No Bitcoin for Bitcoin Event

FrgMstr

FrgMstr

Just Plain Mean
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Joined
May 18, 1997
Messages
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The North American Bitcoin Conference, you probably know it as the "TNABC," will be held in Miami next week. And just when you thought you could buy anything with cryptocurrency, it seems that you cannot use Bitcoin to buy your tickets to the Bitcoin conference. It seems as though that on-chain fees have risen to $30 to $60 per transaction.


We wish this was easier, but no ticketing options exist which can handle large volumes of ticket sales, and transaction fees on the Bitcoin blockchain exceed $30 at certain times of the day.
 
dogecoin-382x255.jpg


Had a 2 billion dollar market cap a few days ago. How is this not a bubble?
 
Blockchain, as a technology, has all sorts of interesting uses and is something worth continued investment and development.

Bitcoin, as a currency, is absolute crap. When even the conference on Bitcoin tells you that it isn't suitable to use for your conference fees, you should see the writing on the wall.
 
Fewer and fewer use cases by the day.

More and more competition by the day.

Bitcoin is a captured hill.
 
The fees associated with these coins to exchange or buy anything is crazy. I'm still not certain how someone can cash these in and have it be worth the headache of taxes, fees, and etc. that now comes along with these. Not to mention automatically flagging you for IRS audit when you do or if you profit from this.
 
Of course it's in Miami. Banana gateway to the banana republics.
 
https://motherboard.vice.com/en_us/...currency-hit-2-billion-jackson-palmer-opinion

Jackson Palmer said:
While FOMO-driven amateur investors rush to invest in the next "blockchain for x" ICO hoping for a 100 percent return, merchant adoption of Bitcoin is reportedly decreasing to its lowest level in years. Recently, major players like Microsoft and video game marketplace Steam removed the option to pay in Bitcoin from their online stores.

At the same time, it seems like Bitcoin’s original anti-establishment principles are being diluted even further. We’re seeing money pouring into the industry from large institutional traders, and Bitcoin futures contracts—basically betting on whether Bitcoin’s price will go up or down—have begun trading on Wall Street. Which leaves me asking: what happened to removing the supposedly corrupt financial institutions from the table?
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the last transfer i made from nicehash to coinbase was about $7 and took 6-7 hours 6 weeks ago. That was the last time i am dealing with bitcoin, now i use litecoin to make transfers.
 
I'm sure Bitcoin investors will continue to shift the narrative from "it's the currency of the future" to "well it's not so much a currency as it is a store of value" in light of this. Kind of like how Tesla investors have gone from "it's a car company" to "it's not a car company, it's a technology company", every time Tesla fails to deliver a car.
 
HockeyJon said:
I'm sure Bitcoin investors will continue to shift the narrative from "it's the currency of the future" to "well it's not so much a currency as it is a store of value" in light of this. Kind of like how Tesla investors have gone from "it's a car company" to "it's not a car company, it's a technology company", every time Tesla fails to deliver a car.
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What's wrong with a shift in narrative. It's kind of hard to argue that Bitcoin doesn't have some sort of value (not arguing whether or not the value is justified), but the fact that it is too hard to use means it will be relegated to a store of value. Other cryptos have better usability for small transactions. The fact that moneygram signed a deal with Ripple shows that cryptos can be used on a daily basis. It's just that Bitcoin's tech isn't suited to that.
 
HockeyJon said:
I'm sure Bitcoin investors will continue to shift the narrative from "it's the currency of the future" to "well it's not so much a currency as it is a store of value" in light of this. Kind of like how Tesla investors have gone from "it's a car company" to "it's not a car company, it's a technology company", every time Tesla fails to deliver a car.
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I was flying the bitcoin flag forever.

I am completely out of bitcoin.

Its a bit complicated to explain here, but the bottom line is there's simply no reason to own it.
Even from a purely speculative position, smaller market cap coins are easier to make a greater alpha with, so it fails there as well.
 
kirbyrj said:
What's wrong with a shift in narrative. It's kind of hard to argue that Bitcoin doesn't have some sort of value (not arguing whether or not the value is justified), but the fact that it is too hard to use means it will be relegated to a store of value. Other cryptos have better usability for small transactions. The fact that moneygram signed a deal with Ripple shows that cryptos can be used on a daily basis. It's just that Bitcoin's tech isn't suited to that.
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Store of value based on what? A few lines of code written by a third party under an alias which makes it somehow more trustworthy than stashing cash in an FDIC insured financial institution? I would like to think a store of value would be defined by something, be it because of some form of utility or a physical object. Bitcoin has neither at this point, particularly if even a Bitcoin conference won't accept it with its stated function. This means there is quite literally NOTHING backing it and little reason to own it, if any, which to me creates an entirely unstable and dangerous "store of value". That's why I think there's something wrong with the shift in narrative, because it feels like grasping at straws to me. "Well, it's not this but I own it and want it to be valuable so now it's all of a sudden that".
 
HockeyJon said:
Store of value based on what? A few lines of code written by a third party under an alias which makes it somehow more trustworthy than stashing cash in an FDIC insured financial institution? I would like to think a store of value would be defined by something, be it because of some form of utility or a physical object. Bitcoin has neither at this point, particularly if even a Bitcoin conference won't accept it with its stated function. This means there is quite literally NOTHING backing it and little reason to own it, if any, which to me creates an entirely unstable and dangerous "store of value". That's why I think there's something wrong with the shift in narrative, because it feels like grasping at straws to me. "Well, it's not this but I own it and want it to be valuable so now it's all of a sudden that".
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You've already made up your mind about it. So you create a random narrative denouncing it. At the end of the day, you say its worth nothing but you can buy and sell it at somewhere north of $13,000. It doesn't really matter why it does just that it does. I'm not a true believer or anything. More like a pragmatist.
 
kirbyrj said:
You've already made up your mind about it. So you create a random narrative denouncing it. At the end of the day, you say its worth nothing but you can buy and sell it at somewhere north of $13,000. It doesn't really matter why it does just that it does. I'm not a true believer or anything. More like a pragmatist.
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My point is that shifting the goal post kind of underscores the problem. It sucks at one function, so you pretend it's something else to justify the $13,000 you spent on it. And sure, I don't disagree, you can buy and sell it for insane amounts of actual money that could be used for something else (it's enough for a car at this point), but I'm talking about intrinsic value. Something has to support why you're willing to pay $13,000 for it. Currently, that support is simply either "some dude on Twitter says this is the future, man!", or someone buying it hoping to sell it to someone else for more some time in the future (ironically buying to convert back into government fiat currency instead of to spend which, again, underscores the problem).

At the end of the day, there are going to be a lot of people getting hurt in my view. I could be wrong, but this is following the same asset bubble pattern we've seen in the past, and those seldom end well. Some people will make a fortune, but many more will suffer.
 
This was me when the fees began to rise.
U0o5M48.png


Then this was me at the end of bitcoin for myself.
ZXSMzpG.png
 
buttons said:
the last transfer i made from nicehash to coinbase was about $7 and took 6-7 hours 6 weeks ago. That was the last time i am dealing with bitcoin, now i use litecoin to make transfers.
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yup LTC all the way for transfers/conversions/holding since its cheap and pretty stable. atm at least
 
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