submitted an hour ago by iLLyNoiZeObserver
At the moment, referring to the SEC decision to deny the Winklewoss Bitcoin ETF proposal... OldSpice45
sums it up really well.
"They're not letting the WinkleShit twins run this show, that’s for sure! Even Mike Novagratz implied the big boys won’t get into custody, unless it’s a huge company behind it, which is why Coinbase’s Custody isn’t really pulling in the much money. It’ll be when Fidelity, or JP Morgan, or someone huge offers custody that the big boys will play. I think you guys are right, I think CBOE will get approved for the ETF." Don't get me wrong, it's bad news, but not as bad as it can get.
The SEC, and everyone, is probably having an issue with how Winklevoss intend to store bitcoin and have redemptions, as well as the numerous conditions they have for immediately winding down the ETF. submitted by
Instead of a USB key in a safety deposit box, or split portions of a key in different physical locations, wouldn't multisig be more practical?
Confessional time? Cool, here goes:
Hi, former Bitcoin developer here (and regular /buttcoin
lurker), basically retired at this point. Someone that helped on some really early code (2010-12ish) that helped fix bugs that were losing people money.
I really got interested in Bitcoin because of the movement to reform the banking industry. That always put me at odds with the mouth-breathing objectivism retards who just wanted cutthroat ultracapitalism so they could, oh I don't know, sell dangerous contraband explosives out of their apartment, and/or were just trying to make a Shit Ton Of Money Bro (TM) by pumping butts like the WinkleWASP douches or the Coinbase frat boys who are literally from Goldman Sachs trying to set up another post-housing-bubble financial scam for profit.
So, context for my early interest: I watched the banking industry jack up my friend's mortgages into the cosmos by turning the roofs over our head into stock market gambling devices, and then basically take down the entire US economy with crazy investment schemes, sticking my friends with a high mortgage, an underwater home and no good jobs to pay for it.
Then I watched as they tried to "fix" it by pouring even more casino money into monstercorps, which then had even more power to screw everybody over (without giving anybody a raise), and then into the present-day tech bubble (oh yes, it's a bubble).
The tech people get six-figures building a bunch of garbage "image sharing" apps that do almost nothing useful, and then get it privately valued at billions of dollars to basically pump them for braindead Chinese investors and Grandma's 401k. It's basically a pyramid scheme, except it's legal because people are actually just that stupid.
Once again my non-tech friends get screwed over as their mortgages/rents went up and their salary sat stagnant, as the techno-libertarians sat there and jerked off about how fair the system was (because it benefited their fat fuck sexist neckbeard asses).
I saw Bitcoin as an interesting way to create an alternative system for unprivileged communities outside of the status quo to manage purchasing power that didn't require a bought-off cartel, and potentially wasn't subject to this sort of stupidity. The idea of replacing a bunch of shithead banks and stock market casino pumpers with a a piece of open source software code is, you have to admit, a pretty interesting idea.
But then, the moneydouches came in and did what they do best: turn it into a Beanie Babies pumping scam for profit.
Bitcoin (really, any technology) can be made valuable in two ways. The first (and honest) way is to make interesting tools with it that actually make them useful, and let people decide on their own if it's useful for them with sane opinions about the technology.
The second way is buy a bunch of it and then basically pump it hard to encourage everyone to BUY AS MANY AS POSSIBLE RIGHT NOW HURRY so that the value goes up not because it's more useful, but because they've suckered a bunch of gullible idiots that don't understand it into buying them.
I've always told my friends it's pure gambling to only purchase them with the expectation that they'll go up, and to only buy them if they found them useful for a problem they had.
Apparently, other people said different things to their "friends".
Beyond that, with the exception of a few excellent people, the industry was indeed pretty shitty. My simple approach to business is that if people are good and honest, I work with them. Didn't find a lot of those people in the Bitcoin space, or people that I would consider competent, nice, and trustworthy enough for really any real company ever.
I'm still convinced that Bitcoin qualifies as money (as a commodity money, at least). But yeah, it seems subject to the same casino pumping problems as the traditional stock market / banking system. As such, it's not super interesting to me anymore.
Perhaps the big guys do not want this to happen until after the introduction of the Bitcoin funds. submitted by
Prediction: After the pricing Doldrums post-Winkle/Second Market etf fund start ups, the Devs will announce the official adoption of the ‘bit’, and the lift-off will begin.
Do we truly want mass adoption of bitcoin? Then it must be easy to use, and errors such as putting in too many zeroes, or not enough, must be easily avoided. At 1 btc=1 million dollars: .00000525 btc for a coffee? or 5.25 bits?
If we don’t adopt bits, someone will make a mistake and try to pay .000525 btc for that coffee. He will be corrected by the barrista that the actual price is .00525 btc, because 1 btc will = 1 thousand dollars - if we’re lucky. Of course, it’s more likely that they will be paying $5.25, because Bitcoin will never be widely used, in this case.
“Bits” are friendly. ‘Satoshis’ are too foreign sounding (sumimasen deshta, demo, honto desu), and micros, millis, picos, nanos are too “Geek”. Plus they sound... small, really small. OK, so do ‘bits’, but anyway...
Most of us here are technically at least semi-competent, and still, I sweat a little bit (sorry) when sending an amount, because of all the damn zeroes! Look at the guy who mistakenly sent that huge amount to Mt. Gox recently. OK, it was a different kind of mistake, (Addresses!!! that’s for another discussion...), but the point is that Bitcoin has so many things that must be finessed, that even WE, the TehcnoElite (heh) sometimes screw up!
Bitcoin must pass the Drunk/Moron/Mr. Distracto test before Joe Blow III will use it.
There’s nothing sacred about the size of the unit we use, it just happened, and it’s the wrong size, like calibrating a car’s speedometer in millimeters/picosecond. Yes, we’re the TehcnoElite, we can DO that calculation, and flex those GeekNeuroMuscles too! But for most of us, km/hr. works better. (And actually, miles/hour is even better, as the highway distance in miles gives us the ETA in minutes. OK, not in Nevada).
Sometimes I wish we could just do a “Stock Split” kind of thing, but there’s no traction for it. But ‘bits’? It might just happen. Please.
Master Limited partnership (MLP). The Winkles could sell their bitcoin stash to the public as a limited partnership which has been used before to finance exotic projects like treasure hunts. Buyer would have to qualify by having $1,000,000 in assets removing the innocent investor as a regulatory risk. New partners could contribute bitcoin to the partnership asset pool or just buy into it with cash. submitted by
Net asset value (NAV) of the partnership would be the current price of bitcoin plus or minus trading profits (losses) plus the value derived from the scarcity of liquid investment vehicles in bitcoin.
Guys, I am done--DONE
--with this nonsense. The Institute hasn't done jack-all since they bought Satoshi a private island with international immunity in exchange for suppressing the White Paper 2.0 (telepathic exchanges, colored side-chaining, proof of transcendence, etc.) Well, thank fedoras for that at least!
Three years later and I can't even get a new hole puncher or a valid Excel license (Google Docs? Really?) without filling out 7 forms Petraeus' signature. And I'm still expected to get 100 things done each shift?:
- Post to /bitcoin as a Moon-huffing loony with at least 3 typos per sentence and a misunderstanding of two fundamental concepts from mathematics, economics, transaction processing, networking, electricity rates, laws of supply and demand, and basic human communication protocols.
- Launch and shill for another worthless altcoin.
- Provide summary of daily American Pegasus postings to CEO's at MasterCard, Visa, Chase, Wells Fargo, Western Union, and PetSmart.
And Shelly can't even tell the VP of Troll Account Password Management why ChangeTip is up 8,000% and BitCoin is up thousands of percent (on a logarithmic chart excluding 2015 based on quarterly averages)?? Well who's freakin' responsibility was it to send the WinkleVii a message by pasting Mark Zuckerburg's face all over their ceilings while they slept?
I'm supposed to hack at least 2 exchanges a day and these SOB's in Finance won't approve my Venti Caramel Macchiato from the Dallas Seminar on Saying Bitcoin Went Bankrupt.
Only damn good guy left in the bunch is Josh Garza, I think we can all agree that kid deserves a promotion.
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