Bitcoin discussion and news

[kabbes]

Enough energy to power an entire US city and for what? To record some numbers in some pointless speculative bubble. When our ecosystem collapses from global warming, at least we’ll be able to comfort ourselves with the knowledge that it was for something important.

 

[littlebabyjesus]

It's not the first time mining has impacted local electricity supplies either. In parts of Venezuela and China, bitcoin mining has caused power cuts. We pay for this lunacy both indirectly and directly.

 

[BigTom]

Putin signs law prohibiting crypto payments in Russia | Engadget

Russians will no longer be able to use cryptocurrencies and NFTs to pay for goods and services..

www.engadget.com

Russia bans payments in crypto (although not mining or owning as assets).
I suppose if we're keeping score that means Russia on one side, El Salvador and Central African Republic (iirc) on the other having made bitcoin legal tender.

 

[pbsmooth]

Rumours Coinbase is in trouble. That would be a big scalp.

 

[not-bono-ever]

Has been losing share for a while. It couldn’t sign punters up quick enough last year due to id checking bottlenecks. The flighty punter loses interest and just signed up with any old other vendor

 

[Flavour]

Coinbase going under would be massive. It would tank the value of bitcoin even further, perhaps even by a quarter. In a matter of hours/days

 

[stdP]

The blurb I saw was merely "coinbase is shutting down it's affiliate programme", although of course a few people are seeing this as portentous... from Molly's site;

A leaked email revealed that Coinbase is planning to temporarily end its affiliate-marketing program, which pays influencers to convince their followers to sign up. Some influencers were earning $40 for each person they pulled on to the platform in early 2022, though the rewards had reportedly dwindled to as low as $2/person more recently. In the leaked email, Coinbase stated that they would be shutting down the program on July 19 "due to crypto market conditions and the outlook for the remainder of 2022". They also said they planned to re-enable the program at some point in 2023.

The news sparked rumors about Coinbase, including that they might be facing a liquidity crisis or insolvency. Others dismissed those rumors as unfounded, and normal behavior for a company facing a market downturn. Coinbase CEO Brian Armstrong tweeted that Coinbase was "well capitalized".

Leaked emails: Crypto exchange Coinbase is 'temporarily shutting down' its US affiliate-marketing program

Embattled crypto exchange Coinbase will be temporarily shutting down its affiliate-marketing program on July 19.

www.businessinsider.com

There's also a post about another exchange called AEX being shut down, ostensibly to help police with their enquiries, and re-enabled in a way that doesn't sound dodgy at all.

The AEX crypto exchange paused all withdrawals on June 16, estimating a 36-hour outage "to avoid unnecessary panic withdrawal". Then, instead of re-enabling all withdrawals, they re-enabled them in a piecemeal fashion, with several announcements each day that withdrawals were enabled for some extremely minor altcoins, but never for the more popular cryptocurrencies.

Then, on July 17, the exchange released a new announcement: "Due to cooperation with the police investigation, the platform has suspended related services... Please wait for the police announcement." They also wrote in the post, "AEX reserves the right of final interpretation of this announcement", and below the signature wrote, "The closer you look, the further you see."

Announcement on Suspension of Platform Services

Fellow AEXs, Due to cooperation with the police investigation, the platform has suspended related services at 7:32 (UTC) on July 17, 2022. We apologize for the inconvenience caused to you. Please wait for the police announcement. Risk warning Digital assets are innovative investment...

www.aex.com

 

[gosub]

World's largest non-exchange Bitcoin whale dumps 46,000 BTC worth $1 billion

On-chain activity indicates that the world's largest non-exchange Bitcoin whale has sold about 46,000 BTC in two days valued at $1.08 billion

finbold.com

 

[Monkeygrinder's Organ]

World's largest non-exchange Bitcoin whale dumps 46,000 BTC worth $1 billion

On-chain activity indicates that the world's largest non-exchange Bitcoin whale has sold about 46,000 BTC in two days valued at $1.08 billion

finbold.com

Mmm. I am sceptical that a billion dollars in real money has changed hands here tbh.

 

[maomao]

Wrong thread. Ignore me.

 

[Shippou-Sensei]

Interesting. Minecraft bans all NFT related stuff from its system.

https://www.minecraft.net/fi-fi/article/minecraft-and-nfts

Not a major news story but it is interesting to see a company explicitly come down as against NFTs.

So many others are still pushing to include them in games.

I wonder if this is the beginning of the end for that.

And maybe take out lootboxes on the way if you can.

 

[stdP]

World's largest non-exchange Bitcoin whale dumps 46,000 BTC worth $1 billion

On-chain activity indicates that the world's largest non-exchange Bitcoin whale has sold about 46,000 BTC in two days valued at $1.08 billion

finbold.com

Said whale was apparently Tesla.

Elon Musk's Tesla sells most of its Bitcoin holdings

The announcement comes as the value of the world's biggest cryptocurrency has plunged.

www.bbc.co.uk

 

[kabbes]

What a stroke of financial genius that was from Musk

 

[Monkeygrinder's Organ]

Said whale was apparently Tesla.

Elon Musk's Tesla sells most of its Bitcoin holdings

The announcement comes as the value of the world's biggest cryptocurrency has plunged.

www.bbc.co.uk

I'm not sure that adds up does it? As the one reported above still holds a huge number of Bitcoins. From my non expert view I'm more inclined to suspect some sort of wash trading thing there.

Still, lol at Musk anyway.

 

[Thesaint]

More of a general question for crypto fans...

If a benefit of crypto is new currency can't easily be 'printed' like fiat currency, surely the fact anyone with an algorithm can make an alternative crypto currency amounts to the same problem in the end?
Ie instead of inflating the supply of that specific currency the growth in alternatives amounts to same thing?

 

[kabbes]

More of a general question for crypto fans...

If a benefit of crypto is new currency can't easily be 'printed' like fiat currency, surely the fact anyone with an algorithm can make an alternative crypto currency amounts to the same problem in the end?
Ie instead of inflating the supply of that specific currency the growth in alternatives amounts to same thing?

This is indeed true, and something written about by analysts as one of the reasons not to trust the whole concept.

 

[q_w_e_r_t_y]

More of a general question for crypto fans...

If a benefit of crypto is new currency can't easily be 'printed' like fiat currency, surely the fact anyone with an algorithm can make an alternative crypto currency amounts to the same problem in the end?
Ie instead of inflating the supply of that specific currency the growth in alternatives amounts to same thing?

Your mistake is confusing bitcoin (ie one particular cryptocurrency) with crypto (ie all cryptocurrencies)
A benefit of bitcoin is that it has a fixed total supply and a known issuance that ends in 2140, but anyone can create a cyrptocurrency.

So there are only 69 faberge eggs, but anyone can put some rhinestones on a plastic ovoid. Someone might create a beautiful diamond encrusted egg, and that might be valuable, but it is still not a faberge egg, cos you cant go back in time and undeadify Faberge and get him to create another egg.

Bitcoin has similar properties., in that you cannot go back in time and create a block eariler than the genesis block, thus it is and will always be the longest chain.

There is a thesis (which I am somewhat sympathetic to) that the summed value of crypto is really the true value of bitcoin, which has been diffused into different protocols, and that the value locked inother cryptos will reaccrue to bitcoin after hyperbitcoinisation,, but that thesis is (a) contraversial and (b) full of nuance., but still the fixed supply of bitcoin holds, alt-coins then simply become fractionised bitcoin trading under another name.

 

[Thesaint]

Your mistake is confusing bitcoin (ie one particular cryptocurrency) with crypto (ie all cryptocurrencies)
A benefit of bitcoin is that it has a fixed total supply and a known issuance that ends in 2140, but anyone can create a cyrptocurrency.

So there are only 69 faberge eggs, but anyone can put some rhinestones on a plastic ovoid. Someone might create a beautiful diamond encrusted egg, and that might be valuable, but it is still not a faberge egg, cos you cant go back in time and undeadify Faberge and get him to create another egg.

Bitcoin has similar properties., in that you cannot go back in time and create a block eariler than the genesis block, thus it is and will always be the longest chain.

There is a thesis (which I am somewhat sympathetic to) that the summed value of crypto is really the true value of bitcoin, which has been diffused into different protocols, and that the value locked inother cryptos will reaccrue to bitcoin after hyperbitcoinisation,, but that thesis is (a) contraversial and (b) full of nuance., but still the fixed supply of bitcoin holds, alt-coins then simply become fractionised bitcoin trading under another name.

Does the Faberge egg also demonstrate beauty and craftsmanship linked to it's creator but any crypto is very utility?

I'm just curious why the risk of rival cryptos appearing doesnt devalue the existing ones.

New countries with central banks don't appear often so existing currencies don't have this to consider.

 

[Monkeygrinder's Organ]

I'm just curious why the risk of rival cryptos appearing doesnt devalue the existing ones.

Because it's pure fantasy stuff.

 

[Storm Fox]

Because it's pure fantasy stuff.

BTW

Hyperbitcoinization is the inflection point at which Bitcoin becomes the default value system of the world. As more individuals and groups around the world realize the advantages of a borderless, censorship-resistant and natively digital system for transacting value, a critical mass of users will eventually fuel currency demonetization and the replacement of our world’s ingrained financial institutions and world powers with a more equitable, publicly-driven system.

Because this is such a foundational change for our world, definitions of hyperbitcoinization are wide-ranging and all-encompassing. Visit these resources to learn more about how hyperbitcoinization’s effects have been articulated.

And we still don't know how maomao's kid's medicine would be paid for in this new more equitable, publicly-driven system.

 

[hipipol]

Quant lecturer lays it out


Patrick Boyle is a hedge fund manager, a university professor and a former investment banker.

 

[MrCurry]

Quant lecturer lays it out


Patrick Boyle is a hedge fund manager, a university professor and a former investment banker.

Any chance of a very short summary of what he says? Most people don’t want to watch a 17 min video unless it seems especially interesting.

 

[hipipol]

Any chance of a very short summary of what he says? Most people don’t want to watch a 17 min video unless it seems especially interesting.

The coins/tokens are mined mainly by a very small group - 52 % via 4 main server groups/mining pools forBTC, similar % and 2 server groups/mining pools for Etherium, so not really distributed, the exchanges can and do change the rules if values and thus revenues fall, it will proably take a long time before before the Ponzis and incompetents are removed, total assets in all crypto coin assets are equal, currently, to the asset value of the USA's 52nd largest bank, the volatility will remanin very high for a long time, but Crypto coins may eventually actually satisfy a real world need eventually, there are many fakers and conmen in the space currently - thats without any of the jokes, and they are nicely sarcastic, so it is worth the watch. In short, easily manipulated by a small group of producers and currently with few real world applications other than speculation. You might find his history of Private Currencies vid interesting - historically the US at one point had dozens - UK anti Truck acts of the 1780s prevented this as it was often deemed treasonous to mint coins in competition with the Crown -https://www.youtube.com/watch?v=l7hZjV2rsbQ&t=158s - its 20 mins mind. Sadly no short cuts with Lecturers

 

[littlebabyjesus]

Crypto coins may eventually actually satisfy a real world need

Such as?

 

[hipipol]

Such as?

Reduction of transaction costs, say for remittance payments, often a very large part of emerging economies GDP - Sri Lnka for example. Allowing cross border payments without having to use USD which can be manipulated by political controls from Washington, block chain transaction ledgers meaning thieves can be identified and caught when they try to spend the stuff - just 3 examples off the top of my head

 

[pbsmooth]

I love how blockchain/crypto is at times both impossibly secure while also great at making it easy to identify thieves.

 

[MrCurry]

The coins/tokens are mined mainly by a very small group - 52 % via 4 main server groups/mining pools forBTC, similar % and 2 server groups/mining pools for Etherium, so not really distributed, the exchanges can and do change the rules if values and thus revenues fall, it will proably take a long time before before the Ponzis and incompetents are removed, total assets in all crypto coin assets are equal, currently, to the asset value of the USA's 52nd largest bank, the volatility will remanin very high for a long time, but Crypto coins may eventually actually satisfy a real world need eventually, there are many fakers and conmen in the space currently - thats without any of the jokes, and they are nicely sarcastic, so it is worth the watch. In short, easily manipulated by a small group of producers and currently with few real world applications other than speculation. You might find his history of Private Currencies vid interesting - historically the US at one point had dozens - UK anti Truck acts of the 1780s prevented this as it was often deemed treasonous to mint coins in competition with the Crown -https://www.youtube.com/watch?v=l7hZjV2rsbQ&t=158s - its 20 mins mind. Sadly no short cuts with Lecturers

Thank you

 

[Thesaint]

Another query I have about any crypto is at some point most people will have to convert to their local currency.

Even if you got paid in crypto and bought most items in crypto at some point someone will have to pay fee or taxes in their currency.

If the govt of that country demanded payment yet made crypto to local conversion tricky, regulated or a poor rate, they could still stifle crypto if they wanted.
How does that issue play out?

 

[Supine]

We will see how it plays out. Some countries are banning crypto, some are taking it on as their official currency and some are just letting it do its own thing. Time will tell.

 

[beesonthewhatnow]

Study Findings: Crypto Investors More Attractive and Smarter, NFT Profiles Unattractive – Featured Bitcoin News

However, some 69% of crypto investors surveyed admitted they had a relationship end because of a cryptocurrency investment.

news.bitcoin.com

Cryptocurrency investors are perceived to be more attractive, smarter, and wealthier than non-investors, the latest survey by Cryptovantage has found. Just over three-quarters of respondents said they are likely to go on a date with someone if their dating app profile mentions crypto. However, some 69% of crypto investors surveyed admitted that they had a relationship end because they invested in a cryptocurrency.