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Incredibly bullish top comment on /r/Buttcoin thread... But they still think it's a scam

I just found it really funny that the Bitcoin haters at /r/Buttcoin are talking up how banks are avoiding Bitcoin but the top comment confirming this admits there is massive client side demand from institutions and family offices...

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Would be nice to get everyone into the same Bitcoin community
  • Weird, seems like the exact same concept but for social media, yet no one is here.

    Thanks for clarifying about the other comment 😂 I honestly thought they said I would lose all my money if we were all on the same community, was genuinely confused.

  • Would be nice to get everyone into the same Bitcoin community

    I stopped coming back to Lemmy 6 months ago after seeing there was not enough traction. Is there any good community for Bitcoin or just Crypto that is active with daily users?

    The mod for this community (lemmy.ml) seems to have disappeared long ago (no posts, no comments, and I reached out to them many months ago and they have never got back to me)

    The main mod for lemmy.world/c/bitcoin is just a squatter, who specifically mentioned to me that they are there to hand it over to the Reddit Bitcoin mods if they ever appear.

    discuss.tchncs.de/c/bitcoin seems to have the most active mod, although I haven't checked the other bitcoin communities recently. I think it would be good to move activity over there, unless people think there is a better sub.

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    Summary of the latest IMF paper on Bitcoin

    A surprisingly neutral take from IMF researchers on Bitcoin in a recent paper. A 43-page paper, A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers

    Twitter user @Matt_Hougan gives the following summary:

    Takeaway #1: Countries that have limited access to the broader global economy are big users of bitcoin on a relative basis.

    The paper notes: “The magnitudes of the estimated Bitcoin cross-border flows are sizeable with respect to several countries’ GDP, especially in those which experience relatively small capital flows.”

    This finding is repeated throughout the paper. It makes sense: People in countries facing either capital controls or limited access to the global economy are using bitcoin as a release valve.

    People have called bitcoin a tool for economic freedom. The data in this paper provides a proof point that it's being used exactly for that.

    Takeaway #2: The US is an extreme outlier in its low adoption of bitcoin vs. traditional capital flows. Our perspective, therefore, does not reflect everyone’s reality.

    As proof, the paper includes a great chart comparing cross-border bitcoin flows vs. flows into traditional investment products by GDP. (Note: The chart labels traditional flows “EPFR” because it gathers the data from EPFR Global.) You can see that the US has the most extreme reading in its dominance by traditional funds. On the other end of the spectrum are countries like Venezuela and Ukraine.

    Takeaway #3: The IMF is paying attention to bitcoin.

    This is a serious paper. It's written by three IMF researchers, includes a survey of relevant academic literature, and takes a sophisticated approach to using using on- and off-chain techniques to determine bitcoin capital flows.

    The IMF is doing this research because bitcoin "has grown rapidly over the past decade" and policymakers increasingly need to understand its impact on the global economy.

    Consider this piece from the conclusion:

    “These findings are in line with a recent body of work suggesting that Bitcoin facilitates the circumvention of capital flow restrictions (Graf von Luckner et al., 2024, 2023; Hu et al., 2021). As highlighted by IMF (2023a), policymakers aiming to manage capital flows should ensure that capital flow management regulations cover crypto assets.”

    They also note that rising bitcoin use is a "symptom" of imbalances in the traditional economy.

    The world is waking up to bitcoin.

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    Interesting story about gold smugglers - should have bought bitcoin
    www.popsci.com Smugglers melted and spray painted $10 million in gold to look like machine parts

    The suspicious plane cargo was flagged by the Hong Kong authorities.

    Smugglers melted and spray painted $10 million in gold to look like machine parts

    Smugglers melted and spray painted $10 million in gold to look like machine parts - but they got caught.

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    Paradox of tolerance
  • I've always disliked how this is described as a paradox. It only highlights a broader point found in many systems, a just system is never about "the good" outnumbering "the bad". It's about a balanced equilibrium, as are most relationships. Besides, allowing intolerance is not a tolerant act, that's not the way we define that term. To make such a claim would be as ridiculous as a racist person saying they are practicing tolerance by not challenging or question any of their bigoted thoughts and instead just letting them play out.

  • Fatal shooting of University of South Carolina student who tried to enter wrong home 'justifiable,' police say
  • You are reading as though it is undisputed facts. One reason it is undisputed is because the victim is dead. For one it would be nice to see how likely it was he actually broke glass or reached inside. Was it clear video from a camera at the door? Or some grainy footage from a neighbor across the street? It doesn't say.

  • Rivian CEO issues strong statement about people who purchase gas-powered cars: ‘Sort of like building a horse barn in 1910’
  • Much like his company, it's a copy off of Elon Musk

    "If you buy a car that does not have the hardware for full self-driving, it is like buying a horse,”

    Edit: This is supposed to be an insult to the Rivian CEO, making the same dumb jokes. Not a state of support to Elon, the whole context around that quote is wrong.

  • Unable to post to lemmy.world communities
  • Yeah that and the Bitcoin post. My .world account was having weird glitches, but I haven't used this one much yet, but haven't run into any issues yet with sdf. (Edit, I realize I commented in two different Bitcoin communities, the first one was .world)

  • Where does electrum store the private key when unencrypted?

    Just wondering if there is a risk of it being recoverable after the transaction has been completed. I figured it would be stored in RAM and thus unrecoverable after powering down, but I can't seem to find anything on that.

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    Unable to post to lemmy.world communities
  • I tried replying to my own lemmy.world post (posted from my lemmy.world account) it appears to work just fine, but I did notice that my sdf account doesn't load comments on some of the posts as I was comparing. For example, someone from a different instance posted on .world and from sdf I see none of the comments on that post

    Edit: just an update, I did some commenting and posts on .world and others and it appears to be working just fine, although I didn't go double checking things through my other account, but as far as I can tell it was working fine, the glitch I mentioned earlier only applied to that one post.

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