Reply With QuoteGold doesn’t really have any utility (beyond some limited industrial use and jewellery) yet has been a reasonable store of value for millenniums.Originally Posted by Raffe
Excellent mini documentary on FTX
https://youtu.be/20BEJouWBgY
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Gold doesn’t really have any utility (beyond some limited industrial use and jewellery) yet has been a reasonable store of value for millenniums.
It has utility.
Bitcoin doesn't.
Someone who lies about the little things will lie about the big things too.
You are in good company.
https://twitter.com/nayibbukele/stat...13857261965312
Someone who lies about the little things will lie about the big things too.
How is the running of the exchanges financed? Is it dependent on a certain volume / value of trades?
I am sure the miners and exchanges will continue even if they are running at a loss, after all this is the future of finance.
Someone who lies about the little things will lie about the big things too.
I noted that in my post but it’s utility is only a tiny fraction of its value so I think the point if fair.
Is it?
How does gold's utility and value compare to platinum's or palladium's? Using it as a material for jewellery is also utility.
Someone who lies about the little things will lie about the big things too.
Hmm there's the jewellery, personal adornment angle which can't be overstated I believe in fairness, also there is it's incorruptibility, practically an indestructible physical substance.
Raffe beat me to it.
People only use it for jewellery because of its value ... if the gold price fell to zero it wouldn't be popular for jewellery as its a show of wealth / store of capital. So that "utility" is all tied into the price.
Either way I didn't say it has no utility as per BTC but it's price is way beyond it's utility as it's been used for millenniums as a store of value.
I thought it was revered, thus used for adornment by the powerful/ rulers, because it was rare at least 3 or 4 thousand years ago, also it's warmth of colour/ distinctive shine and it doesn't tarnish...also being relatively soft it was easy to work...In early civilisations it bestowed an almost godlike status on the wearer or whoever sat on the golden chair/ under the golden hat.
The store of wealth, use as money came along later. Obviously we don't still subscribe to the deification angle but there's still something 'special' about gold.
Last edited by Passenger; 17th November 2022 at 11:33.
And I’m sure like diamonds, oil, Rolex, Louis Vuitton bagsand a lot of other ‘things’ , the supply of gold into the market is quite carefully controlled to keep the value up, I appreciate Bitcoin supply is also controlled and finite but it’s pretty chaotic and purely speculative.
Cheers..
Jase
My reference was in the context of the present ... golds value is not driven by it's utility which was my point.
Fair enough but golds continuing popular use as jewellery is about more than just it's value.
Just popping out to buy an Omega made out of Ethereum.
No problem! That’ll be an Omega NFT.
Thanks for bringing the thread back on track.
Someone who lies about the little things will lie about the big things too.
Meanwhile, the FTX bankruptcy filing contains this little gem, from the new court-appointed CEO:
The bankruptcy team also appears to have found the hole in the bucket: SBF has lent about $4.1bln to himself. And the value of the crypto assets carried on the balance sheet, which SBF put at $5.5bln, was actually a meagre $659. Not billions, not millions, not thousands, but sixhundredfiftynine.
Crypto.
Someone who lies about the little things will lie about the big things too.
Tens of private equity firms have sunk billions into this company, they all claim to have done dUe DiLigEnCe. How you do that when no bookkeeping exists will forever be a miracle to me.
Someone who lies about the little things will lie about the big things too.
Yowzers!
Apparently the value of crypto is from the fact that it isn't regulated and works completely tRuStLeSs.
When will people finally understand that crypto was mankind's biggest scam ever?
Someone who lies about the little things will lie about the big things too.
Slowly at first and then very rapidly, we're in the rapid stage now aren't we and it's fascinating, a wild ride etc.Biggest scam SO FAR...
A certain Rish! iirc was a big crypto fan wanted to make GB a bit of a destination of choice...LOLZ.
Last edited by Passenger; 17th November 2022 at 15:53.
Watched this over lunch ... quite mind blowing that this bunch of kids managed to pull this off for as long as they did and the incredible sums of money involved.
The so called professional investors that piled into FTX have not covered themselves in glory ...
Suck me fideways.
https://twitter.com/GRDecter/status/1593272102047580161
Someone who lies about the little things will lie about the big things too.
To be fair my boss once replied to my expenses with an emoji
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Wow! And I thought xero made expenses easy...
Tens of private equity firms have sunk billions into this company, they all claim to have done dUe DiLigEnCe. How you do that when no bookkeeping exists will forever be a miracle to me.
You do wonder the knock on effect of all this borrowed money disappearing it can't all be "fun money"
One of the auditors used by FTX, Ray pointed out, was not based in the real world, but was headquartered in the virtual reality metaverse. “I have substantial concerns as to the information presented in these audited financial statements,” he said.
Utility in action.
https://twitter.com/coincorner/statu..._g1fnJq9xC0F_w
It is all quite staggering. Totally unbelievable that it could have been such a massive shambals and yet gone unnoticed for so long.
I thought it wasn't money?
There are an infinite number of payment apps that can do the job of paying for a coffee faster, cheaper and without exposure to a volatile asset that lost 75% of is value this year.
BTW, if the only utility that you can find is this, you are grossly neglecting the utility it provides to money launderers, gangsters and scammers across the world.
Someone who lies about the little things will lie about the big things too.
And this folks, is what happens when there's no regulated oversight.
If I had any coins on the exchanges, or had any Tethers, or any Grayscale Bitcoin Trust shares, I knew what to do.
You do you.
Someone who lies about the little things will lie about the big things too.
Unbelievable how this little sh!tco keeps defying gravity. Sum of the parts valuation is little more than zero and will flip negative when BTC crosses $13.5k. Still, the market affords it a $1.6bln market cap - there is nothing but air in the balance sheet.
When will the board oust Saylor? They will be personally sued by shareholders when this all implodes.
Someone who lies about the little things will lie about the big things too.
Meantime, large quantities of hopium being consumed over at the Argo Blockchain 'investor' board:
Someone who lies about the little things will lie about the big things too.
Unfettered capitalism in action.
Anyone for a tulip bulb? I’ll be putting some on SC soon. Ł1k each to members. Will take watches in trade too.
So clever my foot fell off.
Network hash rate and operational costs both trending upward. Last man standing, or simply Chicken maybe?
Now with new added Spot Exchange Score
CoinMarketCap ranks and scores exchanges based on the following: Web Traffic Factor; Average Liquidity; Volume, as well as the Confidence that the volume reported by an exchange is legitimate. Weights are assigned to the above-mentioned factors and a score from 0.0 to 10.0 is given to the Spot Exchange.
I see no mention of how these metrics are derived though.
'all in'
https://youtu.be/2UnoY-fS1o4
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https://twitter.com/BlockFi/status/1597253469374910466
Someone who lies about the little things will lie about the big things too.
Gonna to be heaps of p!ssed off money launderers.....
Anyone bought the dip already?
C'mon, generational buying opportunity, 85% to 90% below fair value.
Someone who lies about the little things will lie about the big things too.
I'll buy again when BTC hits $5k. By that time a load new 'investaz' chasing Lambos will be on the scene and we ride back up to $50k again before it collapses once more. Rinse and repeat
Binance CEO strange tweet alert
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FUD squared. As a colleague at work says, just confuse the sh!t out of them…sums up most of the discourse on cryptoBinance CEO strange tweet alert
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Wut?
Someone who lies about the little things will lie about the big things too.
Exactly, trying to appear intellectually superior to sell investment cr@p, it’s a common old trick. 20 years ago it was cdo and offshoot and crypto appears to be the new genWut?
Thinks he's being clever, 'i only look at BTC not the dollar'
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The European Central Bank about bitcoin:
The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022. Since then, the value has fluctuated around USD 20,000. For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.
Bitcoin was created to overcome the existing monetary and financial system. In 2008, the pseudonymous Satoshi Nakamoto published the concept. Since then, Bitcoin has been marketed as a global decentralised digital currency. However, Bitcoin's conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions.
(continues in link below)
https://www.ecb.europa.eu/press/blog...eecd19.en.html
Someone who lies about the little things will lie about the big things too.
I am Satoshi Nakamoto, just saying
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No, I am Dr Craig S Wright.
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