BITCOIN

HCIMbtw

Frequentlyhere said:

I've just been reading about Ethereum's forthcoming switch from Proof of Work to Proof of Stake. Probably as a result, ETH is +7% this month whilst BTC is -8%. 

Now, longtime readers will know I'm deeply sceptical at present about the value of Crypto as a whole to society, so this isn't me bigging up ETH exactly, but if I was forced at gunpoint to invest in Crypto, it seems to me that Ethereum is actually making 'useful' progress in becoming significantly less environmentally damaging through this change. 

Moreover, It's actually being led by somebody, being changed, whilst BTC seems stuck exactly where it has been for a decade. As a result, It seems to me that ethereum is by far the better bet for ever evolving into anything of actual use, simply because it actually is significantly evolving whilst the only thing Bitcoin people ever tell me is about lightning network, which seems quite a flawed concept in itself.

Maybe it'll all go disastrously wrong when they do make the change, but I'd still say the capability of changing is a significant advantage. Despite the noise from bitcoin fans, I'm just not seeing any significant change/enhancements.

Agree? Disagree?

This is how I started my thought process a few years back... and as a theory its still not necessarily wrong or beyond possibility, but once you get this concept you start to understand that many different types of crypto exist for different purposes... and after a few years of learning I always cycle back to BTC being the surest bet 

While ETH holds a strong first to market position as a layer 1 dapp/smart contract platform, it is not without challenge and it is arguable that others are better, with more development, lower fees , better security etc.. i'll not name any but you get the point 

You also have different concepts of Crypto like DAO's, where the token is a voting right in development 

But BTC has already won the position of digital cash/gold, incorruptible fixed asset... which is its MO 

Type_45

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

bugbyte_2

HCIMbtw said:

.....But BTC has already won the position of digital cash/gold, incorruptible fixed asset... which is its MO 

I think what you mean is 'I hope one day that BTC has already won the position of digital cash/gold, incorruptible fixed asset' 

My debit card is digital cash and has 99.99999% more functionality and real world use than BTC. 

Gold has '000's of years of being accepted as a store of value, and is hedging my stocks, shares and cash reserves right now. In contrast, BTC has crashed, and done the exact opposite of what its supporters thought it would do in an inflationary environment. 

Incorruptible? With no government regulation or oversight? Clicky. and that's not taking into account human nature's ability to forget  / loose your seed phrase.

Fixed asset? Fixed against what?

IMO BTC is an asset in the same way as fine wine / race horses that only exist on a computer are assets. If someone is willing to trade, then they have a value. When people stop trading, they have no value. This is not a bad thing btw as you can clearly make money from crypto, but pretending it is something it is not is just desperately trying to justify its existence - when in reality you don't need to do. 

 

Type_45

bugbyte_2 said:

HCIMbtw said:

.....But BTC has already won the position of digital cash/gold, incorruptible fixed asset... which is its MO 

I think what you mean is 'I hope one day that BTC has already won the position of digital cash/gold, incorruptible fixed asset' 

My debit card is digital cash and has 99.99999% more functionality and real world use than BTC. 

Gold has '000's of years of being accepted as a store of value, and is hedging my stocks, shares and cash reserves right now. In contrast, BTC has crashed, and done the exact opposite of what its supporters thought it would do in an inflationary environment. 

Incorruptible? With no government regulation or oversight? Clicky. and that's not taking into account human nature's ability to forget  / loose your seed phrase.

Fixed asset? Fixed against what?

IMO BTC is an asset in the same way as fine wine / race horses that only exist on a computer are assets. If someone is willing to trade, then they have a value. When people stop trading, they have no value. This is not a bad thing btw as you can clearly make money from crypto, but pretending it is something it is not is just desperately trying to justify its existence - when in reality you don't need to do. 

 

Agreed with most of this with the caveat of "you can clearly make money from crypto".

You can clearly lose money from crypto too. All of it. 

You do not lose money with gold or silver.

DannyCarey

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

Malthusian

Type_45 said:

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

To limit the amount of risk ordinary retail investors are exposed to - if they go via exchanges regulated in that province. See also the FCA's "restricted investor" rules over here on investing in P2P or other unregulated/pseudo-regulated investments. Or the rules restricting how CFDs are sold to retail investors.
Want local regulator's kitemark, play by local regulator's rules. 

Type_45

Malthusian said:

Type_45 said:

Malthusian said:

Type_45 said:

Canada has brought in limits to how much crypto citizens are allowed to have.

Unsurprisingly, no they haven't. 
Some exchanges in some Canadian provinces are imposing annual buy limits (not limits on how much you can hold) in order to secure registration with the local financial regulator. 
Canadian sovereign citizens living in the provinces affected can still buy as many scatcoins as they like from exchanges registered outside those Canadian provinces. 
(As in the US, each Canadian province has its own financial regulator, so it is incorrect to say "Canada has" when we are talking about regulation on the provincial level.)

Why are they imposing buy limits?

To limit the amount of risk ordinary retail investors are exposed to - if they go via exchanges regulated in that province. See also the FCA's "restricted investor" rules over here on investing in P2P or other unregulated/pseudo-regulated investments. Or the rules restricting how CFDs are sold to retail investors.
Want local regulator's kitemark, play by local regulator's rules. 

If that were true then why are they only regulating certain coins?

In the regulating provinces people can still buy as much Bitcoin, Bitcoin Cash, Ethereum and Litecoin as they like. Unlimited. But other coins have annual caps on the amount citizens can purchase.

How do you explain that? 

bugbyte_2

DannyCarey said:

https://twitter.com/DWhitmanBTC/status/1564574587697995776/photo/1

Interesting that those guys knew this was coming in 1997. So accurate too..

Sorry to pop bubbles but 25 years after this was written people buy stuff on the internet with a debit card. That's the reality. Crypto used widely as money never happened. 

DannyCarey

Sorry to pop bubbles, but it looks like you didn't read it properly. It is not talking about simply paying with a debit card here...

bugbyte_2

OK.

Has the Odds been reset? (what does this even mean?) Have Nation States had their capacity to determine who becomes a sovereign citizen reduced? Has Crypto liberated us from inflation? Do we all use Cyber cash?  



err no.