Bitcoin on the path to irrelevance?

112,303 Views | 1822 Replies | Last: 3 days ago by Yukon Cornelius
Algorithmic Epiphany
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In reply to Sid Farkas • 5:39p, 3/12/24
Sid Farkas said:
LMCane said:
TexasRebel said:
Bitcoin has an actual value of $0. I'm sure you'll continue to ignore that at your own peril.
what's the value of a dollar bill?


Where's the army willing to fight for ****coin?

At least the bitcoin bros have admitted it's no longer a currency, and therefore a no longer a rival to fiat currency.

Digital gold? Nah, it's worthless, non tangible nothingness. Don't get left holding the bag.





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RED AG 98
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In reply to Krombopulos Michael • 5:40p, 3/12/24
AG
Water, Food, Energy, Guns, Ammo, Bitcoin, Gold

The modern-day Maslow's
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RED AG 98
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In reply to Sid Farkas • 5:44p, 3/12/24
AG
Sid Farkas said:
LMCane said:
TexasRebel said:
Bitcoin has an actual value of $0. I'm sure you'll continue to ignore that at your own peril.
what's the value of a dollar bill?


Where's the army willing to fight for ****coin?

At least the bitcoin bros have admitted it's no longer a currency, and therefore a no longer a rival to fiat currency.

Digital gold? Nah, it's worthless, non tangible nothingness. Don't get left holding the bag.

Ask yourself the reasons why the USD requires the backing of an army?
After you've explored the topic, do those reasons apply to BTC?
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Algorithmic Epiphany
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In reply to RED AG 98 • 6:38p, 3/12/24
bmks270
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In reply to Algorithmic Epiphany • 7:37p, 3/12/24
AG
Algorithmic Epiphany said:
Sid Farkas said:
LMCane said:
TexasRebel said:
Bitcoin has an actual value of $0. I'm sure you'll continue to ignore that at your own peril.
what's the value of a dollar bill?


Where's the army willing to fight for ****coin?

At least the bitcoin bros have admitted it's no longer a currency, and therefore a no longer a rival to fiat currency.

Digital gold? Nah, it's worthless, non tangible nothingness. Don't get left holding the bag.







Top signal.
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Yukon Cornelius
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In reply to bmks270 • 7:45p, 3/12/24
AG
It's not a top signal if everyone is calling it a top signal
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MRB10
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In reply to tysker • 7:48p, 3/12/24
AG
In the podcast I posted, he described himself as a goldbug first and foremost but finds himself advocating for Bitcoin now that he understands it. He said something along the lines of they have different risk profiles and there is likely room for both in our financial system.
“There is no red.
There is no blue.
There is the state.
And there is you.”

“As government expands, Liberty contracts” - R. Reagan
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Algorithmic Epiphany
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10:55p, 3/12/24
Brutal.
Quote:
people who use fiat currency as a store of value, there's a name for them. We call them poor.




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TexasRebel
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In reply to Algorithmic Epiphany • 1:58a, 3/13/24
AG
What do you call the people who use armaments as a store of value?
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Algorithmic Epiphany
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In reply to TexasRebel • 4:07a, 3/13/24
According to the numbers, average. Let's not derail here, ya poor duddyhead.
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Stonegateag85
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8:56a, 3/13/24
Elon is based.

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Definitely Not A Cop
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In reply to Stonegateag85 • 9:00a, 3/13/24
AG
I like that big guys like Elon are supporting BTC, but I don't think the dollar has to be fail to make the case for BTC. I do think our leadership is causing the dollar to have more and more issues though. I think the best scenario is both flourishing, and I don't see them diametrically opposed to each other by any means.
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LMCane
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9:23a, 3/13/24
at what level will any of you sell?

it's FOMO like crazy

because two years ago when I was buying at $17K I was just praying it would eventually come back and hit its ATH of $66K

then I would sell.

now I'm like "pfff, only $73,000 today?!?!"
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Muy
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9:27a, 3/13/24
AG
Read about Microstrategy whose CEO invested the company heavily into Bitcoin. When it tanked, it hammered their stock. He's probably feeling much better today.
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Algorithmic Epiphany
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In reply to Definitely Not A Cop • 9:33a, 3/13/24
It's definitely argued that the bitcoin milkshake will allow the dollar milkshake to last a lot longer than would have been feasible alone. There's a possibility that bitcoin keeps the dollar around a lot longer, but the country better have some bitcoin backing USD (like Linux back the internet).
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Stonegateag85
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In reply to LMCane • 9:40a, 3/13/24
We're going to 150k!!!!
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Algorithmic Epiphany
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In reply to TexasRebel • 10:35a, 3/13/24
TexasRebel said:
What do you call the people who use armaments as a store of value?

Quote:
Just in case you missed the context, @saylor wasn't roasting poor people. He was explaining that the fiat system is rigged in favor of the rich because the store of value property of the dollar was killed a long time ago.

Wealth has become relentlessly more concentrated since 1971. If you're forced to save in dollars, you're not gonna make it. If you have enough wealth to save in relatively scarce assets like real estate and equities, you have been able to outpace inflation.
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drcrinum
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4:04p, 3/13/24
Ho-hum. Bitcoin set a new all-time high again today, 73.6k. I think I'll continue sleeping on my >50% profit since buying it in January. (I bought Fidelity's FBTC fund.)
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Krombopulos Michael
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In reply to Stonegateag85 • 6:26p, 3/13/24
Stonegateag85 said:
We're going to 150k!!!!
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Algorithmic Epiphany
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In reply to TexasRebel • 6:28p, 3/13/24
TexasRebel said:
What do you call the people who use armaments as a store of value?





Also, unrelated, the midtwit trap.
https://www.md-a.co/p/the-midwit-trap
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jt2hunt
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8:23p, 3/13/24
AG
What countries have adopted bitcoin as the official currency? How are they doing today?
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Diet Cokehead
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In reply to LMCane • 10:39p, 3/13/24
AG
LMCane said:
at what level will any of you sell?

it's FOMO like crazy

because two years ago when I was buying at $17K I was just praying it would eventually come back and hit its ATH of $66K

then I would sell.

now I'm like "pfff, only $73,000 today?!?!"
I can't comprehend a number that I would consider selling any at. $5-10M per might get me considering a small divesture, but I really don't have any intent of ever offloading much.
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p-townag
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In reply to Diet Cokehead • 10:42p, 3/13/24
AG
Diet Cokehead said:
LMCane said:
at what level will any of you sell?

it's FOMO like crazy

because two years ago when I was buying at $17K I was just praying it would eventually come back and hit its ATH of $66K

then I would sell.

now I'm like "pfff, only $73,000 today?!?!"
I can't comprehend a number that I would consider selling any at. $5-10M per might get me considering a small divesture, but I really don't have any intent of ever offloading much.

I will only buy. Forever. Will only sell small amounts if needed for major purchases but will otherwise just borrow against what I hold…and keep buying.
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Diet Cokehead
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In reply to p-townag • 10:45p, 3/13/24
AG
p-townag said:
Diet Cokehead said:
LMCane said:
at what level will any of you sell?

it's FOMO like crazy

because two years ago when I was buying at $17K I was just praying it would eventually come back and hit its ATH of $66K

then I would sell.

now I'm like "pfff, only $73,000 today?!?!"
I can't comprehend a number that I would consider selling any at. $5-10M per might get me considering a small divesture, but I really don't have any intent of ever offloading much.

I will only buy. Forever. Will only sell small amounts if needed for major purchases but will otherwise just borrow against what I hold…and keep buying.
No doubt. I will be DCA'ing forever.
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Algorithmic Epiphany
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In reply to jt2hunt • 10:49p, 3/13/24
jt2hunt said:
What countries have adopted bitcoin as the official currency? How are they doing today?


The Savior of Central America (possibly the world?). They seem to be doing fairly well.
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Diet Cokehead
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10:57p, 3/13/24
AG
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TexasRebel
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11:57a, 3/14/24
AG
"I'm buying it because they are buying it," seems like a horrible investment strategy.
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tysker
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In reply to Diet Cokehead • 12:19p, 3/14/24
AG
Diet Cokehead said:
That may be good news for BLK and the price of BTC, but is it good for BTC?
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RED AG 98
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12:25p, 3/14/24
AG
"I choose to remain willfully ignorant and refuse to even attempt to understand at the most basic level why people with billions of dollars are choosing to invest in it."

Likewise, not a sound strategy.
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tysker
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In reply to RED AG 98 • 12:31p, 3/14/24
AG
RED AG 98 said:
"I choose to remain willfully ignorant and refuse to even attempt to understand at the most basic level why people with billions of dollars are choosing to invest in it."

Likewise, not a sound strategy.
Who are these "people with billions of dollars" that are investing in it?
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TexasRebel
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In reply to tysker • 12:45p, 3/14/24
AG
I also don't think that person knows what shorting is.
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RED AG 98
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In reply to TexasRebel • 1:21p, 3/14/24
AG
TexasRebel said:
I also don't think that person knows what shorting is.


I know what it is not: certainly not multiple addresses buying hundreds of coins per week for long periods of time. Seems long-ish.
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Algorithmic Epiphany
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In reply to tysker • 1:22p, 3/14/24
tysker said:
RED AG 98 said:
"I choose to remain willfully ignorant and refuse to even attempt to understand at the most basic level why people with billions of dollars are choosing to invest in it."

Likewise, not a sound strategy.
Who are these "people with billions of dollars" that are investing in it?

Technically no one has "billions of dollars." They have assets and business worth billions of dollars.

Those people include:
Mark Cuban


Bill Ackman (recent)


Michael Saylor (all your models are destroyed)


Tim Draper (famously purchased the Silk Road Btc from us govt)


Elon Musk

Ricardo B Salinas


Larry Fink


Bill Miller


Mike Novogratz

Paul Tudor Jones

Chamath Palihapitiya

Jack Dorsey

Jeff Bezos (allegedly, been hanging with Mikey Saylor last few weeks before he liquidated some stock)

I'm not including all the Bitcoin Billionaires like the Winkelvii and such. I won't include the Saudi and Qatari sovereign funds. But this is a decent list to start.

How many billionaires were you looking for exactly? Because majority of them are now exposed directly or indirectly through ETFs.

Edit: technically Trump owns some bitcoin because he let's people pay/donate with it.
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RED AG 98
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In reply to Algorithmic Epiphany • 1:28p, 3/14/24
AG
Algorithmic Epiphany said:
tysker said:
RED AG 98 said:
"I choose to remain willfully ignorant and refuse to even attempt to understand at the most basic level why people with billions of dollars are choosing to invest in it."

Likewise, not a sound strategy.
Who are these "people with billions of dollars" that are investing in it?

Technically no one has "billions of dollars." They have assets and business worth billions of dollars.

Those people include:


Bill Ackman (recent)


Michael Saylor (all your models are destroyed)


Tim Draper (famously purchased the Silk Road Btc from us govt)


Elon Musk

Ricardo B Salinas


Larry Fink


Bill Miller


Mike Novogratz

Paul Tudor Jones

Chamath Palihapitiya

Jack Dorsey

Jeff Bezos (allegedly, been hanging with Mikey Saylor last few weeks before he liquidated some stock)

I'm not including all the Bitcoin Billionaires like the Winkelvii and such. I won't include the Saudi and Qatari sovereign funds. But this is a decent list to start.

How many billionaires were you looking for exactly? Because majority of them are now exposed directly or indirectly through ETFs.



Yes, this was exactly my point. People with billions of dollars in cash, investments or equivalents in assets are choosing to put some of that into bitcoin.

The billionaire club is quite small and you've basically listed the categories: states institutions, private corporations, and a coupe thousand individuals worldwide.
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Kraft Punk
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1:32p, 3/14/24
I love that the new Bitcoin pimp is "hey look! The establishment is all in!!!"

After over a decade of the Bitcoin pimp being "the establishment doesn't want you to have it!!!, that's why it's valuable!!!"


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