Teaching young butters how to make append-only databases

Saving Satoshi

Wrote the following in reply to a comment, and I thought it'd be useful to share it more widely.

Why do you say Bitcoin "market cap" is not really a market cap?

It's a misnomer. Let's review.

Market cap is defined in the context of companies valued on the stock market, which hold underlying assets (capital), and offer shares of ownership of their capital, both tangible and intangible, like intellectual property.

The product of marginal price times shares outstanding is meaningful as a proxy for the total value of the underlying assets = capital value: Market capitalisation is an estimate of the actual value of the capital contained in the underlying assets.

Two reasons why when you do a seemingly similar multiplication with Bitcoin what you get isn't a market capitalisation:

1. Bitcoin doesn't have shares, it has tokens. Instead of multiplying the marginal price times a share, you are multiplying an exchange ratio times a token. Exchange ratio times tokens is not the same thing as price times shares, it's not even close.

2. Bitcoin has no underlying assets in the first place, so it has no underlying capital, so it doesn't make any sense to talk about "capitalisation" in the first place.

Bitcoin, if it's like anything, is more like a currency than like a stock. A pretty mediocre currency, but still. What you're doing is like multiplying the USD/EUR exchange price times the number of Euros in circulation and calling it a "Euro market capitalisation". That's retarded, nobody does that. You can certainly multiply whatever you like times whatever else you like, but unless you are multiplying price times shares what you get isn't a market capitalisation in any sense. In the case of the Euro example, it's the amount of circulating Euros translated into a dollar amount.

So calling it "Bitcoin market capitalisation" is a complete misnomer: What you should call it is total amount of circulating (or minted) Bitcoin tokens expressed as a current dollar amount.

No underlying assets. No shares. No capital. No capitalisation. No market capitalisation. Just the total amount of circulating/minted Bitcoin expressed in terms of a (real) currency.

Crypto bros started using the term "market capitalisation" to implicitly push the idea that buying bitcoin is like buying stock. It ain't. A cryptocurrency ain't a company. A token ain't a share. Tokens time price ain't a market cap, it's just a dollar amount of tokens.

Thanks for coming to my plebbit talk.

Electricity bills + hardware + rent of spaces and so on. Even a ballpark of the order of magnitude would be useful.

It's like this:

1. They donate their fiat to someone else who held magical internet coin before them.

2. ???

3. The institution that sets interest rates collapses.

https://preview.redd.it/8kmbpe3sv9yd1.png?width=1494&format=png&auto=webp&s=302c8cac08c09f99e491c9dcffdf5fbf1f24b717

A police spokesman said, ‘If you want the job done properly, do it yourself.’ 😊

https://www.khaosodenglish.com/news/2024/11/01/thai-police-gang-arrested-for-extorting-165k-in-crypto-from-expats/

I can hardly think of a better employee screening technology.

Such a simple and yet effective way to trim down your interviewee pool and to save on background screening costs.

Does anyone here have experience making use of blockchain technology for hiring screening purposes?

Interesting point here. So when the dollar loses it's value, BTC will be worth more dollars?

Checkmate nocoiners /s

Some of the worst, low quality products, with corporations and con artists so transparently attempting to lie and pretend that the general public cared about them.

The apes have a tacky grungy 2005 edgy artstyle, the pixel punks are reminiscent of the "so retro" meme making fun of shitty, low effort pixel art, there was an NFT that took monkeys from the Yoshi's Island game and treated them like their own creation...

They're a bunch of 2020s bad art, but the popular ones were NOT AI-generated, it's the last bastion of bad art.

There's NFT cartoons, all terrible, NFT games, all terrible, there's "slurp juice", the way the NFT guys talk, and it's just hours and hours of content to make fun of. Truthfully, I find so many NFT jokes unfunny because the funny thing about the NFTs is the NFTs themselves, they're a joke that writes themselves.

I'm obsessed with people talking about bad media like bad movies or video games, and Crypto is just an absolute treasure trove of dogshit.

Out of interest I wanted to plot the market cap of BTC together with the market cap of USDT over time.

Don't know if it means much, but it seems that usdt is loosing its pumping power.

Note that this october data is missing.

https://preview.redd.it/wbudj6gpr3yd1.png?width=2396&format=png&auto=webp&s=52da98c4df3b800abcc51e5ece7840f2c83f0772

https://preview.redd.it/5qvtw7awr3yd1.png?width=2319&format=png&auto=webp&s=2ec7f6f51ecaf5778fada9301252ebac3e5b5888

For the life of me I can't believe nobody else has mentioned this. Big miss by the media. Polymarket is 100% crypto. Kalshi, I was shocked to see, accepts USDC. Hmm, what percentage of crypto is male, let alone all of the crossover with Trump world? Something like 90% male, and almost all buttcoin holders are praying for Trump for some odd reasons that include getting them all rich, I guess.

These are confirmation bias morons getting high on their own supply. Anybody who thinks the election is more than a coin flip just because the omniscient election "market" says so (that is completely skewed by crypto bros), has not bothered to think about this for more than 5 minutes.

Trump could still win, but I've seen nothing to suggest that it's better than a coin flip with the margin of error for the swing states.

End rant.

Reason I am asking is because many people here seem to understand what it is and how it works, so that made me curious.

Tether has printed another $1B "out of thin air" this month (and also last month), which (SURPRISE) might have something to do with BTC going up right now - not because there's some sudden rational interest in Bitcoin.. but this also means... IT'S DANCE SEASON AGAIN!!!

Welcome to all you "dance pros" coming over from the crypto subs with your newly-minted sockpuppets!

You've heard of the "Harlem Shuffle" but there's a new dance in town, well it's actually quite old and it's been practiced since the dawn of crypto. It's one where crypto bros slip-and-slide on the dance floor, refusing to stay in one spot, and it's time to recognize this dance for what it is: The Crypto-Bro Pivot

How do to the Crypto-Bro Pivot:

It's very simple - just one step:

1. When someone debunks your stupid argument you simply change the subject.

No need to act respectful and acknowledge you were wrong. That's for people who can't dance.

That's the Crypto-Bro Pivot. Here's how it works..

• You say "Crypto can't be seized" and someone shows that it was seized? Simply say that's not what you mean by seized - that's someone being stupid. -- redefine what common words mean so that they always make you sound right and everybody else is wrong.

• You say "Crypto is a hedge against inflation" and someone shows it doesn't actually hedge against inflation? Simply start complaining about "Fed Money Printer" or how the dollar has changed over 100 years. -- create a distraction by pivoting to something entirely different.

• You say "Crypto is the peoples' money" and someone points out it has a greater concentration of wealth in a few powerful private interests hands than fiat? Just respond, "Have Fun Staying Poor!" -- ad hominem insults make great dance moves!

• You say "Bitcoin is different from crypto" and someone points out that all crypto shares 99% of the same DNA? Simply toss a sweeping generalization about the entire community: "ur in an echo chamber and butthurt because y'all didn't buy in early enough." -- Wholesale dismiss the entire community to avoid having to acknowledge you're wrong. Very pivot'y!

Now sometimes, people try and pretend the Crypto Bro Pivot is the "I'm Here To Honestly Ask Questions and Learn Dance" but don't fall for it. Entirely different moves.

It's the latest crypto dance craze... the Crypto Bro Pivot. Coming to an argument near you, especially if NuMb3R g0 uP!

So bros... feel free to show us your moves... but note that we've seen them before, so don't be upset if you're kicked off the dance floor for being unoriginal.

https://x.com/saylor/status/1851718391889043954?s=46&t=XIAyjUPVYeYkKEflH1jQ3Q

Just heard on Bloomberg they did a poll where 1/4 of crypto purchasers consider themselves a "one-issue" voter, which translates into something like 5% of eligible voters deciding candidates based solely on whether they're crypto-friendly or not. That this junk could affect something as important as a national election has me a bit perturbed.

I know a few big investors (portfolios worth multiple millions) owning a small portion of Bitcoin as a diversified asset and letting it be like 1-2% of their portfolio. Any of you here doing it? I mean even big companies like Microsoft have considered this move (not that I think they would but still)

Hi all! I am currently really enjoying engaging with some of the content out there on Crypto and its general association with crime, scams and ponzi schemes. Some of the stuff I have engaged with recently:

• Easy Money by Ben McKenzie

• Lords of Crypto Crime by Andy Greenburg

• ioRadio shows (recently posted here)

I was wondering if anyone had any more recommendations for content out there?

I'm especially interested in Tether so would love to know if anyone has done a deep dive on this!

Thanks in advance!