Cryptocurrencies

[james22]

1 hour ago, 73 Reds said:

@James22 Explain why Warren Buffett cares whether anyone buys shares of Berkshire.  Taken to an illogical conclusion, if is there is not one new buyer for the rest of eternity, all current owners and their heirs will sooner or later share in the company's profits.  Same with any other company worth owning.     

 

Good luck living off BRK's dividends.

[Libs]

Pupil raises good points as usual. One of them is the risk of BTC getting hacked / diluted. Munger said it was inevitable. What do you guys think? 

[james22]

[Buckeye]

1 hour ago, james22 said:

 

Good luck living off BRK's dividends.

A BTC investor telling a BRK investor…”Good luck living off the dividends” Thankfully with BRK you don’t need luck.  

[james22]

[Fly]

6 hours ago, Libs said:

Pupil raises good points as usual. One of them is the risk of BTC getting hacked / diluted. Munger said it was inevitable. What do you guys think? 

 

It is one of the most attacked systems on the planet with a 24/7 bug bounty of almost $2T. It has a 99.9% uptime since inception in 2009. It isn't impossible, but I have greater worries than a hack of the main network. 

 

As far as dilution concerns, it can't happen without the majority of the network agreeing on changing the supply. I put this even lower odds than a hack. 

Edited May 2, 2025 by Fly

[Dave86ch]

The cryptographic one-way functions that underpin Bitcoin can't be "hacked".

[wachtwoord]

1 hour ago, Dave86ch said:

The cryptographic one-way functions that underpin Bitcoin can't be "hacked".

 

Just to expand on this (I'm sure you know this but for others reading along):

 

Plus IF vulnerabilities in any of the cryptographic functions used are found: 1. Bitcoin would actually be fine until they hard fork to another one that doesn't have such a vulnerability because it uses several different ones  layered on top of each other 2. The same can most likely not be said about the economy at large, these functions are used ubiquitously (depending on which one we are talking about) for security by basically everyone.

 

Same is true for quantum computing breakthroughs btw. Just dont store any BTC on old style P2PK outputs (non-standard since very early on) or addresses with any outgoing transactions as both leak the public key of an address (an address is the hash of a private key) making an attack much easier (but currently still impossible).

[james22]

When Reds concedes:

 

[james22]

 

[Paarslaars]

Yeah to be expected, she vetoes everything. They can appeal the veto I guess...

[james22]

 

[james22]

 

[Paarslaars]

Digital assets over 500B, that means only BTC for now. 

 

Anyone know how big the public fund of NH is? They can go up to 5%.

[Dave86ch]

 

 

[rkbabang]

18 hours ago, Paarslaars said:

Digital assets over 500B, that means only BTC for now. 

 

Anyone know how big the public fund of NH is? They can go up to 5%.

 

 

The Revenue Stabilization Reserve Account (Rainy Day Fund) is 292,524,898 (page 28 here).

 

 

[Paarslaars]

OK thanks!

[rkbabang]

Although reading the text of the bill it says: "The state treasurer shall not invest more than 5 percent of the total amount of public funds in any of the authorized investments."

 

I don't know if "public funds" = Revenue Stabilization Reserve Account.  I'm going to have to look more into this.

[rkbabang]

53 minutes ago, rkbabang said:

Although reading the text of the bill it says: "The state treasurer shall not invest more than 5 percent of the total amount of public funds in any of the authorized investments."

 

I don't know if "public funds" = Revenue Stabilization Reserve Account.  I'm going to have to look more into this.

 

2024 total NH state revenue was $8.3 billion.  So it is either 5% of $290M or 5% of $8B.

[Paarslaars]

Let us hope the latter then. But at least nice to see the first domino fall. Next up Texas?

[rkbabang]

19 hours ago, Paarslaars said:

Let us hope the latter then. But at least nice to see the first domino fall. Next up Texas?

Arizona.

 

https://www.kgun9.com/news/local-news/gov-katie-hobbs-signs-bill-to-create-bitcoin-reserve-days-after-vetoing-other-crypto-legislation

[Paarslaars]

Interesting, so she veto'd the first one because it could allocate the pension fund.

Now it's a watered down version but still better than nothing.

There appear to be additional bills on the way to still allocate up to 10% yearly.

 

 

[james22]

Yeah, weak sauce.

 

But indicative.

 

[TwoCitiesCapital]

On 2/11/2023 at 2:08 PM, TwoCitiesCapital said:

4 years ago it was almost laughable for them to consider that anyone would use BTC as a currency. Now they're having to dilute the argument by saying it's only "shit-hole" countries. Of course it is! They'll be the first! They have the most to gain and the least to lose.

 

 

We gonna start talking about Arizona and Delaware being shit-hole states now? Or nah?

[james22]