In all of human history there is not a single example of a fixed quantity currency that has been stable under economic duress. As I've mentioned numerous times on the board...that is the tradeoff. Instability is baked into the approach...it's mathematical as to why. Currency stability is created by...

vincent_c wrote: ↑Wed Oct 06, 2021 2:18 pm I agree with almost everything except that anyone who buys BTC to hodl actually reduces its liquidity. Once it becomes more widely accepted the hope is that there will be greater market depth. More liquidity will make for a more stable price.

I said people buying and holding adds to liquidity.

Oops, too late for that thank you very much. To be clear however, I’ve consistently stated BTC has been and at least for now is a stellar speculation. One of the best. I just happen to think it is a joke as a currency substitute and is not likely to end well as a longer term investment. I could be ...

Funny thing here is that Bitcoin only has value to the degree that governments mismanage the money. If governments behaved, Bitcoin would have little or no value. Why? (sorry for being repetitive) Because Bitcoin is a censorship-resistant, inflation-resistant, seizure-resistant, pseudonymous digital...

1) Failure of ETFs that hold gold. This has to be weighed against the risk of theft/less of physical gold coins. What are the chances that the ETF will fail, versus you losing your coins? Maybe you were mentally including these risks under the "Failure of ETFs that hold gold" umbrella, bu...

I'm still not sure I understand what makes a monetary policy credible or not credible. See my other posts for credibility-building examples. A rough response in this example: - who "owns" or can affect the smart contract managing this NFT? (many people scam, even in groups) - is the smart...

I am also sympathetic. I totally lost interest in the space from 2017-2021 because I felt the block size should have been increased. Without getting too technical here, there was an increase in the block size in 2017 / segwit. See the "size" column here for recent blocks: https://mempool....

I'll play devil's advocate if you're willing to debate. One of the things that I read recently was about the tokenization of NFTs themselves. So for example if we have a bunch of NFTs that people have used as a store of value (like meme NFTs, cypherpunks, veefriends, etc) then if you were able to b...

I know neither you nor bitcoininthevp are interested in convincing others, but then what is the point? Any bitcoin investor ought to be interested in persuading others to join the network because that is how you make sure the network remains valuable. I think it's more like this is the forum where ...

We seem to agree or at least agree to disagree on many of the points so keeping only a couple for discussion. Yes and no. You've again dipped into this idea of "credible monetary policy", but you keep blurring the lines between code and "efficient market participation that seems so ob...

This isnt quite true in the sense I think you mean or imply it. Miners have some degree of control but only within following Bitcoin's protocol rules. For example, if a miner, or even most miners decide to reward themselves more bitcoins than the rules allow, the other nodes will reject that miners...

1) Gut feelings about an asset that looks overvalued Im not necessarily trying to convince anyone to buy bitcoin so this isnt really a concern of mine. I think the big money will come from companies buying which has started, and then larger orgs and then governments. 2) Disagreement with the idea t...

Miners can NOT add to bitcoins supply, steal funds, etc and still be complying with the Bitcoin protocol. I think he may have meant that miners/mining pools can collude can perform a 51% attack and double spend on the network. In the past there were worries that ISPs could spoof mining traffic to d...

I know this post isn’t kbg’s answer and I don’t see a question here after this response so let me just say that I will not further engage with posts that are not serious in nature and without questions or challenges even if I am quoted. I hope this does not disuade those who are serious in engaging...

Sigh. https://www.independent.co.uk/life-style/gadgets-and-tech/hackers-crypto-bitcoin-heist-poly-network-b1901986.html This is about Poly Network, not "bit coin". https://nypost.com/2021/06/24/brothers-disappear-with-3-6b-in-bitcoin-in-alleged-heist/ This is people giving their bitcoins t...

From a superficial sense BTC has no counterparties, but in a philosophical sense miners are the ultimate counterparty. They control the network. I love the "well I can always spin up a node" argument. If you're not proving work, you're irrelevant. Most people making this argument aren't p...

Honestly, my gut sense is BTC is a modern day tulip and it isn’t going to end well. But these questions are more like, is the tulip in a pot with good soil or is it cut and in a water vase I just got from the florist and it’s dead in 7-14 days (metaphorically). Have you thought about what would nee...

Here’s one. What does happen if electricity goes out? Realistically unless we are in Mad Max world the lights don’t go out globally. Does storage then become a function of the physical disk space where a token resides and getting it supplied with electricity? So here’s a scenario not totally implau...

present day $600M type thefts/hacks out of the bit coin algorithm would simply scale This is completely false. Bitcoin (or what you seem to think of as "bit coin") has not been hacked for loss of funds. Individuals holding bitcoins in insecure ways have lost their coins. If I leave my gol...

seajay wrote: ↑Thu Aug 26, 2021 4:42 pm Gold fits into that category, a computer algorithm (bit coin) does not.

Can you explain why not?

Also, when gold price goes up, MORE gold is produced. When bitcoins price goes up, no more can be produced.

One cool option here is Unchained Capital. https://unchained-capital.com/

They allow you to purchase bitcoin right into a multisignature wallet, eliminating single points of failure. They have software and support people that will help set it up for you.

I would add another book reference here: The Sovereign Individual: Mastering the Transition to the Information Age https://www.amazon.com/The-Sovereign-Individual-audiobook/dp/B07TWNP9NB/ref=sr_1_1?dchild=1&keywords=sovereign+individual&qid=1629897656&sr=8-1&x=0&y=0 Thanks I'll ...

Coinbase is fine IMHO. Stay with BTC IMHO.

I've seen some policies that in theory should have been a nightmare for people but it seems many/most people just get used to it and it becomes the new normal. Complete governmental control of your life seems hard to not be a nightmare. And complete control of the money gives them that. Maybe at fi...

I think bitcoininthevp makes a great point that all stores of value are actually greater fool assets. All stores of value can be overvalued at a given point in time only knowable in hindsight so I think it goes back to time preference. Paying 30% more for gold 100 years ago doesn't seem like such a...