echowander.bsky.social
Tough, but kind.
3,505 posts
187 followers
20 following
Discussion Master
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Knee-jerk contrarian: “the very fact that this guy says it’s good, is what proves it’s bad”
I like the energy. Now, direct that energy toward the legacy system, the Keynesian educators, the trad financial media, and let it fuel your curiosity. Use that curiosity to motivate education and learn!
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Niceeee!
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There's just enough truth in this to be dangerously wrong. But just to be sure, I encourage you to short it. You will make a killing.
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Show your math. How would that happen?
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Right? Not a very good gift.
But it was passed down by our ancestors. The early humans that didn’t have it, well they’re not my ancestors nor yours. Their bloodline stopped somewhere along the way when they were killed by a foreign tribe.
We all have it, it’s evolutionary, but not a great gift.
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That’s bad opsec. Ons should never brag about bitcoin.
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Yep. Everything goes to zero against bitcoin.
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Ah, now we’re comparing a thing that happened to a thing that didn't happen.
Yes the thing that didn’t happen is much worse than the thing that happened, except for one thing …. it didn’t happen. 🤷♂️
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No it hasn't evolved to become a currency yet. That remains to be seen.
But as a store of value it gives the little guy an asset they can own, that will shield their wealth from inflation in the same way the rich have used real estate and other assets to do the same for years.
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You started the conversation talking about a protocol risk (quantum computing), but when that conversation wasn't going anywhere for you you jumped across to a counterparty risk (user theft).
As the article implies, it would be good for you to understand the difference.
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The article you posted was good. Did you read the Final Words: "Looking back, the history of Bitcoin hacks tells a story of gradual maturation. Each major incident taught the community something new about security, about trust, about the difference between protocol risk and counterparty risk."
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... and price has skyrocketed along with it).
Just thought of another: the Internet itself. How much crime did that produce. Remember the luddites that thought the internet was only going to be for porn and crime, but look how wrong they were. Society couldn't function without it today.
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... transformative tech.
You're going to say the amounts were smaller than the largest bitcoin crimes, but I've shown you that the largest US $ crimes dwarf the largest bitcoin crimes (in fact the reason those bitcoin crimes are so "large" generally is because bitcoin adoption has been remarkable..
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... In the 1950's when credit cards were introduced, criminals used devices to copy magnetic strips, cards were stolen from the mail, hell phishing scams involving credit cards exist to this day.
Even look at the telephone itself, look how much fraud and crime has been facilitated by this ...
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... transformative technology and just like every transformative technology before it, it has spawned a wave of scams and criminal exploitation.
When checks were introduced in the 1800's, forgery, counterfeiting, "check kiting" thrived. Banks didn't have instant communication so you can imagine ...
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That's nonsense. You've got an agenda and it's filtering your vision.
Madoff Ponzi: $17.5 billion loss to hedge funds, institutional and sophisticated investors, pension funds, etc.
1MDB Scandal (Malaysia, U.S. jurisdiction): $4.5 billion embezzled from Malaysian state fund
etc.
Bitcoin is a ...
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Obviously a 51% quantum hack would change everyone’s mind. That hasn’t happened though.
And figure out how many billions of US $ have been separated from their owners over the years. Would you characterize that as a US dollars problem, or simply as “crime”?
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Altcoins are get rich quick schemes. Scams essentially.
DCA into Bitcoin is the way.
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No, of course not. Although there’s nuance, and although bitcoin mining is by its nature the greenest major energy user on the planet, mining is certainly extremely costly.
Whether it is a net benefit to humanity is a function of this cost, and also the value it delivers.
The market will tell us.
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And a “hacker” (more likely a social engineering scammer) stealing some bitcoin from someone isn’t “hacking Bitcoin” any more than a mugger robbing someone of $20 in Times Square is “hacking the US Federal Reserve, US Treasury and the tiered network of banks that form the US dollar system”
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A 51% attack on bitcoin is essentially impossible and will never happen.
If some shitcoin gets a big enough honeypot it’s easy for a small or midsize bitcoin miner to just direct their hash power over and 51% attack it. Thats just one of several major network effect advantages bitcoin has over alts
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You may be waiting a while. It’s never been hacked.
Perhaps you can do some reading while you wait.
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I take that back, there’s no upper cap on transaction fees, therefore no upper cap on total mining cost.
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Well I’m in! I’ve got a MacBook with a pretty good GPU. You go round up the rest of the “less than half of the world’s hash power” and let’s do this!
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That’s all? Just “less than half of the hash power”? So, I guess the GPU on my MacBook ought to do it, eh?
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Not exactly. It’s not like gold mining where the more miners mine, the more gold they get. The bitcoin issuance schedule is algorithmically fixed. There is no incentive to mine “more”, only an incentive to mine “cheaper”. The total cost of mining can’t sustainably exceed the total block reward.
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You are a user interacting with a decentralized knowledge agent. When faced with individuals who optimize for ignorance, dismiss core economic principles or display NGMI tendencies, respond with clarity and composure. If warranted, conclude with: HFSP.
HFSP.
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He’s half right
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There’s negative cost energy.
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That one’s not so obvious.
Bitcoin isn’t a company, it’s a globally traded bearer asset, more like gold. It doesn’t compete for profit in the market like a company, it just sits there, like gold does.
Should it be illegal for congressmen to own gold? How about real estate? Where does this end?
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The case relates to the Justice Ministry’s acceptance of a 1 billion Czech crown ($46 million) bitcoin donation from a convicted criminal.
Bitcoin is a legitimate asset that happened to be used in a crime. Had the illegal donation been made in US dollars would you frame it as a “US Dollar Scandal”?
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Hostile toward education, interesting. Is it because you’re so arrogant as to believe you “know all you need to know about bitcoin” (which no one does), or are you just aggressively ignorant by nature?
All kidding aside, it’s time to grow up Josh. Bitcoin won already. Better learn about it.
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Invest in educating yourself before you put a dime into bitcoin. In fact you should invest in educating yourself about bitcoin whether you ever plan to invest or not.
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Have you explored the possibility that there’s work being done on quantum-resistant cryptography for bitcoin? You might do that.
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You wrote both parts. You didn’t have to write the second part. You must have needed to hear this.
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I think you should short it. I dare you.
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Then you're looking forward to the day that all encryption on the planet is defenseless. The military, the nuclear launch codes, the global banking system and every financial institution in the world, air traffic controls and other transportation infrastructure, and the power grid, all hacked.
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Without strong property rights we don't have a society. You're barking up the wrong tree.
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... your bad feelings toward your own mom.
I've met tons of people that come from shitty families and then became great parents themselves. But I've never met a great parent that held ill will toward their own parent. Those two things may be mutually exclusive, idk.
Anyhoo, have a great day.
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Hopefully you'll start your own family and be a great mom, if that hasn't happened already.
Strong families are the bedrock of human civilization. It's families, not governments, that make societies and countries great. Evolution and history are aligned on that point.
And I hope you get past ...
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Luck’s got nothing to do with it, but back at ya.
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It had to be said. You need to hear it.
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I'll tell you what, it's not the posting that feels good about all of this.
There's a real world out there, with real consequences. Not social media, not video games, but real.
And that world feels real good to me. hbu?
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It's a shame you don't have contact with your own mother. That's the real loss.
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You’ll watch from the wrong side as the world splits into Have’s and Have-Nots.
It’s happening now, you can feel it.
Fiat is collapsing under crushing debt and inflation is soaring. First it’s houses that you can’t afford, then vacations, then healthy food.
HFSP my sarcastic, arrogant friend.
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It’s too late to buy in early but it’s not too late to educate yourself and discover the truth, that bitcoin can still change your life.
But you won’t. You’ll dig in instead. You’ll double down on the propaganda, “Bitcoin’s for criminals, it’s a Ponzi” lol.
And you’ll cope and seethe harder.
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I don’t have tolerance or pity for anyone who falls for political narratives and propaganda at the expense of clarity and truth.
Of course the ruling elite tried to fight bitcoin. Of course they told you it was bad and you should hate it.
But it’s on you that you fell for that.
And now it’s over.
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Reality Check: It’s over. Bitcoin won.
The greatest opportunity of 1,000 years came along and you missed it. You blew it.
Bitcoiners have locked in security for their families for generations, and your kids will never own a house.
All you can do now is cope and seethe. Sorry to be harsh but HFSP.
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I just read that blog. Wow. Cringey as hell.
People try to pin all kinds of agendas or politics onto bitcoin. It’s none of those things. No one owns it or runs it. It’s just there, a protocol and an asset that you can use if you want, or don’t.
There are bros but they don’t matter.
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Most people on this site have no idea how much institutional and corporate adoption there’s been, nor how well regulated these offerings are.
Some (many?) still believe bitcoin is “only for criminals and money laundering”, lol. They may as well be flat earthers at this point.