BITCOIN as an alternative to regular currency

[ruthlessimon]

Bitcoin as having higher risk than the 'normal currency'

For one-off high value virtual sales I can see the value, becuase one successful chargeback = total loss. Crypto flips that risk to the buyer.

If I'm selling a £50000 cs2 skin to someone in Uzbekistan, I'd rather take a 10% hit, than a 100% hit

But if I'm dealing volume (retailer), I agree, crypto/gold is worse than fiat.

[firlandsfarm]

For one-off high value virtual sales ... a £50000 cs2 skin to someone in Uzbekistan ...

What??? Help, I live in a virtual cave!

[ruthlessimon]

For one-off high value virtual sales ... a £50000 cs2 skin to someone in Uzbekistan ...

What??? Help, I live in a virtual cave!

Bro, to a subset of shut-in Zoomers, a £50k CS2 skin is basically a top-end Rolex. Some nutters have 100% of their net worth tied up in this stuff.

https://www.forbes.com/sites/danidiplac ... explained/

[tico]

Hi,
So basically it's all about trading something that has no real worth . I think the original concept of bitcoin was good and it sent shivers through the financial world. But the whole thing has just become ludicrous.But so has the traditional financial world which has morphed from a system of finance through to a system of political control.
Remember when our banks failed WE bailed them out and we are STILL paying for it .
Kinders
Tick...whose value could go up or down

[ForFolksSake]

Bitcoin crash ( down 40% since October peak ) could deepen into a death spiral

[Big Bad Barney]

Bitcoin crash ( down 40% since October peak ) could deepen into a death spiral

...but up over 5 years!!! HODL!!!! To the moon man...

gfhd.png

[ruthlessimon]

Do you want my 01010100100011110101001010111s for £52,000?

[Euler]

Because it has no yield, the only way it could create value is if the price grows exponentially, which it won't. So from an investment perspective, its returns eventually fall to sub-par traditional levels. Especially if you get a pull-back.

Will be interresting to see what happens from here.

[ruthlessimon]

Because it has no yield, the only way it could create value is if the price grows exponentially

Ya I agree with that

Like the memory stocks, (which will collapse), but before they do a momentum premium can be extracted.

Problem is crypto bros get married to the asset and not married to a process.

[Euler]

I've started cashing out of memory and storage stocks. It's gone far enough, and they are exhibiting signs of a breakdown.

Stuff I bought for $30 or so is now $400-500, which is mental.

[Naffman]

BTC barely up last 5 years against S&P 500 now.

Michael Saylor has popped into my news feed, he’s speaking like a man who’s truly scared (think he avg 74,000 with billions). The residents of El Salvador can expect some cuts to govt spending too I imagine

[Naffman]

Reckon yesterday was a dead cat bounce - when people like Andrew Tate, Grant Cardone are buying and Saylor’s advice is HODL, people realise it’s not a serious investment

[Euler]

Reckon yesterday was a dead cat bounce - when people like Andrew Tate, Grant Cardone are buying and Saylor’s advice is HODL, people realise it’s not a serious investment

I agree.

My experience of the psychology of markets is that people tend to base their exists around their entry points. Once it starts to hurt then can no longer HODL.

[Naffman]

Feels like we're going to rewatch Michael Saylor's interviews and think 'wow he's fkn delusional'. Seems as though he's just going to keep buying and buying until there's nothing left.

[Euler]

Another week, another hack. But this one was from cold storage!!!!!! I was pretty sure cold storage was safe.

https://x.com/itscoachgoodman/status/20 ... 2223563157

$1.6 million dollars in Bitcoin was drained from my account on July 29th in the Cold Card wallet hack.

My Bitcoin was in cold storage. My keys were on a ColdCard device kept in a safety deposit box that had never been connected to the internet.

This part's nerdy, but here's what happened:

Hackers discovered a vulnerability in the part of the hardware wallet code used to create seed phrases.

This allowed them to use AI to brute force guessing seed phrases.

I was at our cottage and heard about the hack today.

"No way this affects me." I thought.

I logged into Wasabi––software that lets me view my bitcoin wallets online.

Right away I saw lines of red transaction–withdrawals–and I knew.

From 9:36pm - 9:43pm on July 29th, every wallet I had had been emptied.

18.25245043 btc gone. That's just over $1.6 million dollars CAD.

Perhaps the hardest part about this is that I did everything right.

I never shared my seed phrase with anybody. My devices never touched the internet. Everything was kept in multiple safes and safety deposit boxes.

None of it mattered. All because the hardware that created the seed phrase originally had one line in their code from 2021 that had a vulnerability.

I'm filing a police report and a report with the Ontario Securities Commission. But I don't expect to recoup anything.

A part of me is trying to make sense of what just happened. Or try to figure out a lesson in it. I'm struggling. $1.6 million is a staggering amount of money to have stolen.

I guess all that I can think about right now is that I'm so damn happy that I'm an entrepreneur and that my earning potential is under my control. Mark my damn words. I'll recover.