Erik Voorhees on Twitter: I gotta say... maxi's today sound an awful lot like those who ignored Bitcoin in the early days. "Scam." "Ponzi." "Will never work." "Only gold can be money." I know I won't convince you that there is value, virtue, and beauty in the crypto world beyond just Bitcoin.
12-10 22:34 - 'Ok, how about a deal. Nano supporters stop being “rude and tribalist” when Bitcoin supporters stop lying about Bitcoin having no fees. / Seems to me that lying like that to mislead people is an awful lot more “rude” than...' by /u/BiggusDickus- removed from /r/Bitcoin within 34-44min
If government was uncomfortable with Bitcoin's progression/roadmap, they wouldn't be shilling it on CNBC every day. If Bitcoin was actually headed towards p2p cash, the gov't would be kicking and screaming much louder. The seas are awfully calm for an asset which is supposed to eat their lunch.
Bitcoin mentioned around Reddit: Questions for Architects or anybody who designs systems for a variety of problems. Have you ever actually had a problem and thought "Blockchain would solve this problem" when a traditional system coul /r/aws
/u/theymos: "Calling /r/Bitcoin "a totally controlled and censored sub" is completely ridiculous on its face. If we are trying to suppress discussion about the block size issue, we're doing an awfully poor job of it."
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All ideas seem to be back on the table again: miner validated tokens, shortening the blocktime etc
Bitcoin Unlimited member Andrew Stone is arguing for his proposal group for miner validated tokens again in his latest read.cash article "BCH: Looking back and Moving forward" . Now under the initiative of George Donnelly, and supported by Jonathan Toomim, there's discussion again around shortening the blocktime on Bitcoin Cash. Not that these aspects of the protocol are sacred but these things sound an awful lot like discussion already thoroughly had in 2018. As far as I'm concerned the takeaway was pretty decisively that miner validated tokens were not worth the tradeoff and hence SLP became the main BCH tokenspecification. If we were to change course on that now that would literally set BCH back two years. The takeaway on decreasing the blocktime (for me) was that it could not meaningfully improve the user experience and that pre-consensus was the correct way address the underlying problem. Make fun of roadmaps and stable protocol for businesses all you want but I think it's pretty sad, just like with the DAA, that BCH can't move forward and instead is resolving 2017 problems for the third time. In the spirit of the IFP I only want to add this: You know who decreased blocktimes? Zcash, and now they're number 30 on coinmarketcap.
Speculation: Facebook/Coinbase Rumors and how awful it would be for Bitcoin
Rumors seem to be gaining steam that Facebook could be interested in buying Coinbase. My friends and I have debated for the past 24 hours what true value the acquisition could give FB in an industry still in infancy. Regardless if you've bought bitcoin or follow cryptocurrencies, I would say that it's almost certain than the void of the internet-of-money should be rapidly closing and this is very widely believed. Middlemen like Visa, PayPal, etc. are incredibly overpaid for their services by their customers and significantly compensated for the data they sell back to advertisers. My initial reaction was that it'd obviously bring FB into the space like thunder and they could realize value almost immediately by reducing FOREX/Tax exposure on their app/marketplace sales. You would also be opening a platform to nearly 2 billion people and claiming relatively high transaction fees for the retail investors it would likely attract (speculators paying $1.49 for buying a small $25 "investment" in bitcoin). That would deliver some nice revenue for FB, but I don't think it's there play with the acquisition. For the purposes of this argument we can assume that should FB enter the cryptocurrency space, it would undoubtably wield a lot of power and resources to both convince advertisers and merchants on the future potential of the technology. It's important to point out that nearly all Coinbase accounts are not true bitcoin wallets. Coinbase is a custodian, just like a bank, and you don't own access to the private keys (in almost every case). It's also likely that retail adopters do not posses the level of aptitude to ever full understand the benefits that Bitcoin's cryptography provides (hence the popularity of Coinbase) and are likely fine with not controlling their private key. If Facebook were to buy Coinbase, they'd have granular level data into all historical purchases their users have ever made. Certainly, they already have a lot of this high level data through use of tokens, cookies, apis, etc. But they don't have this level of granularity. How could they become successful at this? Simple, by eating Tx fees. This provides obvious benefit to the merchant because they're no longer shilling out 2-5% on Visa, Square, etc. FB would recoup their fee exposure by selling profiles built from your consumption trends. This of course would be bittersweet. People who maintain their own wallets and private keys would still maintain some level of anonymity, but such a move would be tremendously detrimental to the value in which Bitcoin was founded. I realize this was long winded, but hoped to stimulate some dialog. TL; DR: Facebook buying Coinbase would allow them to build profiles on everything their users have ever purchased.
[uncensored-r/CryptoCurrency] Want a zero risk chance every single hour to win $100-$200 in bitcoin and you will always walk aw...
The following post by CryptoHog is being replicated because the post has been silently removed and some comments within it have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7w7dyb The original post's content was as follows:
MicroStrategy's $425M BTC investment thesis - "buy something that can either get cut in half or 10x"
Amidst all of the DeFi volatility, drama and excitement, Bitcoin has started to seem rather boring. Its price is more or less flat to where it was a year ago and you can’t even farm Yams with it. While some have started to view Bitcoin as a useless digital rock, someone did find an interesting use case for it. This week, more details surfaced around how MicroStrategy CEO Michael Saylor convinced the board of a publicly traded company to allocate nearly all of the company’s $500M cash position to bitcoin. Michael Saylor Saylor graduated from MIT in 1987 and founded Microstrategy at the age of 24. MicroStrategy is a “Business Intelligence” company, which basically creates software that allows companies to use their own data to drive decision making. Interesting side note - Saylor, like any good 90’s internet entrepreneur, also bought a bunch of internet domains and was the guy who ultimately sold Voice.com to Block.One (EOS) for $30M. MicroStrategy’s’ $500M Problem To most people, having $500 million in cash doesn’t sound like a problem. Up until recently, it wasn’t for large corporations either. There was a time before the ‘08 financial crisis when the risk free rate of return on cash was 5% a year. This means a company could sit on $500M, earn $25M a year for doing nothing, and have cash on hand for a rainy day. Fast forward to today, when the risk free rate of return has plummeted to 0.69% due to loose fiscal policies (money printer go BRRRR) alongside inflating asset prices, and it’s a different story. In Saylor’s own words, “we just had the awful realization that we were sitting on top of a $500 million ice cube that’s melting.” Cash is Trash So what’s a corporation to do with a $500M melting ice cube? It turns out it’s not that easy to unload half a billion dollars in a short amount of time. You could buy back half a billion of your own company’s shares. For a company like MSTR, Saylor estimated that would take 4 years. Time MiscroStrategy didn’t have. You could buy real estate. However, commercial real estate prices have collapsed post COVID while property owners still believe their assets are worth what they were in January. In other words, good luck getting a fair market price. You could buy blue chip equities. Amazon, Apple, Google, Facebook. However, your risk is symmetric. They can each fall 50% just as easily as they can go up 50%. That left Saylor with silver, gold, Bitcoin, and other alternative assets. A move the company announced it was exploring on a July earnings call. A Bold Purchase Saylor ultimately wanted something that could either get cut in half, or go up by a factor of 10. An investment akin to what buying Amazon or Apple in 2012 was. In other words, asymmetric risk. As a student of technological history, Saylor observed that the winning strategy over the last ten years has been to find some kind of “digitally dominant network” that dematerializes something fundamental to society. Apple dematerialized mobile communications. Amazon dematerialized commerce. Google dematerialized the process of gathering information. Something Saylor noted was common to all recent 10X opportunities is buying when they’ve achieved $100B+ marketcaps and are ten times the size of their next biggest competitor. As Bitcoin is the dominant digital network dematerializing money that’s 10x the size of any cryptocurrency competing to be a store-of-value (not counting ETH here), it fit the bill. Making the purchase With the thesis in place, the next thing Saylor had to do was get everyone at MicroStrategy to sign-off on the unorthodox decision. To do this, he simply made everyone go down the same Bitcoin rabbithole that most people in the industry have gone down. He made everyone at the company watch Andreas Antonopoulous videos, read The Bitcoin Standard, watch Eric Vorhees debate Peter Schiff and listen to Pomp and NLW podcasts. With no strong detractors, MicroStrategy turned to execution. They first put $250M to work purchasing 21,454 BTC in August and another $175M (16,796 BTC) in September for a total $425M and 38,250 BTC. What’s fascinating is that MicroStrategy was able to open such a large position without really moving the market or anyone even taking notice. This speaks to just how liquid of an asset BTC has become. To acquire the September tranche of BTC, Saylor disclosed that they traded continuously for 74 hours, executing 88,617 trades of .19 BTC every 3 seconds. One for the history books Skeptics noted that shares of MSTR have been on the downtrend since 2013, as the real reason behind MicroStrategy’s bold move. Regardless, the move has interesting implications for the company’s shareholders. As TBI observed, MicroStrategy is now both a software company and with ⅓ of its marketcap in Bitcoin, a pseudo Bitcoin ETF. At the time of writing, MSTR is up 20% on the week. Only time will tell if history looks back on this move as a brilliant strategic decision or a massive corporate blunder. In the short term, it scores a massive win for Bitcoin’s digital gold investment thesis. Billionaire hedge fund manager Paul Tudor Jones is in. A publicly traded corporation has made Bitcoin it’s primary treasury asset. As CFOs and fund managers around the world undoubtedly take notice, one has to wonder, who’s next? PS - I based a lot of this article on Pomp’s interview with Michael Saylor, which I recommend giving a listen. Original article Source
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