CNBC's "Mad Money" Host Jim Cramer Is Finally Buying Bitcoin
CNBC's "Mad Money" Host Jim Cramer Is Finally Buying Bitcoin
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MadBitcoins! - A daily youtube show about bitcoin
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
BlackCoin is a digital currency similar to Bitcoin. It is a pure Proof of Stake coin, except stage of initial distribution, when it was mixed PoW and PoS coin. For more info, go to http://blackcoin.org/
Vinny Lingham, Tone Vay, Mad Bitcoin, Adam Meister are all wrong about cooperation....
Roger Ver claims his love for bitcoin no different from the rest of us except this: He says he hates governments and their control over currency because they cause wars and kill innocent people for it. However, he is the primary driver of the BU/BTC war claiming that there is an urgent need now (political) What Roger really wants is control. He's creating his own government on the BU side with it's own centralized government appointing a President. He's taken the Bitcoin.Com site for his own purpose. Like the last elections, he still believes people will believe his Bitcoin.com poll. We all know how good polls are. He hates war but he's the one behind our war. Lingham, Vay and the others might think that there's some opportunity for cooperation. There isn't with Ver still around. He's convince the miners of their plight if SW/LN get's launched and continues to fuel it. He's uses current Hash circumstances where he's coached miners how to affect it. He is not looking out for the best of bitcoin. He is seeking control of it. He will eventually convince miners to demand an increase in the number of bitcoins by telling them that as the halving continues, their businesses will diminish. Wrong. Where the focus of this war needs to be directed is at the minders in showing them the mathematics of how their businesses will do well under the one bitcoin path. Ver will continue to promote that the sky is falling and say this limits Miners growth and control. By controlling TX Miners will kill any crupto with their greed. Bitcoin is used for both daily currency and wealth preservation. Ver wants everyone to think it's the former. He's created this fear that people wont like it because of the tx times. Yet the price continues to go up. Demand in markets will be filled naturally. Ver's push is nothing but a thin veil for his urgency of control. His claim that people will flock to other cryptos is short term. Anyone old enough to remember the dot com boom and bust know that this is exactly what we're going through. Bitcoin is the Amazon. The others will shrink away. There is no decentralized crypto out there that will not go through the same idiots and government regulations that Bitcoin is. Bitcoin is the one. So these other "analyst" need to look beyond the numbers and see Ver's con man objective. We all want bitcoin to do well so take that off the table. Why does Ver push urgency? His windows closing if SW gets launched. Miners might be able to be convinced given the math of their future but they may be too rooted in the picture of glory Ver has created for them. Stick with BTC, start a SW node and blackball all Ver in his ability to communicate through your channels.
Please do not downvote this post. I am going to provide a view that is somewhat contrarian to many people in this sub here, but the intent is to maintain strength in the Bitcoin Cash side. Before selling all of your Bitcoin Segwit, let's take a quick look at a chart that we all remember. http://i0.wp.com/money.visualcapitalist.com/wp-content/uploads/2017/10/all-the-worlds-money-mp-infographic-1360.png?w=1360 Bitcoin Segwit and Bitcoin Cash combines represents less than 0.2% of the entire fiat currency supply, yet both, yes both, are better than fiat. Do not let go of ALL of your Bitcoin Segwit just yet. In the short term, we are likely to see a fiat flood to Bitcoin Segwit by means of the financial markets - the people that have the most fiat and make their living controlling it. If you sell all of your Bitcoin Segwit now out of spite, you will be giving up a huge amount of purchase power to the fiat movers. Sure, move a little bit, but realize that $90 trillion is going to move from fiat to Cryptocurrency, and it's not all going to go into Bitcoin Cash. Contrary, most of it will likely go into Bitcoin Segwit first. The real measurement is user adoption, and banks can create user adoption overnight by putting a "Buy Bitcoin" button in their accounts. Of course, it makes more sense for them to use Bitcoin Segwit than Bitcoin Cash when that button is pushed. I am still a Bitcoin Cash fan, and believe it will be the long-term winner, but there is a very good chance that in the next year a few trillion gets dumped into Bitcoin Segwit. So, proceed with your transition slowly.
@biffhardsteel: @needimpeachment @TabbiItalian @OGDoozer @ac697f3740bd4d9 @pollsofpolitics @ThatVinnyODude Y would I remotely care if you believe I have mad Bitcoin ? I only want you to get on the Trump train for your own benefit. That's what I care about. I am altruistic
Rebuttal to Roger Ver's points made on Mad Bitcoins interview (And partial transcript)
Here are some of the items Roger said that I found interesting and/or worthy of debate and also some quick responses. All in all I think this was a much better presentation of his argument (though still flawed IMO). I took the time to transcribe some of his statements (There may be errors, memorydealers I would be happy to correct anything I quoted that is wrong) I left my responses purposefully brief. I am hoping others can add details or extend them to further prove or disprove any statement (including stuff I wrote that's wrong or that you disagree with). I am hoping that someone from core goes on with Mad Bitcoins tomorrow night. https://www.youtube.com/watch?v=XpOnolf1tS8
@3:00 "So anybody that thinks that high fees, and slow confirmations and full blocks are a good thing for bitcoin, they are plain and simple wrong and they don't understand the things that make bitcoin useful as money."
Just because people don't agree with you doesn't make them wrong. Its simply different priorities.
IMO the thing that makes bitcoin useful is not only that it is money, it is that it is decentralized money. Anything that puts decentralization at risk will cause the value to decline at least as much things that make it less useful as money.
@3:14 "And people talk about, well bitcoin is a store of value. Well the only reason people want to save money is so they can spend it later and if bitcoin becomes not usable as a means of exchange so people won't want to save their wealth in it either...If bitcoin can't be used a medium of exchange, it won't be used as a store of value"
Bad argument since it can be used as a medium of exchange
Bad argument because people use gold as a store of value and it is not a very good medium of exchange
@6:30 "Either they can mine an empty block during that time period while the block is being propagated and validated or they don't mine at all so as a miner its very very clear it would be better to mine an empty block and get the 12.5 coins from that than to not mine at all during that period and have no chance of getting a block..."
bigger blocks would create more empty blocks
[continued] "...Its actually a nice way of slowing the network down from getting ahead of itself, if the blocks are too big and they are propagating around and its taking too long for people to get a whole copy of them the fact that a pool is mining an empty block, it lets rest of the network catch back up because the empty block propagates very quickly and it can be validated very quickly so it lets the whole bitcoin network catch back up to where things are supposed to be. So its actually kind of a nice safety valve for slowing the down the speed of the transaction rate on the bitcoin network if needed."
Interesting to hear the argument for small blocks inserted here
"@8:30 So right now the block size is set by a couple dozen core dev who decided who have decided the maximum size is 1MB"
Blocksize was set by satoshi
Code is open source and it is trivial to change the blocksize
@9:30 "Also, all the mining pool operators are running nodes as well and those are the ones that actually secure the network and validate the blocks and do that"
miners are not the ones who validate blocks except in the capacity that they don't want them to be rejected by the true validators: the users
@9:47 "That's probably why this whole debate hasn't been settled already because there is not any one specific place you can point too and say this is who is in charge of solving this issue."
Interesting reference to centralization
@10:40 "as were seeing from this current scaling debate there is this huge huge huge motivation for everybody to stay on the same chain and be part of the same bitcoin network, so even once the users are able to configure this themselves, I think 99% are still gonna stay on the same chain"
So basically emergent consensus wont actually do anything because they know >1MB is still contentious and they want to stay with the 99%
non-contentious forking is really just an exercise in mass coordination, this has been a hot dev topic for many years
@12:55 "The developers at bu come up with an amazing technology called extreme thin blocks"
The one that had a bug in it for over a year that could be exploited to crash a node remotely
@15:20 "I think bitcoin mining is more decentralized than ever"
It is almost impossible to gauge this
I would argue that the opposite is true, but I would need to do more research
@18:02 "The things segwit solves/the issues it addresses aren't things that need to be fixed urgently"
BU doesn't raise blocksize limit right away unless users want a contentious split, which they probably don't (Roger mentioned earlier that users have a huge motivation to stay on the same chain)
@20:02 "If you're hard forking for a good reason, it's not contentious"
This is an example of centralization: "Only my ideas could be considered a good reason"
@20:58 "Lets say it somehow splits at 50/50 .... blocks will take 20 minutes to confirm. The transaction capacity will be half."
He is describing how the 1MB chain will die after a split.
Seems to me those who value bitcoin centralization will be just fine waiting for 20 minutes or longer, especially since segwit activation will jump to 60%+
@23:14 "And if you have an opinion like i do on this as to which version of bitcoin is the better one. I will sell my coins on the slow expensive core chain...bitcoin unlimited coins will be so much more useful because you actually be able to send and receive them with people unlike the bitcoin core coins on this congested network that cost a fortune and take for ever to move the bitcoins"
A threat to dump bitcoins. I will buy some.
@30:52 "And the miners, the majority if their income is from the block reward and not from the fees on the network and the will continue to be the case for like the next 100 years."
In 2040 (assuming 4 year reward halvings) the reward will drop to 0.19531250 BTC
@31:02 "And its worth pointing out that the bitcoin unlimited guys they are not opposed to layer 2 technologies at all, we're excited about layer 2 tech...but our point is don't strangle bitcoins layer that brought us from nothing to where are today"
I just thought it was interesting the use of the word "we're" here
@32:12 "Whereas a lot of the core developers today are actively saying that they want to damage the bitcoin that brought to where we are today"
This is a very repeated point and in someways, seems like the only point. Probably a good place to focus for anyone engaging in debate
Nobody is saying this, this is putting words in people's moths just because they disagree with methodology and priorities.
@33:16 "People that are part of bitcoin core are part of bitcoin core are openly and intentionally advocating for high fees and full blocks, thats kryptonite for bitcoin"
OK Im drunk now because I took a shot every time roger made this point.
Again, putting words and intentions in people's month, disagreeing with someone's method of improvement of a thing is not an argument that someone is trying to harm that thing.
@38:12 "So for me I think its time to switch to BU, A dev team that understands why bitcoin is useful as money"
Personally I don't want to trust anyone one team
@40:23 "the bitcoin core camp seem to think that bitcoin will only be used as a store of value, so they are undermining its usefulness in commerce"
@44:40 [Regarding BU Bug Fix removed from /bitcoin] "I think everyone involved with bitcoin should condemn that sort of activity"
I agree with Roger here, alternative Bitcoin implementations should never be considered an altcoin, alternative consensus proposals should always be heard
@49:06 Right now you can run bitcoin on a raspi for $25
Cost of computing is not the main concern, storage is an issue, but the main concern is network costs
@49:12 "My understanding of their side is...I guess they have 2 [concerns]...One concern they have is that they think that bitcoin network is going to become centralized."
This point can not be overstated, though it seems glossed over when considering what is best for bitcoin
never got to 2nd item because he got too busy going back to his repetitive defense
(paraphrased) Bigger blocks = more people = more decentralization
More rich people
IMO raw growth is not always the best answer, especially scaling can be gained through optimizations
"As soon as the user experiences started to decline (slow confirmation, high fees), adoption has started to decline"
This doesn't seem true, would be worth investigating
@51:50 "bu will have bitcoin.com"
when asked if BU should just take on a new name
another example of new centralization, I don't have a problem with bitcoin.com per se, it's just that some of the arguments against core revolve around centralization concerns
earlier he says "bitcoin core, good marketing" (referring to choosing the name)
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