Merged Bitcoin - Part 3

[psionl0]

biggest difference between online banking and bitcoin though is that with online banking you’re moving around tokens that represent currency.

Most currency exists in the form of bank account balances. We don't have tokens representing bank account balances.

 

[dirtywick]

ok

 

[Andy_Ross]

I can go to the bank and withdraw my balance in the form of metal tokens.

 

[psionl0]

I can go to the bank and withdraw my balance in the form of metal tokens.

Do you know the difference between "most" and "all"?

 

[Andy_Ross]

But we do have tokens representing balances.

 

[psionl0]

But we do have tokens representing balances.

No, we have balances representing tokens. It isn't called "fractional reserve banking" for no reason.

 

[Andy_Ross]

But I can get tokens if I want them instead.

 

[psionl0]

GOTO 4624

 

[dirtywick]

But I can get tokens if I want them instead.

yeah that's actually pretty important. something most and all have in common is that they're both greater than none

 

[Andy_Ross]

When I first started work my wages were paid every Friday in tokens.

 

[psionl0]

When I first started work my wages were paid every Friday in tokens.

Wow! That changes everything! Bank accounts can't be used for transactions after all.

 

[dirtywick]

latest crypto scam news

https://www.forbes.com/sites/boazsobrado/2026/01/08/drake-lawsuit-exposes-38-billion-illegal-crypto-casino-market/

class action lawsuit against drake, adin ross, other celebs and influencers and the crypto casino stake allege an underground online crypto gambling ring to the tune of $38b, part of which was siphoned off to fund bot farms to boost drake’s spotify numbers.

Logan Paul's controversial ultra rare Pikachu card goes up for auction

Logan Paul’s ultra rare Pikachu Illustrator PSA 10 card is going up for auction but questions over ownership of the card remain

www.comicsbeat.com

meanwhile logan paul’s scam company liquid marketplace rips fans off in his tokenized pokemon card ownership scheme. basically his company liquid marketplace divides up ownership of collectibles and other nonsense and sells pieces of it, kind of like a timeshare you could never visit. well he sold 51% of it at $2.5m then sold it to himself for $250k, then kept the all the money anyway, then acted like he had no idea who ran the company and was trying to help the fans he ripped off.

of course he’s still going through all his crypto zoo stuff, the crypto game he sold a bunch of tokens for and then never released and kept all the money and tried to act like he was helping

 

[jeremyp]

can you freely trade with new crypto with bitcoin?

A Bitcoin transaction will only allow inputs from other transactions that are already on the same block chain. Obviously you can trade Bitcoins with other crypto coins that have different block chains, but that would require a transaction on both chains: one on the BTC chain to transfer the BTC from one person to the other and the other on the other chain to transfer the OtherCoin in the other direction.

The Bitcoin software can be changed but only if the majority of BTC mining power agrees.

 

[jeremyp]

That's an "if pigs could fly" argument. There will never be a consensus to change the total number of bitcoins in existence nor the formula for the rate at which bitcoins are unlocked.

Imagine if most of the mining got concentrated in one large nation state - let's call it Hacin, which is possible. That state might provide subsidies for people doing mining e.g. free electricity.

Then one day, the government in Hacin, announces that all mining operations are nationalised and the means of mining are seized by the state.

Not san impossibility in a timeline where people are seriously talking about the USA invading a NATO ally.

Googling clearly didn't help you understand anything.

I've done my Googling. I understand the mechanics. Do you?