Cum Rocket

It’s a stupid cryptocurrency. As good a name as any.

Again if you lower your time preference and hold it, you’ll benefit. Expect volatility though. As explained below. Not by me. “Due to group psychology, these newcomers arrive in waves. The waves have a destabilizing effect on the exchange rate: speculators are unsure of the amplitude or wavelength of adoption, and amateurish punters let their excitement as well as subsequent fear overwhelm them. Regardless, once the tide has pulled back and the weak hands have folded, the price is a few times higher than before the wave.” it appears people here still don’t appreciate my musings. Shocker. I’ll limit the CR thread to political happenings.

I joined the fun in 2017 at $2,000. Truck was $50,000 so 25 BTC. same truck now is probably about $70,000. 1 BTC

How would that be inefficient? I would argue that it’s more efficient since you’re streaming every minute you watch or listen. You aren’t paying for a subscription you forgot or don’t utilize. It’s a new framework for sure. All by using a couple apps on your phone. Still waiting on those transactions confs tho! Actually, no For those curious. The idea is called podcasting 2.0. I use the fountain app.

I’ve bought things or paid over lightning using iOS wallets. I’ve actually used apps where you stream bitcoin to podcasters you enjoy. Lessens the needs for advertisers. These apps all handle channel management. You don’t get slammed with fees or confirmation delays. You’re full of shit. You should stop lying. You aren’t running your own lightning node or anything. Quit gaslighting people following this conversation.

This deserves a full response. There’s a few reasons. First of all you just have straight up envy. The average IQ of people that get mad about bitcoin is higher than the general population. They’re mad that they’re seemingly smart but missed it. They had friends that told them about it. Or they read an article or two and dismissed and here they are 8 years later and some poster named Cum Rocket is telling them they’ve been wrong the whole time. I’ve come to realize that either people get it or they don’t. You can lead a horse to water but you can’t make them buy Bitcoin. I’ve tried over the years with friends and family and most have blown me off. It happens. I have one good friend that went in big the same cycle as me and is thrilled about it. But the last couple years I’ve just stopped even though this is the most obvious thing in the world to me. Secondly, there are people here that know why Bitcoin came to be and maybe are at the higher levels of the pyramid and benefit from the current money printing effects or the financialization of the economy and are wary of Bitcoin effects long term. Thirdly, it’s known to come from let’s say a libertarian mindset. Especially in CR that brings with it a lot of preconceived notions and emotions. It kind of ties into my last point. If you think about it, Bitcoin challenges a lot of things at once that are assumed today. Government and issuance of money are interlinked. Inflation is good. Centralized planning is ideal. The existence of a massive network of trusted third parties is essential to transactions of value. These are all things that people here hold as dogma. That’s very upsetting. There’s a lot more you could go into there but the thing that always stuck with me was when you save money or value you’re saving essentially the time it took to secure that value. When governments or central banks arbitrarily print trillions of dollars to bail out banks or other connected big business and oligarchs they are essentially stealing your time here. Again, arbitrarily and to benefit the real oligarchs. Not the ones @Neonmoon is claiming. He simps for the real ones. The money printers and bankers. Slayyy queen If your money is maintaining its value you don’t have to speculate or chase yield or become a mini hedge fund to beat inflation. You can trust that what you saved will be there. Then you can in a sense, “Lower your time preference”. And think about how the best decisions and moves are made when you can delay gratification. A more philosophical tangent, but I digress. Tl;Dr They missed it. The status quo benefits them. Or they hate it politically.

Lightning network. We’ve gone over all these arguments in 6SJ but I guess it’s good for newbies to hear them. As you probably remember I only really care about or discuss bitcoin. No it cannot be debased. Yep. You can save your excess dollars in bitcoin. When I started my last truck would’ve cost ~25 bitcoin. Now it’s worth ~1. The cost of everything in bitcoin trends down over time. Bitcoin is a savings vehicle. it is one that will only become more adopted over time and therefore will appreciate in value. You post a lot of nonsense, but this is one philosophical point of yours that is just foolhardy. There’s no limit to government encroachment on your life if you abide by this framework. Hard pass for me. Demand response programs have a use. I could be wrong but I don’t think bitcoin miners created the idea. And if you didn’t live in Texas where Bitcoin mining happens you would still get hot and bothered about bitcoin so whatever.

I can exchange my bitcoin easily for currency. Can also find goods and services if I want.

It allows you to save your wealth in a digital way that can’t debased. But you knew that already.

they’re paying market price for energy. It’s not up to you to determine if it’s a “waste”. This seems to be a popular refrain here. Value is subjective. What gives diamonds or gold value? It’s amazing how mad that fact makes people. I don’t care if people put extreme value on old paintings. The value is in the fact that it’s the first time we have created digital scarcity. Verifiable, immutable. Can’t be diluted by human actors. It gives you a way to save that can’t be debased. If that doesn’t appeal to you or make sense to you nowthen it’s not for you. You’ll get it eventually. There were forms of money before there were any organized states. There’s no obvious reason why one has to be tied to the other. Also, the currency used most commonly for all those things you listed is USD cash by far, but you already knew that. You’re looking for some BS angle to justify attacking it a la Liz Warren. As for government control of the supply of money, that’s a bigger economic debate than I feel like partaking in currently. That’s been done in circles before. The wailing of nocoiners will only get louder as bitcoin continues to win. I’m honestly amazed the ETF got through. It’s going to be structural and you’re all going to own some bitcoin passively via investment funds or just index etf funds once the company called Microstrategy gets added to the S&P. Sorry in advance for all the Russian bribery child porn terrorism that you’ll be supporting. That’s a real shame.

Interesting soundbites here. ”I’m not sure that I’d want to take it away at this point.”

What’s the impetus for rate cuts then? Is there some softening in the economy that is under appreciated by most?

Ok well hard to see the justification with great employment numbers and CPI well above goal.

Yeah I hate NGU. That’s the worst.

Look I found our friend the Captain

He can’t. Of all the days to have a big excursion day, had to be BTC ATH day. I’ve been jonesing to check things out. Some good Saylor content here. The premium is pretty big obviously but the way Saylor has been structuring the debt offerings, the amount of BTC per share has been increasing slightly over time. He discusses that in interview. There’s also idiot shorts covering. Could also be front running S&P inclusion.

No CR but some pretty bullish statements by one of the presidential candidates on CNBC this am.

GM from Spring Break vacation.

What’s the Fed’s inflation goal?

Lulz. Which is more likely? Powell cutting rates because of something Trump said, or Trump falsely taking credit for something?

Which economic factors point to a rate cut?

The previous President criticized Powell and the Fed regularly. Biden’s remarks were different in the sense that they seemed more like a wink wink prediction. I guess it all depends on what you think is more noteworthy. An orange man railing against something he can’t control, or an Average Joe sharing what he heard around the water cooler? Sure, the previous Chair of the Federal Reserve is around the proverbial water cooler but whatever.

He’s just an Average Joe giving his opinion on interest rates!

You’re absolutely right that the demographic situation in most developed nations is deflationary. Thus, long term, the money printer must brrrt.