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

[stalefish3169]

Stonks REKT today. People should really be careful about investing in something so volatile.

[stalefish3169]

He’s on a timeout (maybe permanently?)

Wow! That's really quite the feat for this place.

I wonder if he's skiing with Advres and Hugh Conway today???

[4matic]

I just don’t see the use case becoming reality if the price doesn’t go up. What % of Hodlers are in it for the use case vs appreciation?

[Bunion 2020]

Stonks REKT today. People should really be careful about investing in something so volatile.

Still the same humorless prick.

Bitcoin currently has the largest gini coefficient of any asset ever in the history of humanity. So how is converting to it going to help inequality? Seems to me like we just get another group of rich assholes with everything? Is the only difference that you all that are invested in it get to be in the "new" group of rich assholes and all that stuff about a new monetary system that does a better job of fighting inequality is just BS?

When you get that Hater label, wear it proudly. 100% dead on analysis.

[stalefish3169]

Still the same humorless prick.

When you get that Hater label, wear it proudly. 100% dead on analysis.

Hey, I take real offense to humorless. I've made at least a couple of solid jokes in this thread today.

[stalefish3169]

I just don’t see the use case becoming reality if the price doesn’t go up. What % of Hodlers are in it for the use case vs appreciation?

Zoom out, man. This is the plan.

https://twitter.com/MichaelRihani/st...QogFfHMLw&s=19

[bennymac]

And Blue Benny strikes me as someone who quotes Paul Krugman at parties, while passing the ideas off as his own, so he can sound smart.

Nope. Wrong. Ask the mags that know me. I don’t talk a lot at parties - I listen. You should try it. Works a lot better than preaching.

[J. Barron DeJong]

Zoom out, man. This is the plan.

https://twitter.com/MichaelRihani/st...QogFfHMLw&s=19

“No, it isn’t about the price going up. Check out the plan!”

First slide in the plan:

[stalefish3169]

Nope. Wrong. Ask the mags that know me. I don’t talk a lot at parties - I listen. You should try it. Works a lot better than preaching.

According to our post counts, I average less than 300 posts a year, and you come in at over 600. Just sayin'.

[4matic]

“No, it isn’t about the price going up. Check out the plan!”

First slide in the plan:

And why is the dollar a benchmark? The Yuen could be a lot higher at the same time. Chart needs more ~

Bloomberg tested BTC in El Salvador. It didn’t go well

https://www.bloomberg.com/features/2...avel-problems/

[hatchgreenchile]

“No, it isn’t about the price going up. Check out the plan!”

First slide in the plan:

Interesting thread...
When I see that graph, and Dorsey's quote about a "single world currency", I think "when does the developed government kill a competing currency where it stands?" As a speculative asset, it's not as threatening.
This scenario where a first world country lets someone else in their financial sandbox, for better or worse, seems naive.

[dunfree]

New book, who dis?


Attachment 413984

like I said - shit in, shit out. This is just comically stupid

[stalefish3169]

Interesting thread...
When I see that graph, and Dorsey's quote about a "single world currency", I think "when does the developed government kill a competing currency where it stands?" As a speculative asset, it's not as threatening.
This scenario where a first world country lets someone else in their financial sandbox, for better or worse, seems naive.

Dalio's stance for a long time was that gov't would outlaw BTC. TBH, I'm not totally sure if he's changed his position there or not yet. I also somewhat reluctantly agree with him that govt's outlawing BTC is a big threat. Sadly, it seems most governments want control over their people, more than they care about the well-being of their people. I think the covid lockdowns were a real wakeup call in this regard. I'm 3x vaxxed, but I think it's not hard to argue that a lot of people in power greatly overplayed their hands. And of course some people just want to be told what to do. I've been in awe when I've seen people walking around outside wearing masks in 70 degree weather lately with nobody around them.

There is a lot of interesting game theory as far as governments accumulating BTC. As in the move is to stack secretly, not announce it and jack up the price. There are many rumors swirling that the next couple of El Salvadors are not far off. Some people say that BTC is a failure because a G8 nation hasn't adopted yet, but it was never going to be the big guys first, at least not publicly.

[bennymac]

According to our post counts, I average less than 300 posts a year, and you come in at over 600. Just sayin'.

A lot of mine are questions being posed. Almost all of yours are preaching. But nice try! Keep going!

But maybe check your math. Your failures here are a testament to your higher education! Use it to bolster your chances of that refund 😂

#justsayin

[stalefish3169]

like I said - shit in, shit out. This is just comically stupid

Jesus, you're fucking dense.

[JimmyCarter]

A single global currency would fuck over developing countries around the world. How did Greece do under the euro?

What would happen if sovereign countries couldn’t issue debt? How would you handle an economic crisis if said economic crisis was actually an incentive for people to hold onto the currency?

All these claims fall apart after 30 seconds of thinking, but BTC pimps don’t care. The trick is to hold the asset and sell the currency.

[dunfree]

Jesus, you're fucking dense.

The best thing about you staledick is your dumbass posing that people who reject your cult are the deficient ones

[stalefish3169]

A single global currency would fuck over developing countries around the world. How did Greece do under the euro?

What would happen if sovereign countries couldn’t issue debt? How would you handle an economic crisis if said economic crisis was actually an incentive for people to hold onto the currency?

All these claims fall apart after 30 seconds of thinking, but BTC pimps don’t care. The trick is to hold the asset and sell the currency.

I'm not calling for a single global currency. But it would be nice to have an option to opt out of the tight grip held by central bankers. Do you really want to stay under the influence of JPOW? Can you honestly say you're pleased with his performance? Do like the system where every time he flaps his gums global markets swing by trillions of dollars? Talk about volatility! Personally, I'd prefer to have my unit of account be something with an extremely predictable issuance, where anyone can opt in.

Having BTC as an option is does not mean that sovereign nations can't issue debt. Which BTW, El Salvador is set to issue BTC backed bonds. The issuance was delayed, but from what I can tell they will be over-subbed when they come out. Of course there is plenty of FUD out there saying this is a horrible idea, but we'll see.

[stalefish3169]

The best thing about you staledick is your dumbass posing that people who reject your cult are the deficient ones

You literally just tried to clown on Ray Dalio, one of the most successful investors of all time, for his description of well-documented history.
Please share the link to your fund's prospectus when you get a moment.

[J. Barron DeJong]

Personally, I'd prefer to have my unit of account be something with an extremely predictable issuance, where anyone can opt in.

But stable issuance isn’t actually what people care about, right? What they actually care about is stable value, or maybe more accurately, a predictable value, right?

Stable issuance doesn’t get your stable, or predictable, value.

[J. Barron DeJong]

You literally just tried to clown on Ray Dalio, one of the most successful investors of all time, for his description of well-documented history.
Please share the link to your fund's prospectus when you get a moment.

I mean, that Ray Dalio slide dunfree posted is pretty stupid. It’s just a bunch of random negative shit, so they must lead to the downfall of a country? Does he have robust evidence to back up those claims?

Better source may be something like this:
https://www.amazon.com/Why-Nations-F.../dp/0307719227

Edit to continue rant: Interest rates go to 0% are the downfall of civilization? Really?

So if the Fed had of set an explicit 4% inflation target instead of a 2% back in the 90’s, and then only lowered interest rates to 2% following the Great Recession, that would have prevented the downfall of civilization? Even though for all intents and purposes it’s the same situation?

[dunfree]

You literally just tried to clown on Ray Dalio, one of the most successful investors of all time, for his description of well-documented history.
Please share the link to your fund's prospectus when you get a moment.

he’s rich so he knows what he’s talking about with everything? Thanks for proving the teslarati point. Ray produced a slide with useless and unpredictive information to justify arguing a monetary policy you agree with

[stalefish3169]

But stable issuance isn’t actually what people care about, right? What they actually care about is stable value, or maybe more accurately, a predictable value, right?

Stable issuance doesn’t get your stable, or predictable, value.

Well Barron, what happened to the value of our dollars after the fed decided to print 20% of all dollars in existence in one year, or as JPOW put it when he said, they "flooded the system with money"? When you add shitloads of dollars to the denominator, the value of your dollars in the numerator go way way down. What happens when Neel Kashkari goes on TV and tells everyone that, "there is an infinite amount of cash at the federal reserve?" Does it give you faith in the system when the value of your savings are suddenly divided by infinity?

[stalefish3169]

he’s rich so he knows what he’s talking about with everything? Thanks for proving the teslarati point. Ray produced a slide with useless and unpredictive information to justify arguing a monetary policy you agree with

Ray's whole thesis, and the point of that slide is that all those things happened repeatedly over the last 500 years to the Dutch, British and other empires, and he believes they are happening again.

Watch the short video. It's extremely well done. And if you can't learn anything from it, I feel sorry for you.

https://www.youtube.com/watch?v=xguam0TKMw8

[bennymac]

Does it give you faith in the system when the value of your savings are suddenly divided by infinity?

8200 posts in 16-17 years is not 600 posts per year - we shouldn't have any faith in your dividing either