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16125781 No.16125781 [Reply] [Original]

https://twitter.com/LukeDashjr/status/1189706267121635329?s=19

How do you guys not realize that btc is fucked? Its controlled by stupid communists.

"Mining is not supposed to be profitable"

"I used to mine, but stopped due to it being too expensive"

Stupid hypocrite.

Whatever happens, im 99% sure BTC will never scale without a block size increase. Of the bitcoins, BCH or BSV will win.

>> No.16125786

Claim your free COMB (Haircombs) today

>> No.16125788
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16125788

>>16125781
based Luke absolutely BTFO greedy chink miners

>> No.16125791

>>16125781
L.O.L

>> No.16125806
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16125806

>>16125781
>WAAAAAAAAAAAAAAAAHHHH BITCOIN IS CONTROLLED BY COMMUNISTS WAAAAAAAAAAAAAAAAAAAHHHHHHH

>> No.16125825

>>16125781
I don't know if the guy is a communist, but hes certainly deluded.

>> No.16125833

at least they dont support immutable child abuse media like craig wright does

>> No.16125850
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16125850

>>16125806
MINERS WILL SUPPORT THE NETWORK >BECAUSE OF THE GOODNESS IN THEIR HEARTS!!! THEY WILL DIE FOR BITCOIN AND DONT CARE ABOUT HOW MUCH MONEY THEY MAKE!!!! WE NEED TO MAKE 0.3 MB BLOCKS SO THEY LOSE EVEN MORE MONEY, SO THAT FEES GOES UP!! I DROPPED OUT OF ECONOMICS IN HIGHSCHOOL!!!!

>> No.16125852

bitcoin is going to halve to the point mining is unprofitable anyway. people bitching about transaction costs need to neck themselves.

>> No.16125867

>>16125852
?? What are you implying? Higher fees will dampen the growth of the network, lowering economic activity. It will find an equilibrium, and stop there due to the limited blocksize. This equilibrium is much higher on the other chains.

>> No.16125917

>>16125850
Hi rakeesh

>> No.16125951

>>16125917
Fuck off ari

>> No.16125971

>>16125852
check my thread >>16125895

bitcoin is fucked if dead coins are not reintroduced to the market. bitcoin will be the largest ponzi known to man.

>> No.16125977

>>16125850
Based

>> No.16126526
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16126526

https://www.youtube.com/watch?v=-YepHOb9huY
Best blockstream dev.

>> No.16126577

>>16125781
whys he got a pioneer CDJ lol

>> No.16126822

>>16126526
this guy is an idiot and i dont have to read his shit i see it already in his picture

>> No.16126918
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16126918

>>16125825
He believes in flat earth

>> No.16127329

>>16125781
Based Luke-jr trolling OP but good

>> No.16127343

>>16125781
Luke Dashjr is one of the most based people in crypto. If you don't "get" him, you're dumb.

>> No.16127374

>>16125781
>im 99% sure BTC will never scale without a block size increase
me too but that's no reason to go to the shitcoins

>> No.16127437
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16127437

can anyone summarize his argument as to why mining should be unprofitable?

im dum

>> No.16127457

>>16127374
I'm sure communism would get better if we gave back the means of production to the people
me too but that's no reason to go to capitalism

>> No.16127458

>>16127437
i know that hahsrate will always grow until the profit margin on mining goes away. but who knows what that imbecile is thinking about in his flat-earther head?

he can't seriously think we would have the hashrate and security without miner profitability...

>> No.16127467

>>16127457
idiot

>> No.16127479

>>16127458
isn't mining perfectly competitive? is that the gist? nobody profits in a perfect market

>> No.16127481

>>16127467
>the virgin bitcoiner vs the chad altcoiner

>> No.16127487

>>16127457
>muh gommunism
drop the mental crutches tard

>> No.16127502

>>16127479
>nobody profits in a perfect market
that's true but btc solves this issue by constantly appreciating being a deflationary asset and also sort of this miner profitability thing will push the price up. thus miner profitability long term is guaranteed. just because lukes gpu miners are no longer competitive and he is salty about that doesn't mean the basic incentives are not right.

>> No.16127518
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16127518

>>16127487

>> No.16127527

>>16127518
he is right tho everyone is a communist or a jew you don1t like or a jew communist. that's baby tier arguing. practically all you throw around are ad-hominems at least mix your fallacies up a bit!

>> No.16127544

>>16127502
>deflationary asset
nothing really makes it deflationary. more like with built-in diminishing returns

>> No.16127611

>>16127544
technically no but compared to demand curve it is deflationary. stock to flow ratio is a better technical term. bitcoin will have insanely desirable stock to flow after the halving.

they call currencies deflationary if they discourage spending btw.bitcoin is definitely that.

>> No.16127659

>>16127611
demand isn't an intrinsic part of the system. its wholly external, perhaps besides transaction fees which aren't a major component and wont be for long

supply is definitely an intrinsic part of the system, one that gets weaker as time goes by.

>> No.16127692

>>16127659
>its wholly external
just like economic deflation is an externality to the money supply.

>> No.16127707

>>16127692
more bitcoin via mining => inflation => built into the system

>> No.16127717

Luke is based
I like him
satoshi probably likes him too since he's a catholic

>> No.16127781

>>16127707
yes the supply is inflated but a currency is only inflationary if it encourages spending and deflationary if it encourages hoarding in the economic sense. in this sense of the word bitcoin is deflationary.

>> No.16127787

>>16127781
nothing in bitcoin encourages hoarding

>> No.16127818

>>16127787
you can't be serious about that. it was designed to be an appreciating asset.

a currency is used ideally at around 1-2% inflation rate in the apparent supply. that encourages people to spend it instead of hoarding it. the velocity of money acts as a multiplier on the base supply. which is why hacking the base money supply doesn't really work in stopping inflations or deflations instead they try to hack the interest so that the market adjusts naturally. that's the keynesian approach anyhow.

bitcoins stock to flow and other properties including the tx/s all push it to be an appreciating asset not used but hoarded.

>> No.16127848

>>16127818
nothing intrinsic drives what you describe

>> No.16127865

>>16127848
of course it does. i explained to you the stock to flow ratio the tx/s and the miner profitability paradox all push it towards appreciating constantly even at fixed adoption. but btc adoption is also expected to grow (right now we are still way below 1% worldwide) and people are such creatures that like to speculate on the future. every single one of that alone is encouraging appreciation.

>> No.16127866

>>16127818
you overassume factors external to bitcoin

>> No.16127867

>>16127865
the only real externality to bitcoin price is demand.

>> No.16127875

>>16127865
don't hide behind academic sounding terms. you admit you are wrong by obfuscating your message

>> No.16127882

>>16127866
it stands on much stronger legs than any metal as far as the basics go. and metals are considered deflationary. at least a metal based currency would be by today's standards.

>> No.16127891

>>16127875
it's just i'm not wrong. and i readily admitted strictly speaking llooking at it's supply it's inflationary until we reach 21 million. it's just not how people use this term.