Tesla buys $1.5 billion in Bitcoin
Comments
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Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it. -
Protect your password.GreenRiverGatorz said:
Interesting point of discussion. We're probably equally clueless when it comes to technical matters of cyber security, but my impression has always been that bitcoin can only be hacked to the extent that an individual exchange allows it to be. Genuine question to any of our lurking comp sci nerds on the board, but is it any different than "hacking" someone's stock portfolio (and I realize I sound like a bad Hollywood screenwriter with how that question was posed)?HoustonHusky said:The scarcity issue with bitcoin is fine (there is a finite number of them) and the concept in theory is fine as a digital equivalent to gold.
My problem with bitcoin is two-fold. 1) The holders...5 Chinese companies generate over half of the new bitcoin...in theory its brilliant as a transfer of assets. China burns coal to generate a shiteton of electricity to mine bitcoin, sell it on the open market to a bunch of Westerners for $$$. The concentration of assets of it as well is not comforting...most of the bitcoin are held by a relatively small number of people . 2) Security. Have a breach where a bunch of bitcoin get "stolen" and you'll see a massive correction in the price. I'm not a computer security guy, but it seems like stealing bitcoin electronically is a heck of a lot easier than trying to make off with a ton of gold, and as price appreciates the creativity of the crooks trying to do it goes up exponentially.
With all of these assets they will go up in uncertain and/or money-printing times and go down when things are nice and stable. Seems like a good bet they won't be going down anytime soon...
Now granted I'm sure Coinbase and Kraken and whatever other rinky-dink exchanges are out there lack the cyber security infrastructure of your Fidelitys and Vanguards. But I would also expect that as bitcoin becomes more mainstream that that vulnerability begins to correct itself. -
No.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it. -
IMHO, blockchain is going to have larger ramifications than crypto.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
The technology is a natural replacement for pretty well any data-driven industry. Stupid shit like real estate title insurance companies - massive industry that pretty well becomes obsolete with a perfect trail of ownership on a parcel. Poof - gone, just gone. No need for it.
Due diligence on any kind of transaction involving ownership -mining claims, oil royalties, etc. Gun registration. Car registration.
That's just off the top of my head.
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I completely agree. I think it's one of those technologies like machine learning where it starts out niche and slowly accelerates until all of a sudden it's everywhere.PurpleThrobber said:
IMHO, blockchain is going to have larger ramifications than crypto.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
The technology is a natural replacement for pretty well any data-driven industry. Stupid shit like real estate title insurance companies - massive industry that pretty well becomes obsolete with a perfect trail of ownership on a parcel. Poof - gone, just gone. No need for it.
Due diligence on any kind of transaction involving ownership -mining claims, oil royalties, etc. Gun registration. Car registration.
That's just off the top of my head. -
Sounds like I need to start block chaining my shit.Mad_Son said:
I completely agree. I think it's one of those technologies like machine learning where it starts out niche and slowly accelerates until all of a sudden it's everywhere.PurpleThrobber said:
IMHO, blockchain is going to have larger ramifications than crypto.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
The technology is a natural replacement for pretty well any data-driven industry. Stupid shit like real estate title insurance companies - massive industry that pretty well becomes obsolete with a perfect trail of ownership on a parcel. Poof - gone, just gone. No need for it.
Due diligence on any kind of transaction involving ownership -mining claims, oil royalties, etc. Gun registration. Car registration.
That's just off the top of my head. -
The two big trends I see are blockchain and AI/automation. Once those collide seamlessly, you're going to essentially see accounting and the legal profession tossed on it's head. Paralegals and generalist high level cut and past attorneys (which is a massive proportion of the profession) - gone. Bookkeepers and accounting staff - gone. The data will be interpreted by artificial intelligence and the more mundane, repetitive tasks then transmitted and stored via block chain.Mad_Son said:
I completely agree. I think it's one of those technologies like machine learning where it starts out niche and slowly accelerates until all of a sudden it's everywhere.PurpleThrobber said:
IMHO, blockchain is going to have larger ramifications than crypto.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
The technology is a natural replacement for pretty well any data-driven industry. Stupid shit like real estate title insurance companies - massive industry that pretty well becomes obsolete with a perfect trail of ownership on a parcel. Poof - gone, just gone. No need for it.
Due diligence on any kind of transaction involving ownership -mining claims, oil royalties, etc. Gun registration. Car registration.
That's just off the top of my head.
They'll still be the need for higher level thinkers but go back to the days when there were legions of secretaries re-typing handwritten briefs/legal documents/financial statements. That was within my career span when computers were in their infancy. When's the last time anyone here gave hand-written stuff to their assistant to type up?
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I was told there would be no Private property and that you will Love ❤️ it.PurpleThrobber said:
IMHO, blockchain is going to have larger ramifications than crypto.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
The technology is a natural replacement for pretty well any data-driven industry. Stupid shit like real estate title insurance companies - massive industry that pretty well becomes obsolete with a perfect trail of ownership on a parcel. Poof - gone, just gone. No need for it.
Due diligence on any kind of transaction involving ownership -mining claims, oil royalties, etc. Gun registration. Car registration.
That's just off the top of my head.
If the Government owners everything, why do we need Blockchain? -
Who.gifdoogie said:
I was told there would be no Private property and that you will Love ❤️ it.PurpleThrobber said:
IMHO, blockchain is going to have larger ramifications than crypto.Mad_Son said:
Do you even blockchain?creepycoug said:
Can they reset it?backthepack said:
The coders/creators of the currency. They set it how they want the crypto to behave.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
The technology is a natural replacement for pretty well any data-driven industry. Stupid shit like real estate title insurance companies - massive industry that pretty well becomes obsolete with a perfect trail of ownership on a parcel. Poof - gone, just gone. No need for it.
Due diligence on any kind of transaction involving ownership -mining claims, oil royalties, etc. Gun registration. Car registration.
That's just off the top of my head.
If the Government owners everything, why do we need Blockchain?
The Tug is your source? -
An article I read recently (yeah I read things) made the case that Tesla buying $1.5 billion of BTC is a bad sign that it doesn't have any uses of the cash right now.
Do municipalities assess a sales tax if you buy something with BTC?
Look at where the 10 year UST was 6 months ago and where it is now. If rates continue to march back towards 2% - 3% on the 10 year UST, it will be a bloodbath for crypto with the smart money moving into bonds while a bunch of millennials will be left with the dicks in their hands (assuming they still identify as male). -
The 21 million cap and the supply schedule are backed by community consensus and set through its code. Bitcoin's code is opensource so anyone could create an alternative version with a different supply schedule or cap. This is called a fork and there are dozens of Bitcoin forks out there with limited value as they don't have the network effects, the decentralization or the security of BTC, which are all important to its value proposition.creepycoug said:
Set how? By whom?backthepack said:
Different cryptos has different supply levels. Some are infinite. Some are set.creepycoug said:
I would say the only difference between gold and Crypto is that gold has a natural supply limit and thus scarcity.Goduckies said:My reasoning is that gold is useful. Bitcoin can be replaced at any time and go to zero easily. Most other investment vehicles are either a product or commodity. Bit coin is neither. It's biggest advantage was to be able to hide the transaction from the feds, but they can even track it now. Also the growth is not based on anything real. It's just demand rises because people hear about it. Very much like a ponzi scheme.
Crypto? I have no idea. But it doesn’t sound like it.
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I agree with your premise but I'd argue rates can't march back that high...will blow the Federal Budget up and cascade to blowing the economy up. No govt or Fed official will sign off on that, at least until the immediate alternative is worse.HFNY said:An article I read recently (yeah I read things) made the case that Tesla buying $1.5 billion of BTC is a bad sign that it doesn't have any uses of the cash right now.
Do municipalities assess a sales tax if you buy something with BTC?
Look at where the 10 year UST was 6 months ago and where it is now. If rates continue to march back towards 2% - 3% on the 10 year UST, it will be a bloodbath for crypto with the smart money moving into bonds while a bunch of millennials will be left with the dicks in their hands (assuming they still identify as male).
