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As a bitcoin/monero maxi who's watched my dollar denominated net worth cut in half this year and expect it to go lower, I strongly agree. The wheat is being se

As a bitcoin/monero maxi who's watched my dollar denominated net worth cut in half this year and expect it to go lower, I strongly agree. The wheat is being separated from the chaff, and I am absolutely here for it. I wish more innocent people would have listened to us and not trusted centralized exchanges or yolo'd huge money into shitcoins, but sometimes you have to watch a child touch a hot stove for their long term well-being. Tick tock, next block.

pcdoodle 4y ago
Indeed, Truth Engine :)
- anonporridge 4y ago
  The timechain doesn't stop. Tick tock, next block.
monero-xmr 4y ago
I read that institutional investors are “afraid of crypto” and this will be bad in the long run. Bad in the long run for who? What did these VCs invest in? A huge pile of scam alt coins / alt chains, centralized exchanges, stuff no one wants. Bitcoin is digital gold. It’s boring and has operated mostly the same since the beginning. We don’t need FTX and I hope the tourists don’t come back.
- anonporridge 4y ago
  Bitcoin and reusable proof of work is the mind blowing innovation that represents a turning point for human civilization. Mutually assured preservation via softwar. The rest will at best be iterative technology that may eventually be integrated into the traditional securities and exchange systems governed by the local monopoly on violence, but is generally uninvestable in its current form.
  - marcus_holmes 4y ago
    The whole thing is uninvestable. None of it (including Bitcoin) generates any value. Nothing is created that benefits the human race. It's speculation all the way down - the only value that a bitcoin has is the likelihood of someone else paying more for it than you paid for it. It's not a turning point for human civilisation; it's a slot machine in a digital casino. Not that the derivatives of "tradfi" are any better. But underneath all that speculation at least there is actual stocks in actual companies that are actually making real human value.
    - rahen 4y ago
      > Nothing is created that benefits the human race. With Bitcoin, we're talking about nothing less than the separation of money and state, like we obtained the separation of church and state. This is huge.
      - unicornmama 4y ago
        There's no separation of money and state - unless the state allows it.
        rahen 4y ago
        Doesn't seem to go so well, does it?
        unicornmama 4y ago
        Relative to what?
      - jamiek88 4y ago
        Yes but it’s controlled by like 3 people. They can revert the chain and have done so in the past. How is that better?
        rahen 4y ago
thunky 4y ago
> As a bitcoin/monero maxi It's too bad that (bitcoin, mostly) maxis are using the recent crypto embarassment as a way to justify their own vested crypto interests. To say "we're better than them" without really explaining how in a way that doesn't require incredible feats of mental gymnastics. edit: here's an example: https://www.cnbc.com/video/2022/11/16/theres-bitcoin-and-theres-everything-else-says-jack-mallers-ceo-of-strike.html https://www.cnbc.com/video/2022/11/16/theres-bitcoin-and-the...
- rufusroflpunch 4y ago
  What incredible feat of mental gymnastics if in this video?
  - thunky 4y ago
    Some quotes about bitcoin from Jack Mallers in the video: - "it's an abritrage on the trend" (multiple times) - "humanity really found it's stride in inventing bitcoin" - "we made and engineered the best version of <money>" - "there's bitcoin and there's everything else" - "a well engineered freedom fighting tool for our species" - "gives everyone in the world real property rights secured by mathematics" - "first monetary asset that we've been able to engineer with no natural issuer" - "is a guaranteed fixed protected monetary policy and instrument" - "accessible to everyone and equitable for everyone. no one has an advantage" What? I have no idea what he's talking about because he never bothers to explain why bitcoin is pure magic and all other crypto is trash. He's just jumping on CNBC to hype his flavor or crypto for obvious reasons.
    - tromp 4y ago
      > accessible to everyone and equitable for everyone. no one has an advantage That could have been true if Bitcoin had a never changing block reward. The miners in the first 4 years (including Satoshi himself) had a huge advantage.
      - taolegal 4y ago
ww520 4y ago
A serious question, how much have your crypto denominated net worth gone up or down this year? Crypto has been put forth as the hedge against fiats, but in reality it seems to be more as a speculative instrument.
- anonporridge 4y ago
  Bitcoin, not crypto. Crypto is mostly a scam. My bitcoin denominated net worth has gone up a lot this year. Most of my other money is in the S&P 500, which has almost tripled in value this year. https://www.pricedinbitcoin21.com/chart/index/GSPC.INDX https://www.pricedinbitcoin21.com/chart/index/GSPC.INDX Unfortunately, the cost of goods and services denominated in bitcoin has also gone up a lot this year. The money supply is only one side of the equation when it comes to the price of goods and services.
  - ww520 4y ago
    Interesting. That's quite impressive given the state of crypto/BTC this year. Are you interpreting the PricedinBitcoin21 index correctly? I don't think the index going up 3X this year really means what you've thought it meant.
    - anonporridge 4y ago
      It means that the index went up 3x denominated in (priced in) bitcoin, rather than priced in dollars. i.e. using bitcoin as the unit of account instead of dollars. I suspect that 'denominated' doesn't mean what you think it means.
      - ww520 4y ago
        The PricedinBitcoin21 index shows the price of goods and services priced in bitcoins. It's akin to the CPI showing the price of goods and services priced in USD. The PricedinBitcoin21 index going up 3X means goods and services are 3X more expensive when paid with bitcoins, which means bitcoin has been devalued 3X. It's bad for bitcoins for the index having gone up 3X. It's like the CPI has gone up 3X. You want the index to go down if you're holding bitcoins. From your previous comments it seems you believe your net worth has gone up because of this index gone up. This index going up has the opposite effect on your bitcoin based net worth. I hope I'm mistaken.

pcdoodle 4y ago

Indeed, Truth Engine :)

anonporridge 4y ago
The timechain doesn't stop. Tick tock, next block.

monero-xmr 4y ago

I read that institutional investors are “afraid of crypto” and this will be bad in the long run. Bad in the long run for who? What did these VCs invest in? A huge pile of scam alt coins / alt chains, centralized exchanges, stuff no one wants. Bitcoin is digital gold. It’s boring and has operated mostly the same since the beginning. We don’t need FTX and I hope the tourists don’t come back.

anonporridge 4y ago
Bitcoin and reusable proof of work is the mind blowing innovation that represents a turning point for human civilization. Mutually assured preservation via softwar. The rest will at best be iterative technology that may eventually be integrated into the traditional securities and exchange systems governed by the local monopoly on violence, but is generally uninvestable in its current form.
- marcus_holmes 4y ago
  The whole thing is uninvestable. None of it (including Bitcoin) generates any value. Nothing is created that benefits the human race. It's speculation all the way down - the only value that a bitcoin has is the likelihood of someone else paying more for it than you paid for it. It's not a turning point for human civilisation; it's a slot machine in a digital casino. Not that the derivatives of "tradfi" are any better. But underneath all that speculation at least there is actual stocks in actual companies that are actually making real human value.
  - rahen 4y ago
    > Nothing is created that benefits the human race. With Bitcoin, we're talking about nothing less than the separation of money and state, like we obtained the separation of church and state. This is huge.
    - unicornmama 4y ago
      There's no separation of money and state - unless the state allows it.
      - rahen 4y ago
        Doesn't seem to go so well, does it?
        unicornmama 4y ago
        Relative to what?
    - jamiek88 4y ago
      Yes but it’s controlled by like 3 people. They can revert the chain and have done so in the past. How is that better?
      - rahen 4y ago

thunky 4y ago

> As a bitcoin/monero maxi It's too bad that (bitcoin, mostly) maxis are using the recent crypto embarassment as a way to justify their own vested crypto interests. To say "we're better than them" without really explaining how in a way that doesn't require incredible feats of mental gymnastics. edit: here's an example: https://www.cnbc.com/video/2022/11/16/theres-bitcoin-and-theres-everything-else-says-jack-mallers-ceo-of-strike.html https://www.cnbc.com/video/2022/11/16/theres-bitcoin-and-the...

rufusroflpunch 4y ago
What incredible feat of mental gymnastics if in this video?
- thunky 4y ago
  Some quotes about bitcoin from Jack Mallers in the video: - "it's an abritrage on the trend" (multiple times) - "humanity really found it's stride in inventing bitcoin" - "we made and engineered the best version of <money>" - "there's bitcoin and there's everything else" - "a well engineered freedom fighting tool for our species" - "gives everyone in the world real property rights secured by mathematics" - "first monetary asset that we've been able to engineer with no natural issuer" - "is a guaranteed fixed protected monetary policy and instrument" - "accessible to everyone and equitable for everyone. no one has an advantage" What? I have no idea what he's talking about because he never bothers to explain why bitcoin is pure magic and all other crypto is trash. He's just jumping on CNBC to hype his flavor or crypto for obvious reasons.
  - tromp 4y ago
    > accessible to everyone and equitable for everyone. no one has an advantage That could have been true if Bitcoin had a never changing block reward. The miners in the first 4 years (including Satoshi himself) had a huge advantage.
    - taolegal 4y ago

ww520 4y ago

A serious question, how much have your crypto denominated net worth gone up or down this year? Crypto has been put forth as the hedge against fiats, but in reality it seems to be more as a speculative instrument.

anonporridge 4y ago
Bitcoin, not crypto. Crypto is mostly a scam. My bitcoin denominated net worth has gone up a lot this year. Most of my other money is in the S&P 500, which has almost tripled in value this year. https://www.pricedinbitcoin21.com/chart/index/GSPC.INDX https://www.pricedinbitcoin21.com/chart/index/GSPC.INDX Unfortunately, the cost of goods and services denominated in bitcoin has also gone up a lot this year. The money supply is only one side of the equation when it comes to the price of goods and services.
- ww520 4y ago
  Interesting. That's quite impressive given the state of crypto/BTC this year. Are you interpreting the PricedinBitcoin21 index correctly? I don't think the index going up 3X this year really means what you've thought it meant.
  - anonporridge 4y ago
    It means that the index went up 3x denominated in (priced in) bitcoin, rather than priced in dollars. i.e. using bitcoin as the unit of account instead of dollars. I suspect that 'denominated' doesn't mean what you think it means.
    - ww520 4y ago
      The PricedinBitcoin21 index shows the price of goods and services priced in bitcoins. It's akin to the CPI showing the price of goods and services priced in USD. The PricedinBitcoin21 index going up 3X means goods and services are 3X more expensive when paid with bitcoins, which means bitcoin has been devalued 3X. It's bad for bitcoins for the index having gone up 3X. It's like the CPI has gone up 3X. You want the index to go down if you're holding bitcoins. From your previous comments it seems you believe your net worth has gone up because of this index gone up. This index going up has the opposite effect on your bitcoin based net worth. I hope I'm mistaken.