Bitcoin

[Folsom]

Really thoughtful breakdown — you highlight a lot of the big debates around BTC vs ETH.
I agree with you that Bitcoin’s energy use is a real issue. The argument about decentralization often ignores the fact that industrial-scale mining farms dominate the network anyway, which makes the “ordinary user running a node” almost irrelevant. It’s become less of a currency and more of a store-of-value narrative, but even that feels shaky when speed and fees are compared to modern alternatives.
Ethereum on the other hand seems more future-proof with the shift to Proof of Stake and the flexibility of smart contracts. That’s what makes it more like a platform than just a coin — it actually does something beyond just payments.
As for taxes, yeah, the regulatory environment is messy. It’s hard for average users to even comply properly when the rules don’t match the technology. Until governments create frameworks that are both practical and enforceable, most people will keep treating crypto as a grey area.

That was written awhile ago. At this point I don't care about BTC power usage. They actually purchase the most sustainable energy, but that's a mixed bag for me since I think wind mills need outlawed.

BTC as a payment system is still a failure for the most part, but it's still the chain and I'd say the best to accumulate without a lot of thought. There's a lot of features on chain now but no one is using them except for the equivalent of NFTs.

ETH this long down the road has proven to not prove. We could be seeing more contracts being useful but we see little. SOL has taken over for throughput and cheapness but it runs on a razer edge because it has to doll out massive amounts to stay stable. Most corporate testing uses sub chains that may be from ETH. Basically no one is paying gas at a high amount - seemed kind of predictable.

Taxes are still stupid and there's software to help you but it doesn't account for all loss types. They've codified dumb stuff for stable coins and are still treating it like a currency but taxing it like property.

 

[V-Fi]

Trump coin is doing well since launching on Friday. Up 840%.

How about now?

 

[Folsom]

How about now?

Before inauguration it was an insanely good buy. Now? Ha.

 

[MRubey]

I could have bought it at $0.10
I could have bought it st $10
I could have bought it at $1000
I could have bought it at 10,000
In a few years you’ll hear: I could have bought it at $120,000

 

[MRubey]

 

[andromedaaudio]

I could have bought it at $0.10
I could have bought it st $10
I could have bought it at $1000
I could have bought it at 10,000
In a few years you’ll hear: I could have bought it at $120,000

In a couple of years u hear ....
I could have sold it at 120.000 and 110.000.

 

[Zero000]

In a couple of years u hear ....
I could have sold it at 120.000 and 110.000.

And two years after that it'll be at $1 mill+ and you'll look like a fool...

Probably not, but you get the point.

 

[MRubey]

People have no idea.
1. The Bitcoin network is the largest most secure computer network in existence. Due to being decentralized it is unhackable. It is the foundational layer and is being built upon. Anything built on it enjoys that same security.
Bitcoins most valuable property is security due to decentralization. It is the answer to long term cyber security.

2. Bitcoin is the first and only digital scarcity.
It has absolute scarcity. It is the hardest scarcest asset ever conceived.

3. Bitcoin is monetized energy. Proof of work along with security profile is why it has actual value rather than being a perception of value.

4. Governments want it all. Due to its absolute security profile it has become a national security issue.
Wall Street wants it all. They see the writing on the wall.

$37.6T debt is a reality.
The game itself is in peril.
Bessent and Lutnik are out to save the game, save the country, save the world from totalitarianism. Just watch it unfold.

Stablecoins and Bitcoin.
The new levers of power.

The argument effectively ended on 01/05/24.
The day IBIT was released.
That was the day the suits took it away from the hoodies.
Now it is serious business. Very few individuals could afford it if they wanted to.
Almost every individual holder will sell.
They say everyone has a number.

 

[Ron Resnick]

People have no idea.

This is quite the marketing piece. I agree with much of it, but you overstate the case.

1. The Bitcoin network is the largest most secure computer network in existence. Due to being decentralized it is unhackable. It is the foundational layer and is being built upon. Anything built on it enjoys that same security.
Bitcoins most valuable property is security due to decentralization. It is the answer to long term cyber security.

There will come a day when people wake up to a panic about the vulnerability of 256 bit encryption to some quantum computing advancement. Hopefully the BTC community will deal with this existential threat prior to a crash in BTC price.

2. Bitcoin is the first and only digital scarcity.
It has absolute scarcity.

yes

It is the hardest scarcest asset ever conceived.

no; "Hardest" is a physical, corporeal concept.

3. Bitcoin is monetized energy.

Sorry, but this is a silly concept. Energy is an input to Bitcoin mining. There is no reason to fetishize Bitcoin mining.

Proof of work along with security profile is why it has actual value

Proof of work is why I believe proof of work coins have more value than proof of stake coins. Lightcoin also is proof of work.

rather than being a perception of value

No; unless you can eat it for lunch it is still based on perception of value.

4. Governments want it all. Due to its absolute security profile it has become a national security issue.
Wall Street wants it all. They see the writing on the wall.

Wall Street will sell the next new thing because it makes money, regardless of efficacy and regardless of value and regardless of stability.

$37.6T debt is a reality.
The game itself is in peril.
Bessent and Lutnik are out to save the game, save the country, save the world from totalitarianism. Just watch it unfold.

politics

 

[MRubey]

This is quite the marketing piece. I agree with much of it, but you overstate the case.


There will come a day when people wake up to a panic about the vulnerability of 256 bit encryption to some quantum computing advancement. Hopefully the BTC community will deal with this existential threat prior to a crash in BTC price.


yes


no; "Hardest" is a physical, corporeal concept


Sorry, but this is a silly concept. Energy is an input to Bitcoin mining.


Proof of work is why I believe proof of work coins have more value than proof of stake coins. Lightcoin also is proof of work.


No; unless you can eat it for lunch it is still based on perception of value.


Wall Street will sell the next new thing because it makes money, regardless of efficacy and regardless of value and regardless of stability.


politics

Look into “Softwar” by Mjr Jason Lowery

This is quite the marketing piece. I agree with much of it, but you overstate the case.


There will come a day when people wake up to a panic about the vulnerability of 256 bit encryption to some quantum computing advancement. Hopefully the BTC community will deal with this existential threat prior to a crash in BTC price.


yes


no; "Hardest" is a physical, corporeal concept


Sorry, but this is a silly concept. Energy is an input to Bitcoin mining.


Proof of work is why I believe proof of work coins have more value than proof of stake coins. Lightcoin also is proof of work.


No; unless you can eat it for lunch it is still based on perception of value.


Wall Street will sell the next new thing because it makes money, regardless of efficacy and regardless of value and regardless of stability.


politics

Quantum computing capability, assuming it ever occurs, will be a national security priority on the order of nuclear weapons. If it falls into the hands of criminals, Bitcoin will be the least of our worries.
Of course it is assumed that anti hacking tech will keep pace with the threat.
btw- Supposedly quantum computing could hack wallets but not the network.

Apart from that. I disagree. Just watch.

 

[MRubey]

The term hardest, when applied to a thing of value relates to the difficulty of producing more. ie Gold is very hard. Its difficult to produce more. Fiat currencies are easily printed. Value accrues to hardness and scarcity.

 

[Tangram]

1. The Bitcoin network is the largest most secure computer network in existence. Due to being decentralized it is unhackable. It is the foundational layer and is being built upon. Anything built on it enjoys that same security.
Bitcoins most valuable property is security due to decentralization. It is the answer to long term cyber security.

And yet multiple crypto thefts have occurred in recent years.

 

[djsina2]

1. The Bitcoin network is the largest most secure computer network in existence. Due to being decentralized it is unhackable. It is the foundational layer and is being built upon. Anything built on it enjoys that same security.
Bitcoins most valuable property is security due to decentralization. It is the answer to long term cyber security.

And yet multiple crypto thefts have occurred in recent years.

That’s like saying a bank is not secure because someone got your online banking password. The blockchain is secure.

 

[Ron Resnick]

The blockchain is secure.

Quantum computing potentially is an existential threat to the integrity of the Bitcoin blockchain. Are you actually going to disagree with this statement?

 

[djsina2]

Quantum computing potentially is an existential threat to the integrity of the Bitcoin blockchain. Are you actually going to disagree with this statement?

Try reading what I’m responding to and don’t act like you know anything about computer science.

 

[V-Fi]

Before inauguration it was an insanely good buy. Now? Ha.

According to CMC it launched on 1/17. ATH was on 1/19 where it topped out at nearly $75. On inauguration day it was already down under $60 and beyond a dead cat bounce on 1/21, it has been downhill ever since. Currently under $8 and unlikely to come back.

So I guess the insanely good buy period was limited to those first two days? And required selling at or near the top? Not sure I call that an insanely good buy. More like a pump and dump.

 

[Ron Resnick]

Try reading what I’m responding to and don’t act like you know anything about computer science.

I don't know anything about computer science. I also don't know anything about astronomy. But I don't have to know anything about astronomy to know that the Earth is widely believed to be round.

Similarly, I don't have to know anything about computer science to know that quantum computing is widely believed to be potentially an existential threat to 256 bit encryption.

Since you are a computer science expert please state for your professional record that quantum computing is not a potential threat to 256 bit encryption.

 

[Zero000]

If you guys are interested in this stuff, just ask an AI such as Grok. Any decent one will give you very solid answers on this topic.

I wouldn't focus too much on BTC here. If encryption becomes quantum hackable, the entire financial system and the internet will be compromised.

Always makes me smile when people focus purely on BTC for this subject.

 

[MRubey]

He who must not be quoted. (ai) said something to the effect that Quantum computers will likely not be able to hack the Bitcoin network due to decentralization and the fact that it resets every ten minutes. It will likely be able to hack individual wallets.
It also confirmed that if Quantum computer capability is ever achieved it will be considered an existential threat to military (nuclear) security, banking, energy grids, communications networks etc.
It will never be let out into the wild.

btw: new ATH last night $125,650.

 

[Folsom]

1. The Bitcoin network is the largest most secure computer network in existence. Due to being decentralized it is unhackable. It is the foundational layer and is being built upon. Anything built on it enjoys that same security.
Bitcoins most valuable property is security due to decentralization. It is the answer to long term cyber security.

And yet multiple crypto thefts have occurred in recent years.

Not a singe one is a compromise of the bitcoin blockchain.

We don't denounce banks because you say a $100 bill down while you were making change and when you looked back it was gone.