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Message
re: Bitcoin...LOL
Posted on 1/22/22 at 7:21 am to JayDeerTay84
Posted on 1/22/22 at 7:21 am to JayDeerTay84
quote:
Yes. Bitcoin is the blockchain. Has many uses. Its the most secure auditable network on the planet.
How many electronics can you build with the blockchain? Can I wear the blockchain?
Can I access/use the blockchain if I have no access to electricity/internet?
This post was edited on 1/22/22 at 7:27 am
5
Posted on 1/22/22 at 7:24 am to GhostofJackson
quote:
How many electronics can you build with the blockchain? Can I wear the blockchain?
Yea. You can print the code on a T-shirt if you want.
If you are trying to suggest that software/network technology has no value lets just agree to disagree.
Posted on 1/22/22 at 7:26 am to JayDeerTay84
Yea. You can print the code on a T-shirt if you want.
This is the real gold right here.
This is the real gold right here.
Posted on 1/22/22 at 7:29 am to GhostofJackson
is your assertion here that a technology that enables for peer to peer transactions without the need of a trusted third party that utilizes the most secure network humanity has ever created has no value?
If so then seriously just agree to disagree
If so then seriously just agree to disagree
Posted on 1/22/22 at 7:30 am to GhostofJackson
quote:
Can I access/use the blockchain if I have no access to electricity/internet?
Why is this the go to theme?
My visa debit card doesn't work without internet either nor electricity. Further, if the power is out, try getting money out of your bank.
Can't buy stocks. Cant fill up my truck. Cant work. Cant call people. Basically, cant do much of ANY modern day life activity....
Yes, in the event we all lose internet and power the richest people are those with guns, ammo, and food.
This post was edited on 1/22/22 at 7:35 am
Posted on 1/22/22 at 7:50 am to JayDeerTay84
quote:
Why is this the go to theme?
Because its valid.
Posted on 1/22/22 at 7:56 am to 22jctiger22
quote:
Because its valid.
Okay. Does the US financial system work without power and electricity?
Posted on 1/22/22 at 7:56 am to JayDeerTay84
I don't know if you guys noticed, but you are debating a bunch of bitter people who missed out on early crypto adoption. They are doing the best they can to justify their screw up.
Crypto isn't going anywhere. Wise up and buy the dip.
Crypto isn't going anywhere. Wise up and buy the dip.
Posted on 1/22/22 at 8:13 am to JayDeerTay84
quote:
Okay. Does the US financial system work without power and electricity?
Yes, but that doesn’t make my assertion any less valid.
Posted on 1/22/22 at 8:30 am to Ross
quote:
Metcalfe’s Law is a starting point to coming up with a proper valuation of the network (and therefore the market cap)
What is your current fair value price and market cap for BTC based on this formula?
Are you using active addresses and transactions for the calculation?
Posted on 1/22/22 at 8:42 am to 22jctiger22
quote:
Yes, but that doesn’t make my assertion any less valid.
A hypothetical that is not normal or the reality of everyday life is not a valid counterpoint to a new technology.
You might think it is, but it isn't.
Life as you know it does not exist without electricity nor internet.
This post was edited on 1/22/22 at 8:43 am
Posted on 1/22/22 at 9:02 am to JimMorrison
not sure but willing to take a stab at it with regression modeling for shits and gigs. Papers have already been published on the matter ( LINK)
The problem with active addresses is that people with hardware wallets usually have more than one address in their possession, so the number of users in the network is significantly less than the number of active addresses I’d imagine. Probably could come up with an upper and lower bound of the true number of users as a function of time and give a valuation range based on that.
The other issue is finding the constant of proportionality k for the expression V = kn^2, where V is the valuation and n is the number of network participants. In 2015 a paper was published in which Metcalfe’s Law was tested against Tencent and Facebook data and found that k = 7.39E-9 for Tencent and k = 5.7E-9 for Facebook. I find it interesting that they are the same order of magnitude. Metcalfe himself acknowledged that each new user incrementally might add less value to the network; using the concept of diminishing returns, and therefore thought it may be true this constant should instead be a function of n that steadily goes down with increasing n. That’s up for debate.
but yeah my point with bringing up this anyway is simply to say networks have value beyond physical attributes. As an easy to illustrate example: if there was only a single fax machine in existence it would be near worthless because it couldn’t transmit data anywhere. As the number is fax machines increase, you are able to send data to more and more locations, increasing with the square of the number of fax machines. Therefore the value of this fax machine network seems to correspond with the square of the number of machines hooked up to the network.
The problem with active addresses is that people with hardware wallets usually have more than one address in their possession, so the number of users in the network is significantly less than the number of active addresses I’d imagine. Probably could come up with an upper and lower bound of the true number of users as a function of time and give a valuation range based on that.
The other issue is finding the constant of proportionality k for the expression V = kn^2, where V is the valuation and n is the number of network participants. In 2015 a paper was published in which Metcalfe’s Law was tested against Tencent and Facebook data and found that k = 7.39E-9 for Tencent and k = 5.7E-9 for Facebook. I find it interesting that they are the same order of magnitude. Metcalfe himself acknowledged that each new user incrementally might add less value to the network; using the concept of diminishing returns, and therefore thought it may be true this constant should instead be a function of n that steadily goes down with increasing n. That’s up for debate.
but yeah my point with bringing up this anyway is simply to say networks have value beyond physical attributes. As an easy to illustrate example: if there was only a single fax machine in existence it would be near worthless because it couldn’t transmit data anywhere. As the number is fax machines increase, you are able to send data to more and more locations, increasing with the square of the number of fax machines. Therefore the value of this fax machine network seems to correspond with the square of the number of machines hooked up to the network.
This post was edited on 1/23/22 at 1:34 pm
Posted on 1/22/22 at 9:37 am to 22jctiger22
quote:
Because its valid.
Lol, people can’t function when internet goes out. They literally freak out when their debit card doesn’t work.
Why do some of you care so much where people invest? It sounds like jealousy that you didn’t get in earlier and make a bunch of extra cash.
And saying block chain has no value is just wrong. So most of y’all’s arguments don’t hold up.
This post was edited on 1/22/22 at 9:40 am
Posted on 1/22/22 at 9:43 am to GhostofJackson
quote:
Can I access/use the blockchain if I have no access to electricity/internet?
Cannot use credit cards if you do not have electricity/internet either. You think they are going away?
Posted on 1/22/22 at 9:49 am to 22jctiger22
quote:
Because its valid.
Where do you live where your electricity is going out so much? Even people in hurricane ravaged areas only lose power a couple of weeks or about 1% of the year once every four or five years. And, then people go to banks to get fiat ahead of time, which people investing in Bitcoin will also be able to do. You are willing to forgo something that has been a huge generational wealth creator because of the possibility you will not be able to access it less than 1% of the time and you will also not be able to get access to your stocks/bonds/credit card credit lines of credit during that time. Are you foregoing those, too? This argument is the weakest argument there is unless you are proposing total shutdown of infrastructure long term in which case, guns, ammo, food and bartering are going to be survival tools, not cash.
This post was edited on 1/22/22 at 9:51 am
Posted on 1/22/22 at 9:51 am to Vlatket
Ahh pyramid scheme, haven’t heard that one in a while
Posted on 1/22/22 at 10:17 am to go ta hell ole miss
quote:
You are willing to forgo something that has been a huge generational wealth creator
I have no problems with speculating on bitcoin, and in fact I do. I’m prepared to lose it all though. I certainly don’t invest sums required to create generational wealth.
Posted on 1/22/22 at 10:54 am to JayDeerTay84
mid February last year BTC was $48Kish
Posted on 1/22/22 at 11:55 am to Bigdavewave
can we mention how taxes are on bitcoin transactions, you buy x amount of bitcoin, buy a good/service with x bitcoin, between buying and spending x bitcoin the $ price changed y%, there would be not only a sales tax, but there would be a tax on the %y change
is this a thing yet? or are people just evading it on capital gains tax?
is this a thing yet? or are people just evading it on capital gains tax?
Posted on 1/22/22 at 11:59 am to GhostofJackson
quote:
How many electronics can you build with the blockchain? Can I wear the blockchain?
Yikes
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