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Thread: RIP Bitcoin

  1. #8501
    Thailand Expat YourDaddy's Avatar
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    The site looks legit

  2. #8502
    I Amn't In Jail PlanK's Avatar
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    Zero hype on that site. Must be legit.
    Hoho, get in while you can. Limited opportunity and all that. Put your fanboi money where your mouth is.

  3. #8503
    Excommunicated baldrick's Avatar
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    Quote Originally Posted by lob View Post
    That’s right, their coin is incredibly inexpensive in comparison to most other coins out there..
    WTF........

  4. #8504
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    Quote Originally Posted by baldrick View Post
    BTC when it is finally mined to smidgens , is supposed to rely on transaction fees

    there is a lot of info if you care enough to google and learn
    I see that I have much to learn in this brave new financial world.

    Quote Originally Posted by baldrick View Post
    if you are going to go down that path about environmental damage you need to look at how much is powered by hydro
    I have no axe to grind and no path to push.

    But I am wondering if a crypto could be designed to be more efficient. If a crypto were designed that had much less onerous transaction costs (both financial and ecological) would it not out-compete Bitcoin in the evolutionary stakes leaving BTC stranded like a mammoth in a tar pit?

    If the slack from lack of bitcoin mining reward in the long term must be taken up by higher transaction fees/rewards to power the block chain then the operating cost of bitcoin as a viable currency (rather than merely a speculation vehicle for parking funds) seems unclear. BTC transaction costs are already seen as high but it seems they must be destined to go much higher?

  5. #8505
    I Amn't In Jail PlanK's Avatar
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    Quote Originally Posted by Looper View Post
    But I am wondering if a crypto could be designed to be more efficient. If a crypto were designed that had much less onerous transaction costs (both financial and ecological) would it not out-compete Bitcoin in the evolutionary stakes leaving BTC stranded like a mammoth in a tar pit?
    Wonder no more. Because you are right that better ways do exist and have been in use for years. The Proof of Work POW mechanism that BTC uses is prehistoric technology wise. Proof of Stake POS and Consensus are two other better ways.

    The top two coins, BTC & ETH, use POW and can do a pathetic 16 transactions per second and when the network gets congested the fees can be about $20 per transaction and can take hours. That's not ground breaking technology, that's worse than current visa network. In comparison coins using consensus mechanism like XRP & XLM can do 1500tps at the cost of $0.0004 and will settle in less than 4 seconds.

    So why is BTC so valuable?
    IDK, I guess it gets all the headlines, influencers like it, and people in general are a bit stupid and they believe hype instead of tech.
    Some people think it don't, but it be.

  6. #8506
    Thailand Expat Backspin's Avatar
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    The arguments that Bitcoin costs too much energy is sort of a red herring. Bitcoin has no other overhead. Visa transactions are cheaper on paper. But that doesn't include the thousands of employees who work for Visa and who drive to work everyday. That is a lot of energy too

  7. #8507
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by Plan B View Post
    Wonder no more. Because you are right that better ways do exist and have been in use for years. The Proof of Work POW mechanism that BTC uses is prehistoric technology wise. Proof of Stake POS and Consensus are two other better ways.

    The top two coins, BTC & ETH, use POW and can do a pathetic 16 transactions per second and when the network gets congested the fees can be about $20 per transaction and can take hours. That's not ground breaking technology, that's worse than current visa network. In comparison coins using consensus mechanism like XRP & XLM can do 1500tps at the cost of $0.0004 and will settle in less than 4 seconds.

    So why is BTC so valuable?
    IDK, I guess it gets all the headlines, influencers like it, and people in general are a bit stupid and they believe hype instead of tech.
    Bitcoin is a non interest baring savings deposit. It is a private savings deposit in a currency that isn't being conjured into existence , inflated and devalued like government issued currencies are.

    The retail banking system is destroyed. You cant get any interest on your deposits. Plus your deposits are a liability to the bank. Bitcoin is a crude but workable vessel for sub $10,000 net worth cash.

    Normally gold and silver play this role. But the retail coin and bar industry failed them too. Governments around the world collude to keep the price of gold going nowhere. And it works. Every asset just floats up and up , the govt is printing money like mad, yet the gold price goes nowhere. Now even commodities like oil and copper are rallying. And gold STILL goes nowhere

    All that's left is Bitcoin

  8. #8508
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    i am now satisfied that this is a scam. head office dominiom rep, main off in s/africe. with the usual s/african aggression.

  9. #8509
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    I used to hate btc but now love it. I bought my first batch at 88,000 baht, soon to be $88,000 !

  10. #8510
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    Quote Originally Posted by ChalkyDee View Post
    I used to hate btc but now love it. I bought my first batch at 88,000 baht, soon to be $88,000 !
    My last full batch was 2 @ $5,500 less than a year ago. Those 2 are currently $107,000 and steadily going sideways the last few weeks

  11. #8511
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    The bTC is looking healthy. I predict 68k, that's where I'm selling 25% and might buy back if it goes back to 50k. Maybe 120k this year before falling way back to 30/40k

  12. #8512
    I Amn't In Jail PlanK's Avatar
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    SEC v Ripple

    This has kept the YouTube lawyers very busy. The SEC were coming from a position of strength and things didn't look good. But the SEC seemed to have dropped the ball a bit and is not making itself look good.

    SEC Stumbles In Ripple Case, Lost In A Maze Of Its Own Making


    The complaint alleged that Ripple’s sales of the cryptocurrency XRP from 2013 to the present were illegal, unregistered security offerings rather than the distribution of a digital token to build a payments network.
    But also in response to a class action lawsuit from investors:

    the SEC asked to dismiss Deaton’s petition because no determination has yet been made on whether XRP is a security.
    So the SEC is fighting two lawsuits with conflicting arguments.
    Fun fact: Two of Ripple's attorneys used to work for the SEC.


    So why is this important?
    If Ripple is found guilty of selling crypto as securities a lot of projects that held back coins to fund their own development are gonna get forked. The biggest will of course be ETH. If Ripple are guilty, ETH is even more guilty because of the way they raised capital by selling ETH for BTC.

    And Cher has a contribution to make in all this legal nonsense.
    At 2:20 - 3:12 in this vid...

  13. #8513
    Making people dance. :-)
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    $60,000

  14. #8514
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    I made a fortune in BNB coin that I completely forgot that I had and rolled it into bitcoin the end of last month. I am happy.

  15. #8515
    I Amn't In Jail PlanK's Avatar
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    The curious case of William Hinman.

    It was a bit strange at the time. Head of the SEC made a statement that BTC & ETH were not considered securities back in 2017. Good news for the cryptosphere, surely more announcements would be forthcoming? Instead the SEC started taking random crypto-coins to court to sue them for selling unregulated securities. Things got confusing, investors and exchanges started to ask the SEC which coins were securities and which weren't. A reasonable request because nobody wants to unwittingly break the law by trading them. The SEC gave no direction and BTC & ETH continued to be flavour of the week/years.

    Now it turns out that Mr Hinman had financial ties to a Chinese BTC miner company and the Ethereum Alliance. After working at the SEC he went back to work for these companies.

    Hmmmmm... must be coincidence!!!

    Anyway it's good to see the SEC is doing it's job in protecting investors, even if it's only the big money institutional investors and not the unimportant little guy.


    This crazy guy might be onto something:
    video 1 min 45 sec


  16. #8516
    Thailand Expat AntRobertson's Avatar
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    Have Earl and that other crazy old man cut of their own dicks yet?

  17. #8517
    I Amn't In Jail PlanK's Avatar
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    The Terra platform issued a Thai Baht stable coin (THT). This could mean that in future the THT could be used in transactions and smart contracts. That's a nice bit of functionality added to the currency. What does the BoT think of this?

    Pruettipong Srimachand, the central bank's assistant governor of the legal group, said any activities involving the new stablecoin THT that was created abroad on the Terra platform are considered illegal. The creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958.
    BoT warns against any use of THT stablecoin

    But it's not surprising that a Central Bank would be against losing control of its currency. Moving into unchartered waters for the BoT is a scary thing. In the far digital future Central Banks will have less ability to print money to fund wars & bailouts if their native populations can have a choice to buy, hold and use other more stable currencies.

  18. #8518
    Excommunicated baldrick's Avatar
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    Bank of Thailand to explore stablecoin regulation - Ledger Insights - enterprise blockchain

    Bank of Thailand to explore stablecoin regulation

    Today the Bank of Thailand (BOT) issued preliminary guidance on stablecoins and also requested input on potential regulatory guidelines.

    It split stablecoins into two buckets, the first being stablecoins backed by Baht currency which it considers e-money. Hence issuers and those that provide stablecoin services are expected to consult the central bank before starting operations.

    The second group is any other type of stablecoin, such as one backed by a foreign currency, assets or algorithmic. The central bank said these stablecoins are not currently illegal, but it is considering regulatory guidelines.

    At the same time, the Bank of Thailand highlighted its own retail central bank digital currency work.

    Last week, it published a report about its CBDC trial for corporate payments with the Siam Cement Group, highlighting performance concerns. Siam Cement Group is involved in a very successful blockchain procure-to-pay solution. The central bank is also a participant in cross border or multi CBDC trials with Hong Kong, China and the UAE.

    Thailand is pretty progressive when it comes to the use of blockchain and DLT. The central bank has already issued scripless blockchain bonds to retail investors. And at least 22 banks are involved in a blockchain letter of guarantee system that has processed many hundreds of millions in guarantees. The Stock Exchange of Thailand (SET) plans to launch digital asset trading later this year
    .

  19. #8519
    I Amn't In Jail PlanK's Avatar
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    RIP Bitcoin-ajmvrkp_460s-jpg

  20. #8520
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    Did a bit of a wide splash.

    1, 3, 5, 10 year turn around is fine.

    BTC: 25%
    ETH: 15%
    XRP: 15%
    LTC: 10%
    XLM: 10%
    BCH: 7.5%
    ADA: 7.5%
    DOGE: 5%
    OMG: 5%


    Fun bit o' playing.

  21. #8521
    Excommunicated baldrick's Avatar
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    ADA is the new OMG

  22. #8522
    I Amn't In Jail PlanK's Avatar
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    ^
    Because they both pump but are still theoretical and yet to deliver?

  23. #8523
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    Quote Originally Posted by Edmond View Post
    1, 3, 5, 10 year turn around is fine.
    Maybe not. Have plenty put away long term. Might clear the profit everyday, and with a daily loss wait for it to recover.

    Today's 24 hour profit, 7-8%. Hmmmm. Decisions decisions.

  24. #8524
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    Quote Originally Posted by Edmond View Post
    Decisions decisions.
    Up almost 10% for the day. Sold 5% and transferred to bank account.

    Upping the play by 50% in the same ratios.

    Will bank 50% of daily profits, leaving 50% to grow while eating losses (daily and long term)



    Right, time for a hot oil massage.

  25. #8525
    I Amn't In Jail PlanK's Avatar
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    Is the establishment starting to change its mind on crypto?

    Michael Morell, a 33-year veteran of the agency, published an independent paper commissioned by the newly formed lobbying group Crypto Council for Innovation (whose founding members include Coinbase, Fidelity Digital Assets, and Square) directly refuting this well-traveled narrative. In an expansive study, Morell came to two key conclusions:


    1. The broad generalizations about the use of bitcoin in illicit finance are significantly overstated.
    2. Blockchain analysis is a highly effective crime fighting and intelligence gathering tool.

    But that is not all. In speaking with Forbes before the paper’s release, Morell made it clear that there will also be severe geopolitical repercussions for the U.S. vis-a-vis China if it wastes energy and resources chasing a ghost as opposed to leveraging blockchain, and fintech more generally, to build the country’s technological and economic base. Specifically, he said that “we need to make sure that the conventional wisdom that is wrong about the illicit use of Bitcoin doesn't hold us back from pushing forward the technological changes that are going to allow us to keep pace with China.”
    Janet Yellen, Bitcoin And Crypto Fearmongers Get Pushback From Former CIA Director

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