rkbabang

CANADIAN: Let's watch a movie. AMERICAN: Have you seen Titanic? CANADIAN: What's that about? AMERICAN: Yes, it was. A huge one that sank.

I remember that, I think it was in the Bank of America thread. I remember it, because I was trying to wrap my head around it and I ended up just sticking to BAC LEAPS.

"This bloat, especially by tokens, obscures the real picture of what is going on in the realm of bitcoin and cryptocurrencies. The upshot is that there will soon be a fork in the road for crypto. Tokens need to be looked at differently and evaluated and listed differently. We do this with stocks and bonds. You don’t want to see bonds listed in the same search and column as a stock. Likewise, the same goes for commodities. You don’t want gold to be listed under ‘g’ in your financial newspapers’ back pages. You want gold in a different section and the same goes for Forex. Tokens are securities, currencies are not" https://medium.com/forbes/who-killed-satoshi-nakamoto-3b05d07103fc

Gold has been in the public eye for 3? 4? thousand years now and has relatively no breakthrough public product to justify all the time and energy spent. Where is the value? Bitcoin (and gold) itself is the product.

My insurance company has notified all of its customers that if your tent is stolen while camping you are no longer covered.

That makes sense, because anyone who already knows how to block the Politics section doesn't need to see this anyway.

Yes, that is the bear case. But without some new thing with some much more attractive properties applicable to being a good store of value, none of the altcoins will have a long term effect on Bitcoin. They may have small short term dillutive effects for a while, but as they become valueless and disappear those small effects will disappear with them. Without substantial new properties/benefits, first mover advantage is everything. Why would you switch from bitcoin if everyone is already using bitcoin and go to a coin almost no one uses that isn't substantially better? It is like facebook, anyone can create a competing social network, but unless there is some feature that is massively better that FB can't copy, why would you switch when everyone you know (and a few billion people you don't know) are already using FB? Any dilution will turn out to be minimal and short lived. I do think there will be an endless number of app coins, which will not dilute BTC because they serve a different purpose altogether. I don't consider Ether, for example, to be a bitcoin competitor, because ETH will never be a store of value. And you value this "cash" why? It doesn't have intrinsic value and is only "valuable" because other people value it and will give you stuff for it. Maybe in the future you will be saying that companies have intrinsic value because they have coinflow. Try paying your federal taxes in bitcoins. You will find out why cash is valuable. Taxation is theft. I don't value things simply because violent thieves prefer them. As a matter of fact, holding your wealth in something the worlds most powerful and organized thieves do not want is a benefit. Wow man very edgy; I was a libertarian in high school too. You may not value freedom from prison, but the vast majority of people do. Extrapolating your extreme ideology onto the rest of the world is a laughably naive behavioral bias. It's like the miser who thinks AAPL is worthless because he uses a $50 Android smartphone. I don't want to pay taxes, but I value my freedom, hence I pay taxes and value dollars. Dread Pirate Roberts similarly believed taxation was theft and that bitcoin was a way to fight the man from behind a computer screen. I pay my taxes for the same reason. I don't want to die. I don't want to be kidnapped and locked in a cage like an animal. That doesn't make them not theft. You were a libertarian in high school? What are you now? Someone who thinks violence and theft is OK? How edgy. If you pay taxes in dollars then you do value dollars because " violent thieves" prefer them. Your actions speak louder than your internet posts. Dollars are incredibly valuable, as like you said, refusing to use dollars can get you killed or locked in a cage like an animal. It doesn't matter if this is good or bad, evil or moral. It is what it is. Letting your political ideology cloud your investment judgment makes for a poor investor. I value my life and freedom, not dollars. If they asked me for sea shells, I'd get them sea shells. It doesn't mean I value sea shells. I'd still value gold, bitcoin, and stock in a good company far more. Sea shells would simply be a means to an end. Gold is valuable and yet you can not send in gold coins with your tax returns, because that isn't the store of value those particular thieves want. So what. You can convert from one store of value to another. In a hyper inflationary environment you might store your wealth in something other than dollars and convert to dollars only to pay the tax man. The definition of value isn't "I use it to pay taxes".

I tend to agree with this line of thinking, and the portion of bitcoins that have been lost due to lost keys is staggering, some reports say its like 23% of all the mined coins have been lost. Could you imagine if 23% of the gold reserve disappeared. If you account for the dollar value of the loss at the time of loss the numbers are far less impressive. People will try harder for millions than for a few dollars. I was going to say that very thing, the vast majority of the lost bitcoin was lost when they had little to no value not in the last two years. It was only after the price went way up that people started saying "oh crap what happened to those thousands of bitcoin I mined in 2010?"

Yes, that is the bear case. But without some new thing with some much more attractive properties applicable to being a good store of value, none of the altcoins will have a long term effect on Bitcoin. They may have small short term dillutive effects for a while, but as they become valueless and disappear those small effects will disappear with them. Without substantial new properties/benefits, first mover advantage is everything. Why would you switch from bitcoin if everyone is already using bitcoin and go to a coin almost no one uses that isn't substantially better? It is like facebook, anyone can create a competing social network, but unless there is some feature that is massively better that FB can't copy, why would you switch when everyone you know (and a few billion people you don't know) are already using FB? Any dilution will turn out to be minimal and short lived. I do think there will be an endless number of app coins, which will not dilute BTC because they serve a different purpose altogether. I don't consider Ether, for example, to be a bitcoin competitor, because ETH will never be a store of value. And you value this "cash" why? It doesn't have intrinsic value and is only "valuable" because other people value it and will give you stuff for it. Maybe in the future you will be saying that companies have intrinsic value because they have coinflow. Try paying your federal taxes in bitcoins. You will find out why cash is valuable. Taxation is theft. I don't value things simply because violent thieves prefer them. As a matter of fact, holding your wealth in something the worlds most powerful and organized thieves do not want is a benefit. Wow man very edgy; I was a libertarian in high school too. You may not value freedom from prison, but the vast majority of people do. Extrapolating your extreme ideology onto the rest of the world is a laughably naive behavioral bias. It's like the miser who thinks AAPL is worthless because he uses a $50 Android smartphone. I don't want to pay taxes, but I value my freedom, hence I pay taxes and value dollars. Dread Pirate Roberts similarly believed taxation was theft and that bitcoin was a way to fight the man from behind a computer screen. I pay my taxes for the same reason. I don't want to die. I don't want to be kidnapped and locked in a cage like an animal. That doesn't make them not theft. You were a libertarian in high school? What are you now? Someone who thinks violence and theft is OK? How edgy. Ha, a libertarian on FB just accused me of sounding like an 18 year old trying to be edgy because I don't believe in his god. I'll say here what I said there. Edgy or boring, there is no god and taxation is theft.

Yes, that is the bear case. But without some new thing with some much more attractive properties applicable to being a good store of value, none of the altcoins will have a long term effect on Bitcoin. They may have small short term dillutive effects for a while, but as they become valueless and disappear those small effects will disappear with them. Without substantial new properties/benefits, first mover advantage is everything. Why would you switch from bitcoin if everyone is already using bitcoin and go to a coin almost no one uses that isn't substantially better? It is like facebook, anyone can create a competing social network, but unless there is some feature that is massively better that FB can't copy, why would you switch when everyone you know (and a few billion people you don't know) are already using FB? Any dilution will turn out to be minimal and short lived. I do think there will be an endless number of app coins, which will not dilute BTC because they serve a different purpose altogether. I don't consider Ether, for example, to be a bitcoin competitor, because ETH will never be a store of value. And you value this "cash" why? It doesn't have intrinsic value and is only "valuable" because other people value it and will give you stuff for it. Maybe in the future you will be saying that companies have intrinsic value because they have coinflow. Try paying your federal taxes in bitcoins. You will find out why cash is valuable. Taxation is theft. I don't value things simply because violent thieves prefer them. As a matter of fact, holding your wealth in something the worlds most powerful and organized thieves do not want is a benefit. Wow man very edgy; I was a libertarian in high school too. You may not value freedom from prison, but the vast majority of people do. Extrapolating your extreme ideology onto the rest of the world is a laughably naive behavioral bias. It's like the miser who thinks AAPL is worthless because he uses a $50 Android smartphone. I don't want to pay taxes, but I value my freedom, hence I pay taxes and value dollars. Dread Pirate Roberts similarly believed taxation was theft and that bitcoin was a way to fight the man from behind a computer screen. I pay my taxes for the same reason. I don't want to die. I don't want to be kidnapped and locked in a cage like an animal. That doesn't make them not theft. You were a libertarian in high school? What are you now? Someone who thinks violence and theft is OK? How edgy.

Yes, that is the bear case. But without some new thing with some much more attractive properties applicable to being a good store of value, none of the altcoins will have a long term effect on Bitcoin. They may have small short term dillutive effects for a while, but as they become valueless and disappear those small effects will disappear with them. Without substantial new properties/benefits, first mover advantage is everything. Why would you switch from bitcoin if everyone is already using bitcoin and go to a coin almost no one uses that isn't substantially better? It is like facebook, anyone can create a competing social network, but unless there is some feature that is massively better that FB can't copy, why would you switch when everyone you know (and a few billion people you don't know) are already using FB? Any dilution will turn out to be minimal and short lived. I do think there will be an endless number of app coins, which will not dilute BTC because they serve a different purpose altogether. I don't consider Ether, for example, to be a bitcoin competitor, because ETH will never be a store of value. And you value this "cash" why? It doesn't have intrinsic value and is only "valuable" because other people value it and will give you stuff for it. Maybe in the future you will be saying that companies have intrinsic value because they have coinflow. Try paying your federal taxes in bitcoins. You will find out why cash is valuable. Taxation is theft. I don't value things simply because violent thieves prefer them. As a matter of fact, holding your wealth in something the worlds most powerful and organized thieves do not want is a benefit.

The Instant Pot doesn't have the precise temperature control for sous vide, unless you are talking about this ( https://www.amazon.com/Instant-Pot-SSV800-Accu-Circulator/dp/B07898VZN9 ), but that won't do pressure cooking.

"the MCAS appeared to have mistakenly sensed a looming stall and tried to force the plane's nose down. The pilots responded by pulling the plane's nose up to compensate, only to have the MCAS system force the nose back down again. In effect, they were wrestling with software and hardware inadvertently trying to kill them." Boeing 737 pilots battled confused safety system that plunged aircraft to their deaths – black box Data suggests one of plane's many brains was stuck in anti-stall mode

Even those who do know how to cook. I've never owned a pressure cooker before, it is amazing that you can cook potatoes from raw to soft in 10min. I've tried rice, but it comes out dry, I like how it comes out cooking it on the stovetop better. But you can cook a roast in a fraction of the time that it would take in an oven or crockpot, and it comes out tasting the same as it would have in the crockpot for 12 hours. I've also tried a New England Clam Chowder recipe that was quick easy and came out excellent. I bought the instapot on primeday last summer and got a pretty good deal on it. Another cooking device that I 1st heard about on social media that I absolutely love is my Joule Sous Vide cooker. I've made the best steaks and pork chops that I've ever had using that. https://www.chefsteps.com/ I cook the steak to 130 degrees F. Using a half chafing pan I already had, then sear it using either a cast iron pan or my searall with a propane tank from the plumbing department at lowes. Pork chops are the same only cook to 150 degrees F for medium.

Ohio becomes the first state to accept bitcoin for tax payments https://techcrunch.com/2018/11/25/ohio-becomes-the-first-state-to-accept-bitcoin-for-tax-payments/

AI is trying to find the Zodiac Killer while writing poetry. "Snap my finger on a dinosaurs, Catch a bullet from a lower jaw! And when I hear the sound of thunder roars, Fear of being blinded by the claw." https://www.iflscience.com/technology/ai-programmed-to-solve-zodiac-killer-mystery-creates-creepy-poetry-on-the-side/

"$500,000 from two separate accounts he had at Coinbase and Gemini" Yeah. I think I've said about a thousand times: don't hold your bitcoin in an exchange, it simply isn't safe. Everyone should know this by now. Part of what is great about Bitcoin is that trusted 3rd parties are no longer necessary, why are people still trusting 3rd parties?

The asset creates some form of value for its customer (ex. coke creates value for a person to enjoy a flavored drink over water, SAP allows a major organization the ability to monitor itself using SAP tools, etc.). If you believe that people will value these services long into the future, it does not matter what currency the company accepts. In this scenario you are not betting on what currency people will pay you in, simply that your company produces a value for its customers. +1. And the bull case for bitcoin is that people will choose it to store value. That thesis could be correct or not.

Yes, that is the bear case. But without some new thing with some much more attractive properties applicable to being a good store of value, none of the altcoins will have a long term effect on Bitcoin. They may have small short term dillutive effects for a while, but as they become valueless and disappear those small effects will disappear with them. Without substantial new properties/benefits, first mover advantage is everything. Why would you switch from bitcoin if everyone is already using bitcoin and go to a coin almost no one uses that isn't substantially better? It is like facebook, anyone can create a competing social network, but unless there is some feature that is massively better that FB can't copy, why would you switch when everyone you know (and a few billion people you don't know) are already using FB? Any dilution will turn out to be minimal and short lived. I do think there will be an endless number of app coins, which will not dilute BTC because they serve a different purpose altogether. I don't consider Ether, for example, to be a bitcoin competitor, because ETH will never be a store of value. And you value this "cash" why? It doesn't have intrinsic value and is only "valuable" because other people value it and will give you stuff for it. Maybe in the future you will be saying that companies have intrinsic value because they have coinflow.

That's just another way to say that the value of these is purely speculative and based on someone else being willing to buy it off you when you want to sell, not much on intrinsic value (since there's no cashflow and so far the utility case is a fairly minor part of the story and trading). If I fork it alone in my basement and nobody knows about it, I won't find sellers and won't be able to make a market. If a large group within a big coin community makes a fork, people will make a market and start buying and selling the thing giving it value. There's no intrinsic value, but the dollar amount that people are willing to put into a thing is limited, which is why I'm saying that these forks are dilutive (if they weren't, they'd be free money). So my basement fork that nobody knows about isn't really dilutive because nobody spends anything on it. But the bitcoin cash fork is dilutive because suddenly thousands of people might start speculating in it and use resources in it that they would otherwise have used on ethereum or bitcoin, leaving less resources to cash people out who are trying to sell their BTC or ETH, affecting the price of those. There's no such thing as a free lunch, as Heinlein would say. No one is saying bitcoin has intrinsic value (which you are defining as having cash flow), gold has no cash flow either. We are saying that it makes a good store of value. Gold has some industrial uses in the electronics industry, but that is a fairly new. For thousands of years gold was valuable for a number of properties it has. - It looks pretty (an advantage it has over bitcoin, but equal to other metals). - It doesn't rot or tarnish or otherwise lose it's physical properties over time (equal to bitcoin, advantage over other metals). - It is easily divisible into smaller units or combined into larger ones. (bitcoin has advantage here, gold is equal to some metals like silver, advantage over others like platinum) - It is easily stored or transported (bitcoin has large advantage, gold equal to other metals) - Impossible to counterfeit, to a knowledgeable buyer anyway. (equal to bitcoin and other metals) Bitcoin is equal to or better at all of those properties with the exception of being shiny and pretty. Also bitcoin has some properties that are important which gold, nor any other metal, has. - Easy to store/hide huge amounts. - Easy to carry large, even huge amounts secretly and anonymously. You can easily carry a $Billion worth in your head without anyone else knowing. - Easy to quickly send any amount large or small to anywhere on Earth. The long thesis is that those properties along with the properties that gold has, but bitcoin is better (like divisibility), will be important enough to make BTC a replacement for gold. Of course it is all supply and demand. Everything is, including your stocks which you think have "intrinsic" value. It only has that value if the market eventually agrees with you. The same goes for Bitcoin.

Bitcoin isn't exactly doing great right now either... For a while Litecoin, BCH, XRP and ETH and others were stars too, it's not like no other coin had success (even if temporary). When your "store of value" is down 80% in a year, after being up hundreds of percents before, maybe the value isn't being stored, but rather the tulip bulbs are being ferociously traded back and forth and speculated on because nobody can know what the thing is actually worth but everybody hopes that they can be on the "ground floor" of this new-age MLM. Even the utility of sending money anywhere around the world is pretty theoretical for most people at this point when you never know if your account will be worth 20% more or 20% less a week from now... Bitcoin has been around 10 years and 3 years ago almost no one on Earth had even heard of it. Gold has been around for many thousands of years and for all of our lives, and for hundreds of generations before us, just about everyone on Earth has know what it is. Yet in 1981 gold fell more than 32%, in 2013 gold fell more than 27%, in 1997 it fell more than 22%. Yet people still consider gold to be a store of value.

It's not dilutive, but it isn't necessarily additive either. You can go home tonight and write a script to fork bitcoin a billion times and you will have a billion worthless forks without effecting Bitcoin at all. I wasn't talking about a private fork, but the official forks like bitcoin cash that had wider support. People woke up and now had a new coin in their accounts, and its value wasn't zero. If it's not dilutive, then they should just keep doing those. Private fork? "Official" fork? What is the difference. There is no difference. A fork is a fork. People value some of them to one extent or another, but don't value others at all. There is no officiating agency which says this fork is an "official" fork and that one is not.

It's not dilutive, but it isn't necessarily additive either. You can go home tonight and write a script to fork bitcoin a billion times and you will have a billion worthless forks without effecting Bitcoin at all.

If you think that the market cap of BTC will one day equal the current market cap of gold the price will be north of $350K using today's gold prices as a comparison. But comparing the price of 1 BTC with the price of 1 oz of gold is a strange equivalence. It is like comparing the price of whole apples to oz of orange juice. To me, comparing market cap to market cap makes sense. Obviously you would never expect them to exactly match but similar to stocks, it is a comp. They are both stores of value. Obviously they are not the same, gold does have real world utility while bitcoin, in my mind, has negative utility as transaction have to pay for all the mining used to secure it. Gold also has stood the test of time, bitcoin still has some proving in that regard. However, bitcoin does have the use case that all you really need to remember is a key. So theoretically you can just flee your country if need be and later on retrieve your bitcoin using your memory, say what you will but that does offer some additional safeguards. Anyways, weight it all out and apply an appropriate discount to the $350k and go from there. It is absolutely better than trying to hide your wealth in your underwear. https://whdh.com/news/officials-thousands-in-undeclared-cash-found-sewn-into-womans-underwear-at-logan-airport/

If you think that the market cap of BTC will one day equal the current market cap of gold the price will be north of $350K using today's gold prices as a comparison. But comparing the price of 1 BTC with the price of 1 oz of gold is a strange equivalence. It is like comparing the price of whole apples to oz of orange juice.