Bitcoin's and the future of online banking - Page 57

On June 30 2019 08:26 whammbot wrote: genjix became some freedom fighter in the middle east alongside kurds. I dont know what happened to steal city though. We always talked on skype before the three of us but the last convo i had with him they were going on speaking engagements by genjix across some european cities or something. i remember genjix kept telling me about bitcoin but i was too caught up in other shit to even bother with it, .25 cents per btc too lol

wtf... so random.


It hurts to watch the old posts in this thread, we could have all been rich AF lol

this thread is a gem, I dont think we need anonther one.

40k BTC today

Anyone can calculate 40 000/0.25?

Please dont

On January 07 2021 21:12 Baalim wrote: this thread is a gem, I dont think we need anonther one. 40k BTC today

Yeah I agree OG thread

At this point moving forward what's going to get us?

- Being robbed? I live in a nice community (non-gated). I don't ever talk about how much BTC I HODL. There has been an uptick in people breaking into cars around here due to pandemic/recession woes but that's a little different than someone stalking me and putting a gun to my head. I would wager that BTC is more collapse resistant than USD.

- House burning down? While Baal and hiems may think there is a larger chance of The Blacks and purple haired, non-gendered ANTIFAs coming to burn down my house... That's probably for another thread anyways.

- QUANTUM COMPUTING?

I read something on Twitter about how the Chinese could secretly build a quantum computing army and fucking own everyone. I had never heard anything about quantum computing before so I called my brother who might. He said that yes quantum computers are extremely powerful and that yes the Chinese taking hacking to a new level and fucking owning everyone is a possibility. He said that high powered gaming computers today would be at log n^2 versus quantum computers would be in relation at n log n. Then he said he was just making that math up off the top of his head and the most important thing that really needs to be understood at this point is that quantum computers are capable of cracking encryption. He said he worked with a quantum computer when he was a Data Scientist at IBM and that it was remarkable. I was like "Fuck... How much would it cost you to build one today?" and he was like, "I don't know but the costs will come down faster than people think." "Fuckkk..."

This is my biggest fear at the moment.

- Always with the governments and the regulations. I think I am actually less concerned about this than before. Sleepy Joe probably doesn't even know what BTC is. Of course, if he gets advised by Jamie Dimon, Michael Corbat, or someone like Steve Mnuchin who are all backed by The USA Military Industrial Complex I guess that is kind of scary.

However, Bitcoinization is real. USD is a melting ice cube. I would like to get more into the future of USD collapse and USA Empire collapse but perhaps that is better suited to a different thread.

Ideally, I longed to get some massive bets down at the peak of the pandemic bear market but unfortunately I didn't have stacks of cash in my closet. When I cleaned my room because Jordan Peterson told me to I only found $520 in Argentinian peso that was part of a pile of fiat I acquired by getting drunk and betting stupid amounts on a woman I nicknamed "Golden Arm" who managed to keep the roll going for about 30 min. before eventually crapping out. Bravo. I wisely spent almost all of it before leaving but that $520 Argentinian peso which was worth about $150 USD in 2009 I found to be worth about $6 USD in 2020.

So, yeah, of course I would like to be rich and just sit back and HODL and laugh and go full time Bitcoin Public Relations but I still have to scrounge around and get as much cash down as I can before you lot and before Elon Musk converts his balance sheets.

Anything that I am not imagining that you can imagine?

I haven't posted in a while. I think I always have a yearning inside of me for good LP vibes. This thread brought me joy this morning.

Frankly with the amount of fiat minted recently I dont know why it doesn't reflect as much in USD inflation as it should, I suppose there are too many moving parts and buffers and the effects are slow.

On January 09 2021 15:22 RiKD wrote: At this point moving forward what's going to get us? - Being robbed? I live in a nice community (non-gated). I don't ever talk about how much BTC I HODL. There has been an uptick in people breaking into cars around here due to pandemic/recession woes but that's a little different than someone stalking me and putting a gun to my head. I would wager that BTC is more collapse resistant than USD. - House burning down? While Baal and hiems may think there is a larger chance of The Blacks and purple haired, non-gendered ANTIFAs coming to burn down my house... That's probably for another thread anyways. - QUANTUM COMPUTING? I read something on Twitter about how the Chinese could secretly build a quantum computing army and fucking own everyone. I had never heard anything about quantum computing before so I called my brother who might. He said that yes quantum computers are extremely powerful and that yes the Chinese taking hacking to a new level and fucking owning everyone is a possibility. He said that high powered gaming computers today would be at log n^2 versus quantum computers would be in relation at n log n. Then he said he was just making that math up off the top of his head and the most important thing that really needs to be understood at this point is that quantum computers are capable of cracking encryption. He said he worked with a quantum computer when he was a Data Scientist at IBM and that it was remarkable. I was like "Fuck... How much would it cost you to build one today?" and he was like, "I don't know but the costs will come down faster than people think." "Fuckkk..."

There is a famous math problem around this question called NP=P or NP does not equal P. Essentially algorithms have different orders of complexity, and some algorithms take long a very long time to run, longer than the universe has been around for. if NP=P then it means it doesn't matter how powerful a computer is, it can reduce the complexity of any algorithm down to one that takes no time at all. I never got as far as quantum computing, but the entire cryptography system is based off the view that mathematicians will never prove that NP=P, since if NP=P then every computer is infinitely more powerful than any quantum computer imaginable, i.e your cellphone becomes the worlds most powerful computer, and it can do the calculations necessary to break codes. However using this to hack the global economy would be a very minor consequence of NP=P, compared to other things.

FYI

Elon has converted at least some of his balance sheets to BTC over the past month and is officially on Team Bitcoin. I'm already all-in so have at it lads!

Anyone have thoughts on btc from here?

Check the prizes of 5th to 8th place of this SC tournament.

https://tl.net/forum/bw-tournaments/190866-aov-iccup-starleague

On February 07 2021 13:07 balakubak wrote: Check the prizes of 5th to 8th place of this SC tournament. https://tl.net/forum/bw-tournaments/190866-aov-iccup-starleague

One of them said he never got the bitcoins.

my fiduciary responsbiel to the group of ppl i red3 <3 <3 <3

paper is trash. brow i left a roll of paper on not even 1mm of water and it was doen for.

paper is in the fuego bro

enserio kapiTaL

i am hodling pennies, nickels, and dime, and quarters, and 50 cent peaces

i am holding plastic for crying out loud. i don't even mean credit cards.

Lowe's gift carsd will have more value in x years than a paper washington

i am looking to acquire le concha de Baalim's Madre but ?Bonnie Sartrim ????Li? i Li? !

Such pain

FFS Rik, take your meds dont force my hand...

On January 13 2021 06:07 Baalim wrote: Frankly with the amount of fiat minted recently I dont know why it doesn't reflect as much in USD inflation as it should, I suppose there are too many moving parts and buffers and the effects are slow.

been plenty of inflation in asset prices. massive increased retail participation fuelled by stimulus cheques have in large part fuelled the massive stocks rally over past year

Yo ket, nice to see u. Hope u are doing well man. Feel free to correct me if I'm wrong as I'm always trying to learn more about this kind of stuff.

From what I understand, it's because of the demand for cash and how the US nominal interest rate is super low at 0.25%, which also changes investor behavior. The result seems to be people are holding onto cash waiting for opportunities rather than trying to gain interest on it with such low rates. Because people are holding cash, even if you print a lot of money during a recession, you're not necessarily going to see inflation go out of proportion as the supply of cash is still in proportion to the demand for it.

Yo Dav likewise good to see you here. Doing great, hope things well on your end

sounds like you got a lot of the right concepts imo but some specifics a bit muddled.. US federal funds rate tgt is 0-0.25% which is the cost to banks of having deposits at the central bank and without getting in the weeds for no reason you can think of that as not far off the system's "interest rate on the most liquid cash". generally investors have longer horizons and don't have the majority of portfolio in highly liquid (but always low return) cash so the more relevant benchmark rate for longer horizon investments is US 10 year treasury yield, or the "risk free rate" (at least it's risk free in nominal terms since fed can always print money so treasury never defaults, but risky in the sense if the value of USD relative to other goods and assets depreciate you've made a negative real return).

that's what US 10yr treasury yields have done over last 5y

so the main thing that happens is when the yield on 10year goes down (as a result of fed monetising US treasury deficit and 'printing money' to buy all the 10yr bonds, "crowding out" private investors) the required yield for it to be worth holding all other assets (riskier bonds, stocks, etc..) also goes down as people 'reach for yield' and go further into riskier assets. you got big pools of money like defined benefit pension funds that have defined liabilities in years and decades from now they're going to need to cover with investment gains using workers' pension payments today and they can no longer rely on lower risk assets to deliver enough return to meet those defined future liabilities. so the effect is when you massive liquidity inject to artificially drive down 10year benchmark treasury rate you also get an everything rally in all other assets -> asset price inflation

re: inflation in goods and services (what i guess you're talking about when you mean inflation), the simple way to look at that is you get inflation when too many people are trying to buy stuff at the same time relative to global economy's capacity to produce stuff per unit time. you don't see it if that extra stimulus money in ppls pockets is going into savings/investments (and savings rate for developed economies has gone way up over past year, mostly because we physically cant spend as much money when the shops are closed and travel is banned/difficult). still to give small examples you see inflation in pockets of stuff everyone wants at the same time, e.g. bicycles which are now the safest way to move around in big cities. Look at halfords share price over past year - everyone wants a bike and they can only make so few so suddenly you pay full RRP on bikes and there's a wait list whereas before you could get some great deals on new end of season bikes. Maybe we get more goods inflation when economies reopen and people go full "revenge shopping" and unwind those forced savings during shelter in place lockdowns, but for now the inflation is in assets because armies of retail are bored WFH at home and social media is amplifying the message you can make sick gains in bitcoin and GME leading to ponzi waves and euphoria (which is not to say I think BTC is a sell.. these ponzi waves can go a hell of a long time and become self fuelling attracing huge swathes of population who previously never bothered to notice bitcoin but thats a sidenote)

Inflation is reflecting in assets but not in the currency itself, is it because all the other countries are also printing?

USD vs a basket of major intl currencies over past year - it is gradually depreciating but nothing like runaway debasement - as you said everyone else is printing hard, and also currency collapse becomes less likely when sovereign debt service costs barely exist anymore in our brave new world of near-permanently near-zero (and in some geographies like germany/japan/switzerland slightly below zero) LT interest rates. In the old economic models of currency collapse it used to be when expectations of a country having so much debt it can't even generate enough net tax revs to even cover debt service costs (interest) that leads people to flee sovereign bonds and make the effective required yield to sell more sovereign bonds (to roll over existing debt maturities) higher which in turn makes the predicted sovereign debt crisis self fulfilling (bit like a bank run but with sovereign debt). but in todays brave new world of no debt service cost we don't know what the upper limit is on how much debt/gdp a govt can safely go to before this self fulfilling cycle leading to debt crisis & currency collapse starts, but needless to say its more than what it was

dxy =/= inflation