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Coinbase mafia shows how tight a circle holds sway over Bitcoin

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Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#261

Post by expressbean »

moralsupply wrote: post #202

> Coinbase Global Inc.’s filing to become a publicly-traded company provides a glimpse into the remarkably small circle of mostly men who command the incredibly lucrative digital landscape Why is the fact they are "mostly men" relevant in any way? What if they are "mostly jewish"? Or "mostly white"? Or "mostly American"? Is Bitcoin now a matter of "privilege"? Are there people out there who fall for this sort of insa…

Pointing out that it was "mostly white" or "mostly American" would be accepted and considered progressive.

Pointing out that it was "mostly Jewish" would not be accepted and would be considered hate speech.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#262

Post by cromwellian »

ldbooth wrote: post #255
cromwellian wrote: post #254

Earlier quoted context omitted.

According to the USGS, 37% of gold is used in electronics. So gold is also a part of productive assets , and its use in electronics is only increasing. Bitcoin by contrast isn't a productive asset, has no fundamental property like gold does, that exists outside of its original purpose, and its maintenance requires constant usage of energy just to jog in place. Switch off the BTC network, and value goes to zero, which…

You are conflating a commodity with a cash producing asset like a farm. Show me the cash flows from your gold nugget and I'll show you the cash flows from a farm that produces a usable product in the market.

Gold contacts on my money producing cloud servers are just as cash producing as tractors on your farm.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#264

Post by anonisko »

jokethrowaway wrote: post #259
anonisko wrote: post #178

Earlier quoted context omitted.

Every store of value that has ever existed and will ever exist is just a game of speculation that it will continue to be valued when you're ready to withdraw your money to do things you've saved for. Gold was the best portable and fungible speculative bet for a very long time. Bonds are speculation that a country will continue to be productive and well managed enough to pay their debts without resorting to massive in…

The problem with bitcoin is that it's not exclusive - there are tons of alternatives. Some even have better features (think Ethereum or Monero or Zcash). Nothing is stopping people from launching bitcoin2,bitcoin3, etc and having the same technology available - yet BTC is the major player skyrocketing. This is an example of the market being irrational longer than expected, in my book.

  The problem with Facebook is that it's not exclusive - there are tons of alternatives.
  Some even have better features (think Twitter or TikTok or Discord).
  Nothing is stopping people from launching Facebook2, Facebook3, etc and having the same technology available - yet Facebook is the major player skyrocketing.
  This is an example of the market being irrational longer than expected, in my book.
The value of bitcoin is not in the code, it's in the network. Arguing that the code that runs the network can just be copied is not a very compelling argument.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#265

Post by anonisko »

ldbooth wrote: post #255
cromwellian wrote: post #254

Earlier quoted context omitted.

According to the USGS, 37% of gold is used in electronics. So gold is also a part of productive assets , and its use in electronics is only increasing. Bitcoin by contrast isn't a productive asset, has no fundamental property like gold does, that exists outside of its original purpose, and its maintenance requires constant usage of energy just to jog in place. Switch off the BTC network, and value goes to zero, which…

You are conflating a commodity with a cash producing asset like a farm. Show me the cash flows from your gold nugget and I'll show you the cash flows from a farm that produces a usable product in the market.

A farm is an income generating asset. Farmland is a commodity that does nothing on its own.

An electronics manufacturer that uses gold is an income generating asset. Gold is a commodity that does nothing on its own.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#266

Post by laughingbovine »

What is this article?

Literally only one line in this article lines up with the headline: "Less than 2% of the anonymous ownership accounts that can be tracked on Bitcoin’s blockchain control 95% of the digital asset, according to researcher Flipside Crypto."

Then its a story about bitcoin beginnings and the lead up to coinbase. Does the article imply that the Coinbase owners own 95% of the digital asset? Who knows, article never says. Who is the "Coinbase Mafia"? Who knows, i guess its just every person who was named in the article. Who holds sway over bitcoin? Find another article cuz this one wont tell you.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#267

Post by EVa5I7bHFq9mnYK »

joubert wrote: post #208
EVa5I7bHFq9mnYK wrote: post #171

Earlier quoted context omitted.

It is not so, because humans have finite life span. So they MUST spend their coins within a fixed time frame of about 70 years.

> So they MUST spend their coins within a fixed time frame of about 70 years. Inheritance. Donations.

No one passes everything to heirs

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#268

Post by EVa5I7bHFq9mnYK »

imtringued wrote: post #222
EVa5I7bHFq9mnYK wrote: post #171

Earlier quoted context omitted.

It is not so, because humans have finite life span. So they MUST spend their coins within a fixed time frame of about 70 years.

Lots of Bitcoin simply get lost and people are betting on this loss too. You are also forgetting the ultimate irony behind long term deflation. At some point your Bitcoin will be worth millions in dollars but will the dollar actually buy you that much product or service if there aren't enough young people to take care of everything?

The endgame is that there will be no dollars and Bitcoins will cover all exchange and savings needs. At that point deflation stops.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#269

Post by EVa5I7bHFq9mnYK »

Rury wrote: post #240
EVa5I7bHFq9mnYK wrote: post #171

Earlier quoted context omitted.

It is not so, because humans have finite life span. So they MUST spend their coins within a fixed time frame of about 70 years.

Sure it is. As more goods get made relative to bitcoin, and more people come to exist, the prices of goods & services must come down relative to bitcoin in order to avoid liquidity crises - especially since the number of bitcoin is set to be capped (while population and goods aren't). Bitcoin instead was designed to handle this problem via trading in fractions such as satoshi's.

The "it" in the phrase "it is not so" relates to the phrase "spending bitcoin is economically irrational". It is economically rational to spend bitcoins because a person wants to enjoy some of her wealth before she dies. That is the only reason I have sold part of coins I mined in 2011.

Re: Coinbase mafia shows how tight a circle holds sway over Bitcoin

#270

Post by ldbooth »

cromwellian wrote: post #262
ldbooth wrote: post #255

Earlier quoted context omitted.

You are conflating a commodity with a cash producing asset like a farm. Show me the cash flows from your gold nugget and I'll show you the cash flows from a farm that produces a usable product in the market.

Gold contacts on my money producing cloud servers are just as cash producing as tractors on your farm.

Your cloud servers:the inputs are irrelevant, the cash flow is from the business services provided.
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