Bitcoin's 10 trillion dollar valuation is fast approaching

I met with both @BAJacket and @manch. I was more impressed by Jacket’s sociability.

Wow, after knowing new friends, forget about your old buddies myo and me.

Did you bother to sign up for the holiday party? Forget is right.

@manch did you read the paper? and the other one?

I read the bitcoin paper. I don’t understand how the nodes resolve conflicts. Paper says the longest chain will win. How does any one node know the latest chain it gets is the longest? Does it keep an eye on later chains to see if it’s block is included?

I don’t know anything about distributed systems.

This is an OK answer on your question:

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So in practice today how many tries does it take for any one transaction gets tagged onto the active chain? It’s proportional to transaction rate right?

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This article is gold! Everybody read it!

James Fickel, 26, lives in a high-rise with a Russian blue cat called Mr. Bigglesworth. Mr. Fickel is known in the community for “going full YOLO” and investing $400,000 when Ethereum was at 80 cents. Now, with a fortune he says is in the hundreds of millions, his parents have retired and sent his younger sister to live with him.

Maybe I need to go to one of these meet ups in SF…

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some estimate that 95 percent of the wealth is held by 4 percent of the owners.

IOW, 96% is making 4% rich.
5% float? Trying to increase the float would most likely bring down the price! That is 95% is fake money.
Unless the bubble lasts long enough, it would be difficult for the 4% to unload the other 95% to the 96%.

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There’s a huge age/generational/cultural gap between you and these people. I think it’ll be hard for you to fit in…

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Maria Lomeli, 56, came to the party to find the people she had put a lot of trust in. A housekeeper from Pacifica, Calif., she said she had invested $12,000 in cryptocurrencies over the last few weeks after reading about it in the news.

wore running shoes and a zip-up jacket that said, “Cinemark, the best seats in town.” She worked there cleaning out theaters. Now she cleans houses. Banks, she said, were designed to steal. Taxes left her supporting a government that she felt didn’t support her.

“Charges for sending money to my daughter, interest on our loans,” she said. "And then the money we pay in taxes goes to wars and whatever else they want.”

She found a Bitcoin event in the city and asked people there how to buy Bitcoin on her phone. She invested $1,000. It went up. So she put in $10,000 more, she said, along with $1,000 in a currency called Litecoin. Both her children have discouraged this.

“And maybe I’m going to lose it,” she said. “Maybe I’m going to keep cleaning houses. But something is telling me I can trust this generation. My instinct is telling me this is the future.”

She had to leave the party early because parking downtown is expensive, she said. She zipped up her jacket and left on her own.

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OMG… this house cleaner is going to have to clean lots more toilets for doing this… :scream:

Who knows. She has been a cleaner so nothing to lose to stay a cleaner. But if she became millionaire and retires, house cleaning would be a little more expensive. Her children must be Millenials but they failed to invest in coins early as their generational leaders did

Bigger coin investors are well educated and smart. Many smart tech workers hold coins and probably made more than their RSUs.

Recently a few tech coin millionaires became nervous about the size of their coin portfolio and started selling or liquidating

When a cleaner puts her life savings into something, is when you have to do a reality check on what exactly is happening here. The fact that she lists distrusting the government as a reason for doing so is all the more disturbing… :scream:

Only one cleaner, she’s the top 1% of the cleaners.

Only many of her cleaner friends buy coins, the peak might be on sight

Come on… tons of blue collar people have already dumped their life savings into it. What about that sewer treatment guard that @Elt1 said had dumped $9k of his life savings into this bubble as well? These people are going to have to pay a hefty price for their actions… :scream:

Trumpsters don’t trust the government either…Been a problem since the Vietnam war, when the Pentagon papers proved Johnson lied to everybody about the war…The government is full of idiots and liars…but even they are more reliable than the internet or bitcoin.

The sewer guy believes in Chemtrails, just like the loony left…The crazies on the left and right meet out on the extremes and all love Burning Man

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The internet is reliable when you use it properly. Bitcoin can be reliable also if you can use it properly… however these blue collar people are probably not using it correctly… :wink: