Crypto Currency Thread (Vol.2)

[A44RON]

dimots said:

A44RON said:

Something I don't understand? I've been in Crypto longer than you clearly if you're believing what the Bitcoin Maximalists are saying, so you can pipe down.

Fundamental Sound Money:
- physical Gold
- physical Silver
- 100% private-by-default Cryptos that tick ALL the key principles of Sound Money.

There is no halfway house when it comes to privacy and fungibility - either it is fungible or it is not.

I've posted numerous links in this thread detailing why Bitcoin is not fungible and the usual brainwashed noobs are still arguing with it - that's what is hilarious.

Bring on the Unrealized Capital Gains Tax, then we will precisely see what is and isn't Sound Money.

Edited by A44RON on Monday 11th March 21:53

Your main problem is that you are a Monero maximalist

That's a bit of a silly position because bitcoin has the world's most powerful computer network behind it with a rapidly incresing hash rate, and has the highest locked value blockchain in existence.

Monero is basically two mining pools and a load of amateurs with gaming rigs. Monero hash rate is declining. Monero market cap is declining. You can only buy things with Monero that have no risk of exposing your address, device IDs, IP, name, or email.

If cataclsymic end of bitcoin scenario happens...I don't think swapping into Monero will help, but if it does I'll swap into Monero. I don't need to be in Monero now for any reason whatsoever.

So why Monero?

nice assumption, Monero is actually my smallest Crypto holding as great as it is for a Privacy coin there are a couple that are even better and have much more upside potential. But I'm glad Monero exists. And I'm glad Bitcoin exists - even though it's not what it was set out to be. I got out of Bitcoin in 2021 when I acknowledged its many flaws as a Crypto. ANd Crypto is only about 15% of my own personal portfolio because I understand its risks and limitations when the cyber attacks will happen and people will get absolutely slaughtered.

"You can only buy things with Monero that have no risk of exposing your address, device IDs, IP, name, or email." - you can book private airline flights with Monero. Try doing that with Bitcoin and see how long it takes and how much of your transaction fee will be in fact, try purchasing anything with Bitcoin and check your transaction fee lol.

https://cointelegraph.com/news/uk-government-seize...

"UK authorities will soon have fewer restrictions when seizing crypto"

and YouTube: "could Privacy coins have saved the Freedom Convoy" answer yes they did.

It's a bit of a silly position to be in Bitcoin when it isn't even fungible and private. I'm looking forward to the day when the powers-that-be want their big slice from the normies and they come knocking.

And this is the issue - 99% of Bitcoin buyers don't even know what they're actually buying - they just want numbers to keep going up regardless of it affecting their financial freedom. They don't actually know or care what is and isn't Sound Money. It's either ignorance or stupidity. If you're just in it for the number gains, then great. But don't come on here pretending to be some Martyr for a pro-freedom anti-enslavement system when you back a public ledger coin that's being corrupted by Blackrock and co.

[A44RON]

Rocket. said:

A44RON said:

Something I don't understand? I've been in Crypto longer than you clearly if you're believing what the Bitcoin Maximalists are saying, so you can pipe down.

Fundamental Sound Money:
- physical Gold
- physical Silver
- 100% private-by-default Cryptos that tick ALL the key principles of Sound Money.

There is no halfway house when it comes to privacy and fungibility - either it is fungible or it is not.

I've posted numerous links in this thread detailing why Bitcoin is not fungible and the usual brainwashed noobs are still arguing with it - that's what is hilarious.

Bring on the Unrealized Capital Gains Tax, then we will precisely see what is and isn't Sound Money.

Edited by A44RON on Monday 11th March 21:53

So you have been in 'Crypto' longer than me, good for you old chap.

Physical is fine but most people under 50 are not rushing out to buy kungerrands and silver goblet/jewelery try to store their wealth, but you knock yourself out.

Wittering on about 100% Crypto and sound money that tick all the boxes, launch your own token based on that see how it goes, if its better than BTC I'm sure it will be a success?

Tax is another issue but whilst I can likely make 100's % against fiat in a recognised digital property/asset over several years I'll pay that fiat capital gain instead of a 5% return on cash isa which in reality is losing more against the currency.

Shows how much you know about Crypto and Sound Money, they already exist. And those who don't have at least some exposure to physical Gold and Silver don't know anything about monetary history - most people under 50 are just thick when it comes to monetary history and/or don't care. What have Central Banks been buying in record amounts since 2020 again?

Back in your hole.

[dimots]

Craig's not Satoshi.

https://x.com/hodlonaut/status/1768263797288923601...

[CraigyMc]

dimots said:

Craig's not Satoshi.

https://x.com/hodlonaut/status/1768263797288923601...

Thanks very much

[NickZ24]

A44RON said:

It's a bit of a silly position to be in Bitcoin when it isn't even fungible and private. I'm looking forward to the day when the powers-that-be want their big slice from the normies and they come knocking.

And this is the issue - 99% of Bitcoin buyers don't even know what they're actually buying - they just want numbers to keep going up regardless of it affecting their financial freedom. They don't actually know or care what is and isn't Sound Money. It's either ignorance or stupidity. If you're just in it for the number gains, then great. But don't come on here pretending to be some Martyr for a pro-freedom anti-enslavement system when you back a public ledger coin that's being corrupted by Blackrock and co.

Other coins have privacy options, such as Litecoin.
Bitcoin should have their Whitepaper changed P2P into store of value.
Normies are maybe 1% of the world's population. Its close to impossible to know the number of crypto users. My guess is around 25 to 45 million worldwide.

[James6112]

Thanks to Bitcoin Tracker & Fundsmith, 28k up in 6 weeks
Making my retirement imminent, when I hit a magic DC number

[dimots]

Absolutely love that you can see El Salvador’s bitcoin holdings in their wallet.

Imagine this level of transparency becoming the global standard.

https://www.blockchain.com/explorer/addresses/btc/...

[funinhounslow]

dimots said:

Absolutely love that you can see El Salvador’s bitcoin holdings in their wallet.

Imagine this level of transparency becoming the global standard.

https://www.blockchain.com/explorer/addresses/btc/...

So if I buy bitcoin anyone can see how many I have and when I spend it? I suppose they don’t know who “I” am but even so…

Also, am I reading this correctly but a $1 transaction attracts 50 cents in fees…?!

[tertius]

funinhounslow said:

So if I buy bitcoin anyone can see how many I have and when I spend it? I suppose they don’t know who “I” am but even so…

Also, am I reading this correctly but a $1 transaction attracts 50 cents in fees…?!

Transactions are all public on the blockchain, yes, that is part of the design.

However there is no need to reuse addresses, indeed it is gerlnerally recommended that you don't. So you could easily have one bitcoin spread across 50 (or indeed almost any number of) addresses. Don't think of addresses as in any way similar to a bank account.

Regarding fees - they are not linked to the amount of bitcoin you are sending - it could easily cost the same to send 10 dollars as 10,000.

Edited by tertius on Saturday 16th March 17:51

[RichTT]

funinhounslow said:

So if I buy bitcoin anyone can see how many I have and when I spend it? I suppose they don’t know who “I” am but even so…

Also, am I reading this correctly but a $1 transaction attracts 50 cents in fees…?!

When you submit a transaction you are bidding against everyone else on the network who's also wanting to send a transaction. You want it fast, you pay more, willing to wait, pay less. The feerate is also based on the size (in bytes) of the transaction you're making, not the $ value. Think of it more like paying for a portion of the digital real estate in the finite space that is a block of transactions.

It's the simplest way of creating a common marketplace for layer zero (the miners). They want to maximise their revenue, so they will bid with electricity to 'mine a block', and include the most rewarding transactions.

[funinhounslow]

Got it, thanks for explaining

[Mr Whippy]

tertius said:

funinhounslow said:

So if I buy bitcoin anyone can see how many I have and when I spend it? I suppose they don’t know who “I” am but even so…

Also, am I reading this correctly but a $1 transaction attracts 50 cents in fees…?!

Transactions are all public on the blockchain, yes, that is part of the design.

However there is no need to reuse addresses, indeed it is gerlnerally recommended that you don't. So you could easily have one bitcoin spread across 50 (or indeed almost any number of) addresses. Don't think of addresses as in any way similar to a bank account.

Regarding fees - they are not linked to the amount of bitcoin you are sending - it could easily cost the same to send 10 dollars as 10,000.

Edited by tertius on Saturday 16th March 17:51

How do you get 1 btc spread across 50 addresses?

Buy one, then send it to 50 addresses with 50x fees?

And someone able to just go back on their payment to see the root origin of their payees 50 separate wallet addresses (assumed, no way to know for sure but pretty obvious)

Or buy 50 individual chunks to separate addresses with 50x buy fee spreads?

[Mr Whippy]

RichTT said:

funinhounslow said:

So if I buy bitcoin anyone can see how many I have and when I spend it? I suppose they don’t know who “I” am but even so…

Also, am I reading this correctly but a $1 transaction attracts 50 cents in fees…?!

When you submit a transaction you are bidding against everyone else on the network who's also wanting to send a transaction. You want it fast, you pay more, willing to wait, pay less. The feerate is also based on the size (in bytes) of the transaction you're making, not the $ value. Think of it more like paying for a portion of the digital real estate in the finite space that is a block of transactions.

It's the simplest way of creating a common marketplace for layer zero (the miners). They want to maximise their revenue, so they will bid with electricity to 'mine a block', and include the most rewarding transactions.

It’s quite a crappy system.

I’ve picked ‘average fee’ on a block based on average sat/byte or whatever from last block… and the next block it went into had that fee insufficient to be picked up and took hours to clear.
All while I had £2,500 worth in limbo on a transaction pegged to btc/gbp rate and needing to clear in 1hr, through Stripe or similar.

Using bitcoin to just buy something from a mainstream website. And it broke.

Now, doubling the sat/byte to just get it through asap is well worth it, when the fee is like £2 for £2,500 as it can be at times.
But right now the cost is bonkers again and makes bitcoin look stupid.

[White-Noise]

Then you try and do it on eth. My god those fees.

As an aside, I'm reading bubble or revolution at the moment which I'd recommend on what I've seen in it so far.

[tertius]

Mr Whippy said:

How do you get 1 btc spread across 50 addresses?

Buy one, then send it to 50 addresses with 50x fees?

And someone able to just go back on their payment to see the root origin of their payees 50 separate wallet addresses (assumed, no way to know for sure but pretty obvious)

Or buy 50 individual chunks to separate addresses with 50x buy fee spreads?

You could do either of those or a myriad other options.

If you were to buy on an exchange and then send in suitable fractions to your chosen addresses the source address would not be a meaningful way of associating those transactions with one person.

At the moment transaction fees are about $2 per transaction (assuming average size), though often less from an exchange but lets assume $2. So you buy one bitcoin, call it a cost of $66,000 right now, you spend $100 sending it to 50 addresses, net $65,900. Doesn't seem totally unreasonable.

Though 50 addresses is perhaps overkill but there we go ...

Edited for sums ...

[White-Noise]

tertius said:

Mr Whippy said:

How do you get 1 btc spread across 50 addresses?

Buy one, then send it to 50 addresses with 50x fees?

And someone able to just go back on their payment to see the root origin of their payees 50 separate wallet addresses (assumed, no way to know for sure but pretty obvious)

Or buy 50 individual chunks to separate addresses with 50x buy fee spreads?

You could do either of those or a myriad other options.

If you were to buy on an exchange and then send in suitable fractions to your chosen addresses the source address would not be a meaningful way of associating those transactions with one person.

At the moment transaction fees are about $2 per transaction (assuming average size), though often less from an exchange but lets assume $2. So you buy one bitcoin, call it a cost of $66,000 right now, you spend $100 sending it to 50 addresses, net $65,900. Doesn't seem totally unreasonable.

Though 50 addresses is perhaps overkill but there we go ...

Edited for sums ...

Just to add and make it obvious as it really isn't obvious at first. The bitcoins can be split up into lots of different bits. You can send 0.1 or 0.0004 etc... they're not like cutting up 1p pieces. You can't send 1 complete coin to multiple places, you send an amount of bitcoin. You can buy 0.1 bitcoins or 0.0003 or 22.37 or whatever. Then send whatever amount you choose to whatever addresses.

[dimots]

Nice to see Tertius back.

[RichTT]

Mr Whippy said:

It’s quite a crappy system. I’ve picked ‘average fee’ on a block based on average sat/byte or whatever from last block… and the next block it went into had that fee insufficient to be picked up and took hours to clear.
All while I had £2,500 worth in limbo on a transaction pegged to btc/gbp rate and needing to clear in 1hr, through Stripe or similar.

Using bitcoin to just buy something from a mainstream website. And it broke.

Now, doubling the sat/byte to just get it through asap is well worth it, when the fee is like £2 for £2,500 as it can be at times.
But right now the cost is bonkers again and makes bitcoin look stupid.

It's an elegant engineering solution to an issue that digital money precursors to Bitcoin failed to solve. Namely, how do you centralise the bidding process in the easiest possible way and incentivise the miners to compete against each other. This encourages competition.

You also now have the option for RBF (Replace By Fee) and PPFC (Parent Pays For Child) updates to your fee proposal. If your transaction eventually gets cut from the mempool because you choose not to bump the fee, you can start again without having lost anything.

Current High Priority cost is - 17 sat/vB $1.58

So, not really bonkers.

Edited by RichTT on Sunday 17th March 05:05

[fourstardan]

So after two weeks of frantic activity on my useless coins (Doge, Vanar) they are all sliding back down.

Where does all this value go...

[okgo]

Buy the dip no? It only goes up