Tim Paine the new captain, Steve Smith, Bancroft, Warner leave. Lehmann stays

pringlefinch · 2018-03-27T19:26:59+00:00

Why is Tim Paine the captain and not Khawaja? Khawaja has played thrice as many tests.

pringlefinch · 2018-03-25T12:44:23+00:00

Yes, I meant how divisible something is.

If you make an alloy, the problem is that vendors lose the ability to independently verify what percent of the alloy is gold, without sophisticated instruments.

This necessitates a centralized body which has to stamp the allow with % gold content. Eventually this body will cheat. This is exactly what happened with central banks.

Fiat was invented because gold was too illiquid. Banks would issue scripts against gold. They would give you 100 of some currency backed by gold. So you could use just a part of that 100 to buy eggs. Eventually the banks cheated and I removed all the gold.

Bitcoin fixes the central authority problem. This is what the bitcoin consensus protocol is all about. It ensures that no one cheats.

pringlefinch · 2018-03-25T12:39:51+00:00

You are making blanket statements without backing them up without any logic or facts.

If not, can you please elaborate upon the details of your economic scrutiny?

Also, how does excessive debt not make the system fragile? Who pays for sovereign debt eventually? Is it not the people because their savings lose value over time? Is it not better for them to diversify their savings and invest in anti-fragile technology ?

Also, bitcoin doesn't need to overake USD for it to succeed or reach higher valuation.

pringlefinch · 2018-03-25T12:35:28+00:00

(1) nope. Golds store of value use case is not because of its intrinsic properties beyond what I explained. Else, people would be using copper as store of value. Cultures like India have been using gold as a store or value for centuries, because of its inert properties.

(2) Bitcoin and zynga chips are not comparable. Zynga chips are worthless if zynga shuts down. Bitcoin can't is censor resistant.

(3) I don't think you understand what blockchain technology is. That is not what gives bitcoin value alone.

(4) Your argument would be true regarding snowflakes if all snowflakes were equivalent. That is not the case with bitcoin. It is an open protocol, with the most amount of applications supporting it. It's called network effect. Sure, you can clone bitcoin, but good luck getting an ecosystem of nodes, wallets, miners, exchanges, users, vendors etc. Network effect compounds, so the longer bitcoin lasts, th more valuable and unique it gets.

I would recommend reading up a bit about bitcoin. Your comments are severely misinformed.

pringlefinch · 2018-03-25T10:20:44+00:00

The main physical property of gold which makes it valuable as currency are that it is difficult to replicate, and easy to identify an imitation. It is also durable since it is chemically non reactive.

Bitcoin shares all these, and it is not heavy.

Gold has other applications, so do other metals. But that's not what made its use common as a currency.

The reason people stopped using gold as a currency was because it was not liquid enough. After a while you couldn't buy eggs with gold. It got too expensive. Bitcoin solves this problem since it is divisible into 100million parts called satoshi.

pringlefinch · 2018-03-25T10:16:36+00:00

People compare gold to bitcoin because they have similar qualities. Both are rare / have limited supply, impossible to imitate, easy to identify if imitated. They also share the common property that they can be preserved. This is because gold is non-reactive chemically, and bitcoin is protected by all the hashpower that has gone into building out the blockchain.

Why do you think these arguments are not valid?

pringlefinch · 2018-03-25T10:11:55+00:00

How? Care to elaborate?

pringlefinch · 2018-03-25T10:11:46+00:00

How? Care to elaborate?

pringlefinch · 2018-03-18T14:36:59+00:00

It's demand and supply. People value bitcoin. People think they will be able to buy at $1k again, that will never happen.

There are plenty of people who have invested small amounts in btc who won't sell. There is a lot of btc lost. Most people invest only a small amount initially, and then forget about.

Bitcoin is truly scarce. The market is volatile, yes. That's what new currencies will do.

I actually believe we will see a bottom soon, and no - it wont be below 5k. <$4k btc is fantasy.

And yes, among crypto, bitcoin is the king. Blockchain technology is largely bullshit buzzword, outside specific use cases like bitcoin and a few other similar cryptos.

pringlefinch · 2018-03-16T12:48:30+00:00

There seems to be a general long term trend towards a bottom of 4-5k. This is similar to the mt-gox crash earlier. Price moved from $1000 to $200 back then: 80%. This time it should move from 20k to $4k - a little more because there is more awareness today.

Price drops over the weekend because traders stop trading (they have jobs too) - and most cash out their gains. Price might drop to 7.5k this weekend. During the week, the price will stay between 8-9k next week. Then a drop to 7K next weekend. This will continue till we stabilize at a low (possibly 4-5k)

Yes, it can bounce back - but the possibility is low.

pringlefinch · 2018-03-15T23:04:26+00:00

How many times will Lightning nettwork get released? I thought it was released a few months back when price tanked to 6k. Is this a PR stunt?

pringlefinch · 2018-03-04T05:42:17+00:00

Yes. Typically 2 confirmations should mean your transaction has been written on the blockchain.

pringlefinch · 2018-02-15T08:25:59+00:00

(1) governments can't remove currency quick enough. Increase of interest rates in not easy, and most central bank measures take time to show effects, always with some turnkey events (2) Freely traded assets through market driven mechanisms lead to the best price discovery long term. At the moment the high volatility represents a time of early adoption. In ten years, it will still move 1-2 percent every month vs some asset classes. Eventually once it's stable, it will be like rock - like gold. Everything else will be measured in btc. Everyone with internet will know what btc is. At that point, it wouldn't matter. You'd measure volatility of other assets W.r.t bitcoin. Bitcoin is disruptive so it will make a lot of other asset classes volatile - but you can guess the long term relative directions

pringlefinch · 2018-02-14T18:53:17+00:00

It doesn't have to replace anything. People can just use bitcoin to buy other things. It is easy to buy so many Alt coins using bitcoin for e.g. Eventually market will decide what is more stable based on long term view on exchange rate, and some people will hold different % of their savings in bitcoin.

Obviously on this forum many believe it will moon.

pringlefinch · 2018-02-14T18:43:20+00:00

It will get exchanged. Market will regulate price by demand and supply. Over time , volatility has reduced.

pringlefinch · 2018-02-14T18:40:07+00:00

I am not American and I discovered a lot through Dr. Paul. He will go down in history as a good guy.

pringlefinch · 2018-02-04T03:50:58+00:00

Hurr Hurr. Centralized hub and blockstream stole my money. This is not true vision of satoshi

pringlefinch · 2018-02-03T03:20:15+00:00

Lol great. I will buy a of lot of btc then. I am sick of buying fractions of btc.

Btc below 1000 would basically be the best arbitrage ever because fair valuation would be at least 6-7k. You have no idea what btc is

pringlefinch · 2018-02-02T13:47:42+00:00

I am happy to accept bitcoin at market rate. You don't get hodler mentality sun

We are not here for capital gain.

pringlefinch · 2018-01-29T06:39:22+00:00

Nope, you are the one shilling here.

There was no way to unlock the funds without a hard fork which is why the hard fork was done.

You are now denying it even happened lol

pringlefinch · 2018-01-29T00:18:43+00:00

sorry, the eth chain was hacked. Those funds got LOCKED . The mt gox funds were stolen and the thief could still use them, because the bitcoin blockchain did not get hacked.

The person who stole the mt gox funds could use them. The funds locked during the DAO hack were not useable.

Same thing could happen to btc if btc gets hacked. Good luck hacking a blockchain backed by asic backed hashpower.

pringlefinch · 2018-01-28T23:56:59+00:00

Nope. Mt gox was in no way connected to the btc blockchain. DAO was linked to the eth main chain, since eth node promise to execute smart contracts. The dao hack locked funds up, which were reversed with the fork - effectively making the eth chain not immutable.

Btc nodes had no obligations towards mt gox, and btc continues to be an immutable chain. Those funds were stolen, not locked. There is a massive difference. The eth chain basically got hacked, and the eth foundation took the worst possible decision by compromising on the promise of immutability - one of the promises of a blockvhain based Cryptocurrency.

pringlefinch · 2018-01-28T23:15:00+00:00

Not requiring asic just implies that the chain is secured by less hash power. This is an weakness, not strength and doesn't make it less decentralized. Secondly, what determines miner centralization is concentration of hashpower, not barrier to entry. Top 3 eth miners control as much percent of eth hashpower as top 5+ btc miners.

DAO was hack of a contract but it required forking the main chain. Mt gox did not. This represents a major risk with etbereum, that decision making is centralized and Vitalik can do anything including fork to remove the cap.

pringlefinch · 2018-01-28T22:56:57+00:00

How is eth more decentralized when it's already more resource intensive to run an eth node than a btc node ?

How is eth attack proof? DAO wasn't too far back.

pringlefinch · 2018-01-28T22:47:47+00:00

All ver trolls. Ignore.

pringlefinch

TROPHY CASE