pinkybanana

5 ms·

1.
by pinkybanana 5y ago
People in invest in crypto because the gains have been ridiculously good. However some people have lost their money because of bad security or scams. You can mentally it like, you invest $1000, plan to exist when the value hits 10x and have
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by pinkybanana 5y ago
There have been plenty of news articles about these people. For example in Scandinavia top tax payers are published yearly, there have been some crypto investors who have made it to the top of the list, and have given out interviews. Readin
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by pinkybanana 5y ago
> It's pretty crazy the number of people who bought Bitcoin/crypto at such an early stage (e.g spending >$1000 on something nearly worthless and very obscure) yet are very bad at the security of this. You would think the fir
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by pinkybanana 5y ago
> I understand that often, we think something new will solve all our problems New things fix some old problems, but also introduce new ones that we hadn't before. The value of solving the old problems is greater than the total cost
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by pinkybanana 5y ago
However crypto has made lots of people millionaires and that kind of hippie stuff doesn't. It is not like reinventing old institutions, Bitcoin has features that central banking based systems are fundamentally unable to offer (such as
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by pinkybanana 5y ago
It would be good way to avoid taxes, as you can write it as a loss and then go enjoy your BTC stash to some other country tax-free. The problem is though that the BTC will still be traced to you...
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by pinkybanana 5y ago
There are already Bitcoin ETFs and other stock-market tradable products in many jurisdictions (not US though). These are very straightforward for casual user, I don't see how it would be any more insecure than buying for example Gold E
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by pinkybanana 5y ago
What has really helped me to relax with my crypto holdings was reading couple of cancer stories. Basically as how nature is, cancer can come any time and take anyones life away. Just treat Bitcoin as the nature, but a less severe version as
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by pinkybanana 5y ago
> Keeping your coins in a self-hosted wallet is like handling millions in physical cash or precious metals. Definitely not. I'm sure that for someone who has middle-level skills at basic IT and basic understanding of cryptocurrencie
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by pinkybanana 5y ago
There are lots of custodians with different storage models. If you have account at some reputable service, good password and 2FA set up (non-mobile) then I think accidents are always super ultra-rare or basically nonexistant. Of course you
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by pinkybanana 5y ago
The people have been always there, it is just that now they have the tools. I personally have no problem, bitcoin should be for adults who can manage their own risks. You can always opt out and not use it. This whole thing has been repeated
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by pinkybanana 5y ago
> (Or there are externalities: techies will work for less money if you let them work on space travel.) I guess the salaries are about the same in companies like SpaceX etc, but I would guess that working hours etc are not. Some engineer
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by pinkybanana 5y ago
> that aren't doing anything actually useful (finance, fintech, adtech)*. Cut that crap. Most of the companies in these spaces are value-adding services and products. It is annoying that this kind of thinking is prevalent "If I
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by pinkybanana 5y ago
Dude, to me it sounds like you are missing the point of music, which is that there isn't a point. It is just to experiment and do whatever feels good for you, which can be quite different things for different people.
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by pinkybanana 5y ago
> Why should you expect different treatment from Google than Twitter et al.? Well, because you aren't twitter. Expecting google to treat indie dev the same as multibillion dollar corporations would be stupid. World isn't fair p
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by pinkybanana 5y ago
Bitcoin pretty much always works 100%. It is the fiat that often has problems. In this case the issue is that you can't deposit British Pounds to Binance. If you already converted all your useless fiat currency to various cryptocurrenc
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by pinkybanana 5y ago
> Why should the least well off in society be part of a crypto-coin whose supply has been given to early adopters and insiders? They shouldn't, what Bitcoin is enabling is the ability for whoever to use whatever kind of coin they wa
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by pinkybanana 5y ago
I wouldn't say BTC is fair, but it is clearly fairer. With PoS coins, it is clear that minting new coins will heavily centralize for exchanges and big holders. With BTC, miners are clearly categorized as separate economic actor, where
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by pinkybanana 5y ago
> However you want to look at it, this coin looks crappy from both sides. Unless you're a miner. Depends on what you are comparing to. For me, Bitcoin is easier to understand than the fiat system we are currently using, and that&#x2
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by pinkybanana 5y ago
Verisign going to be the next rocket stonk
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by pinkybanana 5y ago
> If you want a performant Linux phone, put some skin in the game. The reality is that this ain't going to happen. There will be never enough volunteer-based work to enable the level of effort that it requires to develop consumer de
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by pinkybanana 5y ago
> they don't expend much time investigating "small" crimes and their definition of small is surprisingly large to the average person. On the other crime types, for example drug related, law enforcement seems to pay a lot a
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by pinkybanana 5y ago
So what. That guy helped the poor people, and helped himself even more. However on absolute terms, everyone involved is better off. If you are unhappy on how he did it, maybe you can donate your funds to poor people in a no-strings attached
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by pinkybanana 5y ago
Good luck storing and handling that pile of cash, I'll stay with my crypto hardware wallet.
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by pinkybanana 5y ago
The point of adopting BTC is generally to get wealthier. Merchants accept BTC to have more customers, more revenue and ultimately more profit. As I have witnessed it, there has been increasing adoption of BTC slowly but surely. In El Salvad
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by pinkybanana 5y ago
Physical cash is ridiculously cumbersome and difficult to handle in larger quantities. I wouldn't probably be able to get $10k worth of cash from my local bank, and getting something like $100k would probably require days and lots of w
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by pinkybanana 5y ago
> If they were concerned about remittance fees they could just set up a bank in the US with low fees, instead of getting kickbacks from OCGs and Western Union / Money Gram etc. Can you elaborate? With remittance there is people with
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by pinkybanana 5y ago
Both. Some people (probably minority) will use self-hosted wallets. Majority will use custodials (banks). > And if the latter, why would bitcoin be of help at all? A normal bank account would be simpler and less worrisome. USD will still
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by pinkybanana 5y ago
> Who the hell has time to figure out all this stuff? Nobody will have to learn this stuff, if the BTC economy develops there will be professional custodials for all levels. Eg. banks. But the importance is that there is always the optio
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by pinkybanana 5y ago
It is not dumb. Custodians are useful, very useful actually. With Bitcoin you can use custodians, but you can also host your bitcoins yourself if you want. The opportunity to do latter is the most important and makes Bitcoin valuable. Howev

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