Also SOL has recovered mostly.

MR Gadsden said:

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TxAG#2011 said:

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That's because BTC relevance is waning. You can really start to see it these days.

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Really? How so?

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Far less engagement. New entrants, flat not interested in BTC.

Big money much more interested in ETH.

SOL has had more than 4 or 5 major hacks in the last two years. I sold all of mine after the two in fall of 2021 and cannot fathom why rational people would find it attractive considering it's security flaws.

People said the exact same thing about Eth after it had a few hacks

TxAG#2011 said:

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MR Gadsden said:

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TxAG#2011 said:

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That's because BTC relevance is waning. You can really start to see it these days.

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Really? How so?

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Far less engagement. New entrants, flat not interested in BTC.

Big money much more interested in ETH.

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Lol, this is a crypto thread. Not just a btc thread. Also you have no clue what you are talking about.

Please provide proof to support your statement that BTC is waning in relevance and "big money" is going to ETH.

The way I see it…

-BTC is more than 2x the market cap of ETH.
-Grayscale BTC trust is just under 3x larger than their ETH trust(15B vs 5.6B AUM).
-BTC is the only coin to be designated as legal tender in multiple countries

ETH is the base layer for a number of crypto projects(*cough* scams, pump and dumps, centralized garbage) but BTC is still the only one with any real world practical use case as of today.

The comment is relevant to ETH too.

BR has $9T under management. This certainly does not suck for those of us that believe BTC is the future and is not waning. Will be interesting to understand key ownership in these trusts though - does that stay with BR or does the customer actually own the BTC? I'm guessing the former and BR is going to make an incredible amount of money for themselves along the way.

JamesBREI06 said:

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TxAG#2011 said:

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MR Gadsden said:

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TxAG#2011 said:

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That's because BTC relevance is waning. You can really start to see it these days.

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Really? How so?

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Far less engagement. New entrants, flat not interested in BTC.

Big money much more interested in ETH.

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Lol, this is a crypto thread. Not just a btc thread. Also you have no clue what you are talking about.

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This is the same kind of stupid dismissive **** I've seen from BTC maxis for years now. I don't "like" Bitcoin (even though I own >1) so therefore, I have no clue what I'm talking about.

It's been noticeably cringy for years.

NTXAg10 said:

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Please provide proof to support your statement that BTC is waning in relevance and "big money" is going to ETH.

The way I see it…

-BTC is more than 2x the market cap of ETH.
-Grayscale BTC trust is just under 3x larger than their ETH trust(15B vs 5.6B AUM).
-BTC is the only coin to be designated as legal tender in multiple countries

ETH is the base layer for a number of crypto projects(*cough* scams, pump and dumps, centralized garbage) but BTC is still the only one with any real world practical use case as of today.

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Hate to say it but the practical use cases of Bitcoin are getting less and less. Inflation hedge? Digital gold?

Yea, if I wanted an asset that just correlates to the stock market I'd just buy the stock market. Seems to be it's only real purpose these days.

RED AG 98 said:

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BR has $9T under management. This certainly does not suck for those of us that believe BTC is the future and is not waning. Will be interesting to understand key ownership in these trusts though - does that stay with BR or does the customer actually own the BTC? I'm guessing the former and BR is going to make an incredible amount of money for themselves along the way.

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There's the rub: NYKNYC. Who owns what and what protections do you have?

TxAG#2011 said:

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NTXAg10 said:

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Please provide proof to support your statement that BTC is waning in relevance and "big money" is going to ETH.

The way I see it…

-BTC is more than 2x the market cap of ETH.
-Grayscale BTC trust is just under 3x larger than their ETH trust(15B vs 5.6B AUM).
-BTC is the only coin to be designated as legal tender in multiple countries

ETH is the base layer for a number of crypto projects(*cough* scams, pump and dumps, centralized garbage) but BTC is still the only one with any real world practical use case as of today.

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Hate to say it but the practical use cases of Bitcoin are getting less and less. Inflation hedge? Digital gold?

Yea, if I wanted an asset that just correlates to the stock market I'd just buy the stock market. Seems to be it's only real purpose these days.

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I'm not sure if you are just trying to troll or if maybe you're maybe you time preference is really low.

I would argue BTC is still an inflation hedge. "BUT BUT BUT the price".. My answer to that is scroll out and look at this from a longer time perspective. if we bottomed out at 17K down from 69K, that's still a low that is up from a low of 4K last cycle. That's not bad.

if you think that engagement is lower, I'm not sure where you are looking to get that opinion. Hash rate it up, difficulty is up, development of things like the lightning network are at an all time high. Mining projects are being developed everywhere, countries are adopting BTC as legal tender, ETF's are being offered, corporations are investing in BTC. I mean I could go on and on about what is happening around BTC, but again I'm not sure where you are getting your opinion from. Maybe you should join the Texas Blockchain Council and that will open your eyes to what is happening around BTC (and blockchain).

TxAG#2011 said:

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NTXAg10 said:

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Please provide proof to support your statement that BTC is waning in relevance and "big money" is going to ETH.

The way I see it…

-BTC is more than 2x the market cap of ETH.
-Grayscale BTC trust is just under 3x larger than their ETH trust(15B vs 5.6B AUM).
-BTC is the only coin to be designated as legal tender in multiple countries

ETH is the base layer for a number of crypto projects(*cough* scams, pump and dumps, centralized garbage) but BTC is still the only one with any real world practical use case as of today.

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Hate to say it but the practical use cases of Bitcoin are getting less and less. Inflation hedge? Digital gold?

Yea, if I wanted an asset that just correlates to the stock market I'd just buy the stock market. Seems to be it's only real purpose these days.

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In your experience, so we are on the same page, bitcoin's only real purpose is to be an asset that correlates to the stock market.

If that's not a solid representation of your position, could you clarify:

what are the practical use cases for bitcoin?

If none outside if stock market correlation, what is driving the increased hash rate and increased adoption rate YoY?

If bitcoin isn't working exactly as designed, what is driving the increased adoption of layer 2 protocols like lightning and Liquid among others?

If bitcoin has failed, what is causing it to perform exactly as expected every halvening?

Is it possible that there's a missattribution of $USD spot price as the measuring stick of bitcoin's success? Why or why not?

I think this is relevant to this thread

MR Gadsden said:

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TxAG#2011 said:

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NTXAg10 said:

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Please provide proof to support your statement that BTC is waning in relevance and "big money" is going to ETH.

The way I see it…

-BTC is more than 2x the market cap of ETH.
-Grayscale BTC trust is just under 3x larger than their ETH trust(15B vs 5.6B AUM).
-BTC is the only coin to be designated as legal tender in multiple countries

ETH is the base layer for a number of crypto projects(*cough* scams, pump and dumps, centralized garbage) but BTC is still the only one with any real world practical use case as of today.

---

Hate to say it but the practical use cases of Bitcoin are getting less and less. Inflation hedge? Digital gold?

Yea, if I wanted an asset that just correlates to the stock market I'd just buy the stock market. Seems to be it's only real purpose these days.

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I'm not sure if you are just trying to troll or if maybe you're maybe you time preference is really low.

I would argue BTC is still an inflation hedge. "BUT BUT BUT the price".. My answer to that is scroll out and look at this from a longer time perspective. if we bottomed out at 17K down from 69K, that's still a low that is up from a low of 4K last cycle. That's not bad.

if you think that engagement is lower, I'm not sure where you are looking to get that opinion. Hash rate it up, difficulty is up, development of things like the lightning network are at an all time high. Mining projects are being developed everywhere, countries are adopting BTC as legal tender, ETF's are being offered, corporations are investing in BTC. I mean I could go on and on about what is happening around BTC, but again I'm not sure where you are getting your opinion from. Maybe you should join the Texas Blockchain Council and that will open your eyes to what is happening around BTC (and blockchain).

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Yea, time preference.

I've been hearing about lightning network for 3+ years now and it's not anywhere close to being implemented, and the Bitcoin community is so toxic and divisive it probably never will.

What's funny is there really is no reason for it anyways, as the use-case as a payment mechanism has completely vanished in the wind.

The rest of the items you noted have been happening for years now, and the most notable, "Tesla buying" welllllll, they already sold. The fantasy of corporations buying Bitcoin is gone.

Back to trading, heavy into SOL right now. Looks prime.

Define: "not close to being implemented"

Do you mean to say "the exchanges that hold my keys still charge high fees to move my bitcoin because they haven't implemented lightning network because it hinders their profitability/obfuscation of rent-seeking?"

Define: "not close to being implemented"

Do you mean to say "the exchanges that hold my keys still charge high fees to move my bitcoin because they haven't implemented lightning network because it hinders their profitability/obfuscation of rent-seeking?"

Why even continue holding BTC, clearly you'd be better served with one of the "real" bitcoin's, Bitcoin Cash or Bitcoin Satoshis Vision (the "Reeeee"al Satoshi is behind that one).

Would love some supporting data on any of your points, unless it's just the latest wave of cryptoinfluencers swaying your opinion like a flag in the wind.

Adverse Event said:

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Define: "not close to being implemented"

Do you mean to say "the exchanges that hold my keys still charge high fees to move my bitcoin because they haven't implemented lightning network because it hinders their profitability/obfuscation of rent-seeking?"

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Sure, that's a valid reason. Took them years to implement something as simple as Segwit so I wouldn't hold my breath.

We can use the lighting network now to transact. You want to send me some of your >1 BTC for little to no fees, I'll walk you through getting a lightning wallet and glad accept your BTC.

every day I hear about more and more lightning development. Seriously, where are you getting your news? I'm not trying to be an ass here, I'm curious.

This type of engagement is out of sorts with TxAGs historical posting style. I'm betting he's having fun with y'all and you may consider not feeding the troll.

Bet he was just trying to wake up AE for the person asking for him

Didn't the US just pass a law for BTC to be spent tax free on transactions as long as you haven't realized more than $50 of capital gains?

That's a huge deal for use case.

As far as bitcoin correlating with the stock market, so why not buy the stock market thing, please name me one assert that has out performed BTC since it's inception.

ac04 said:

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tysker said:

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RED AG 98 said:

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BR has $9T under management. This certainly does not suck for those of us that believe BTC is the future and is not waning. Will be interesting to understand key ownership in these trusts though - does that stay with BR or does the customer actually own the BTC? I'm guessing the former and BR is going to make an incredible amount of money for themselves along the way.

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There's the rub: NYKNYC. Who owns what and what protections do you have?

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so on one hand you argue against self-custody because people are too stupid for that in your opinion, but on the other hand its NYKNYC when a custodial solution is offered. amazing how fast you're able to pivot based on whatever the most negative interpretation is.

if you are genuinely interested in how the custody will work i would look to GBTC's solution as a likely template for how this trust will operate.

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People aren't too stupid (I'm not sure I've said as much) but I would say the security process can be too complicated and cumbersome for many users and because of that the average person will tend to stick with hot wallets, exchanges, and staked coins which are subject to ownership and security issues. I still argue it is unclear what protections people have and what do they actually own.

GBTC is not BTC; it's exposure to the price of BTC. That is a really big difference. Investors in GBTC do not own the underlying asset.

So when Grayscale, BLK, State Steet, and Vanguard hold a large aggregate total percentage of outstanding BTC, due to their underlying financial obligations, is that a good thing for BTC?

Definitely Not A Cop said:

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As far as bitcoin correlating with the stock market, so why not buy the stock market thing, please name me one assert that has out performed BTC since it's inception.

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BRKA

NTXAg10 said:

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This type of engagement is out of sorts with TxAGs historical posting style. I'm betting he's having fun with y'all and you may consider not feeding the troll.

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Hah.

I'm not selling out but I've soured a bit on the outlook. At some point you have to provide incentive to own it and if it just correlates to the stock market then that's not much of an incentive.

MR Gadsden said:

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We can use the lighting network now to transact. You want to send me some of your >1 BTC for little to no fees, I'll walk you through getting a lightning wallet and glad accept your BTC.

every day I hear about more and more lightning development. Seriously, where are you getting your news? I'm not trying to be an ass here, I'm curious.

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Why on earth would I want to be "walked through" how to use the lightning network.

If I want to send money, I just pull up venmo.

If I want to buy something, I pull out a credit card. Which also has significantly higher consumer protection and also reward incentives.

There's no reason for me to ever use it.

BRKA has quadrupled in value since BTC's inception. BTC has done much better than that.

TxAG#2011 said:

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MR Gadsden said:

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We can use the lighting network now to transact. You want to send me some of your >1 BTC for little to no fees, I'll walk you through getting a lightning wallet and glad accept your BTC.

every day I hear about more and more lightning development. Seriously, where are you getting your news? I'm not trying to be an ass here, I'm curious.

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Why on earth would I want to be "walked through" how to use the lightning network.

If I want to send money, I just pull up venmo.

If I want to buy something, I pull out a credit card. Which also has significantly higher consumer protection and also reward incentives.

There's no reason for me to ever use it.

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Well you've proved you're not very smart so I was trying to be nice and help you out.

MR Gadsden said:

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TxAG#2011 said:

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MR Gadsden said:

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We can use the lighting network now to transact. You want to send me some of your >1 BTC for little to no fees, I'll walk you through getting a lightning wallet and glad accept your BTC.

every day I hear about more and more lightning development. Seriously, where are you getting your news? I'm not trying to be an ass here, I'm curious.

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Why on earth would I want to be "walked through" how to use the lightning network.

If I want to send money, I just pull up venmo.

If I want to buy something, I pull out a credit card. Which also has significantly higher consumer protection and also reward incentives.

There's no reason for me to ever use it.

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Well you've proved you're not very smart so I was trying to be nice and help you out.

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It's nice of you, yes. But this is how the mainstream views it.