Bitcoin....who's gotten into it?

[4matic]

The USD has value because it's the reserve currency of the world. That confers a special privilege. Not complaining though.

This is not true. It might add some value but reserve status is a banking function. It’s how global transactions are priced. The dollar was 30% lower not too many years ago.

[shera]

Yeah, I remember when it was tough to think about going to Europe because the dollar was so weak. What happened?

[4matic]

well let me qualify that a little - the dxy has been on a rampage, would be nice to settle down a bit. but maybe that's happening now

Three things are supporting the USD:

1. Oil is priced in dollars.

2. US interest rates are much higher than other major currencies; even China!

3. Reserve status in times of turmoil.

[4matic]

Just to be clear, my investments are levered to a lower dollar. Strong dollar hurts me going forward as I have a lot of EM sovereign dollar bond exposure.

[stalefish3169]

But also kinda false, and by kinda, I mean definitely:

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It's not wrong. The quote is just referring to the beginning of 2020. The unlimited USD cap and only one node (which is a joking way to describe the problem) are also very important points, but seems you have no rebuttal for those.

Secondly, almost every study that tries to sensationalize BTC's inequality counts Satoshis wallet when it clearly shouldn't be. Even the article headline you posted explains this.

"However, it is important to note that Satoshi’s 1 million BTC is also included in this number. This wallet where bitcoin’s creator Satoshi Nakamoto, had mined 1 million bitcoins has never since any activity since then. The wallet, for all intents and purposes, is considered dead.

Take out Satoshi’s 1 million BTC wallet and the percentage of bitcoin’s supply controlled by the 0.01% drops significantly. It is also imperative to note that about 20% of the total bitcoin supply is presumed to be lost forever."



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[CarlMega]

It is also imperative to note that about 20% of the total bitcoin supply is presumed to be lost forever."

That's what I look for in a currency or store of value. LOLZ.

[shera]

I just read that the EU is going to raise interest rates, above zero!

[shera]

That's what I look for in a currency or store of value. LOLZ.

Actually it would work in your favor if other people lose their keys.

[4matic]

Yeah, I remember when it was tough to think about going to Europe because the dollar was so weak. What happened?

Currency trends much farther and longer than most expect. Although, long currency trends have been fleeting in recent decades. In 2010 we were post GFC and rates in Europe were much higher. Bund was over 3% and Gilt was close to 4%.

[CarlMega]

Actually it would work in your favor if other people lose their keys.

The prospect that it's easy to lose access to your stored value isn't the selling proposition you think it is. Even worse, that Santoshi didn't think enough of his experiment to take care of his early assets.

[mcphee]

Actually it would work in your favor if other people lose their keys.

Sounds like the perfect path to wealth equality! I’ll take 10!

[4matic]

Create a sense of scarcity with an illusion of lost supply owned by an imaginary friend. Fairy dust and unicorn stuff

[stalefish3169]

The prospect that it's easy to lose access to your stored value isn't the selling proposition you think it is. Even worse, that Santoshi didn't think enough of his experiment to take care of his early assets.

Impossible to say for sure, but most reasonable people have come to the realization that Satoshi most likely intentionally lost the keys once the project hit critical mass.

[byates1]

That's what I look for in a currency or store of value. LOLZ.

You should. If you had one of those paintings and lots of others were lost ,yours would be far more valuable. Lol.

[byates1]

Create a sense of scarcity with an illusion of lost supply owned by an imaginary friend. Fairy dust and unicorn stuff

Time will tell. Leonardo's seems to be a good store of value. Even if some say they are not a Leonardo. Everything is an illusion.

[4matic]

Time will tell. Leonardo's seems to be a good store of value. Even if some say they are not a Leonardo. Everything is an illusion.

I’m looking for the lost de vinci and nazi gold. Im also certain there is no gold in Fort Knox.

[J. Barron DeJong]

This is not true. It might add some value but reserve status is a banking function. It’s how global transactions are priced. The dollar was 30% lower not too many years ago.

^True. It doesn’t appear that being the reserve currency grants much in the way of lower borrowing costs/interest rates.

Biggest benefit is that that USD cash is used/held much more globally vs other currency, and that cash is basically like a 0% interest loan.

[byates1]

I’m looking for the lost de vinci and nazi gold. Im also certain there is no gold in Fort Knox.

No gold at fort Knox, that's where the aliens from Roswell are. And those little fuckers would fetch a mint at auction. Dead aliens back the USD. Birds aren't real either

[CarlMega]

Time will tell. Leonardo's seems to be a good store of value. Even if some say they are not a Leonardo. Everything is an illusion.

I dunno, but if you are going to be an legitimate insurgent force that's going to replace the world's currency, you need a better argument than 'aktually some art is fake!'.

[CarlMega]

Impossible to say for sure, but most reasonable people have come to the realization

Based on what evidence exactly... more speculation?

[byates1]

I for one am not railing on the world to go to a BTC standard.

Why are you projecting that on me?

It's a digital store of value. It could be huge. I'm going to hold some.

[4matic]

I for one am not railing on the world to go to a BTC standard.

Why are you projecting that on me?

It's a digital store of value. It could be huge. I'm going to hold some.

So we can stop calling them currency?

[shera]

I agree, "digital assets" more like.

[CarlMega]

I for one am not railing on the world to go to a BTC standard.

Why are you projecting that on me?
.

You replied, I answered - in line with general conversation. FWIW, I do appreciate that you view it a speculative asset. Zero issues with risk assets and trading.

I'm not hostile to a digital currency. I'm not hostile to a form of digital stored value. I am skeptical that BTC can ever be a useful widespread currency - tolerance to scale is awful. That's my general 2 cents, the tech cannot deliver..

But we're off in la-la-land recently on some of the framing of crypto vs. established currencies or transaction networks with demonstrable evidence that they work.

I sort of boggle at the same culty reasoning recycled from gold people but with neck beards. Yes, some people have a disproportionate problem with central authorities. Trust issues. There are people who won't fly and must personally drive because they need that control. But virtually everyone is better having an apparatus that supports trained pilots, safety standards vs. one of these doofuses wanting to 'democratize it' so he can fly the plane. And even worse with crypto, you are at the whims of a stacked deck democracy where unaccountable whales already have built in majority stake that you can never override. That is, unless you don't adopt it. Then they lost their advantage which is the root of all the tacky scare tactics pressuring you to buy in. That is the power struggle driving the urgency..

[shera]

Bitcoin is just tech, a tool. It's like having a spoon. You can say it's for eating soup or for hanging off your nose. It's still just a spoon, you assign the meaning to it.