Official Bitcoin Thread

[osh kosh bosh]

 

[BIG LEEMELONE]

It's really mind boggling to me when people say they don't believe in crypto. But whatever

 

[lobcity]

but bitcoin makes it significantly easier than wire transfers. if it doesn't what exactly is the point of bitcoin?

Like be serious if you were executing ransomware attack you wouldn't choose a wire transfer over bitcoin,
nobody would because a wire transfer carries significantly more risk.

and we can see it as the revealed preference of hackers.
there's been 62% increase in ransomware attacks since 2019. ransomware payments are up.

50+ Ransomware Statistics & Facts for 2018-2024

Ransomware is the biggest cybersecurity threat to date. With billions of dollars in losses directly related to ransomware, the risks are only getting worse.

www.comparitech.com

you think Bitcoin has zero to do with this?



also im not claiming bitcoin should be illegal. im asking is the potential legality of bitcoin a hug risk factor when you consider it's value as an investment.

- guns, the distribution, sale/use of illegal firearms carry significant legal consequences
- many drugs are illegal and the sale/use of illegal drugs carry significant legal consequences
- computers have significantly more utility than bitcoin.
bitcoin is great for speculation and cyber crime but isn't really a massive improvement on traditional payment systems.

Bitcoin is simple , before the media/wallstreet/billionaires spinned it into a "store of value" it is a peer to peer permisionless payment system.

You can send $5 dollars or $55 million dollars to anyone in the world in under an hour or faster without calling a bank or third party and people / govt asking you who what why where and how or freezing your transaction or trying to tax a huge percentage

. No government or anyone can stop it. Its the most secure network and most trusted. The value in that is insane. Just because cashapp , venmo and zelle etc are in heavy use NOW. It may seem to diminish btc value

Ppl buy all kinds of crazy stuff with cash since cash was invented and they still do today did you empty out your bank account and burn all your money yet?

Of course crime will go cyber we are in the future, crime follows the times nobody is out robbing stage coaches anymore why would you expect the new criminals to ask for payment in cash lol that sounds dated.

What bank has millions of dollars on demand ? You think ppl gonna rob and a bank and wait inside the bank for two days for the money to be delivered ?

Also Bitcoin is 1000% traceable and not private. Monero is the real deal when it comes to privacy

Finally , if you opened this thread when it first started and copped btc out the gate no Elon Musk tweet or headlines would matter because you got in first and they buying from you not the other way around.

 

[frankmatthews]

Bitcoin is simple , before the media/wallstreet/billionaires spinned it into a "store of value" it is a peer to peer permisionless payment system.

You can send $5 dollars or $55 million dollars to anyone in the world in under an hour or faster without calling a bank or third party and people / govt asking you who what why where and how or freezing your transaction or trying to tax a huge percentage

. No government or anyone can stop it. Its the most secure network and most trusted. The value in that is insane. Just because cashapp , venmo and zelle etc are in heavy use NOW. It may seem to diminish btc value

Ppl buy all kinds of crazy stuff with cash since cash was invented and they still do today did you empty out your bank account and burn all your money yet?

Of course crime will go cyber we are in the future, crime follows the times nobody is out robbing stage coaches anymore why would you expect the new criminals to ask for payment in cash lol that sounds dated.

What bank has millions of dollars on demand ? You think ppl gonna rob and a bank and wait inside the bank for two days for the money to be delivered ?

Also Bitcoin is 1000% traceable and not private. Monero is the real deal when it comes to privacy

Finally , if you opened this thread when it first started and copped btc out the gate no Elon Musk tweet or headlines would matter because you got in first and they buying from you not the other way around.

Except what are you going to do with $55 million in btc? Buy teslas? Oh wait...

You are gonna convert it to cash in which case you're still dealing with banks, taxes, declarations and explanations.

Funny how everyone denounces fiat but happily announce their gains in terms of fiat. Whats a btc worth without the $?

And it seems everytime someone asks the questions that same quote pops up, if someone doesn't understand, you dont have the time to explain it. Not realizing that is 100% con man lingo lol.

 

[johnnyredstorm]

You’ll be able to spend it via flexa, Coinbase, PayPal etc it gets converted at the pos for the merchant but you can spend it now

 

[osh kosh bosh]

Bitcoin is simple , before the media/wallstreet/billionaires spinned it into a "store of value" it is a peer to peer permisionless payment system.

You can send $5 dollars or $55 million dollars to anyone in the world in under an hour or faster without calling a bank or third party and people / govt asking you who what why where and how or freezing your transaction or trying to tax a huge percentage

. No government or anyone can stop it. Its the most secure network and most trusted. The value in that is insane. Just because cashapp , venmo and zelle etc are in heavy use NOW. It may seem to diminish btc value

Ppl buy all kinds of crazy stuff with cash since cash was invented and they still do today did you empty out your bank account and burn all your money yet?

Of course crime will go cyber we are in the future, crime follows the times nobody is out robbing stage coaches anymore why would you expect the new criminals to ask for payment in cash lol that sounds dated.

What bank has millions of dollars on demand ? You think ppl gonna rob and a bank and wait inside the bank for two days for the money to be delivered ?

Also Bitcoin is 1000% traceable and not private. Monero is the real deal when it comes to privacy

Finally , if you opened this thread when it first started and copped btc out the gate no Elon Musk tweet or headlines would matter because you got in first and they buying from you not the other way around.

be serious, you really don't see why this is uniquely good for crime?
---

man I've known about Bitcoin for a long *** time, I was a teenager on the dark web once.

it's a genuinely novel ingenious concept, and Id imagine the blockchain has some genuine applications that would be real innovations, NFT's, smart contracts seem really like great ideas

im just asking about possible tail risk for bitcoin specifically as an investment.


people ask my advice on this stuff all the time and im genuinely torn on what to tell them.
I don't think it's near the ceiling yet, but I see this spector of regulation or serious crackdown looming

 

[osh kosh bosh]

It's really mind boggling to me when people say they don't believe in crypto. But whatever

I didn't say i didn't "believe" in crypto, it's not a religious question.

im just asking about the downside risk as an investment

 

[frankmatthews]

You’ll be able to spend it via flexa, Coinbase, PayPal etc it gets converted at the pos for the merchant but you can spend it now

You'll be able to spend it in terms of fiat.

Speculative investment gains aside, why would I want to buy anything legal with btc? Its just extra steps.

 

[osh kosh bosh]

I sent my nephew 50 bucks in bitcoin because he was interested in crypto.
my aunt asked my for some investment ideas in 2015, I told her she should get some bitcoin.


I don't have some moral opposition to it.

 

[fapmasterjr]

you're short bitcoin, just leave it as that. post what you are long in...then we can come back to this thread in 3yrs. (AGAIN).

you said fiat right? perfect. we can realistically go through this thread and see what happens when you are short bitcoin, but nah that's too hard right? HFSP

 

[fapmasterjr]

And it seems everytime someone asks the questions that same quote pops up, if someone doesn't understand, you dont have the time to explain it. Not realizing that is 100% con man lingo lol.

so you want to explain to someone how the internet works every time someone asks? do you. HFSP

 

[frankmatthews]

so you want to explain to someone how the internet works every time someone asks? do you. HFSP

I'd probably just admitt i dont know how the internet actually works instead of paragraph after paragraph of posturing

 

[ballinsam23]

To play devils advocate, it’s literally digital gold.

I’m in the same boat as Osh. I don’t believe in it. Do I have money in it? Sure. Just riding the wave, won’t look at it like that.

People were tryna get rid of fiat for centuries. It doesn’t happen. Also with so much hacking today, there’s no one I can call or talk to if somehow my money disappears in one of these wallets. That’s wild to me that this amount of money is not insured.

 

[ICE CITY CF]

I'd probably just admitt i dont know how the internet actually works instead of paragraph after paragraph of posturing

The pop shots are cute but seriously who's posturing?

What's your question even? What do you need explained to you?

 

[stick]

What's the argument? That Bitcoin's downfall will be because it's today's criminals' preferred form of ransom? That's ridiculous . When USA bans BTC because of that, and criminals start asking for ETH, does that mean ETH is dead too? Etc Etc Etc.

Also BTC isn't untraceable, it's anonymous. The blockchain is there literally so that you can trace every transaction .

Criminal gets BTC as ransom sent to address abc123 > Address abc123 transfers BTC to Coinbase > Criminal cashes BTC to USD on Coinbase > Criminal is caught

^ Obviously that would be a stupid criminal and they likely have ways to clean the BTC. But dirty fiat is cleaned every day. The original argument is just stupid.

 

[ballinsam23]

I don’t like the criminals arguement because criminals have been making large transactions way before crypto

 

[fapmasterjr]

This is why i feel its sometimes a waste trying to give knowledge here...the ones that question seem to be almost 5yrs behind the curve. I know lots of you are legit and know the game, but man....what a waste of time.

**LP walkthrough to get them APYs (100%+ Farms) just posted. Next will be port listing(s). open dialogue to like minded peeps.

catch me on patreon

 

[frankmatthews]

The pop shots are cute but seriously who's posturing?

What's your question even? What do you need explained to you?

I'd like to know if theres any demand outside of a purely speculative investment vehicle or the bat **** crazy notion that it will someday replace fiat.

Also how much of the current market price can be attributed to this demand and how much is attributed to people treating it like a lottery ticket.

 

[sohi 23]

Still early.

 

[ICE CITY CF]

I'd like to know if theres any demand outside of a purely speculative investment vehicle or the bat **** crazy notion that it will someday replace fiat.

Also how much of the current market price can be attributed to this demand and how much is attributed to people treating it like a lottery ticket.

Demand just for Bitcoin or demand for any and all cryptocurrency? I brought this up and osh kosh bosh conveniently ignored it yesterday but it often seems like doubters conflate Bitcoin with the cryptocurrency space as a whole.

 

[jjs]

To me, Crypto for crime is the same kind of argument that people used when the internet started. Oh the internet will allow criminals to do xyz.

Or any other financial innovation (cheques, credit cards, etc.). Oh these will allow criminals to fraud by doing xyz.

ok?

if the tech is superior and there’s actual use cases, it will prevail.

 

[mplsdunk]

So your reasoning is take something that’s used legally 99% of the time and ban it because it’s easier to pay ransoms with?

 

[osh kosh bosh]

Demand just for Bitcoin or demand for any and all cryptocurrency? I brought this up and osh kosh bosh conveniently ignored it yesterday but it often seems like doubters conflate Bitcoin with the cryptocurrency space as a whole.

i mentioned in another post acknowledging the blockchain being a novel ingenious concept and other blockchains having interesting useful features.

I would agree with you another cryptocurrency displacing bitcoin through better design and different features seems like a real possibility
i don't know it can overcome the network effects of bitcoins first mover advantage. imo regulation is a bigger more significant tail risk.

 

[frankmatthews]

Demand just for Bitcoin or demand for any and all cryptocurrency? I brought this up and osh kosh bosh conveniently ignored it yesterday but it often seems like doubters conflate Bitcoin with the cryptocurrency space as a whole.

I was asking about btc specifically. From what I can gather, despite being the poster child for crypto, BTC apparently isnt as useful as others? Is it safe to assume then that demand doesnt justify price?

For the sake of brevity, tell me about 1 other crypto that you feel is representative of the space as a whole.

 

[osh kosh bosh]

So your reasoning is take something that’s used legally 99% of the time and ban it because it’s easier to pay ransoms with?

Bitcoin has undoubtedly made securing large ransom payments easier increasing the monetary rewards to cyber crime.
thus spurring development and investment in cyber crime tools.

something like Bitcoin that has limited utility beyond speculation is at risk of being scapegoated by US regulators right or wrong.
if that happened would that not instantly decimate the value of bitcoin?