022 Share Posted June 24, 2022 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 24, 2022 Author Share Posted June 24, 2022 2 hours ago, nj meadowlands said: snake oil would make worse money than dog sh*t since it's even less durable. imagine trying to pay someone with an ounce of snake oil and watching your value spill to the ground. Although, similar to the US dollar you could watch your value evaporate into thin air over time if you left the top open. Quote Link to comment Share on other sites More sharing options...
Dunnie Posted June 25, 2022 Share Posted June 25, 2022 that is not even close to the definition of a ponzi scheme, you should look up what a damn ponzi scheme is. I am telling you it has better properties than gold for being good money. Gold has been the best money in human history due to the properties it has. It failed as the world got smaller and people needed to transport it over larger distances. That's where bitcoin wins. It has all the properties that made gold good money and it doesn't have the weakness that allowed scammers to rug pull with fiat. We are living in a world that is more and more digital and we now have digital scarcity that makes better money than gold. Keynes was used as a tool for the scammers who had already rug pulled everyone by printing way more fiat than gold they had owned. The scam that is Keynes economics is going to come to a brutal end. You cannot print economic energy out of thin air or delete it. The can can only be kicked so far. Many will suffer.Especially those that believe in crypro.Sent from my SM-G950U1 using Tapatalk Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 25, 2022 Author Share Posted June 25, 2022 9 minutes ago, Dunnie said: Especially those that believe in crypro. Sent from my SM-G950U1 using Tapatalk crypto, yes. bitcoin, no. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 29, 2022 Author Share Posted June 29, 2022 "I think we now understand better how little we understand on inflation" - Jerome Powell 06/29/2022 Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted June 30, 2022 Share Posted June 30, 2022 On 6/24/2022 at 12:09 PM, Barry McCockinner said: snake oil would make worse money than dog sh*t since it's even less durable. imagine trying to pay someone with an ounce of snake oil and watching your value spill to the ground. Although, similar to the US dollar you could watch your value evaporate into thin air over time if you left the top open. Id like to see all the athletes and others who were paid in Bitcoin. Owe taxes pon something that now is 20 percent of its value. LMAO! Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted June 30, 2022 Author Share Posted June 30, 2022 2 hours ago, southparkcpa said: Id like to see all the athletes and others who were paid in Bitcoin. Owe taxes pon something that now is 20 percent of its value. LMAO! You're looking at too short of a timeframe. Again, there's no 4 year period where Bitcoin has lost value. Now look at the dollar. Hopefully these athletes were given good information on volatility and time preference for Bitcoin before diving in. Eventually the fed will be forced to pivot and Bitcoin will again soak up the money printer. Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted July 1, 2022 Share Posted July 1, 2022 2 hours ago, Barry McCockinner said: You're looking at too short of a timeframe. Again, there's no 4 year period where Bitcoin has lost value. Now look at the dollar. Hopefully these athletes were given good information on volatility and time preference for Bitcoin before diving in. Eventually the fed will be forced to pivot and Bitcoin will again soak up the money printer. Yet the dollar is the currency most widely accepted in the world and is the basis for almost the entire world economy. The fall of value in the dollar is economic related and absolutely reduces any crypto with it. This argument may be your weakest. Quote Link to comment Share on other sites More sharing options...
Maxman Posted July 1, 2022 Share Posted July 1, 2022 Bought more bitcoin today. It is up 7.36% since I purchased it. This is easy. (Kidding on the last part). 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted July 1, 2022 Author Share Posted July 1, 2022 11 hours ago, southparkcpa said: Yet the dollar is the currency most widely accepted in the world and is the basis for almost the entire world economy. The fall of value in the dollar is economic related and absolutely reduces any crypto with it. This argument may be your weakest. The dollar price of bitcoin is about double what it was when this thread was started. The dollar has lost spending power over that time, but not by 50%. The dollar as we know its days as the world reserve currency are numbered. Fiat money is a scam. Gold was much better but it's inability to easily be transferred securely and quickly over longer distances as the world shrunk opened a door for Keynesian scammers. Bitcoin has all the properties that made gold good money but not the weakness that allowed fake government fiat scam money to take hold. It may take a few iterations before we arrive at the peoples money, but we should all hope for a bitcoin standard sooner or later. The alternatives kind of suck and the most likely alternative is some kind of CBDC which is pure evil. Quote Link to comment Share on other sites More sharing options...
Biggs Posted July 1, 2022 Share Posted July 1, 2022 37 minutes ago, Barry McCockinner said: The dollar as we know its days as the world reserve currency are numbered. Fiat money is a scam. Gold was much better but it's inability to easily be transferred securely and quickly over longer distances as the world shrunk opened a door for Keynesian scammers. Bitcoin has all the properties that made gold good money but not the weakness that allowed fake government fiat scam money to take hold. It may take a few iterations before we arrive at the peoples money, but we should all hope for a bitcoin standard sooner or later. The alternatives kind of suck and the most likely alternative is some kind of CBDC which is pure evil. The "Peoples Money" is the Yuan. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted July 1, 2022 Author Share Posted July 1, 2022 20 minutes ago, Biggs said: The "Peoples Money" is the Yuan. I don't know what you mean by this. I sometimes refer to bitcoin as the peoples money because it's a gift to humanity. It separates money from state and takes debasing power away from central bankers and governments. Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted November 13, 2022 Share Posted November 13, 2022 On 6/24/2022 at 8:44 AM, nj meadowlands said: How’s everybody feeling now???? They write finance books and talk about the tulip frenzy hundreds of years ago. Well, now the tulips are replace by Crypto. Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted November 13, 2022 Share Posted November 13, 2022 On 7/1/2022 at 8:05 AM, Barry McCockinner said: The dollar price of bitcoin is about double what it was when this thread was started. The dollar has lost spending power over that time, but not by 50%. The dollar as we know its days as the world reserve currency are numbered. Fiat money is a scam. Gold was much better but it's inability to easily be transferred securely and quickly over longer distances as the world shrunk opened a door for Keynesian scammers. Bitcoin has all the properties that made gold good money but not the weakness that allowed fake government fiat scam money to take hold. It may take a few iterations before we arrive at the peoples money, but we should all hope for a bitcoin standard sooner or later. The alternatives kind of suck and the most likely alternative is some kind of CBDC which is pure evil. OK… care to update this??? Quote Link to comment Share on other sites More sharing options...
Hal N of Provo Posted November 13, 2022 Share Posted November 13, 2022 3 minutes ago, southparkcpa said: How’s everybody feeling now???? They write finance books and talk about the tulip frenzy hundreds of years ago. Well, now the tulips are replace by Crypto. the 2008 real estate bubble with no doc loans , beenie babies, and 90’s baseball cards too lol 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted November 13, 2022 Author Share Posted November 13, 2022 7 minutes ago, southparkcpa said: How’s everybody feeling now???? They write finance books and talk about the tulip frenzy hundreds of years ago. Well, now the tulips are replace by Crypto. the tulip comparison is one of the laziest, most stupid bitcoin criticisms going. But go on with your bad self. You can actually use tulips as part of the lesson as to why bitcoin is the best money technology to ever exist. 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted November 13, 2022 Author Share Posted November 13, 2022 4 minutes ago, southparkcpa said: OK… care to update this??? I still believe every word of what I said. What you're seeing happen today is the beginning of the end of the USD as the world reserve currency. The dollars value is still up today because of the current monetary policy but that will end, as it always does. hoping it drops to 14k so I can make another big buy 1 Quote Link to comment Share on other sites More sharing options...
southparkcpa Posted November 13, 2022 Share Posted November 13, 2022 8 minutes ago, Barry McCockinner said: the tulip comparison is one of the laziest, most stupid bitcoin criticisms going. But go on with your bad self. You can actually use tulips as part of the lesson as to why bitcoin is the best money technology to ever exist. 5 minutes ago, Barry McCockinner said: I still believe every word of what I said. What you're seeing happen today is the beginning of the end of the USD as the world reserve currency. The dollars value is still up today because of the current monetary policy but that will end, as it always does. hoping it drops to 14k so I can make another big buy LOVE your confidence. Just dont see it personally. Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted November 13, 2022 Author Share Posted November 13, 2022 1 minute ago, southparkcpa said: LOVE your confidence. Just dont see it personally. Most people don't. I can be wrong, but I am convinced. I hope the people who don't see aren't left out in the cold when it all goes up in flames. 1 Quote Link to comment Share on other sites More sharing options...
Hal N of Provo Posted November 13, 2022 Share Posted November 13, 2022 5 minutes ago, Barry McCockinner said: Most people don't. I can be wrong, but I am convinced. I hope the people who don't see aren't left out in the cold when it all goes up in flames. Uncertainty is in the air for sure 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted November 13, 2022 Author Share Posted November 13, 2022 9 minutes ago, Hal N of Provo said: Uncertainty is in the air for sure I believe Keynesian economics is a giant scam and the global economy is feeling the impact of that scam badly right now. The US is privileged in being the reserve currency and so we are not hurt nearly as bad as other countries whose currencies are based on the USD and getting slaughtered by tightening. But other countries are basically fed up with us taking advantage of the privilege of being the reserve currency and are taking steps to move away from that. The gold standard failed because it was too expensive to secure and move gold over larger distances. That weakness allowed banks to F around with fiat and use Keynesian BS to push the envelope. Bitcoin doesn't have those weaknesses but does have all the properties that made gold excellent money technology. Quote Link to comment Share on other sites More sharing options...
RutgersJetFan Posted November 13, 2022 Share Posted November 13, 2022 So, how’s it going 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted November 13, 2022 Author Share Posted November 13, 2022 3 minutes ago, RutgersJetFan said: So, how’s it going my price predictions suck. the world is on fire because fiat currency is a scam and the end of the USD as the global reserve currency is coming into focus. 2024 there will be another bitcoin halving and QT won't last forever. the future is bright. Quote Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted November 13, 2022 Share Posted November 13, 2022 On 6/23/2022 at 1:04 PM, nj meadowlands said: Thinking about the day in the not so distant future when griftocurrencies totally collapse Feels like we're a lot closer after the FTX collapse 1 Quote Link to comment Share on other sites More sharing options...
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