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

[stalefish3169]

Integrity? Sorry, not buying.

What I meant by integrity is that you can validate that you have real BTC much easier than gold. In other words, you don't have to literally melt it down to verify its purity.

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[stalefish3169]

So remind me again how Bitcoin can replace currencies when it currently maxed out at something like 7 transactions per second?

You call them failing with no evidence. USD and Euro are not going anywhere.

I don't think BTC replaces USD anytime soon. But it's likely to eat a large portion of gold's lunch... probably bonds too.

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[jono]

Gotta look at the big picture. Saying BTC is dead/dying by looking at a short time period is incredibly naïve at best and misleading at worst.

So what does that have to do with a chart of a bond fund?

[4matic]

But it's likely to eat a large portion of bonds too.

BTC has a long way to fall if that is prevailing thought because it shows complete lack of comprehension of what bonds are.

[4matic]

Ok, the last two Friday nights, bitcoin has been pushed down, dumped on low volume. I wake up to margin calls, trying to put a dark cloud over my weekend! I guess that's one way to flush the leverage out of the system. I wonder about tonight...

What’s the interest rate on your margin?

[Mustonen]

What I meant by integrity is that you can validate that you have real BTC much easier than gold. In other words, you don't have to literally melt it down to verify its purity.

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Is that actually a big problem for the average BTC investor, or are you just grasping for straws to build a man with?

[CarlMega]

because it shows complete lack of comprehension of what bonds are.

It does seem to miss the raison d'etre for a bond.

[shera]

What’s the interest rate on your margin?

Almost 9%, because I have short (6 month) terms. I think you can get a lower rate with a longer interval or with a higher collateralization. I am at 2-1 collateral ratio. Anyway, all the interest payments were basically free because I bought the CEL token at a low price and it went like 10x and I paid interest with that. Now CEL is back in the toilet and I haven't decided what to do going forward. Right now I'm just sitting on my hands, not much else I can do, really.

[up an down]

18,000% gain if you bought at the bottom; I doubt we'll see an asset without a balance sheet make that kind of run ever again.
If BTC was worth $1,000, that gain would still look amazing, but would clearly not be reflective of 2022 crypto sentiment.

18,000 is dogshit compared to the over 86,000 % return this guy made on 1 investment.. Make sure that you go all in on his recommendations!!..https://pages.exct.caseyresearch.com...ce=171213ImcAd,............from the linked page.......The four master secrets behind some of Doug’s most successful speculations… including an extraordinary 86,900% return on Paladin, which literally made Doug millions of dollars from a single position…

[stalefish3169]

Is that actually a big problem for the average BTC investor, or are you just grasping for straws to build a man with?

No, it's not a problem for BTC and that's the whole point. But instant/easy verification is a problem for gold.

Look what happens when you Google "testing gold."

These tests are fucking comedy...um... gold.

https://bullionexchanges.com/learn/test-gold-real



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[stalefish3169]

Goldman vultures circling.

https://twitter.com/CoinDesk/status/...Uy7JvgNoA&s=19


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[dunfree]

No, it's not a problem for BTC and that's the whole point. But instant/easy verification is a problem for gold.

Look what happens when you Google "testing gold."



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All this shows is people are stupid. A magnet? Foundation? JFC.


do you understand that a bond is a debt? For X$ you buy a debt and generally a stream of interest payments on that debt. Governments and corporations and entities issue bonds to finance activities. There are bonds from the 1600s still being paid (or were last decade)

[byates1]

[bennymac]

Hahaha - Produced by OJ Simpson and Kendall Jenner

[Mustonen]

No, it's not a problem for BTC and that's the whole point. But instant/easy verification is a problem for gold.

Look what happens when you Google "testing gold."

These tests are fucking comedy...um... gold.

https://bullionexchanges.com/learn/test-gold-real



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No, my point is that it’s not actually a big problem for the average gold investor. It doesn’t even crack the top 5. It’s a straw man. Like most of the arguments for the merits of Bitcoin, it’s a solution in search of a problem. It really only makes sense if you compare it to other digital “assets.”

But I could see how the average BTC investor has gotten screwed by mistakenly buying wheelbarrow-fulls of pyrite. Because, you know, idiots….

ETA: I’m not advocating for buying gold or arguing that it has particular merit as an investment, just helping you flail on that straw man.

[1000-oaks]

All this exchange hypothecation and degenerate trading firm leverage is making a great case for BTC's long-term value proposition. It's the ultimate digital bearer instrument. No trust required.

Yep, but it would be more accurate to say the trust is inherent with Btc, so it automatically has 100% trust. But like anything, it can be gambled away in high stakes games as played by Celsius and 3AC. Celsius wasn't doing anything illegal, but they took extreme risks with client funds in order to pay high yield, and they lost a few too many bets. The shady part is their marketing pitched their business model as the opposite, and many people believed it. The "Unbank Yourself" stuff is nonsense.

So remind me again how Bitcoin can replace currencies when it currently maxed out at something like 7 transactions per second?

I'm far from a Bitcoin maxi, but the Lightning Network is what you seek. Capable of 1,000,000 transactions per second, far more than Visa.

No, it's not a problem for BTC and that's the whole point. But instant/easy verification is a problem for gold.

Yep, there are a ton of gold-plated coins coming out of China that look and weigh the same (thanks to tungsten cores, etc) as real gold coins. Who would buy a gold coin from someone they don't know in a crisis scenario? Nobody. Booze and ammo would be much better for barter. Small denomination junk silver coins would be good to have as well, as low-value worn coins aren't worth faking.

[bennymac]

ammo and antibiotics are the currency of the end times - not gold/silver coins nor a cold wallet full of bitcoin

[byates1]

^ have to pm track head for a couple gallon jars of antibiotics..

[1000-oaks]

ammo and antibiotics are the currency of the end times - not gold/silver coins nor a cold wallet full of bitcoin

^ Truth, but bad times are on a spectrum, and it's good to have some appropriate provisions for each level.

[byates1]

No more Coinbase pro. Huh.

I knew I was going to be moving around 30k+ this year so joined Coinbase one(30$ per month, no buying/selling fees)

Will cancel when other money is moved, pretty much done buying large chunks unless something unknown happens.

My simple view as of late: strong buy BTC up to 50k, buy up to 100k, then let it run.

[4matic]

It’s not the BTC, it’s the irresponsibility with sovereign assets in speculative investments:

El Salvador bet its economic salvation on bitcoin, but so far the gamble isn’t paying off like President Nayib Bukele hoped it would.

The government’s crypto coffers have been cut in half, bitcoin adoption nationwide isn’t really taking off, and crucially, the country needs a lot of cash, fast, to meet its debt payments of more than $1 billion in the next year. This comes as the price of bitcoin has fallen more than 70% from its November 2021 peak, and more than 55% from the time Bukele announced his plan.

Negotiations have stalled with international lenders in part because they are unwilling to throw money at a country that is spending millions in tax dollars on a cryptocurrency whose price is prone to extreme volatility. Rating agencies, including Fitch, have knocked down El Salvador’s credit score citing the uncertainty of the country’s financial future, given the adoption of bitcoin as legal tender. That means that it’s now even more expensive for President Bukele to borrow much-needed cash.

[shera]

But hasn't the GDP of El Salvador benefited since bitcoin adoption? Thought I read that somewhere...

[schuss]

But hasn't the GDP of El Salvador benefited since bitcoin adoption? Thought I read that somewhere...

It was more they continued to go up as historical trends kept moving. Compared to neighbors, they're starting to see bigger downturns, but tough from just one source/chart. That said, in many instances they were spending more in electricity generation costs than their BTC were worth, which is never a good idea.

World Bank stats on El Salvador and neighbors - https://data.worldbank.org/indicator...ns=SV-NI-HN-GT

[Name Redacted]

But hasn't the GDP of El Salvador benefited since bitcoin adoption? Thought I read that somewhere...

That's like saying "Oh, I got a 1% raise, yay!" when inflation is 8%...

[up an down]

But hasn't the GDP of El Salvador benefited since bitcoin adoption? Thought I read that somewhere...

According to article in Economist magazine ... El Salvador is much worse off financially since bitcoin adoption....and the dictator is increasing restrictions on media / free speech ... But the dictator increased his own wealth so that's what's most important to the bitcoin hucksters