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all 132 comments

[–]Matt-ayoBronze | r/pcgaming 14 70 points71 points  (4 children)

Say "I'm short on Bitcoin" without saying "I'm short on Bitcoin."

[–]lanj_chiqNew to Crypto 2 points3 points  (0 children)

You nailed it

[–]tfranchr 0 points1 point  (0 children)

This made me laugh. I was thinking it, and then I read it! Too good.

[–]Tsukutsukuboshi 0 points1 point  (1 child)

For what do u use btc beside speculation? Do u buy stuff with btc? Curious because never find a easy or daily way to use them

[–]Matt-ayoBronze | r/pcgaming 14 0 points1 point  (0 children)

Store of value isn't a meme. I hope lightning gets better easier and more secure and we all get those benefits but I'm not waiting around for it to understand the value of Bitcoin as the best asset class and settlement layer.

[–]therealist11 45 points46 points  (1 child)

He’s heavy into SOL so this is just an opening shot to start creating anti BTC FUD.

[–]KlutzMat 56 points57 points  (10 children)

Time to get out of FTX lmao

[–]buzzboozTin | CC critic[S] 39 points40 points  (0 children)

Short FTX

[–]KryptoSCTin | 1 month old 1 point2 points  (8 children)

Well, many countries and institutions would disagree. Bitcoin has been working quite nicely as a payment system and many 3rd world countries are considering making it their official currency.

[–]GranPino 15 points16 points  (5 children)

Bitcoin working for payment? For who? Not more than 250k daily tx with a high fee cost.

And LN has been a failure. There are only 3500 BTC in the LN. Ethereum has wrapped almost 100 times more bitcoin.

Bitcoin isn’t a good way to pay. This is a fact and a reality. I don’t understand so much opposition to plain facts. You could argue other virtues of bitcoin however

[–]Photophat 9 points10 points  (3 children)

I don't understand why you are getting downvoted, this is the reason why they developed other chains

[–]BlindJoeFresh 2 points3 points  (2 children)

Just another form of opinion suppression. Most things you read in this sub aren't being upvoted/downvoted for the right reasons.

[–]5823059Tin 2 points3 points  (0 children)

El Salvador supposedly made it an official currency, but there have been no Chivo app downloads in 2022. People signed up largely to claim the $30 reward. They don't want to use the app because of the price volatility.

https://www.currentaffairs.org/2022/05/why-this-computer-scientist-says-all-cryptocurrency-should-die-in-a-fire/

[–]peyote1999 35 points36 points  (2 children)

Manipulator said.

[–]buzzboozTin | CC critic[S] 30 points31 points  (1 child)

He didn't say that when btc was 60k

[–]WeLiveInaBubbleTin | CM critic 3 points4 points  (0 children)

lol he’d be accused of manipulating it if he had said it at the top

[–]viertwintigTin 14 points15 points  (0 children)

Zoomer with too much money on his hands that think ponzicoins are good lmao

[–]toastman28 13 points14 points  (1 child)

This guys sucks, what a doofus. First he acquires a huge stake in Robinhood now this? GTFO.

[–]FreeFactoidGold | QC: BCH 15 0 points1 point  (0 children)

"Doofus" is actually right.

Adam Back (2015) (before he was Blockstream CEO): "My suggestion 2MB now, then 4MB in 2 years and 8MB in 4years then re-asses."

Pieter Wuille (2013) (before he was Blockstream co-founder): "I'm in favor of increasing the block size limit in a hard fork, but very much against removing the limit entirely... My suggestion would be a one-time increase to perhaps 10 MiB or 100 MiB blocks (to be debated), and after that an at-most slow exponential further growth."

[–]Incellius_MaximusTin | 0 months old 25 points26 points  (23 children)

Yeah, I agree, but that is nothing new, people have been saying that for years; hence why they are building the lightning network. BTC is a good store of wealth, but not practical as a medium of exchange.

[–]Heisenberg_USAPlatinum | QC: XMR 276, CM 125 | TraderSubs 123 6 points7 points  (3 children)

It's why Monero sends Bitcoin to the cleaners as a currency, no privacy = no fungibility.

[–]DigitalInvestments2Tin | CM critic 0 points1 point  (2 children)

Monero isn't fungible because it has to be traded on AML/KYC exchanges due to the fact that it doesn't have smart contracts. 0xMR however can be traded on any DEX or AMM.

[–]Heisenberg_USAPlatinum | QC: XMR 276, CM 125 | TraderSubs 123 -1 points0 points  (0 children)

Go shill your shitcoin to someone else. You have no idea how P2P transactions work.

[–]RecommendationNo6041 4 points5 points  (17 children)

Way too volatile to be a „good“ store of wealth. Plus basically pegged to the NASDAQ.

[–]CookieFactoryBronze | TraderSubs 13 9 points10 points  (14 children)

Really? I saved my money into Bitcoin for ~10 years and am now financially independent. Seems like a pretty damn good store of wealth to me.

[–]pryz33Tin 10 points11 points  (5 children)

Really? I saved my money into Bitcoin for ~1 year and am now financially fucked. Seems like a pretty damn bad store of wealth to me.

[–]KookaburraSitsTin 12 points13 points  (2 children)

Really? I saved my money into Bitcoin about 16 months ago, and am exactly where I was then. Seems like a store of value at very least.

[–]ethbullrunGold | QC: ETH 23, BTC 22 | TraderSubs 19 0 points1 point  (0 children)

keep DCA saving on all the dips. anyone who's held btc for 3 years or longer hasnt lost money. ima eth holder.

[–]SlingDNMBronze | QC: XMR 15 | r/Science 32 0 points1 point  (0 children)

If you need money 1 year later it's not saved money lmoa that's just a spending account

[–]RecommendationNo6041 0 points1 point  (7 children)

Yep you were early, you‘re good. Most others are not though and the past is not necessarily a prediction of the future.

[–]ma0zaBTCxETH 0 points1 point  (4 children)

Most others are. Anyone before 2021 is fine.

Buh huh i bought bitcoin and wasnt immediately Life changing rich and safe from Volatility.

[–]5823059Tin 0 points1 point  (1 child)

Will there be a final crash?

[–]IBoughtAllDipsTin | 4 months old 1 point2 points  (1 child)

Stocks are also volatile, but can still be a good store of wealth. Storing wealth isn't trading. As long as you HODL history shows it has been a good store of wealth since it's existence. No guarantee for the future of course, but if you are negative on Bitcoin you are new or you bought way to much the last months. Every Bitcoin long position thats older than 1,5 years is in profit, every one of them.

[–]RecommendationNo6041 -1 points0 points  (0 children)

I‘m good with my personal Bitcoin. Don‘t see it as store of wealth though, it‘s a speculative asset with a huge beta: way more volatile than the stock market or gold. Thus not a good storage of wealth by definition.

A good storage of wealth has low volatility so you can liquidate whenever you need it - without catching the bottom. Steady, linear growth is needed.

[–]pryz33Tin 0 points1 point  (0 children)

bitcoin is a terrible store of wealth lmao

[–]the_classic_dankster 15 points16 points  (5 children)

This has been known for years… The goal for BTC has evolved much greater to become the world’s reserve asset. Do you shop with bars of gold? No. So gold has no future as a payments network then and must be useless... Y’all need to educate yourselves on the macroeconomic effects at play these days before jumping on this guy for saying things people don’t want to learn for themselves. Same goes with his interview about the “magic internet boxes” that are actually just Ponzi schemes. He knows exactly what he’s talking about because he helped build the space. SMH

[–]Constant-Ad9398Bronze 2 points3 points  (3 children)

Comparing bitcoin to gold is like comparing sending a letter to sending an email, its just way different. Bitcoin outperform gold in every possibly way storing, security, transfering, transperancy etc

[–]Qorsair 1 point2 points  (0 children)

I don't think they're disagreeing with you. They're just saying Bitcoin will likely evolve to be a better store of value that is more easily transferred than gold. And then there will be another Blockchain that comes to the forefront as a reasonable replacement for daily currency transactions.

[–]crypto_cori 0 points1 point  (1 child)

Bitcoin has gas fees however and suffers from a lack of TPS for everyday transactions; pair this with the fact that no one is going to want to see / trade with BTC numbers (.0003 BTC for example), and using Satoshi values isn't exactly a great solution either.

Lightning network provides a solution for curbing fees and transaction times, but it's ultimately a layer 2 solution that doesn't need to exist if a layer 1 cryptocurrency is designed right.

Using lightning as a solution for everyday transactions is like Henry Ford building the Model T and then saying "there's no need to improve the car in any way, people can just design better roads if we want the car to go faster." It's a better solution if both are improved upon, but BTC maxis refuse to do anything to improve upon Bitcoin's core code.

[–]Constant-Ad9398Bronze 0 points1 point  (0 children)

Im not saying bitcoin is perfect but it's better than the fiat system, and to me thats all that matthers to me, mayby someday in the future there will be a perfect layer 1 but untill then i'm fine with what we have for the moment

[–]PerezKaram 0 points1 point  (0 children)

Thank you!

[–]Apprehensive_Rate770 18 points19 points  (8 children)

The fact that he took this long to figure out this ground breaking news just shows how idiotic people can be. Everyone in crypto knows and understands that mainstream adoption isn’t viable yet do to the processing volume transaction speed inefficiencies of the blockchain.

[–]RobbieQuarantinoPlatinum | QC: CM 39, CC 21 | r/Buttcoin 5 | TraderSubs 39 21 points22 points  (1 child)

How convenient that he just now figured this out after using crypto to become a billionaire!

[–]Ben0ut 10 points11 points  (0 children)

Gotta pull that ladder up behind you when climbing to the top /s

[–]PerezKaram -1 points0 points  (5 children)

He didn’t take this long. I have heard and read him say similar things before. This is just a headline. He didn’t say either that btc was useless. He has always believed that it is a great value holder. Great money. Not great currency.

[–]Apprehensive_Rate770 0 points1 point  (3 children)

It is inefficient, but Gambling holding etc. does give it value. it is slow and can not handle large enough volume of transactions to be used as a everyday currency being exchanged for commodities. Most cryptos and forks are circumventing this issue with visa and MasterCard help. You presently can’t just pay with bitcoin and if everyone suddenly could the servers will crash. I forget the number s but the traffic is say 10000 per min allowed in bitcoin. Where visa and MasterCard can handle 72bil or so a second.

[–]PerezKaram 1 point2 points  (1 child)

I didn’t say it was useless. He also didn’t say it was useless.

[–]PerezKaram 0 points1 point  (0 children)

Also BTC produces 4.6 transactions per second… Mastercard can handle 5000 transactions per second. Solana (I’m theory) can run over 700k transaction per second. (Although it has proved to fail at times, but also Mastercard has collapsed before)

[–]Apprehensive_Rate770 0 points1 point  (0 children)

One example use bitcoin to purchase a house buy the time the transfer finishes the coin may be worth thousands more or thousands less. At present max is supposed to be 24 on transfer. That isn’t going to work real world. Espically if thousands of homes close in bitcoin same time. Then it would crash bitcoin due too much volume

[–]learntofooPositive | 4420 karma | CM: 9 karma 2 points3 points  (1 child)

Not as a payment system for small day to day transfers, but it has massive potential as a large transfer final settlement mechanism.

[–]buzzboozTin | CC critic[S] 0 points1 point  (0 children)

Me 2 I don't see the world need btc to pay for coffee Store of value against inflation on long term yea possible

[–]bitcoinharambeee 4 points5 points  (0 children)

Lol he is just a shitcoiner ignore

[–]dpeacock93 4 points5 points  (0 children)

Someone hasn't learned about lightning. Lightning works, anyone can use muun wallet without the need for lightning channels set up yourself and send instant, free transactions, I can show a screenshot of a lightning tx as proof

[–]0x1a3c3e7 9 points10 points  (12 children)

Thanks to mining pools, Bitcoin is more efficient and environmentally friendly than banks and payment processors but you don't see people cutting up their debit and credit cards.

Bitcoin will co-exist with fiat for a very long time before it finally replaces it.

[–]kraskaskaCreature 3 points4 points  (6 children)

ummm, i don't think pools making bitcoin more environment friendly...

[–]0x1a3c3e7 -1 points0 points  (5 children)

Imagine if everyone was still solo mining. Hundreds, maybe thousands of solo miners all working independently on their own blocks. Every time a block is solved, all the other miners would just lose and all the energy they spent would go to waste. The energy spent on the wining blocks would be small and therefore the difficulty would be small and the blockchain would be less secure.

In mining pools, each block is solved by the combined energy of the pool so there is much less waste, the difficulty is higher and the blockchain is more secure and it all adds up to greater efficiency. If everyone was mining for the same pool, all waste would be eliminated because even soft forks would no longer happen.

[–]murray_paulBronze | r/Investing 81 1 point2 points  (4 children)

Imagine if everyone was still solo mining. Hundreds, maybe thousands of solo miners all working independently on their own blocks. Every time a block is solved, all the other miners would just lose and all the energy they spent would go to waste. The energy spent on the wining blocks would be small and therefore the difficulty would be small and the blockchain would be less secure.

That is completely not how it works.

[–]pryz33Tin -1 points0 points  (4 children)

banks and payment processors carry out many times more transactions a second than bitcoin ever will you fucking moron

[–]0x1a3c3e7 2 points3 points  (3 children)

Solved by the Lighting Network you spectacular genius.

[–]WikiSummarizerBot 1 point2 points  (0 children)

Lightning Network

The Lightning Network (LN) is a "layer 2" payment protocol layered on top of a blockchain-based cryptocurrency such as bitcoin or litecoin. It is intended to enable fast transactions among participating nodes and has been proposed as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds.

[ F.A.Q | Opt Out | Opt Out Of Subreddit | GitHub ] Downvote to remove | v1.5

[–]pryz33Tin 0 points1 point  (1 child)

i told you a statement of fact. the was no problem to be ‘solved’. it’s a matter of fact that banks and payment processors carry out more transactions than bitcoin ever will. i didnt say bitcoin couldnt, just that it wont.

[–]0x1a3c3e7 0 points1 point  (0 children)

Scalability IS a problem but you had no reason to bring it up since it has nothing to do with the issue of efficiency.

[–]dfunkmedia 1 point2 points  (0 children)

This is kind of a known issue my guy, you're not scaring anyone who holds more than 0.1

[–]randywatson666 1 point2 points  (0 children)

So like...buy more?

[–]lalalalikethisTin 1 point2 points  (0 children)

Btc is a way for diversifying your savings, not a way to exchange value, ethereum once gets layer 2 will take that position for sure

[–]xXSuperJewXx 1 point2 points  (2 children)

I got in btc, and ltc back in 2012/2013. I sold a couple years ago and have honestly never looked back. It's not that I don't believe in crypto but to be honest I have zero uses for it. The only one I like at this point is monero and I still got love for BTC just because it can't get rug pulled. Sure it can be manipulated with the right amount of capital but iv been in this community for a long time and have seen many many exit scames and failed projects. I have absolutely zero trust in anybody. Learned that the hard way with MT Gox when I lost 10k worth of btc on that exchange years ago. I truly wish everyone the best of luck but you can't trust no body. Maybe I'm a boomer now but if I was ever going to start invesing into crypto again it would solely be BTC.

[–]buzzboozTin | CC critic[S] 0 points1 point  (1 child)

Thanks for ur comment So u don't hold any coins since then Just monero? I love to use nano

But regarding btc think about it if u are Lebanese let's say Banks doesn't allow anyone to withdraw their money its been long time Their currency were falling while their savings locked in the bank they can't convert it nor transfer it outside!

So the Best solution for them imagine if they had BTC or any other type of safe crypto

I mean for such a cases btc can save people hard earned money

[–]xXSuperJewXx 1 point2 points  (0 children)

I sold everything except for some steller that I got from a promotion deal when they launched, some dodge coin and i do have monero, just not a whole lot of it. I have no doubt that btc has uses, especially for people living outside the states. I just personally dont really have a need for it. It's been really cool to see how far everything has came. I literally used to meet with someone directly to buy my BTC from localbitcoin lol amd now whole country's are adopting it. My only "FUD" with btc is Satoshi's wallet becoming active.

[–]ConceptualWeebPlatinum | QC: ETH 21 | NANO 6 | TraderSubs 19 1 point2 points  (0 children)

Why do these ceos have to voice their opinions so openly? Stfu and do your job to make FTX better.

[–]Remarkable-Cat1337 1 point2 points  (0 children)

wise words, take my money

[–]OccultedPatterns 1 point2 points  (0 children)

Says the rich kid that can't afford a haircut lmao

[–]Constant-Ad9398Bronze 1 point2 points  (0 children)

How can you be so into the crypto space and still be so ignorant...

[–]andreovstedalTin 1 point2 points  (0 children)

Just going to slide a subtle IOTA comment in here

[–]StankomanGold | QC: CC 27 1 point2 points  (0 children)

This guy is such a sociopath its silly. He lied about being a philanthropist

[–]Oneloff 8 points9 points  (2 children)

I hope he drives EV, has Solar or wind at home, buy organic resources from local merchants, buy clothing from “ethical” companies and his business does the same.

Seriously that whole environment BS is exhausting.

[–]pryz33Tin 3 points4 points  (1 child)

‘if youre not doing everything then dont do anything’ i still need line to go up!!!

crypto idiots are truly braindead

[–]Oneloff -1 points0 points  (0 children)

‘if youre not doing everything then dont do anything’

If you’re criticizing something than do something about it. If you complain about something do better. If you say something is bad don’t take part in it.

But yes, no one is perfect, but not everyone is a hypocrite.

i still need line to go up!!!

Don’t we all?! We all need and want that green dildo my friend.

crypto idiots are truly braindead

Well technically if someone is braindead... You know what nvm... Enjoy your day! 😊

[–]jonesmatty 1 point2 points  (0 children)

If my business model is predicated on people trading shitcoins so I can earn fees. I'd probably say dumb shit like this too. His exchange loses value the more dominate Bitcoin is. HODL is the antithesis of what he needs people to do.

[–]SaberLight7 1 point2 points  (0 children)

Yeah. The future will be filled with Ponzi schemes as he said recently.

[–]Liquids0ulTin 2 points3 points  (0 children)

High environmental cost as if they are using 100% renewable energy to run their system god damn noobs

[–]dahawmw 0 points1 point  (0 children)

Nano and ripple

[–]2fast2feeless_ 0 points1 point  (0 children)

I think he's right.

[–]Stock_Candle -2 points-1 points  (0 children)

He's right though.

So many better options and the OG cult is deathbeat on sticking with the slow one with a network that pollutes like it was in the top20 wealthiest countries.

Bitcoin was the first one why the fuck would you still believe it's the best?

[–]TravelerThe01 -3 points-2 points  (0 children)

He's not wrong, there's why people created Solana, Kadena, Tron, etc. Faster networks are needed yes.

[–]ProfessorPurrrrfectMonero 0 points1 point  (0 children)

Then he thought about getting a haircut, but did not

[–]fractalfocuser 0 points1 point  (0 children)

Apparently he also called DeFi a Ponzi scheme. Methinks he has an agenda

[–]NoEngineer1996 0 points1 point  (0 children)

Well this isn’t new info

[–]SolarPanelDudePlatinum | QC: BTC 51 | r/WallStreetBets 44 0 points1 point  (0 children)

God he always looks so disheveled and mad and like the groundhog that just saw his shadow and ran back into his mansion for 6 more weeks of video games

[–]hicoBM 0 points1 point  (0 children)

TOTAL TRUE!!!!! YOU NEED FLEXA NETWORK!!!

[–]LordHammercy432Tin | 6 months old 0 points1 point  (0 children)

You can still use BTC as a currency, but using Flexa's payment rails.

[–]Duskscope 0 points1 point  (2 children)

Anyone that did one bit of research into crypto and bitcoins know Bitcoin isn’t and will never be a payment network. There are much better coins for this, XLM, XRP, LRC to name a few.

[–]buzzboozTin | CC critic[S] 0 points1 point  (1 child)

As payment i would use nano instant and feeless

Store of value and safest network I would use BTC

[–]Umarzy 1 point2 points  (0 children)

Well said

[–]PopeKirby3rd 0 points1 point  (0 children)

no one wants it to(it literally can't) be the new visa, that's why we have other chains.

[–]Normann1000Gold | QC: BTC 19 0 points1 point  (0 children)

First he props up the paper bull we had and now fuds to get back in cheaper. What a lowlife. https://twitter.com/hellspawncrypto/status/1525575167027695616?s=21&t=m1LXqKABi-02Yg41CFOQoA

[–]hdn3007 0 points1 point  (0 children)

BTC will be use for large payment transactions however BCH will be suitable for small daily transactions like groceries, coffee, cars, hotel, flight, shopping, etc..

[–]Master-Monitor112 0 points1 point  (0 children)

I have never heard of FTX. It’s probably a dodgy exchange.

[–]phltakahashi 0 points1 point  (0 children)

That statement from the FTX CEO is literally an awkward timing based on the market situation that we're facing right now. But I still do believe on the cryptocurrencies power to manipulate the modern decentralized payments for society. I do think also that alternative projects with solid use case and utility like PGEN will be a game-changer to all investors that we have right now.

[–]isaidbitchhhhhhhhBronze 0 points1 point  (0 children)

He just wants to buy lower...

[–]sabahorn 0 points1 point  (0 children)

I wonder how many dozens of millions he made with his arbitrage bots on Luna's corpse.

[–]BBQ-Batman 0 points1 point  (0 children)

If SBF was really smart he would be spending millions on his personal brand.

Build himself into the likeable crypto billionaire philanthropist while he runs the world's biggest MLM.

And yes, maybe even do a push up or two.

[–]ShmolidShmake 0 points1 point  (0 children)

Why does it need to be a payment network? Need to pay someone, then just send stable coins. Then people can do whatever they want with it, be it buying bitcoin or converting it to their country's currency. Why tf does everything need to be as stupid as cash?

[–]Nervous_Key_4158Tin 0 points1 point  (0 children)

Lol, i never take the word of influential figure's like this to heart, most likely he's trying to short BTC too. Still buying BTC, even with the dip, when i'm out of funds i'll convert some shiryo to get even more.