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

[skaredshtles]

I gotta stabilize my retirement accounts, Bitcoin here I come. It’s volatility on a weekly basis is only on the order of 30%. Sure that it will stabilize even more once it’s $1M/BTC

Bitcoin ain't about stability. It's about FREE MONEY AND GETTIN' RICH!!!

[Kinnikinnick]

It's a global blowoff valve for unprecedented liqudity offerings from fiat issuers. And maybe, longer term, a better substitute for less efficient SOVs. Current value a few hundred billion. Max opportunity is well into the trillions given the first sentence + incompetence of global economic policy (see: reg. capture, agency conflict proliferation in the developed world). You need effective governance and/or disciplined monetary policy to stave off the advance of an alternative like BTC. I don't see either materializing with the current leadership.

Oh it’s the old argument that a totally opaque monetary system run by mysterious developers will surely be less corrupt = a utopian farce pushed primarily by vested interests/speculators like yourself

Forced scarcity = ?


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[stalefish3169]

I gotta stabilize my retirement accounts, Bitcoin here I come. It’s volatility on a weekly basis is only on the order of 30%. Sure that it will stabilize even more once it’s $1M/BTC


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Maybe you should get some gold. It's perfectly immune from fraud and the one true store of value.


https://amp.businessinsider.com/tung...mpression=true


https://www.zerohedge.com/news/2017-...t-exposed-fake

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[Bobby Stainless]

https://youtu.be/QvVoH-X-Kls?t=122

[muted]

The opacity of BTC is dramatically lower than that of fiat issuers (all transactions public & verified by public-facing network participants). The Fed is legally owned by major banks (GS, JPM, et al). BTC isn't run by any one special interest group, so it's inherently less vulnerable to agency conflict or outright fraud. Maybe the biggest reason why bitcoin is the most valuable currency in the world is because of that - no single person or group of people can materially change the way it operates. Whereas the FOMC can change policy on a whim & dilute the value of your life's savings via commodity or asset inflation targeting.

Well, apparently some whale sold 5000 coins yesterday and diluted out a large chunk of everyone's values. And everyone knows the big drop in bitcoin in 2017-2018 was fraud, people manipulating the market, so you aren't really selling this story very well.

[Kinnikinnick]

Well, apparently some whale sold 5000 coins yesterday and diluted out a large chunk of everyone's values. And everyone knows the big drop in bitcoin in 2017-2018 was fraud, people manipulating the market, so you aren't really selling this story very well.

The speculator is pumping the market


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[muted]

"BTC up 94% this year" has nothing to do with what i said.

"If 2017-2018's ramp/exhaustion/crash means the system itself is fraudulent" I never said that.

To your credit, you did say " less vulnerable" so that point I did miss. Bitcoin is sketch still, even if you compare to other markets to justify it, in your head. and I suppose it's a matter of opinion on what market to trust more. We disagree on that, and that's fine.

And yes I do believe you do research, unlike others in this thread, so I don't think you are wild speculator or wrong. Shit is working for you: great. Good for you.

[Bobby Stainless]

I believe Bromo is a financial analyst/broker of some sort. Wicked smat.

I like to gamble so thats why I play. Down 1500 currently, but up 4k over the whole game.

No way would I consider this an investment anymore than taking 10k and playing in the WSOP.

[muted]

I believe Bromo is a financial analyst/broker of some sort. Wicked smat.

I like to gamble so thats why I play. Down 1500 currently, but up 4k over the whole game.

No way would I consider this an investment anymore than taking 10k and playing in the WSOP.

Sounds like you be smaht too, just calling it as it is. Nothing wrong with that.

Bro maybe speculates in his moms basement, he comes across as an IT guy to me. Analysts-types can speak the biz language effortless and much more understandable, ha.

Not saying bro is dumb, just a bit of twat sometimes.

[muted]

Thanks bro: good thoughts.

[skaredshtles]

<snip> It's just a cacophony of shaky logic that's able to persist because of our preference to follow.

With fiat currency, this is THE most important thing.

And I think will probably eventually be the reason Bitcoin/shitcoin/Dogecoin completely unravels. And that will happen simply because there will be this tiny fraction of the world population that "get it" and BILLIONS that don't "get it" and don't give a shit.

In the meantime, I don't blame you for using it to make some ACTUAL money.

[Brock Landers]

I believe Bromo is a financial analyst/broker of some sort. Wicked smat.

I like to gamble so thats why I play. Down 1500 currently, but up 4k over the whole game.

No way would I consider this an investment anymore than taking 10k and playing in the WSOP.

Some sense on this here. ^^

I think it’s legit as an alternative store of value. Diversifying, uncorrelated, small % of your assets.

Gold has had thousands of years to “find its level” and I still don’t know why an ounce of gold is worth whatever it is (beyond a floor of what it costs to mine it).

Bitcoin has had 6 years or whatever to find its level. Hardly enough time to figure out what a base level of value should be. Sure there are “costs” to mine it. But is 4K/BTC right? 20k? $100? Ok...why? Short term trading algorithms aren’t my thing and for every rule there’s an exception.

So whatever

[muted]

Structural biases
- Traditional political, finance & currency markets have high legacy trust that fosters a traditional under-weighting of risk
- New markets like bitcoin have zero legacy trust and an attendant over-weighting of risk

These things are products of all the biases and heuristics we're beholden to, yet we try to represent conclusions drawn from the biases above as something wise or educated. It's just a cacophony of shaky logic that's able to persist because of our preference to follow. Its accuracy is less important than being part of the herd.

I agree until this part: "Its accuracy is less important than being part of the herd. "

I don't many people have time to research bitcoin and understand it or even figure out how to STORE it. Most people should be in the herd.

[stalefish3169]

Oh, they are Red Tulips. I get it now

The market cap went up almost 100 billion in about 2 weeks. We were due for a correction, just like I'm sure your short seller schadenfreude boner retraced after we broke BTC $6300 resistance. Don't worry buddy, the bull run is just getting started.

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[skaredshtles]

<snip> Don't worry buddy, the bull run is just getting started.

I'll take your word for it.

[stalefish3169]

I'll take your word for it.

Maybe you should try taking Microsoft's, and Fidelity's, and ICE's etc....

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[Mustonen]

Maybe you should try taking Microsoft's, and Fidelity's, and ICE's etc....

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Microsoft and fidelity aren’t betting on a bull run, though. Microsoft just wonders if there might be value in the technology outside of as a currency, and fidelity would like to make some money off the fomo’s, please.

I wonder how microsoft’s investment in this little side project compares to their investment in that fucking talking paper clip?

Anyhow, surely you see the distinction.

[Kinnikinnick]

BM - I appreciate the lengthy posts touching on various aspects that basically mean that you see it as a good speculative tool. Doesn’t make it a good investment as an asset though, just that you can make money speculating in it.

The main thing I really don’t like about it is that it’s become the bad actors favorite tool. Just this afternoon into one of those spoofed emails claiming my account and computer was hacked and they had a video of me watching videos (presumably porn) and they’d send it to all my friends and clients if I didn’t send $500 of BTC. Obviously fake. But it’s Opaque nature means that it’s great for scamming people with little or no chance of getting caught.

BTC, the scammers currency.


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[leftfield]

Bromontane- serious question here. You ever write/publish anywhere? I read some of the cryptocurrency articles on places like Hackernoon and I'd put a lot of your analyses up against most any of their contributors. Think about it.

[Bobby Stainless]

In one year you will be selling your buttcoins for $2500 if you are lucky and trying to find tax software to add up all your trading dues.

Buttcoin never sleeps - and neither will you.

Ha ha ha. LOL. This is great. Red Tulips!

#justribbingyoubud although #itsureisentertainingtowatch.

A lot more #red is coming. LOL. It really is! Just wait!

Cool. Ill sell off what I've got this fall and re buy on the cheap in 2020.

[Bobby Stainless]

Back to where it was 3 days ago. Nice.

[jono]

Given the very recent opportunity to do so at a much bigger discount, the scenario laid out two posts up seems more Ocham-friendly.

[Brock Landers]

Discount to what?

[jono]

Fair point--I was actually referencing PG's previous post. I thought they both referenced it but the first was explicitly about the mechanism of profiting from manipulation. I.e. not for accumulation, but because the futures markets net more profit than the manipulation costs. One of these is much more bullish than the other, wouldn't you say?

[jono]

This scam could be agnostic, apart from the churn and the incentive for dishonesty in the market it provides. Like, who's stopping the market maker from "borrowing" (note the rebound) some BTC and using their inside knowledge of the futures market they've set up to rip off their so-called customers? The exchanges are the whales.

The story you painted was not really agnostic, though, more indicative of buyers.