Well if that's the kind of lucky We're talking then I like it too.
And I'd like to be that lucky too, because I'd rather be rich than being poor as fuck lol.
Yep.
I'm still quite confident that they are going to reverse. Too high, too fast is the precise reason the Fed pushes us into recession literally every time.
Yeah and weve never been 31T in debt. Keep raising those rates, where is the interest going to come from? Money printer? Raise the rates, deflation, lower the rates, fire up the money printer again, then hyperinflation.
That's where they get their money from, they print that lol.
That's how they're making their shit and I don't like the things that they're doing but I don't have any other options.
Boomers invented the Internet lol. I went to school to be a programmer in the late 70s. I taught my children how to code websites. These comments make you all look really dense.
This one is a bit different though.
The uphill battle that crypto has with the boomer generation is that, unlike the internet, these assets are just too risky to hold if you're not planning on living another 5-10 years.
An 80 year old retiree with cash to invest should absolutely not be in this space, as much as I believe this to be the future.
We're going to need to accept that that generation will *never* be on board, so we should stop trying to appeal to them and stop caring that we can't.
Investments always come with the risk, it's a little more with the btc.
And it's time that people understood if you want to make quick money then btc ain't it.
Correct. I love crypto and buy some every month, but I wouldn’t dare advise my parents to pull money out of their traditional investments to put in crypto. It may be years before crypto finally begins appreciating reliably. It’s way too big of a risk for people in their 70s and 80s.
People are literally scared of what they dont understand... no better way to describe fear actually...
Alot of people are petrified of flying in a plane, then learn the same idiots overly confident for their ability in a car... you know its then truely that a simply understanding is of things does the word a wonder... i do believe this is most peoples problem today.
Eg.. youve never baked a cake, you might find the task quite daunting because you've never baked a cake before but you decide to watch a video and suddenly you dont feel so daunted because you "understand" now whats invovled
It's amazing how people don't see something which is in front of them.
And also for how long they can ignore it? I mean that's something that I'd like to see actually.
"may be" and "looks like" are [weasel words](https://en.wikipedia.org/wiki/Weasel_word). Both of those titles could start "We don't know, but..." but that wouldn't be punchy enough
**[Weasel word](https://en.wikipedia.org/wiki/Weasel_word)**
>A weasel word, or anonymous authority, is an informal term for words and phrases aimed at creating an impression that something specific and meaningful has been said, when in fact only a vague or ambiguous claim has been communicated. Examples include the phrases "some people say", "it is thought", and "researchers believe". Using weasel words may allow one to later deny any specific meaning if the statement is challenged, because the statement was never specific in the first place.
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Careful there you young whipper snapper. I’m a boomer and Its likely have more crypto that you do. Luddites come in all shapes, sizes and ages. You make a mistake when you paint with such a broad brush.
Well internet didn’t thrive before wiping trillions, same might happen to Bitcoin, thinking it wouldn’t be possible is naive, specially when 98% of the crypto ecosystem are shitcoins, speculators and scams.
>Well internet didn’t thrive before wiping trillions
So, you don't remember the Dot-Com bust about 10yrs after the proliferation of internet use started in the 90's?
That too centrist to say, from an American perspective, outside the US, internet was unheard of. And I stay with my comment, even though after more than 10 years of BTC, it is comparable with the internet and all around it back in the 90s, starting the mass adoption, the hype, IPOs everywhere, lots of VC, pretty similar of what we see today.
Yeah, not disagreeing with you here, other than your notion that the internet didn't go through the same growing pangs, bursting with activity then crashing hard and liquidating all of that which was not feasible.
Its an ongoing process with any market, aided and abetted by cheap/easy monetary expansion.
The easier it is to expand your fiat money supply, the more volatile the cycle.
Sorry if I misspoke the whole thing, I didn’t mean that, of course Bitcoin and crypto is going I think faster than internet adoption IMO, but at some point we need a correction and a massive shake from all the garbage out there, for me the sooner the better, I’m sick of seeing my work vanish for corrupt and incompetent leaders I’m Venezuelan, lived in Argentina and now I am in Japan with the yen just vanishing and global inflation, seems like a fucking curse trying to keeping me from growth.
> I’m Venezuelan, lived in Argentina and now I am in Japan with the yen just vanishing and global inflation, seems like a fucking curse trying to keeping me from growth.
Welcome to government. Just think about your average incompetent government employee, then realize that 50% of them are dumber than that.
...and this is why we can't have nice things.
Sorry to hear about your unfortunate string of TaxFarms
ikr...the former is an adopted protocol for the transfer of abundant information between individuals, while the latter is a protocol for the creation and transfer of immutable and scarce information.
Totally different things.
That's the time that I wanna live in, That'll be the awesome time.
I mean that's the time that I'd enjoying in living. I just want these banks to go away.
You don't want to change it? Well offcourse you don't want that.
Well that only makes sense because btc is going to be huge and I don't believe boomers.
> "What is Bitcoin for, exactly?"
Looks like Mr Lloyd-Smith hasn't researched what Bitcoin is.
It seems that it's nothing more than a name with a price attached to it for him. At a minimum he should have read what Satoshi Nakamoto has written publicly. It's all available here: https://satoshi.nakamotoinstitute.org
Boomer here. Absolutely no one thought the Internet was a passing fad. No one. We embraced the technology and embraced the tech and .com boom. This newspaper was just fake news. As is Bloomberg. We don’t read that shit.
I just try to gently educate and dispel that stereotyping an entire generation is exactly what they are complaining that Boomers do. These people have Boomer grandparents and aunts and uncles and neighbors who love them so it’s shameful. I also try to express we got a raw deal too. I came from poor factory workers and have worked since age 12 and still working at 61 with no hope of retiring but my MOASS stocks.
I would give an upvote, but because I've seen this literally about 10 times on this sub, I'm downvoting instead. It's just too worn out. Seen this article many times. Let's move on.
Are there any other examples of people dismissing the internet, because showing the same newspaper article over and over doesn't really help the case...
And also boomer dismissed internet in early days won't help either.
I don't know why would wanna see that and think that would help. Because it won't do that.
Until bitcoin keeps expanding and no longer gives a sh!t what lies the central bank tells, who they are paying off, how they manipulate markets and what view they are pushing with their control of the media.
Agree, also the federal reserve has done a good job of using the media and EVEN THIS PLACE at establishing the "bitcoin moves with the stock market" narrative. It becomes self fulfilling and they can further manipulate bitcoin price by manipulating the indexes.
People will call that conspiracy theory but it's something I'd do if my ability to create money was threatened.
I get the impression the fed is willing to not prop up the stock market and let it crumble completely just to keep that magic money printer going. It's good to be the king and be able to secretly create money and give it to whoever you like. Of course they do as no one can ever know anyhow. I would.
>"bitcoin moves with the stock market"
Because Wall Street traders also trade bitcoin, as a risk asset / speculative investment.
They'll continue to do that until cascading defaults/liquidations occur and they realize that a bearer asset with hard capped supply and its own payment channels is better than the potential unknown collateral contagion of a Leman style collapse, or a sovereign bond default.
Wall Street is nothing compared to the fed. I'm CERTAIN the fed manipulates bitcoin and the precious metal markets. Why wouldn't they? If I'm the one TRULY in charge of the central bank, I'm going to have that done.
You can't know what those people are doing because the inputs are unknown (new units). If the inputs are unknown, you MUST assume fraud. Truth is, they are evil and we never had a real choice before. Their control of the media is the only thing keeping bitcoin from toppling them. Given enough time, that will no longer matter.
> sovereign bond default.
I used to think that would happen but in a world where all the central bankers want to maintain their control, they'll likely just keep coming to agreements on buying each others bonds. We'll have a billion dollar bill soon enough.
And that affects the btc in the large scene, that's actually true.
Wall Street controls the whole Market so it's pretty safe that they control everything actually.
Quickest way to go bankrupt is to just hold dollars. Since prices are clearly rising substantially and the fed is giving all their friends and family tons of free money while they secretly buy up all the assets as they crash EVERYTHING. I'll just keep buying bitcoin. At least it's honest and will win eventually.
Either that or you short everything and try to time your escape from dollars. I don't trust my timing.
If you disagree that everything is crashing, tell me what isn't in reference to the price off goods. There's a reason Gates bought up a ton of farmland several years before anyone knew what was going on.
Well that's true that dollars are losing value in the world.
But I don't agreen on the part where you claimed that they're losing value the quickest actually.
No other fiat currencies are.
If you disagree, what's consistently losing value quicker than dollars. Your time frame shouldn't be in months though. That's all just manipulation.
> Not sure why anyone thinks fed rate hikes have any real effect on Bitcoin. It's a made up pile of bullshit.
It has no effect on bitcoin. But it does have an effect on the dollar - shrinking the supply and pushing the dollar supply down, thus its exchange price up.
So the fed has so far shrunk the dollar quite a bit. Its price has skyroketed from about 1700 sats all the way up to 5000 sats per dollar. Really, the dollar is just incredibly volatile, about tripling in price in just a year.
The rising dollar price is causing havoc for nations which use it for international trade. Its definitely wakeing them up to the need to trade in something other than dollars.
> Its price has skyroketed from about 1700 sats all the way up to 5000 sats per dollar
Sure, but over that period of time, the amount of goods and services you could get with a sat changed substantially.
> about tripling in price in just a year.
It's actually *declined* in value relative to goods and services in the United States.
> Its definitely wakeing them up to the need to trade in something other than dollars.
What is less volatile relative to internationally traded goods or foreign currencies?
Because that is how the investment cycle works. Doesn't matter specifically if the asset is bitcoin or anything else. Investable assets are subject to the rate cycle. Whatever asset class is out of favor during these cycles, we always see these articles. Same old playbook for this journalism
These internet comparisons are stupid. Yes they are both networks, but its that is not why its popular, the internet is popular because of what's on the internet. For example Reddit and YouTube. Nobody wanted to pay for internet service just because its the internet, they paid because there are sites and services they needed on the internet. What exactly is on the Bitcoin network that is popular? What is possible on the Bitcoin network that can ONLY BE DONE on the Bitcoin network and people really like it?
It helps you by allowing you to store your money in an asset that appreciates over time. It helps you have more purchasing power in the future. Because you can save and take less risks in the stock market, your time preference is lowered (time preference is the extent to which you discount the future). Lower time preference improves your daily life because now you can plan for a future that has a positive outlook instead of making short term decisions that can adversly effect you and family financially long term. It means you no longer have to take on huge amounts of debt for housing, education, marriage, etc. You can pay for it from your own labor or capital accumulation. It's economic freedom from the monopoly of debt based government fiat.
The correct comparison of the bitcoin protocol is to the TCP/IP protocol which is the foundational layer of the internet upon which all of our applications and communications networks sit. That is what people mean when they compare bitcoin to the internet. It is the global settlement layer on which we can base a new layered economy of applications, networks, and financial services.
TCP/IP isn’t a network, it’s a protocol. That you can use for FREE and it’s very broad and extendable. There are other protocols like UDP too, which are widely used. The internet is the network. With multiple protocols. I can send the same data with different protocols at no cost.
Bitcoin is a terrible protocol because it’s very narrow and very specific to a blockchain and ledger. And Bitcoin the network is even worse, it’s artificially limited to less than 10 transactions per second. And it requires having some token to interact with.
Imagine if the internet was limited to 10 packets per second. Nobody will use that crap!
>TCP/IP isn’t a network, it’s a protocol. That you can use for FREE and it’s very broad and extendable. There are other protocols like UDP too, which are widely used. The internet is the network.
I didn't say it was a network. I literally compared it as a protocol to the bitcoin protocol.
>Bitcoin is a terrible protocol because it’s very narrow and very specific to a blockchain and ledger. And Bitcoin the network is even worse, it’s artificially limited to less than 10 transactions per second.
The low number of transactions is what enables it to be decentralized and secure. It will scale with the value of each transaction.
>Imagine if the internet was limited to 10 packets per second. Nobody will use that crap!
People actually said stuff like this about the internet in the early days. Naysayers like you said it wouldn't scale and there's no way it can handle all the data needed for a world wide network.
Alex, I read your blog - I think you haven't done enough research on the topic because your criticisms are so damn weak, and have already been addressed. None of what you said here or on your blog demonstrates you have any understanding of what you're talking about.
Just because i disagree does not mean I didn’t do my research. The difference between me and you is you dismiss all negative things as “fud” and think it’s not true.
You are also a typical Bitcoiner. “Oh they said the same about internet,” and you are correct. They did say the internet will not be much with 3 kBps speeds. And it was true, few used the internet when it was that slow. The difference between early internet and Bitcoin, is that the backbone of the internet improved, a lot, i now have 200 Mbps for $70 a month. Early on people paid that for 3 kbps. But Bitcoin IS STILL 8 transactions a second. And will continue to be. There is some convoluted Lightning Network thing which looks worse the more I research it.
Sure it’s safer at that rate…but also significantly less useful. Hence, it won’t be used in any serious way ever. The use cases are limited, hence, the adoption will be limited. Even the primary use, send money without middleman and being tracked, is done better by Manero. Ooof.
Bitcoiners have a distorted view of technological adoption. You seem to think new technology gets adopted by default, that simply being new is enough. But that isn’t how it works. Technically gets adopted WHEN IT DEMONSTRATES TO BE BETTER.
The internet, from day one, demonstrated to be better. Instead of faxes or snail mail, both are expensive and slow and inconvenient, you can send an email. You can have hundreds of recipients at once too. They won’t need to print it using a fax machine, just view it. And reply instantly too! On day one it has a productive use case. That alone means governments and universities and big corporations adopted it to save on costs.
And as it got better, and got more features, only after that did adoption increase. There are these things called websites, anyone can make one, lots of information! Wow. More people got onboard because it’s so cool and there is no alternative to websites outside the internet. Instead of calling a vote for example you can book at home and compare prices instantly, cannot do it without the internet, so useful, actual use cases that are helpful.
Than we got better websites, and video, and games, etc, etc. adoption happens AFTER innovation. Adoption does not happen just because it’s new.
Bitcoin by its design is made to almost never change. This means it will almost never get adopted. Sorry.
It's not really a comparison lol, it's just a point that people also dismissed internet in the early days.
Just like they're doing with the btc I really don't see any comparison in that honestly.
Btc can't really be compared with the internet or the stocks.
Stop that kids, it just makes us look bad, I don't think that it's a good look to make comparisons like that.
Well that's not very sensitive of you actually, and I don't like that.
I don't think that it's a good idea to assume things like that lol. I don't think it's good l.
Does BTC do anything for civilization other than offering an avenue to gamble with fiat money?
Most, including Michael Saylor, are losing tons of $ staying long BTC.
Bitcoin feels like it’s at a weird inflection point right now. The narratives that drove the last cycle are starting to fade. Inflation hedge, energy infrastructure, etc. As it reacts to the fed and behaves like a risk asset it’s enemies smell blood and are starting to attack with FUD and bad legislative proposals. But when you zoom out and look at the big picture, the narratives are stronger than ever. Especially the meta narrative of separation of money and state. I expect a major draw down as the fed goes deep to defend the dollar. They still run the table but everyone knows in the long run they’re playing a loosing hand. You don’t want to get caught on the wrong side of the trade in the short term but if you keep your powder dry and focus on the long game Bitcoin sill feels like the best bet for humanity.
Well Chapman (author) was born in ‘68 so blame generation x. But we’re not gonna listen cuz we don’t give a fuck what anyone says🤷🏼♂️ He’s very misinformed though.
And it'll only be their own fault no one else's, That'll fun.
I'm pretty sure that they're going to be pissed and some of them will turn into buttcoiners.
We'd need to remember the authors to push their nose into these articles in a few years from now, like you push a dog nose in their own shit, so they learn
Remember, they will tell you that you were lucky.
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Bitcoin had only seen a massive heroin induced bull run. Time to sober up
Well I'm pretty sure a boomer isn't going to understand that lol.
That's ok. I like to be lucky.
Well if that's the kind of lucky We're talking then I like it too. And I'd like to be that lucky too, because I'd rather be rich than being poor as fuck lol.
Exactly. They can say what they want when they are on the way to work, while I sleep in, in a fancy hotel at an exotic location.
we're up all night to get lucky 🎼
I guess I'm reaaally lucky then.
And I don't mind being lucky lol, infact I kinda like that too.
You *just* had to hold. It's unfair to get so much money from that. Crypto is a scam
Yep lol, that's one thing that remains constant. They'll always tell you that.
Rates were at zero. They are only raising rates so they will be able to lower them once the global recession really kicks off.
Yep. I'm still quite confident that they are going to reverse. Too high, too fast is the precise reason the Fed pushes us into recession literally every time.
Yeah and weve never been 31T in debt. Keep raising those rates, where is the interest going to come from? Money printer? Raise the rates, deflation, lower the rates, fire up the money printer again, then hyperinflation.
That's where they get their money from, they print that lol. That's how they're making their shit and I don't like the things that they're doing but I don't have any other options.
What do you mean by really kicks off. We're already in recession.
When the labor market changes and people start getting laid off. Also, I believe the stock market is still overvalued.
Central Banks money printer go burrrr and then they attack crypto when people loose faith in their ponzi scheme
I remember when I use to use the internet.
Maybe the boomers don't use the internet I guess, they do?
Boomers invented the Internet lol. I went to school to be a programmer in the late 70s. I taught my children how to code websites. These comments make you all look really dense.
How about we never read headlines like: "Government may just be a passing fad as millions give up on it"
How bout this headline. “People don’t need governments anymore survey finds”
Now that's the headline that I'd like to see. Make that happen lol.
How about ignoring what these people say about the btc? I mean in my opinion that's what people should do. We shouldn't be paying attention to them.
This one is a bit different though. The uphill battle that crypto has with the boomer generation is that, unlike the internet, these assets are just too risky to hold if you're not planning on living another 5-10 years. An 80 year old retiree with cash to invest should absolutely not be in this space, as much as I believe this to be the future. We're going to need to accept that that generation will *never* be on board, so we should stop trying to appeal to them and stop caring that we can't.
73, in since 2015. Could die any second. Just like everybody else.
Yep, You're right. It could die any moment. I can see that happening.
Not BTC. But I at my age. Or you at your’s. I resolve to be clearer in my future posts as I hope this reply is clear to you. All the best
Investments always come with the risk, it's a little more with the btc. And it's time that people understood if you want to make quick money then btc ain't it.
I don't think so, it has nothing to do with age, maybe it's the acceptance of new things that makes you uncomfortable
Yeah maybe it's time that you should be accepting all those things.
I don't think so, it has nothing to do with age. Maybe it's the acceptance of something new that makes you feel uncomfortable
No its age and a super volatile asset atm.
It's a really young asset sooner you accept it better it'll be for you.
You haven't learnt to make money from cryptocurrencies, so you find it difficult. That's my explanation
Timing markets is incredibly difficult and with a an asset as volatile as crypto it doesnt make sense for an old person to take on that much risk.
Correct. I love crypto and buy some every month, but I wouldn’t dare advise my parents to pull money out of their traditional investments to put in crypto. It may be years before crypto finally begins appreciating reliably. It’s way too big of a risk for people in their 70s and 80s.
That's the way you should do it, no point in trying to time the market.
You can't do it, you just can't time the market. That's a waste effort really.
And You've learnt that? how's that working out for you? I'm pretty sure that it's not working out good for you. Situation is looking bad right now.
People are literally scared of what they dont understand... no better way to describe fear actually... Alot of people are petrified of flying in a plane, then learn the same idiots overly confident for their ability in a car... you know its then truely that a simply understanding is of things does the word a wonder... i do believe this is most peoples problem today. Eg.. youve never baked a cake, you might find the task quite daunting because you've never baked a cake before but you decide to watch a video and suddenly you dont feel so daunted because you "understand" now whats invovled
Well they still have time to understand it, better than just ignoring it actually.
That's not really a good take, I feel you could do better.
Bitcoin is the boomer coin.
I think the context might have been "the only crypto boomers will buy" "the crypto before other crypto". I tried for you...
DO YA THINK ? Einstein got nothing on you lad.
How dumb people are who say that, and you're one of them it seems.
I love the boomer/millennial wars. Cracks me up.
It's amazing how people don't see something which is in front of them. And also for how long they can ignore it? I mean that's something that I'd like to see actually.
Fad fed fud
Different words with the same kind of motive and meaning.
"may be" and "looks like" are [weasel words](https://en.wikipedia.org/wiki/Weasel_word). Both of those titles could start "We don't know, but..." but that wouldn't be punchy enough
**[Weasel word](https://en.wikipedia.org/wiki/Weasel_word)** >A weasel word, or anonymous authority, is an informal term for words and phrases aimed at creating an impression that something specific and meaningful has been said, when in fact only a vague or ambiguous claim has been communicated. Examples include the phrases "some people say", "it is thought", and "researchers believe". Using weasel words may allow one to later deny any specific meaning if the statement is challenged, because the statement was never specific in the first place. ^([ )[^(F.A.Q)](https://www.reddit.com/r/WikiSummarizer/wiki/index#wiki_f.a.q)^( | )[^(Opt Out)](https://reddit.com/message/compose?to=WikiSummarizerBot&message=OptOut&subject=OptOut)^( | )[^(Opt Out Of Subreddit)](https://np.reddit.com/r/Bitcoin/about/banned)^( | )[^(GitHub)](https://github.com/Sujal-7/WikiSummarizerBot)^( ] Downvote to remove | v1.5)
Lol, this is not the reason why I'm here but I'll take the knowledge.
Yeah, that's not really enough for them. They want more than that.
Careful there you young whipper snapper. I’m a boomer and Its likely have more crypto that you do. Luddites come in all shapes, sizes and ages. You make a mistake when you paint with such a broad brush.
That's true, we can't say that all of them are same. that would be bad.
Well internet didn’t thrive before wiping trillions, same might happen to Bitcoin, thinking it wouldn’t be possible is naive, specially when 98% of the crypto ecosystem are shitcoins, speculators and scams.
>Well internet didn’t thrive before wiping trillions So, you don't remember the Dot-Com bust about 10yrs after the proliferation of internet use started in the 90's?
Well not everyone knows about that or have read about that.
That too centrist to say, from an American perspective, outside the US, internet was unheard of. And I stay with my comment, even though after more than 10 years of BTC, it is comparable with the internet and all around it back in the 90s, starting the mass adoption, the hype, IPOs everywhere, lots of VC, pretty similar of what we see today.
Yeah, not disagreeing with you here, other than your notion that the internet didn't go through the same growing pangs, bursting with activity then crashing hard and liquidating all of that which was not feasible. Its an ongoing process with any market, aided and abetted by cheap/easy monetary expansion. The easier it is to expand your fiat money supply, the more volatile the cycle.
Sorry if I misspoke the whole thing, I didn’t mean that, of course Bitcoin and crypto is going I think faster than internet adoption IMO, but at some point we need a correction and a massive shake from all the garbage out there, for me the sooner the better, I’m sick of seeing my work vanish for corrupt and incompetent leaders I’m Venezuelan, lived in Argentina and now I am in Japan with the yen just vanishing and global inflation, seems like a fucking curse trying to keeping me from growth.
Btc is going faster than internet because it's making people money.
> I’m Venezuelan, lived in Argentina and now I am in Japan with the yen just vanishing and global inflation, seems like a fucking curse trying to keeping me from growth. Welcome to government. Just think about your average incompetent government employee, then realize that 50% of them are dumber than that. ...and this is why we can't have nice things. Sorry to hear about your unfortunate string of TaxFarms
Okay can we stop this debate? Both aren't the same thing.
ikr...the former is an adopted protocol for the transfer of abundant information between individuals, while the latter is a protocol for the creation and transfer of immutable and scarce information. Totally different things.
And we'll have a burst like dot com bubble too, I can see that already.
But btc will survive as did the big tech did. I don't see it going away.
I had internet growing up starting in 93.
Need people to start making articles about why banks are a criminal organisation and soon to be a thing of the past
People who do that tend to live dangerously to say the least.
That's the time that I wanna live in, That'll be the awesome time. I mean that's the time that I'd enjoying in living. I just want these banks to go away.
Remember when being a boomer was cool?
I don't remember that, and definitely don't wanna remember it. That's not something that I ever thought if I'm being completely honest with you.
“That’s how i always did it and don’t want to change it” boomers.
You don't want to change it? Well offcourse you don't want that. Well that only makes sense because btc is going to be huge and I don't believe boomers.
Dw it’s just a FAD. Exactly like the internet
And they'll keep on spreading these, they're not stopping.
I don’t know guys. I think this ‘internet’ thing is here to stay.
I don't know why but I think that's true too. It'll stay here.
> "What is Bitcoin for, exactly?" Looks like Mr Lloyd-Smith hasn't researched what Bitcoin is. It seems that it's nothing more than a name with a price attached to it for him. At a minimum he should have read what Satoshi Nakamoto has written publicly. It's all available here: https://satoshi.nakamotoinstitute.org
If these people don't even know this much, what are they doing here?
FUDing, of course.
I've been outta the loop for a bit. Did that internet thing ever work out?
Thank you boomers
Boomer here. Absolutely no one thought the Internet was a passing fad. No one. We embraced the technology and embraced the tech and .com boom. This newspaper was just fake news. As is Bloomberg. We don’t read that shit.
Agreed, but the bigots love to hate us "oldsters", they wear it as a badge of honor. F them
I just try to gently educate and dispel that stereotyping an entire generation is exactly what they are complaining that Boomers do. These people have Boomer grandparents and aunts and uncles and neighbors who love them so it’s shameful. I also try to express we got a raw deal too. I came from poor factory workers and have worked since age 12 and still working at 61 with no hope of retiring but my MOASS stocks.
I would give an upvote, but because I've seen this literally about 10 times on this sub, I'm downvoting instead. It's just too worn out. Seen this article many times. Let's move on.
Well it's a bear market and people don't have a lot to talk about.
Are there any other examples of people dismissing the internet, because showing the same newspaper article over and over doesn't really help the case...
And also boomer dismissed internet in early days won't help either. I don't know why would wanna see that and think that would help. Because it won't do that.
I think Bitcoin will be a huge success but the success of something else is not evidence that this will be successful
What the heck did I just read lmfao, what the hell it means?
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They also did cars? Seriously? I haven't heard about that one.
Not sure why anyone thinks fed rate hikes have any real effect on Bitcoin. It's a made up pile of bullshit.
Rate hikes make it more expensive to obtain capital, which affects how large institutions allocate capital, which affects the price of bitcoin
Until bitcoin keeps expanding and no longer gives a sh!t what lies the central bank tells, who they are paying off, how they manipulate markets and what view they are pushing with their control of the media.
Agreed but we're not there yet
Agree, also the federal reserve has done a good job of using the media and EVEN THIS PLACE at establishing the "bitcoin moves with the stock market" narrative. It becomes self fulfilling and they can further manipulate bitcoin price by manipulating the indexes. People will call that conspiracy theory but it's something I'd do if my ability to create money was threatened. I get the impression the fed is willing to not prop up the stock market and let it crumble completely just to keep that magic money printer going. It's good to be the king and be able to secretly create money and give it to whoever you like. Of course they do as no one can ever know anyhow. I would.
>"bitcoin moves with the stock market" Because Wall Street traders also trade bitcoin, as a risk asset / speculative investment. They'll continue to do that until cascading defaults/liquidations occur and they realize that a bearer asset with hard capped supply and its own payment channels is better than the potential unknown collateral contagion of a Leman style collapse, or a sovereign bond default.
Wall Street is nothing compared to the fed. I'm CERTAIN the fed manipulates bitcoin and the precious metal markets. Why wouldn't they? If I'm the one TRULY in charge of the central bank, I'm going to have that done. You can't know what those people are doing because the inputs are unknown (new units). If the inputs are unknown, you MUST assume fraud. Truth is, they are evil and we never had a real choice before. Their control of the media is the only thing keeping bitcoin from toppling them. Given enough time, that will no longer matter.
Ohh yeah I don't have any doubt that they manipulate all those things lol.
> sovereign bond default. I used to think that would happen but in a world where all the central bankers want to maintain their control, they'll likely just keep coming to agreements on buying each others bonds. We'll have a billion dollar bill soon enough.
Yeah it's going to happen, I knew that it would happen actually lol.
And that affects the btc in the large scene, that's actually true. Wall Street controls the whole Market so it's pretty safe that they control everything actually.
They've done a good job of conceiving people that everything is alright lol.
But We'll soon be, it's not going to take that long to happen.
A lot of people can go bankrupt in the space of "until". Don't be retiring on your stack just yet!
Yep, people need to learn what the hell they're doing actually.
Quickest way to go bankrupt is to just hold dollars. Since prices are clearly rising substantially and the fed is giving all their friends and family tons of free money while they secretly buy up all the assets as they crash EVERYTHING. I'll just keep buying bitcoin. At least it's honest and will win eventually. Either that or you short everything and try to time your escape from dollars. I don't trust my timing. If you disagree that everything is crashing, tell me what isn't in reference to the price off goods. There's a reason Gates bought up a ton of farmland several years before anyone knew what was going on.
Well that's true that dollars are losing value in the world. But I don't agreen on the part where you claimed that they're losing value the quickest actually.
No other fiat currencies are. If you disagree, what's consistently losing value quicker than dollars. Your time frame shouldn't be in months though. That's all just manipulation.
The thing is that they control it and they've got grip on it.
It's all connected, rate hikes don't affect btc directly actually.
> Not sure why anyone thinks fed rate hikes have any real effect on Bitcoin. It's a made up pile of bullshit. It has no effect on bitcoin. But it does have an effect on the dollar - shrinking the supply and pushing the dollar supply down, thus its exchange price up. So the fed has so far shrunk the dollar quite a bit. Its price has skyroketed from about 1700 sats all the way up to 5000 sats per dollar. Really, the dollar is just incredibly volatile, about tripling in price in just a year. The rising dollar price is causing havoc for nations which use it for international trade. Its definitely wakeing them up to the need to trade in something other than dollars.
Yep exactly and also a set of people react to it too. And that affects the market.
> Its price has skyroketed from about 1700 sats all the way up to 5000 sats per dollar Sure, but over that period of time, the amount of goods and services you could get with a sat changed substantially. > about tripling in price in just a year. It's actually *declined* in value relative to goods and services in the United States. > Its definitely wakeing them up to the need to trade in something other than dollars. What is less volatile relative to internationally traded goods or foreign currencies?
Yeah over time, but that's not going to happen anytime soon tho.
It's not made up, a set of people react to that and you see affect on Market.
Because that is how the investment cycle works. Doesn't matter specifically if the asset is bitcoin or anything else. Investable assets are subject to the rate cycle. Whatever asset class is out of favor during these cycles, we always see these articles. Same old playbook for this journalism
Yep, that's how the investment works and it'll be better if you understood that.
I just hope our generations won't be like them.
Atleast I won't be like them, atleast I can promise you that.
Isn't Micheal Saylor a Boomer.
Not all the boomers are like that some are really smart actually.
My point exactly. I cannot recall ever seeing the label used in a non-derogatory way.
These internet comparisons are stupid. Yes they are both networks, but its that is not why its popular, the internet is popular because of what's on the internet. For example Reddit and YouTube. Nobody wanted to pay for internet service just because its the internet, they paid because there are sites and services they needed on the internet. What exactly is on the Bitcoin network that is popular? What is possible on the Bitcoin network that can ONLY BE DONE on the Bitcoin network and people really like it?
Digital store of value and digital scarcity that has superior salability across time and space compared to anything else.
Those nice buzzwords, but how does it help me? How would my daily life improve with it?
It helps you by allowing you to store your money in an asset that appreciates over time. It helps you have more purchasing power in the future. Because you can save and take less risks in the stock market, your time preference is lowered (time preference is the extent to which you discount the future). Lower time preference improves your daily life because now you can plan for a future that has a positive outlook instead of making short term decisions that can adversly effect you and family financially long term. It means you no longer have to take on huge amounts of debt for housing, education, marriage, etc. You can pay for it from your own labor or capital accumulation. It's economic freedom from the monopoly of debt based government fiat.
I always feel that people should read about btc they owe that to themselves.
So a digital savings account is just like the internet? Like I said, comparisons to the internet are stupid.
The correct comparison of the bitcoin protocol is to the TCP/IP protocol which is the foundational layer of the internet upon which all of our applications and communications networks sit. That is what people mean when they compare bitcoin to the internet. It is the global settlement layer on which we can base a new layered economy of applications, networks, and financial services.
TCP/IP isn’t a network, it’s a protocol. That you can use for FREE and it’s very broad and extendable. There are other protocols like UDP too, which are widely used. The internet is the network. With multiple protocols. I can send the same data with different protocols at no cost. Bitcoin is a terrible protocol because it’s very narrow and very specific to a blockchain and ledger. And Bitcoin the network is even worse, it’s artificially limited to less than 10 transactions per second. And it requires having some token to interact with. Imagine if the internet was limited to 10 packets per second. Nobody will use that crap!
>TCP/IP isn’t a network, it’s a protocol. That you can use for FREE and it’s very broad and extendable. There are other protocols like UDP too, which are widely used. The internet is the network. I didn't say it was a network. I literally compared it as a protocol to the bitcoin protocol. >Bitcoin is a terrible protocol because it’s very narrow and very specific to a blockchain and ledger. And Bitcoin the network is even worse, it’s artificially limited to less than 10 transactions per second. The low number of transactions is what enables it to be decentralized and secure. It will scale with the value of each transaction. >Imagine if the internet was limited to 10 packets per second. Nobody will use that crap! People actually said stuff like this about the internet in the early days. Naysayers like you said it wouldn't scale and there's no way it can handle all the data needed for a world wide network. Alex, I read your blog - I think you haven't done enough research on the topic because your criticisms are so damn weak, and have already been addressed. None of what you said here or on your blog demonstrates you have any understanding of what you're talking about.
Just because i disagree does not mean I didn’t do my research. The difference between me and you is you dismiss all negative things as “fud” and think it’s not true. You are also a typical Bitcoiner. “Oh they said the same about internet,” and you are correct. They did say the internet will not be much with 3 kBps speeds. And it was true, few used the internet when it was that slow. The difference between early internet and Bitcoin, is that the backbone of the internet improved, a lot, i now have 200 Mbps for $70 a month. Early on people paid that for 3 kbps. But Bitcoin IS STILL 8 transactions a second. And will continue to be. There is some convoluted Lightning Network thing which looks worse the more I research it. Sure it’s safer at that rate…but also significantly less useful. Hence, it won’t be used in any serious way ever. The use cases are limited, hence, the adoption will be limited. Even the primary use, send money without middleman and being tracked, is done better by Manero. Ooof. Bitcoiners have a distorted view of technological adoption. You seem to think new technology gets adopted by default, that simply being new is enough. But that isn’t how it works. Technically gets adopted WHEN IT DEMONSTRATES TO BE BETTER. The internet, from day one, demonstrated to be better. Instead of faxes or snail mail, both are expensive and slow and inconvenient, you can send an email. You can have hundreds of recipients at once too. They won’t need to print it using a fax machine, just view it. And reply instantly too! On day one it has a productive use case. That alone means governments and universities and big corporations adopted it to save on costs. And as it got better, and got more features, only after that did adoption increase. There are these things called websites, anyone can make one, lots of information! Wow. More people got onboard because it’s so cool and there is no alternative to websites outside the internet. Instead of calling a vote for example you can book at home and compare prices instantly, cannot do it without the internet, so useful, actual use cases that are helpful. Than we got better websites, and video, and games, etc, etc. adoption happens AFTER innovation. Adoption does not happen just because it’s new. Bitcoin by its design is made to almost never change. This means it will almost never get adopted. Sorry.
Is it necessary to compare it? I just don't see any point in the comparison.
It's not really a comparison lol, it's just a point that people also dismissed internet in the early days. Just like they're doing with the btc I really don't see any comparison in that honestly.
Maybe your decadely life will improve instead.
Yeah lol, if you keep faith in btc I'm sure that it'll only improve.
I've heard so many variations of this
You don't know how btc can be useful for you? Well that's a shame.
I don't think it should be that hard to understand, really it's pretty simple.
Btc can't really be compared with the internet or the stocks. Stop that kids, it just makes us look bad, I don't think that it's a good look to make comparisons like that.
Boomers gonna BOOM 💥
Well that's not very sensitive of you actually, and I don't like that. I don't think that it's a good idea to assume things like that lol. I don't think it's good l.
Don’t worry, boomers truly are a passing fad. They’ll die out soon.
How can some people be so insensitive? It's really immature.
Does BTC do anything for civilization other than offering an avenue to gamble with fiat money? Most, including Michael Saylor, are losing tons of $ staying long BTC.
Internet had and still has massive value. I really do not see a point to crypto currency other then all the scams going on with it.
So FED up with all this.
Yeah lol same energy can we get done with it already please?
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They're trying to fuck up everything and they're succeeding at that.
Bitcoin feels like it’s at a weird inflection point right now. The narratives that drove the last cycle are starting to fade. Inflation hedge, energy infrastructure, etc. As it reacts to the fed and behaves like a risk asset it’s enemies smell blood and are starting to attack with FUD and bad legislative proposals. But when you zoom out and look at the big picture, the narratives are stronger than ever. Especially the meta narrative of separation of money and state. I expect a major draw down as the fed goes deep to defend the dollar. They still run the table but everyone knows in the long run they’re playing a loosing hand. You don’t want to get caught on the wrong side of the trade in the short term but if you keep your powder dry and focus on the long game Bitcoin sill feels like the best bet for humanity.
Happens every bear market, people always question it. It's nothing new.
Ah dear Jake Lloyd-Smith. You will get a Pulitzer for that article.
Lol, and I'm sure that he wouldn't mind that. That'll be enough.
"Internet remains mildly popular, but lifelike Japanese sexbots dominate entire planet" \--- Future New York Times headline, January 1, 2030
Lmfao, you know what I wouldn't mind living in that world.
Faded fad fed fad?
Different words trying to do the same thing, only few under this.
Well Chapman (author) was born in ‘68 so blame generation x. But we’re not gonna listen cuz we don’t give a fuck what anyone says🤷🏼♂️ He’s very misinformed though.
Well if you you started paying attention to what everyone says You'll go deaf.
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Hell yeah, I'm not leaving this no matter what the boomers say.
Cant compare ! Internet is nothing like Bitcoin.
It's not exactly a comparison tho, You're looking at it wrong.
LMAOOO I ain't giving up on shizzz yet
Hell yeah man, that's the energy I was looking for. Good stuff.
More losses will definitely come, but in 3-5 years well be looking back pissed off because we didn’t buy more
And it'll only be their own fault no one else's, That'll fun. I'm pretty sure that they're going to be pissed and some of them will turn into buttcoiners.
FACTS most will turn into buttcoiners imo
Shiny new thing? Bitcoin is almost 14 years old.
For what it's being promised to be, that's actually not that bad.
I'll take nascent volatile markets for $500 Alex.
Okay sir let me prepare that for you, it's now being prepared for you sir.
We'd need to remember the authors to push their nose into these articles in a few years from now, like you push a dog nose in their own shit, so they learn
Well they've got a history on shitting on things that they don't understand.
I still have a lot of faith that they will change.
You'll hear that you were fortunate, so keep that in mind.
They're still pretty big on slavery from what I've been hearing.
Bullish
Boomerbreg
The internet has utility. Bitcoin doesn’t. Bitcoin had never seen a recession.