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

[Name Redacted]

Y’all argue about Bitcoin all you want, meanwhile Dogecoin is at .33 up from being almost worthless. Literally a joke with nothing backing it up. I hope people get rich off this thing just because.

[MontuckyFried]

Hooooleeeeeeeee sheeeeeeet. My Dogecoin just hit $0.33!!! This has to crater at some point, right? It's been fun as hell to watch, but it can't really last, can it? Either way, I'm along for the ride. Shoulda bought more. A buttload more. Oh well. Still cheap point of entry.

[jackstraw]

Reddit helping to drive this one too? What a crazy world right now. I love how it's so non-traditional and random.

[Stu Gotz]

Dude, the US and EU are not banning BTC. It's way too late. The cat's out of the bag.

Sent from my Pixel 4 XL using Tapatalk

Why not?

[byates1]

[MontuckyFried]

Why not?

Well for one, when you can literally hold all your funds in a hardware crypto wallet, then "banning" crypto's gonna be about as effective as banning any other kind of contraband or illegal item.

Imagine having millions of dollars worth of an asset on what amounts to basically an encrypted thumb drive and only YOU have the keys to it. In your head. Speaking of which, I need to pick up one of those Ledger Nanos or Trezors. Anybody here know anything about them?

[old_newguy]

This has probably been addressed, so apologies.

The thing that confuses me is why Bitcoin is inherently more valuable than any other blockchain variant out there or created in the future? I understand it has brand recognition at the moment.

I see how blockchain the technology is valuable across many different applications, but I don’t get why BC is more valuable than DogeCoin or VisaCoin or FEDCoin.

[LeeLau]

This has probably been addressed, so apologies.

The thing that confuses me is why Bitcoin is inherently more valuable than any other blockchain variant out there or created in the future? I understand it has brand recognition at the moment.

Institutional buyin. Ie Full faith and Credit

[Mustonen]

Institutional buyin. Ie Full faith and Credit

Full faith and credit of who, exactly?

[old_newguy]

Institutional buyin. Ie Full faith and Credit

I appreciate the response but I don’t understand.

[Mustonen]

Because it’s nonsense. LeeLau seems like a sharp dude, but this one has me scratching my head. One of the things BTC doesn’t have, to any degree, is full faith and credit. Which was going to be my response to and discussion with Montucky until LeeLau dropped that and now I have no idea wtf....

[MakersTeleMark]

Well for one, when you can literally hold all your funds in a hardware crypto wallet, then "banning" crypto's gonna be about as effective as banning any other kind of contraband or illegal item.

Imagine having millions of dollars worth of an asset on what amounts to basically an encrypted thumb drive and only YOU have the keys to it. In your head. Speaking of which, I need to pick up one of those Ledger Nanos or Trezors. Anybody here know anything about them?

I use a ledger nano x and can't complain. Whatever hardware wallet you choose, make sure you buy it directly from the manufacturer.

[MakersTeleMark]

Because it’s nonsense. LeeLau seems like a sharp dude, but this one has me scratching my head. One of the things BTC doesn’t have, to any degree, is full faith and credit. Which was going to be my response to and discussion with Montucky until LeeLau dropped that and now I have no idea wtf....

Do you have any idea how much institutional investment is in btc and how much they've been pulling off of exchanges? This isn't just geeks playing with candy money.

[Mustonen]

Do you have any idea how much institutional investment is in btc and how much they've been pulling off of exchanges? This isn't just geeks playing with candy money.

Oh, I didn’t say it was. But that’s a far different thing than what “full faith and credit” implies, not that the implication even makes sense.

[jm2e]

I thought you guys were using hyperbole when you kept saying Dodgecoin was a joke. Wow.


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[LeeLau]

Oh, I didn’t say it was. But that’s a far different thing than what “full faith and credit” implies, not that the implication even makes sense.

"Full Faith and Credit" is deliberate irony. People are using condos in Toronto or Vancouver as relative storehouses of value vis-a-vis inflation and erosion of CAD to Canadian government quantitative easing and fiat currency debasement. GLD and TIPS/RRI used to be my anti-inflation hedge. Similarly so is my Canadian RE holdings. I've now come to the way of thinking that BTC is better than my TIPS/RRI holdings since they're not subject to governmental urge to print endless amounts of money (TIPs being US dollar, RRI being Canadian dollar; both inflation-adjusted but only adjusted to nominal rates which I feel are dramatically understated).

I have very little faith in the willingness or even ability of US or Canadian governments to halt the money printer. Ergo inflation occurs. Ergo my USD and CAD holdings erode if I keep them in cash-equivalents. I have more faith in the implacability of supply-demand constraints of a mathematically-constrained supply of Coins.

Finally I view holding BTC as equal to being short the entire monetary system. Since I am very long the monetary system through stocks, RE holdings. options this satisfies my desire to hedge

[Mustonen]

That makes more sense.

[MontuckyFried]

I use a ledger nano x and can't complain. Whatever hardware wallet you choose, make sure you buy it directly from the manufacturer.

Cool. I believe you so will follow your advice to buy straight from manufacturer, but can you tell me why? Just curious.

[MontuckyFried]

I thought you guys were using hyperbole when you kept saying Dodgecoin was a joke. Wow.

Nope. Which is why I'm seriously perplexed with what the hell is going on right now. Just checked my balance and I'm approaching damn near 10x my initial investment from just 8 weeks ago. WTF?!

Starting to regret throwing just a few bucks of play money at it. Guess I shoulda gone harder. Oh well. At least if it craters to oblivion I won't be out much. Still wild to witness.

[JimmyCarter]

"Full Faith and Credit" is deliberate irony. People are using condos in Toronto or Vancouver as relative storehouses of value vis-a-vis inflation and erosion of CAD to Canadian government quantitative easing and fiat currency debasement. GLD and TIPS/RRI used to be my anti-inflation hedge. Similarly so is my Canadian RE holdings. I've now come to the way of thinking that BTC is better than my TIPS/RRI holdings since they're not subject to governmental urge to print endless amounts of money (TIPs being US dollar, RRI being Canadian dollar; both inflation-adjusted but only adjusted to nominal rates which I feel are dramatically understated).

I have very little faith in the willingness or even ability of US or Canadian governments to halt the money printer. Ergo inflation occurs. Ergo my USD and CAD holdings erode if I keep them in cash-equivalents. I have more faith in the implacability of supply-demand constraints of a mathematically-constrained supply of Coins.

Finally I view holding BTC as equal to being short the entire monetary system. Since I am very long the monetary system through stocks, RE holdings. options this satisfies my desire to hedge

So holding an asset that’s guaranteed deflationary by design is a leveraged return on inflation

[AKPogue]

Cool. I believe you so will follow your advice to buy straight from manufacturer, but can you tell me why? Just curious.

There are fake ones out there that will steal your coins as soon as you download them.

[LeeLau]

So holding an asset that’s guaranteed deflationary by design is a leveraged return on inflation

I suppose that's one way to put it. The asset is guaranteed deflationary but over what timeframe? I feel the 300K BTC bulls are over-confident.

But I have too much of my NW tied up in RE (approx 18%) due to it having inflated. Another large chunk (60% or so) are in dividend companies benefiting from low rates. Therefore I am somewhat neutral on fed QE.

I held too much cash equivalents having liquidated pre-COVID and failed to deploy during the 2020 meltdown. Some was deployed but most was sidelined. My alternatives are to resume a Talib black-swan strategy of overall shorting the market or simply hold the cash. I don't have the mindset to withstand the pain of the former. I don't like the odds of inflation-erosion on the latter.

[MakersTeleMark]

If you need to be in cash, you can always convert to USDC and stake it for 8-16%.

[MakersTeleMark]

Nope. Which is why I'm seriously perplexed with what the hell is going on right now. Just checked my balance and I'm approaching damn near 10x my initial investment from just 8 weeks ago. WTF?!

Starting to regret throwing just a few bucks of play money at it. Guess I shoulda gone harder. Oh well. At least when it craters to oblivion I won't be out much. Still wild to witness.

FIFY. SO GTFO.

[LeeLau]

If you need to be in cash, you can always convert to USDC and stake it for 8-16%.

I saw that play. The arb is already closing unfortunately. I see it can also be lodged in an instrument guaranteed by New York regulators which is frankly awesome. IMO I'd be late to the party starting it now.

I've converted some cash to RIOT being a bitcoin miner with high-volume options. The covered calls on RIOT returns higher than that which satisfies a criteria for having a portion of my holdings exposed to BTC yet generating some income.

I also hold BTC directly through a Canadian listed ETF (BTCC-U on the TSE) which can be held in a tax-free account.