/biz/ - Business & Finance

they have been saying that since fucking forever, if it ever was true, you can be sure that none of the lame shitcoins you are holding right now will be the next king of crypto

Yeah soon it'll be replaced by moshiach coins xd

I'm actually surprised by the staying power of bitcoin. Why do people hold it?

>>22263681
because nothing can replace it yet

No one cares what some sub 110iq data analist with superiority syndrome and speech issues thinks

>>22263758
Replace what, though? Is it just about wide adoption as a standard of wealth? What's its function?

>>22263396
Snowden is an idiot though. “Former CIA” lol he did low level IT

>>22263817
wide adoption. even litecoin is preferable.

>>22263396
This is not the kind of thing he knows. He’s in no better position to judge this than you or me, or any of the countless people smarter than he who think he is wrong.
He could still be right, of course, just noting that while it might seem he would be in a kind of insider position, he really isn’t on this.

>>22263396

yeah...

>>22263444
Its acually true bit it will take decades to play out
Something beeing true does not make it good investment advice

>>22263444
222
6
3
444
checked’n’blessed
BTC is our best shot

>>22264108
wow thanks for checking, I did not even notice the digits
kek with us

>>22263885
Lel, there is nothing wide about current adaption, it's peanuts.

>>22263817
>Is it just about wide adoption as a standard of wealth
Essentially yes. The main reason is that it’s utterly secure and practical.
> practical! Hahaha type one letter wrong in some long-ass code, normies will never...
My granny, rest her soul, operated a vcr in 1982 with a more complex interface than required for sending some bitcoin. But that’s not the point, the point is that the coinbase interface for just buying and selling is certainly easy enough. Coinbase won’t exit scam any more than Fidelity. Normies won’t need to figure out how to use a trezor.
Buying and selling bitcoin, as opposed to physical gold, is very practical today.
Buying stocks, including “paper gold” is about as practical, personally I think of my money in bitcoin as placed in a really well managed “super-index-fund”, which mixes the value from all sectors, including hedges like gold. Essentially, holding bitcoin mimics holding a really well balanced portfolio. This is exactly because the world has decided that btc is now the standard of wealth, as you say, and so whenever there is some gains in some sector, a little of it goes into bitcoin. When everything falls, including gold, then bitcoin falls to, but if either gold or stocks/oil go up, bitcoin goes up, with the added bonus that an investment product such as this is insanely valuable and is still enormously undervalued (I think still by 1000x easily). So it’s a great investment, which is also why it is so volatile.
> anything goes up, btc goes up, eh? I distincly recall btc going down a fair bit, all by itself, more than a few times...
Yes, that’s the volatility, to compensate for how awesome an investment it is. Long term, it’s marvelous. For day trading, you really enter the big boy poker table if you want to try (that is you will lose). And if you don’t believe, haven’t figured out that what I said is true yet, you will be shaken out in one of the big drops and conclude it’s all a scam.

>>22264189
may be peanuts, but its still more than half of the entire crypto market
all your shitcoins put together are still less mcap than bitcoin

Eth will take the btc crown next year. Screen cap this.

>>22265117

>>22265117
that soon to be a PoS (Piece of Shit) coin? yeah, of course it will be the kang, the kang of pump and dump erc-20 cancer tokens, then called shitcoins, now called "DeFi", that's what ETH has brought to us, even more shitcoins.

>>22263396
>former CIA employee
Was it necessary to put that there?

>>22263396
He's glowing

>>22264328
This

>>22264328
this, my grandpa was working in a postal office, telegrams were sent manually with morse code with no single error allowed
now we have wallets that are very easy to use

>>22264081
funny thing is it already has.

>>22263396
Why won't it last?
Does anyone understand why or it's just mindlessly hype?

>>22263849
Everything is compartmentalized anyway in alphabet soup. Only someone at the top knows it all.

>>22267116
it's a store of value as long as people trust it
it's not an asset

>>22267116
Deluded scammers are always trying to pitch the next bitcoin with understanding why it's valued in the first place.
(Decentralized, immutable, governance, distributon, security)

>>22263758
this
bitcoin is durably unique

>>22267116
>Does anyone understand why
easy bitcoin is not tech its consensus

>>22267611
and it will last unlike shitcoins even if its unusable which is bollocks

What does it even do? Absolutely nothing, and the Devs have crippled it

>>22267669
that's the lazy brainlet take on it at least.

>>22267611
this
as long as there are million peoples using full nodes, validating and mining BTC, it will continue to grow stronger
It’s true decentralization in action baby

>>22263396
Autistic fuck

>>22267734
not even just about the nodes really. i mean bitcoin would work just the same with 10k nodes as with 1 million nodes.


sure the more the better more resilient the network against centralization attempts but it has nothing to do with why bitcoin is unique.

the consensus about bitcoin far superseeds the network level.

>>22267635
You can move up to 0.167777 btc on lightning for less than a cent, and centralization problems are fixed with taproot, just use it
>>22267669
what an absolute brainlet, the most decentralized blockchain has to be extremely redundant, space is a limited resource, especially considering every tx has to be stored by everyone, forever
Why you don’t go complaint to Vitalik about ETH block size? He will tell you the same fucking thing, use layer 2 (omg, loopring, zkrollups, starkware stuff, etc)

>>22263793
Nsa spotted

>>22263444
it's gonna take a long time for digital blockchain based currecy to take over, like a really fucking long time, might even be akin to an industrial revolution as it will be a paradigm shift, with dire consequences in every sector of society

>>22267835
yeah the potential in taproot is insane.
it's basically a capability multiplier for on-chain and ln. and some more. it will make true non-custodial banking possible on bitcoin.

>>22263396
> Former CIA employee
No, he wasn't. He worked for a subcontractor of a subcontractor of the NSA. He wasn't shit.

>>22267669
here is a pasta made for the cashie morons you should read it also!

what bitcoin is:
- a trustless permissionless publicly auditable ledger that is also secure
- a non-custodial peer-to-peer electronic payment system
- a network of nodes enforcing a common ruleset shaping a common reality in a trustless manner
- the longest blockchain under the consensus ruleset with the largest commulative hash proven by a specific form of proof of work
- a protocol that describes how consensus is reached on ordering transactions and how difficulty and coinbase supply adjusts over time
- a greater consensus on the ruleset that governs the protocol
- a standard reference client implementation created by nakamoto and maintained as an open source project
- an unspent transaction output spendable to a script returning true

what bitcoin is not:
- a whitepaper
- a gargantuan garbage dump of stale data stored immutably forever
- whatever satoshi said in a forum post
- whatever faketoshi dreams up in delirium
- whatever sv jeets shrill and rave about currently

and no you can't make an other or better bitcoin. not how it works.

>>22263758
Monero is better

>>22263396

noob thread

sage

how did snowden land his position at the cia with no background in computer science iirc he went to some shitty community college and had no undergraduate degree

>>22267919
>what bitcoin is not:
>- a whitepaper
>[...]
>- whatever satoshi said in a forum post
At least you're honest about your view on Bitcoin unlike liars like Dan Held who claims that Satoshi isn't a big-blocker.

>>22268133
satoshi said a lot of things and he changed his opinion when he was confronted with evidence. but i know for sure what he would say about the cash forks.

>>22268194
also not that in that post satoshi described atomic swap between chains.

>>22267942
Monero is good for other use cases...at least is not a complete shitcoin anyway

>>22263396

Money does not care about tech. Money just cares about digital gold. That is why the majority of the other shitcoins suck.

>>22268133
why i say bitcoin isn't a whitepaper is mostly because bitcoin ruleset is a billion times more specific than the whitepaper. even fucking litecoin adhered to the bitcoin whitepaper. especially because the bitcoin whitepaper does not reference the genesis block nor the total coin supply or divisibility nothing about the ten thousand technical aspects that need to be agreed on to avoid chain split. the only thing that litecoin changed that the whitepaper say something about is the block time.

so if bitcoin was anything that follows the whitepaper to the letter we could have a billion bitcoins. which is total utter nonsense.

>>22267942
Based

>>22267942
monero is a straight up massive technological innovation on bitcoin.
yet it's a shitcoin and will remain a shitcoin forever.
once you understand why this is you will become a bitcoin maxi yourself.

>>22268409
now you're just bullshitting. monero is its own thing. it has a fuck to do with bitcoin.

>>22268604
that's not what i meant at all. i meant technologically it's an improvement and that means jack all for valuation or for it's ability to replace bitcoin.

i would never ""invest"" in monero but sure i would use it as cash substitute if i felt the need.

>>22269008
well at least as far as layer 1 is concerned
nothing has bitcoins layer 2 innovation. but again that can easily be copy pasted. so whatever.

if you look at coins like Allianceblock and Rampdefi, that are actually bringing in the big boys, you can get bullish

But yeah, the digital gold meme is looking a bit cunted

>>22269476
nooo the big boys are still not interested in obscure shitcoins and never will be.

>>22267901
>After attending a 2006 job-fair focused on intelligence agencies, Snowden accepted an offer for a position at the CIA.[40][66] The Agency assigned him to the global communications division at CIA headquarters in Langley, Virginia.[40]

>>22263681
household name. everyone on the planet has heard of bitcoin while most people in IT and finance havnt heard of ethereum or any other crypto.

if people understood what a 51% attack was and that china currently runs 65% of the hashrate for bitcoin i dont think anyone would hold it

>>22269605
more precisely 65% of hashrate is geographically located in china china doesn't run shit. also a 51% attack still can't break the chain rules. the only problem with it is double spend attacks which a state will not do because it would be a well documented international criminal offense.
truth is the chinese government has no incentive to care about bitcoin aside from banning it every 2 years.

>>22269677
the other thing is china has no problem with miners mining btc and selling them to foreigners oversees. the only thing they don't want is their own people buying btc altho i can't see why since they are hell bent on devaluing the juan and can't see how bitcoin can hurt that.
they probably just don't want to have crypto neets to live off their gains ideologically incompatible.

>>22264081
>t. litteraly bitcorn seller

>>22267919
the whitepaper is what things are founded upon
How can anyone be this stupid

Its like saying, ok let's build a skyscraper , but yeah these building plans don't matter.. lets just follow it somewhat at first, then just change it however we want. You'd end up with a shit building.

>>22263396
He was NSA, you fucking mongrel

>>22269837
>the whitepaper is what things are founded upon
no it's just a thesis. it's not nearly specific enough to be considered relevant to bitcoin protocol.

>>22269837
oh boy the whitepaper is not a plan it's not a specification. wtf are you smoking? the only real documentation bitcoin has is it's opensource codebase.

>>22269876
he was CIA snitch