Immaculate Vibes

It’s actually 7% CPI but anyway. A more accurate representation would be to look at it since Covid and the money printer went overdrive. Up almost 10x even after the current 50% dip. Bitcoin has wilder swings because it’s a thinner market and runs 24-7 with no stops. It seems to me that bitcoin actually led the rest of the markets in pricing in both inflation and the Fed’s ongoing attempt at tightening policy.

Of course not. As currently structured spending it is a taxable event. The more appropriate thing to track would be how many people put some of their savings in Bitcoin. How many dollar cost average a set amount into it? It’s a small number but will grow over time.

IMO the best framework to look at cryptocurrencies from a high level is to put them into two buckets. There's BTC and then everything else. Here's why. BTC has already won the store of value, monetary network race. It has been attacked through multiple vectors over a decade and has only gotten stronger over time. It's been bought for that purpose by multiple companies and one sovereign nation (although soon there will be others). It's by far the most decentralized of all of them. You also say oh they'll just make a new bitcoin but that has already been tried and failed spectacularly. It's just very unlikely to be displaced in this segment of the industry. The rest of the coins have a myriad of proposed uses, but most of the biggest ones are smart contract platforms. They're pursuing innovation in different directions whether it be NFTs or lending or whatever. They're much more centralized in who holds the coins, who makes the rules, and who's building on the platforms. It's just much more of silicon valley VC mindset behind it all. Some may be wildly successful, but their addressable market is still smaller than bitcoin. Its value continues to go up year after year.

😂 exactly I love people up in arms attempting to determine what is a valid use of energy in the market. Always comes up. It requires energy to secure a monetary network. Whats the carbon footprint of the petrodollar?

No, the brrrrt comes from the unelected central bankers that determine the strength of our economy and how much inflation we get. Fed meeting today with Powell speaking.

Eh, it happens. The trend is up and to the right historically. I put a drop in the bucket everyday no matter what so I’ve been getting a little more for my $ lately.

Click the link in post 255 to get quick explainer on how Bitcoin is monetary breakthrough. As to whether or not to invest in BTC, “It might make sense to get some, just in case it catches on”

The Lightning network on top of bitcoin is fast, cheap, not difficult to use. But you’re right I don’t think anyone is changing minds here. You’ll have to come to it in your own time. Just remember the money printer is always going brrrrrrrrrrt

What gives gold or the dollar value? There’s nothing inherent that gives any money value. It’s all what we agree on. I guess I’d say what gives bitcoin value is that it’s an open, permissionless system for transmitting value that has no rulers and is only governed by math. As more people see that as something valuable its value will increase.

Where did I say price can’t be manipulated? I said it couldn’t be debased. You can’t just make more of them. Your half hearted concession of the first point shows your basic knowledge deficit in this topic. Given that, it makes it hard to take your criticisms/points very seriously.

If someone is able to save in an asset that they hold themselves and can’t be debased then they don’t have to speculate in stock markets or real estate markets to try to generate returns that equal inflation. Again, that is a purpose. You may not appreciate it, but it is. And y’all keep talking about selling it, but there’s plenty of people that aren’t going to sell the majority of their holdings. If I sell my bitcoin what am I going to buy? Some real estate? Pour it in stock market? Those are inflated markets. They could go higher but they could get pricked too and real estate can be illiquid if you want out.

Bitcoin is superior to gold in every characteristic other than the amount of time/history supporting its usage. That’s it. An asset that cannot be debased in this era of fiscal and monetary policy is inherently useful and valuable.

By your definition things like fine art are ponzis. Or how about rental properties. Sure you can make small amount of cash flows but you’re buying them to sell higher to someone later.

For wealth preservation? Hold your own bitcoin vs having depreciating cash in bank account earning minimal interest?

As Bravo said USD, cash money is by far the best way to buy something illegal. The only cryptocurrencies that I would recommend trying to do that with are Monero or ZCash, but they are smaller shitcoins. Again, by far the best use case so far for any cryptocurrencies is bitcoin. Censorship resistant wealth preservation outside of the financial system. Almost all the rest is hand waving VC promises as I think Ant said. Maybe they’ll deliver, but for example the Eth 2.0 update has been in the works for 5 years I think.

I wonder who this is?

Don’t pull your thing out, unless you came to bang

I really try to focus on Bitcoin. It’s the real innovation that is likely to affect the most lives. While others may end up providing advances to society, bitcoin is what is most urgently needed. Most other cryptos are pretty scammy, including the two other historically big ones Eth and Xrp. I don’t begrudge people who are dabbling in those trying to make money. I do those that are big players that are scammers and hostile to bitcoin. Here’s a good video from back when you spent your BTC that explains briefly the history of money and why bitcoin is a monetary technology breakthrough. https://www.youtube.com/embed/IAFKJVLNVQA The first step in adoption is as a store of value. As more users hold it the value will stabilize somewhat and a medium of exchange will come next. Fees are much lower and you can send quicker on the Lightning network. It’s a newer innovation since you left the space. Also, there’s no energy cost per transaction. For your other points see the video I linked.

This viewpoint assumes that everyone that buys has an exit in mind, but most Bitcoin investors view it as verifiably scarce asset that will function as store of value. It’s not all money in, money out. As more and more people globally decide to store value in it the price will continue to go up since supply cannot be increased in the face of increased demand. He meant that the supply is fixed and it is extremely for the government to seize or move if people are holding their own coins.

Bitcoin is a long term bet/investment. If you think government money printing is done, then you shouldn’t considerate it. If you think our debt levels and future financial obligations necessitate money printing, then it is worth a look. Bitcoin is nowhere near failure. It continues to survive and thrive after repeated tests. The latest one this year was the Chinese ban of mining. A large percentage of the miners moved and plugged in elsewhere and the hash rate has made new highs since then.

Is this your ex wife?