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Posted
  On 1/26/2022 at 9:13 PM, Immaculate Vibes said:

The rest of the coins have a myriad of proposed uses, but most of the biggest ones are smart contract platforms. 

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Ah yes, the proposed uses of cryptocurrencies. Someday, maybe we'll actually see uses and not just proposed ones (except of course criminal transactions, that market they got, woohoo!). 

Posted (edited)
  On 1/26/2022 at 9:13 PM, Immaculate Vibes said:

Its value continues to go up year after year.

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in fits and spurts with runs and reversals.  maybe good for speculators, but all bad from a use for cash standpoint.  if we're nearly in crisis mode because inflation is at 6% on an annualized basis then the solution isn't this:

 

BTC_3M_graph_coinmarketcap.jpg

Edited by elfenix
Posted
  On 1/26/2022 at 10:28 PM, Bravo said:

I am not going to take some super small snap shot to make my point look valid.

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would you take your paycheck in bitcoin?  do you think most people would take their paycheck in bitcoin?  do you think even a sizeable plurality would take their paycheck in bitcoin?

Posted
  On 1/26/2022 at 11:09 PM, elfenix said:

would you take your paycheck in bitcoin?  do you think most people would take their paycheck in bitcoin?  do you think even a sizeable plurality would take their paycheck in bitcoin?

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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. 

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Posted
  On 1/26/2022 at 10:22 PM, elfenix said:

in fits and spurts with runs and reversals.  maybe good for speculators, but all bad from a use for cash standpoint.  if we're nearly in crisis mode because inflation is at 6% on an annualized basis then the solution isn't this:

 

BTC_3M_graph_coinmarketcap.jpg

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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. 

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Posted (edited)

Look, putting your life savings into lottery tickets may work out for you. But it is a speculative gamble. Oddly enough though, it is less speculative than bitcoin because at least you can identify the probability that it will produce a good outcome for you. If you're telling yourself or anyone else that your crypto investment is anything else, you're either a fool or a con-artist. 

Edited by Dahobbs
Posted
  On 1/26/2022 at 11:13 PM, Immaculate Vibes said:

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. 

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again, we're talking about replacing the cash in your bank account, not whether you should have bitcoin as part of your general investment strategy.  you guys seem intent on not answering that directly, even though no one wants their paycheck in bitcoin. 

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Posted
  On 1/26/2022 at 11:09 PM, elfenix said:

would you take your paycheck in bitcoin?  do you think most people would take their paycheck in bitcoin?  do you think even a sizeable plurality would take their paycheck in bitcoin?

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I've always been told to not put my eggs in one basket. This is a new basket to put money in, and I'll keep putting more eggs into different baskets.

Posted
  On 1/26/2022 at 11:19 PM, elfenix said:

again, we're talking about replacing the cash in your bank account, not whether you should have bitcoin as part of your general investment strategy.  you guys seem intent on not answering that directly, even though no one wants their paycheck in bitcoin. 

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Who said anything about replacing all the cash in your bank account? If you have excess cash more than say a certain amount of expenses then yes it makes sense to save it in bitcoin imo. Or dollar cost average a small amount that you can save. That’s what I advocated for. 

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Posted
  On 1/26/2022 at 11:22 PM, Fudge Nuggets said:

Gen X through and through, but we can go real old school if you like:

tulips.thumb.jpg.9b991aac051c9d18568aa667befc8330.jpg

 

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Good one. False, but makes a good story. 
 

 

  On 1/26/2022 at 11:24 PM, elfenix said:

gosh it's a complete mystery:

  

 

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Sorry I wasn’t clear. I would never dump all the cash in my bank account in it. Everyone has living expenses etc. I’m talking about money not doing anything for an extended period. 

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Posted

I love how we've finally arrived at consensus that BTC is purely a speculative instrument chock full of volatility, and yet all of y'all are on here proselytizing how it's the next generation value store. 

 

...

Whose value is 100% speculative and based on someone else's willingness to buy it for a higher premium than you did

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Posted
  On 1/26/2022 at 11:27 PM, Immaculate Vibes said:

Good one. False, but makes a good story. 
 

 

Sorry I wasn’t clear. I would never dump all the cash in my bank account in it. Everyone has living expenses etc. I’m talking about money not doing anything for an extended period. 

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Hell, you never even said to outright get rid of cash, but that there a track of depreciation.

Posted
  On 1/26/2022 at 11:13 PM, Immaculate Vibes said:

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. 

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It seems like this is arguing against BTC being used like money.  I do have keep some of my “savings” liquid as a rainy day/war chest type thing but the the “savings” that I dollar cost average a set amount into are investments. Not money.  
 

If people are hoarding something, it’s not good money. And that’s what gets me with BTC. If I could get a coherent answer about why it’s a good investment vehicle I’d be more intrigued. But the argument is always coming back to “this is going to replace the dollar/be the money of the future” and if that’s actually true, it’s gonna end up being a terrible investment for the people holding it when that happens. 

Posted
  On 1/27/2022 at 12:34 AM, 956 Worldwide said:

It seems like this is arguing against BTC being used like money.  I do have keep some of my “savings” liquid as a rainy day/war chest type thing but the the “savings” that I dollar cost average a set amount into are investments. Not money.  
 

If people are hoarding something, it’s not good money. And that’s what gets me with BTC. If I could get a coherent answer about why it’s a good investment vehicle I’d be more intrigued. But the argument is always coming back to “this is going to replace the dollar/be the money of the future” and if that’s actually true, it’s gonna end up being a terrible investment for the people holding it when that happens. 

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Here’s a simple breakdown of how to look at it as an investment that will appreciate with a potential target or two. As a savings vehicle it’s compared often to gold. It is superior to gold in every way other than having the established history. I’ve read that the total value of gold available is around $9 trillion. I think a good medium term target is bitcoin eventually demonetizing gold. That’s about a 14x from here. We’ve already seen one small country move to holding BTC. I expect we’ll see another country or two follow suit soon (probably also in Latin America) and then things could pick up steam. 
 

Another potential target that could add to the addressable market for bitcoin is the real estate market. The current inflated prices are largely due to easy money policies. As bitcoin becomes more accepted it could be seen as a good wealth preservation vehicle for people that would have in the past been looking more at real estate. It’s more liquid if needed and with less headaches. These are long term targets but possibilities imo. 
 


As for what happens to the price if/when true mass adoption happens, at that point not much price appreciation will happen because the market will be saturated and people will no longer be hoarding it. They will be transacting in it en masse. I don’t see it dumping at that point just stabilizing. The gains will largely be realized by those that bought some before it is mass adopted. 

 

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Posted
  On 1/27/2022 at 1:26 AM, Immaculate Vibes said:

Here’s a simple breakdown of how to look at it as an investment that will appreciate with a potential target or two. As a savings vehicle it’s compared often to gold. It is superior to gold in every way other than having the established history. I’ve read that the total value of gold available is around $9 trillion. I think a good medium term target is bitcoin eventually demonetizing gold. That’s about a 14x from here. We’ve already seen one small country move to holding BTC. I expect we’ll see another country or two follow suit soon (probably also in Latin America) and then things could pick up steam. 
 

Another potential target that could add to the addressable market for bitcoin is the real estate market. The current inflated prices are largely due to easy money policies. As bitcoin becomes more accepted it could be seen as a good wealth preservation vehicle for people that would have in the past been looking more at real estate. It’s more liquid if needed and with less headaches. These are long term targets but possibilities imo. 
 


As for what happens to the price if/when true mass adoption happens, at that point not much price appreciation will happen because the market will be saturated and people will no longer be hoarding it. They will be transacting in it en masse. I don’t see it dumping at that point just stabilizing. The gains will largely be realized by those that bought some before it is mass adopted. 

 

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Well, except gold and real estate have some intrinsic value based on utility and actual scarcity.

Posted (edited)

my two satoshis - btc = gold. no value other than spec against other things losing value. only future difference potentially BTC is easier to actually spend for stuff. which may or may not happen and/or its Myspace and there is a Facebook coming down the tubes. past that i don't see what the argument is about here? seems everyone is in agreement. some serious internetting 

the real obstacle is the governments getting grumpy about it and regulating it, which of course will happen. some smarter, smaller countries/companies will less to lose will find a way to take advantage that. and thats just a natural thing i think. 

for me i would think everything in the metaverse comes to gaming. gaming is driving most of this shit IMO. at least teh shit that may have element of lasting value. NFTs are a bubble IMO of people who have this moment in time, cash and a hobby of sorts. but NFTs down the line in shit like gaming will end up being a very big deal I think 

that'll be 9.95 of something TBD

Edited by staboner
Posted
  On 1/26/2022 at 7:26 PM, Bravo said:

This is interesting too and I see it even in crypto reddit/discord groups. There is a political divide just like you see in the country. Crypto is skewed towards libertarian/conservative types and the naysayers tend to be to the left. We even see it here so none of these takes surprise me. It isn't absolute but it definitely skews right.

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everything is a political divide sadly. and it fucking sucks but it is what it is.

Posted
  On 1/28/2022 at 2:34 AM, Bravo said:

libs hate crypto. news at 10...

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It's really unfortunate that you've ignored my technical reasons and explanation and distilled it down to "unga bunga libz"

Fuckin a, man. That's some bad faith coward bullshit.

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Posted

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

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Posted
  On 1/28/2022 at 2:39 AM, Captainant said:

It's really unfortunate that you've ignored my technical reasons and explanation and distilled it down to "unga bunga libz"

Fuckin a, man. That's some bad faith coward bullshit.

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Grifters get upset when they get called out on their grift so “unga bunga libz” is all they got to fall back on. 

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Posted
  On 1/28/2022 at 2:39 AM, Captainant said:

It's really unfortunate that you've ignored my technical reasons and explanation and distilled it down to "unga bunga libz"

Fuckin a, man. That's some bad faith coward bullshit.

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Liberals generally dislike bitcoin and crypto because it removes financial power from their hands. They want tighter control of the public’s finances. It’s a shame they don’t see the progressive case for bitcoin. Poor people that are disproportionately minority are hurt the most by inflation. Bitcoin protects against unelected central bank enabled inflation. The legacy financial system has been tilted against minorities forever. Bitcoin is an option to opt out that everyone has equal access to. 

 

 

  On 1/28/2022 at 1:06 AM, workswithseed said:

https://www.barrons.com/articles/white-house-executive-action-regulate-cryptos-national-security-51643312454

The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.

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this ends up being tricky but the initial move here is to try to coordinate strategy. Right now the sec and cftc fight over regulatory territory. It’s a new genre that probably does deserve a dedicated agency. The federal government will fuck it up or try to kill it stupidly though. 
 

  On 1/28/2022 at 2:46 AM, JimmyJames said:

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

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You’re such a simple minded individual. You deserve to buy in late and miss out on most of the gains. 

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Posted
  On 1/28/2022 at 3:04 AM, Immaculate Vibes said:

Liberals generally dislike bitcoin and crypto because it removes financial power from their hands. They want tighter control of the public’s finances. It’s a shame they don’t see the progressive case for bitcoin. Poor people that are disproportionately minority are hurt the most by inflation. Bitcoin protects against unelected central bank enabled inflation. The legacy financial system has been tilted against minorities forever. Bitcoin is an option to opt out that everyone has equal access to. 

 

 

this ends up being tricky but the initial move here is to try to coordinate strategy. Right now the sec and cftc fight over regulatory territory. It’s a new genre that probably does deserve a dedicated agency. The federal government will fuck it up or try to kill it stupidly though. 
 

You’re such a simple minded individual. You deserve to buy in late and miss out on most of the gains. 

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LOL. I prefer to invest in things that have actual intrinsic value like real estate.
 

Good luck with the marks though! And that fight against the government. It’s always good to be the early investor in the pyramid scheme. Better anyway.

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Posted
  On 1/28/2022 at 4:56 AM, Bravo said:

dude is obsessed with me. He knows I blocked him days ago but I keep seeing him reply to my posts through replies like this. Lunatic troll. Verifying why I blocked him.

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Since it wasn’t a reply to your post you’re obviously full of shit.  I was talking to GRUHorn, who once claimed he blocked me then replied to one of my posts not five minutes later. Just admit you’re lying and move on.

Posted
  On 1/28/2022 at 3:42 AM, Bravo said:

I was like WTF did you send me from Denmark from DHL. He just started laughing when I called him after the text. He said this watch is the 1st physical watch attached to an NFT. Crazy ass shit. Likely going to be worth nothing. Watch NFT right now is worth $152. Each watch has a unique number on it attached to the NFT. It's regarded.

20220127_223705.jpg

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It'd be cooler if you carried it around inside the box, and when you wanted to check the time you open it and gaze inside like staring into a palantir.

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Posted
  On 1/28/2022 at 2:46 AM, JimmyJames said:

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

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  Reveal hidden contents

 

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Posted
  On 1/28/2022 at 3:19 PM, BrickHorn said:

God damn. That is some Grade A Jumbo stupid shit.

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Yeah, gold actually has some useful qualities even beyond being an investment hedge against inflation. Bitcoin's only value is as a speculative investment. 

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Posted
  On 1/28/2022 at 2:59 PM, Immaculate Vibes said:
  Reveal hidden contents

 

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Yes, people of all political stripes can be marks. Woohoo!

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Posted

It's telling that after pages of technical discussion you fucking waterheads are falling back to empty partisan arguments in favor of it lol. Vibe's article is another sunshine pumper opinion piece that boils down to "well many people are saying BTC is great!"

I'd really love it if yall were capable of engaging in the nuts and bolts discussion while defending your argument of an extremely volatile and purely speculative instrument being a top place for a long term value store.

Like, the NFT watch is a great example - it's nothing more than a really REALLY long CVS receipt that's distributed across the world that you bought that watch. But it's still a fucking physical thing in the meat space. There's absolutely NOTHING that binds it to the blockchain aside from your faith that it does and that someone else will agree with you.

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