FYI, Motley Fool is buying 5 million in BTC and has added it to their 10x list. PT of 500k.
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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
This is my default thought on cryptocurrencies. What's the point? I don't spend any time thinking about currencies or gold, so why should I do so with the digital form of these things? Just not interesting for me. And none of this is productive.
My investment thesis on Tesla revolves around the certainty that Musk knows what to do with every incremental dollar that the world gives him. This seems like the first indication that Musk might not know what to do with all the free money at this point.
On the other hand, it might make sense from a defensive perspective to learn about cryptocurrencies and keep tabs on their development. Musk did this with his investment in DeepMind, which eventually led to his conviction on FSD and the design and production of two high-grade narrow AI chips.
Those dave lee videos are very interesting I suggest you watch them. I was ok with bitcoin but not going to invest, then very very anti bitcoin after talking to people who claim to know about it and be very emotionally invested in it, then I watched those videos and Im back to being ok with it, and while still thinking its not a great idea, I can see how I could make some money on it.
Never hurts to get more perspective
I am slowly working my way through Dave's videos with the defensive justification, if not interest. I hope to never invest in a cryptocurrency because it would indicate that I cannot instead find investable companies. Keep in mind that even during bouts of hyperinflation or currency transition, keeping your money in a company that sells physical objects is not bad.
Some are interesting those that dig into the more technical details.
I'm technically orientated with a science and IT background mostly working in IT for EONs over a very broad spectrum of projects.
But when we get to the technical nitty-gritty I can't determine if "proof of work" or "proof of stake" are sufficiently novel to synthesize value.
So it seems to me a detailed understanding of Crypto is a lot of work, and will take time.
For now, I'm going to watch Dave's videos, if it is a technically originated video I'll find it interesting, I am interested in Blockchain, but I doubt I'll have the time to get 100% across it.
Where the videos lose me quickly is when they stray into Libertarian arguments, the absence of government isn't Utopia, it is Anarchy. And sooner or later Anarchy is 100% taxation of all assets, perhaps including your life.
I'm quite convinced Blockchain can do a lot to make the world a better place by improving government, or filling gaps government can't reach. I'm not convinced there is any investment opportunity worth pursuing..
This is the beauty/horror with crypto. You get an interesting mix of anarchists, communists, capitalists, conservatives, socialists, drug dealers, bible-sellers, used-underwear-sellers, assassination markets, futurists, nerds, hippies etc all using and promoting it. Does this mean that it’s bad or a bad investment? No, it means it’s open. For good and bad.
When you get to this point, you probably need to step back and think a little about who is using the dollar and for what. And then think back to when Bitcoin had two users and compare it to how it would look like if Bitcoin replaced the USD. Who needs to be added to the network. And in what order should that happen?
I agree there is a big learning curve here, and it is important to acknowledge what you don't know, and don't understand.
In my case there is a lot I don't currently know and understand, but all knowledge and understanding is an asset, so I am trying to learn.
I do think Crypto and Blockchain are going to change a lot of things, and will improve life for the majority of humans on the planet.
But I also think the world is heading for abundance in energy, transport, food, information and communication.
Ultimately there is some synergy between Blockchain and that abundance.. But I think I understand more about the future of energy, transport and food than I do about Blockchain.
From James Wang, who recently left Ark:
https://twitter.com/draecomino/status/1362577769230716932
Still hoping some form of crypto takes off to meet the original vision of cutting out the banks/intermediaries for everyday purchases.
https://twitter.com/draecomino/status/1362577769230716932
Still hoping some form of crypto takes off to meet the original vision of cutting out the banks/intermediaries for everyday purchases.
bkp_duke
Well-Known Member
Venmo is great for exchanging payments between friends but the artist is a merchant.
PayPal charges merchants 3%. PayPal bought Venmo so no surprise that Venmo has similar fees for merchants -- 2.9% plus 30c per transaction. How Safe Is Venmo and Is it Free?
(A side issue but Venmo doesn't work for international payments.)
Also, Ether is not the best option for making payments like this -- in the Twitter thread James said they used that because the artist had wanted to try it.
Would love to hear from @Xepa777 @heltok or anyone else who has thoughts on which forms of crypto they believe have the most potential to go into wider usage for day-to-day transactions.
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In my experience Venmo is also unreliable.
It has "encountered a unexpected issue please try again" or some such jargon many times in the last month for me.
JRP3
Hyperactive Member
I would interpret that as a negative for investors in Bitcoin. My comfort level tends toward equities rather than divining between levels of BS among fiats.
Xepa777
Banned
Nano. Instant transactions. $0 fees. It's huge among Reddit, but doesn't have broad adoption yet. What is Nano? Introduction to Bitcoin’s Speedy Competitor | Crypto Briefing
Also...happy $1 trillion bitcoin market cap day! The first trillion is always the hardest
Nano. Instant transactions. $0 fees. It's huge among Reddit, but doesn't have broad adoption yet. What is Nano? Introduction to Bitcoin’s Speedy Competitor | Crypto Briefing
Also...happy $1 trillion bitcoin market cap day! The first trillion is always the hardest
now this makes some sense to me compared to Bitcoin. Thanks for the info.
JRP3
Hyperactive Member
In terms of a different crypto, Litecoin is commonly thought of as a payments coin. It would perform this job quicker & cheaper than Ethereum does, but the more interesting solution comes in the form of additional layers built on top of a blockchain, for instance the lightning layer built on top of the Bitcoin network.
One way to think of it is that the lightning layer for transacting in bitcoin is analogous to the Visa network for transacting in dollars/fiat, whereas the base layer would be more like an ACH transfer. Check out what Jack Mallers and @ln_strike are building. Still in beta right now, but they are able to send transactions between any 2 currencies over the Bitcoin network instantly for negligible transaction cost ex: USD -> BTC -> Euro
Nano. Instant transactions. $0 fees. It's huge among Reddit, but doesn't have broad adoption yet. What is Nano? Introduction to Bitcoin’s Speedy Competitor | Crypto Briefing
Also...happy $1 trillion bitcoin market cap day! The first trillion is always the hardest
I remember Nano being hyped 4 years ago (and bought and hold), so the adoption is really slow!
I believe the bitcoin and ethereum chains are old tech. You can try to fix that (with layer 2 like lightning) or gradual chain upgrades (like beacon for ETH). But that takes time and probably will leave some edges.
There are new kids on the block on layer 1 who can do a lot of things way smoother.
I'd recommend looking into Fantom FTM. Top-notch tech, very fast, very very cheap tx cost, compatible with the EVM (dApps easily portable).
IMO the way better ETH and perfect for defi and tracking/auth applications.
