Fair enough, I'm here if you change your mind
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You already lost two years in a row (2021 and 2022) with Argo, and your £1.00 proposal for 2023 is a 95%+ losing bet. Why don't you just donate the £50 and get it over with?Originally Posted by mr noble
My bet proposal was with you. If youre not keen thats ok, Im not desperate to have a bet, just a bit of fun.
No bad vibes to Davya, it was just in the hope of winning back the one I lost with Raffe this year.
Someone who lies about the little things will lie about the big things too.
Lolz. I’m a trier. Plus, I’m hoping that by having a live bet, I may get lucky the third time around, and finally see my ~250,000 shares turn a profit.
Lol
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Barry Silbert vs the Winklevii goes back at least 10 years to the days when they were both competing to be the primary backers of Charlie Shrem, the well known paragon of fiscal virtue, and BitInstant. It's pretty well documented in Nathaniel Popper's book recording those early days, Digital Gold.
I really enjoy this, must read the book one day.
I am long GBTC because I think that at one point in time Barry will have to either redeem units or wind down the fund, both of which will release the discount.
Someone who lies about the little things will lie about the big things too.
FT Alphaville has an article about the ponzi fightclub as well, providing some more interesting background:
https://archive.ph/Viw0z
Someone who lies about the little things will lie about the big things too.
Does Valkyrie's proposal, along with its associated 'Regulation M filing' have any relevance?
Been in that position for a couple of weeks already. Valkyrie is just one of many forces pulling into the same direction. In the end, I believe that the pressure will only increase and Grayscale will have to elect one of multiple alternatives which will all reduce the discount. Whether the trust will allow for redemptions, will change its articles or will wind down, no real scenario that makes this a lot worse before it becomes better.
As always, there is no certainty and it is important to understand and manage risk, but for me this is an attractive position as I see it today (especially with the pressure on Silbert remaining on).
Someone who lies about the little things will lie about the big things too.
Ooopsies. Ed Zitron throwing some thunder and lightning into the fight. Great entertainment.
Someone who lies about the little things will lie about the big things too.
Thats a really good documentary. Enjoyed watching that.
IIRC the CBC mode of DES was published in 1977. Early 80s brought a series of revisions to the hash technique.
Ok I will bite, but I will keep it simple and talk about one crypto currency (Bitcoin) and one utility (Store of Value).
(Personally, I am not a huge Bitcoin fan and lean ETH heavy in my portfolio)
We generally see the greatest adoption rates for crypto in emerging markets. Nigeria leads the way with 42% adoption, Thailand second at 31%
Top Cryptocurrency Countries by Adoption (2022 Data) | Bankless Times
There are 164 fiat currencies out there and I would suggest that Bitcoin is a better store of value than at least half of them. If you are currently a citizen of Angola, would you rather own Bitcoin or the Angolan Kwanza? How about the Dominican peso or the Eritrean nakfa? Tempting but I think I will take crypto.
List of currencies of the world by countries and territories (countries-ofthe-world.com)
How about the 2 billion people that are unbanked? Or the billion more who have very limited access to the banking system.
How Many In The World Are Unbanked? (multibank.io)
Bitcoin and other cryptocurrencies allow the peer-to-peer transfer of value without banks and other financial entities. It also allows the transfer of value despite hostile government action.
So, between the 2 billion unbanked, the half of the world with hopeless fiat currencies, the tens of millions living under despots and dictatorships, I truly believe Bitcoin is an excellent store of value. Unlike physical Gold, which I like as well, it is readily transferable and transportable, and is much easier to store.
Next time I might touch on 'code is law' with smart contracts enforcing law in the increasingly digital world we live in.
Last edited by proby24; 4th January 2023 at 10:27.
And since we were talking about the internet, here is a decent piece comparing adoption rates.
Crypto vs. The Internet - Comparing the adoption curves - Peter Conley - Web Developer & Writer (peterdavidconley.com)
Use case in under developed countries v the crooks, scammers and profiteers in developed countries is a different discussion really
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I am curious how much time you spend in the crypto world? I work in the field professionally (so basically being crypto that is 24/7/365) and I see the odd 'crook, scammer and profiteer' that draws a lot of media attention (SBF/FTX being the best example). But the vast majority of people in the space are honest, extremely hard-working and intellectually curious. It is a genuinely fascinating arena.
Having said that, I spent over a decade trading Credit Derivatives, including through 2008, and I met the odd 'crook, scammer and profiteer' there. And during my 5 years trading commodities there was the odd devil amongst all those angels!
So you are claiming that the unbanked in Eritrean are using Bitcoin to store wealth and transact? I think not ... I suspect they have other more pressing priorities ... they don't have any wealth to store ...
Plus with the new FinTech players this easy and cheap to do with traditional fiat money; my Revolut app handles loads of currencies and peer-2-peer transfers are simple. What can BTC do that I can't do with my Revolut app?
Last edited by Montello; 4th January 2023 at 12:10.
Maybe Nigeria is a better African example with 42% crypto adoption rate. You might be surprised that the world isn't all a facsimile of the UK with a dependable government and financial system.
You would also be surprised by the adoption rates of USD stable coins, especially in emerging markets.
But why bother with a USD stable coin that may or may not be backed with actual USD when I can actually use real USD on my Revolut app? (or one of the may FinTech apps that operate in Africa)
Last edited by Montello; 4th January 2023 at 12:21.
Not much, I do believe in the concept though, and a friend is well I to into it, out mining business currently suspended due to energy prices.
You can't really defend the market abuses though, we need regulation, Gensler has been promising for ages and has done nothing. The concept philosophy won't kill the concept, but lack of regulation may.
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On regulation we are totally aligned, I would heartily welcome considered regulation. I believe the current lack of it is the largest obstacle to widespread adoption.
Indeed...unless Nigerians are super keen to do their bit, fight US dollar hegemony...can“t see it myself, more pressing concerns I“d think.
Funded, delivered and overseen by whom?
Just out: They can't even follow the regulation that they are subject to. Yes, it is anti money laundering, once again.
Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws.
The settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest $50 million to bolster its compliance program, which is supposed to prevent drug traffickers, sellers of child pornography and other potential lawbreakers from opening accounts with the exchange.
https://www.nytimes.com/2023/01/04/b...aundering.html
Someone who lies about the little things will lie about the big things too.
LOlZ a diverse environment is often a sign of health
To be fair they ought to fit right in to the financial services industry ...
https://www.bbc.co.uk/news/business-59689581
and for a more current list (though just the FCA):
https://www.fca.org.uk/news/news-stories/2022-fines
Thats a pretty typical statement. But take it to its logical conclusion and we get there with regulations, then it just becomes a derivative of dollar, with the same regulation as dollar, but with higher transaction costs and very high negative externality. So then begs the question whats the point? Crypto will just suffer death by a thousand regulatory cuts, the wheels are in motion. Dollar is king, the US military and Nukes are paid in dollar not crypto, that backstops dollar over any alternative.
Last edited by ac11111; 4th January 2023 at 19:24.
What can it do…
It can give a real time correlation to two different currencies in two different trading countries between business and a customer or B2B, and allow you to transact quickly and efficiently between the two at usually much cheaper rates than traditional large banking transactions. If you then choose to convert to your local FIAT or use as a store of value then that’s up to you.
It wasn’t that long ago that you had to pay banks interest to hold your Euros.
Personally, I see no other real applicable use for crypto, and if used in this way the value per coin is for the most part irrelevant.
It's just a matter of time...
...and that would be on an aggregate volume of at least millions of times the transactions, skip that, billions of transactions that traditional finance does versus crypto.
Someone who lies about the little things will lie about the big things too.
Crypto fraud.
https://twitter.com/jconorgrogan/sta...86338847870976
Someone who lies about the little things will lie about the big things too.
another fraud charged by the SEC today.
https://www.sec.gov/news/press-release/2023-2
Someone who lies about the little things will lie about the big things too.
Unfortunately the money is gone, it's not client money anymore but will be used to satisfy Celsius' creditors.
Where was regulation or FDIC when you needed it? #fraud
https://www.crainsnewyork.com/market...rs-judge-rules
Someone who lies about the little things will lie about the big things too.
Huh, Genesis considering filling chapter 11 bankruptcy. What a surprise.
Someone who lies about the little things will lie about the big things too.
Seems somehow appropriate. No matter how perverse or ridiculous something might seem, mankind can and will attempt it.
Now the whole world had one language and a common speech. As people moved eastward, they found a plain in Shinar and settled there.
They said to each other, "Come, lets make bricks and bake them thoroughly." They used brick instead of stone, and tar for mortar. Then they said, "Come, let us build ourselves a city, with a tower that reaches to the heavens, so that we may make a name for ourselves; otherwise we will be scattered over the face of the whole earth."
Don't just do something, sit there. - TNH
Unfortunately it appears as if the Huobi crypto exchange has just imploded.
So sad.
Someone who lies about the little things will lie about the big things too.
Thanks for coming back!
I honestly don't see how Bitcoin is better than actual cash or an actual bank for unbanked people. If anything, it adds a huge amount of complexity - I'm quite sure I could manage a Bitcoin wallet and transact myself, but I've had 20 years of education, which I suspect many of the unbanked do not have.
On the 'code is law' thing, what does that actually mean in practice? What legal tests can you put into a smart contract? Do they encompass common law jurisprudence? What, aside from being a snappy marketing phrase, does it actually mean?
I think it would be great if you watched the video shared above and outlined where you feel it is incorrect. I think it is pretty spot on, and it really demonstrates that crypto has no value at all at present. A solution looking for a problem, as they say.
Study, read, learn until you see the light.
Someone who lies about the little things will lie about the big things too.
A Revelation!
Out of interest, how do unbanked people in, say, Nigeria pay for their internet use (ISP, mobile phone etc.)?
I believe they barter. John swaps a cow with Dave for 10 chickens, Dave pays a chicken to Richard for a haircut, and they rest for broadband access and investing in crypto and NFTs.
Cash I suspect? If you are unbanked, you are probably getting your internet in communal locations like internet cafes or PAYG sim cards.
I believe the USD is widely used in Nigeria and similar environments. IIRC quite a staggering amount of US dollars are circulating outside the homeland.
Last edited by Passenger; 6th January 2023 at 13:23.
It's different in different countries. Many have a shadow currency, either the Dollar or the Euro - and then there are the exceptions like Zimbabwe where a lot of payments were settled with Vodafone mobile phone credits at one point in time (no idea what applies nowadays).
Someone who lies about the little things will lie about the big things too.
Well Cathie appears to have elbowed her way out of SI, picking up a load of COIN on the way. I can see no update on her (fairly) recent purchase in GBTC though.
She bought GBTC for ARKW (ARK Next Generation Internet ETF) on 15 and 21 November.
https://cathiesark.com/arkw/trades
Someone who lies about the little things will lie about the big things too.
Yeah, those will be the two purchases referenced in the second of the two coindesk links I embedded. I'm just curious as to whether or not she has updated/changed her position on GBTC at all.
Many thanks for your link. That looks to be exactly what I was looking for and should undoubtedly reveal the answer.
Let's go!
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Just in case you thought it had all gone quiet in El Salvador lately, here's their contestant for Miss Universe 2023 in what appears to be the newly adopted national costume.
https://news.bitcoin.com/miss-el-sal...universe-2023/
I'm predicting a big uptick in the Barbarella theme at this year's cosplay conventions.
Lol
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Rally!
https://www.coindesk.com/markets/202...y-in-9-months/
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