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

[pureantigravity]

https://mashable.com/article/million...id-by-mistake/

That was almost a year ago. Dude with more than 50,000 ETH makes a typo?

Big news today is that @Bitfinexed has made his Twitter feed public again.

[jm2e]

Buy In The Dip.

I threw some money into ETH a bit ago and am hoping to grow it into a BC Hut Catskiing trip in a couple of years. Or it could go to zero.

I caused the Bitcoin Bust. I guess This Dip is on you?


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[pureantigravity]

Is Bitcoin OK with the same people that take issue with E-Bikes?

Date ______ Price ___ Hashrate
2021-02-11 _ $36.93K _ 153.00 TH/s
2018-01-18 __ $6.51K __ 15.38 TH/s
2016-09-07 _ $0.583K __ 1.58 TH/s
30 day averages.

Hashpower is currently in excess of 10 times upward price change.

How far can the price go before it becomes a global environmental concern?

[byates1]

[MontuckyFried]

LMAO! Tim Dillon is the best.

[stalefish3169]

You can base your financial decisions upon the opinion of Trolly McTrollface, or Jurrien Timmer, the Director of Global Macro at fidelity. Your call.


https://twitter.com/TimmerFidelity/s...655111170?s=19

Bitcoin: In my view, bitcoin has evolved to the point that it could be treated as a form of digital gold…a possible counterweight to future monetary inflation. My current take on the cryptocurrency, here: https://t.co/Ud6GrBpIp2



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[MultiVerse]

^ I read the report. Some takeaways:

Bitcoin will, over time, take more market share from gold. BTC/Gold might be worth considering as part of the bond side in a diversified portfolio.

Bitcoin, however, faces risks from volatility, competitors, substitutes, regulation, and other factors; further, bitcoin may not be an appropriate or prudent diversifier for all portfolios.

If inflation is your main reason for buying BTC:

Stocks offer a measure of inflation protection.

Inflation is not a given even amid massive stimulation efforts. Japan, for example, engaged in massive stimulus much bigger than the US Fed and yet has experienced essentially zero inflation and the yen remains a stable currency.

If high inflation were to happen, no matter how big the hedge, it won't be enough. If that's your main concern then you have go “irresponsibly” long.

So during normal times inflation hedging carries high opportunity costs, investors may want to limit that portion of their portfolios dedicated to inflation hedges.

The question is if 'normal times' return will BTC maintain its current value?

[Brock Landers]

I think btc will/has certainly take some of the role of gold. But I don’t think it’s taking over the role of bonds in a portfolio. Quite the opposite actually.

In many “diversified” portfolios nowadays, you have stocks and bonds like always plus real assets. Gold/btc, real estate, other commodities, etc all hit the “inflation” worry that would hit a portfolio’s bond allocation (especially long term bonds. And different types or degrees of inflation. And they’ll trade similarly over time but over shorter periods, they’ll trade differently to each other.

[LeeLau]

I treat my Canadian RE holdings as an inflation hedge.

I treat BTC as as replacement for the GLD I would have held

Basically I agree with both of you

[stalefish3169]

^ I read the report. Some takeaways:

Bitcoin will, over time, take more market share from gold. BTC/Gold might be worth considering as part of the bond side in a diversified portfolio.

Bitcoin, however, faces risks from volatility, competitors, substitutes, regulation, and other factors; further, bitcoin may not be an appropriate or prudent diversifier for all portfolios.

If inflation is your main reason for buying BTC:

Stocks offer a measure of inflation protection.

Inflation is not a given even amid massive stimulation efforts. Japan, for example, engaged in massive stimulus much bigger than the US Fed and yet has experienced essentially zero inflation and the yen remains a stable currency.

If high inflation were to happen, no matter how big the hedge, it won't be enough. If that's your main concern then you have go “irresponsibly” long.

So during normal times inflation hedging carries high opportunity costs, investors may want to limit that portion of their portfolios dedicated to inflation hedges.

The question is if 'normal times' return will BTC maintain its current value?

I feel like the real inflation hasn't even hit yet. Plus the ones writing economic policy, and who own a lot of assets, will be least affected by it. In fact they will benefit from inflation at first. By the time they get around to caring about it, inflation is likely to become very high. And JPOW is out of ammo... interest rates already at historical lows.


https://www.bloomberg.com/news/artic...-soar-globally



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[stalefish3169]

This one is pretty good too. Just some minor bank though. Wait until the big Wall Street banks get on board.

https://www.citivelocity.com/citigps/bitcoin/

"Where could Bitcoin be in another seven or so years? The report notes the advantage of Bitcoin in global payments, including its decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability. These attributes combined with Bitcoin’s global reach and neutrality could spur it to become the currency of choice for international trade."

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[stalefish3169]

Maybe it's a good idea to remove our money out of government control. Good luck to the people in Lebanon.

https://twitter.com/France24_en/stat...043667968?s=19

BTW, Uncle Joe and JPOW about to CTRL + P another 5T. This will be getting added to the denominator in the equation for how much each of your dollars is worth.

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[pureantigravity]

I don't get why crypto bros have such a fetish for the gold comparison.
Sure, Gold has been held as a store of value. That's doesn't say much though.

Gains in each from 1964 - 2020
S&P500:____ 23,454%
Berkshire:_ 2,810,526%
Gold: ________ 4,950%

So there you go. Gold? Pfffftt. __Bad__ store of value.

S&P500 (23,454%) and Berkshire (2,810,526%) much better store of value.
At 2.8 million percent gains. Berkshire's boring investment approach is a much better "store of value"
Anything offering more than 2.5% interest over the same time frame would have beat gold.

[pureantigravity]

BTC isn't a store of value.
Something that goes up to $20,000 one year and down to $3,800 one year later (BTC 2017-2018) can't possibly be a store of value.
A store of value can have some variability - but not that much.
You can't measure store of value on a 12 year trend that includes massive deflation due to exchange losses, hacks, lost passwords -- especially when speculative marketing driven bubbles create the appearance of price appreciation.


🌷 are a store of value.
And they 🌷 look 🌷great in your garden too.
🌷
If you buy 🌷Tulips 🌷 today, they will do very well against inflation and the demand is almost constant (🌷seasonal of course 🌷 )!



He's got a point there too. No government, world agency or major company would be so silly to buy magic ponzi tokens when the utility they might provide could be easily replicated for free. BTC can't ever truly settle. Balances are effectively sticky-notes that report TRUE so long as the current chain is the longest chain and there are no imminent 51% attacks.

[AKPogue]

^Oh so now it's going to zero.

[Brock Landers]

Stocks in general and Berkshire Hathaway aren’t stores of value. So your comparison is dogshit.

How has gold done relative to the inverse buying power of the US dollar, or the buying power of the 10 largest currencies since...1000 AD. That would be a non dogshit comparison.

[Skidog]

if we could get more people/datacenters to start recapture of the heat produced consuming electricity maybe shitcoins wouldnt be so horrible for the environment.

https://medium.com/swlh/heating-my-h...g-137d2a29b62a

[Kinnikinnick]

Bitcoin isnt money, you cant possibly afford to spend it. Imagine how the guy who bought pizzas for 100 bitcoins or whatever feels about using it as currency.

Its a ever appreciating asset aka pyramid scheme


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[Brock Landers]

Ever appreciating? It’ll just go up forever? Sign me up

[MontuckyFried]

Is crypto part of my retirement strategy? HELL NO! However, ask the former employees of Enron how well they did on their 401Ks. Sure, some things are certainly safer than others, but NOTHING is 100% safe. Even fiat currency. Hell, even stuff supposedly backed by a physical standard. See: Hyperinflation in the Weimar Republic.

Review world history. BTC is (maybe) not much worse than just about anything else these days or even in the past. Like Elon Musk said recently. BTC is BS, but it's LESS BS than the USD. It's ALL funny money in the end, especially since we went away from the gold standard. I still don't have much faith in BTC in the very long term, but for now? What the heck. Seems fun to dabble in.

[MultiVerse]

BTC is less BS than USD? The USD does a lot of useful things:

1. Means of Payment
2. Medium of Exchange
3. Standard of Value
4. Store of Value/Wealth
5. Standard of Deferred Payment
6. Unit of Account

This is, I don't know, grade school maybe high school level 101 level knowledge. Elon is trolling knowing it pumps his video game gold.

[MontuckyFried]

BTC is less BS than USD? The USD does a lot of useful things:

1. Means of Payment
2. Medium of Exchange
3. Standard of Value
4. Store of Value/Wealth
5. Standard of Deferred Payment
6. Unit of Account

What about things like USDC? There are a few cryptos out there pegged to the USD. I'm seeing crypto ATMs popping up all over the place. And now that there are cards you can get for your funds, you can basically pay for things just like anything else. Friend paid for dinner at a restaurant with their BTC card.

It's getting easier and easier to access your funds, exchange, store, whatever. Still not as easy as the dollar, but it's getting closer day by day. And with the way our government is planning on printing up some more monopoly money, shit's about to hit the fan with the USD.

[skaredshtles]

What about things like USDC? There are a few cryptos out there pegged to the USD. I'm seeing crypto ATMs popping up all over the place. And now that there are cards you can get for your funds, you can basically pay for things just like anything else. Friend paid for dinner at a restaurant with their BTC card.

Please tell me why anyone *would* pay with Bitcoin... given its... unique behavior?

<snip> And with the way our government is planning on printing up some more monopoly money, shit's about to hit the fan with the USD.

Also please tell me why you think this is the case? What do you envision happening?

[MultiVerse]

@MontuckyFried Cryptos out there pegged to the USD... like Tether? If USD is bad then Tether printer go brrrrrrrr is worse. And a credit card that earns cryptocurrency rewards is the same thing as paying with BTC? None of that is "getting closer day by day."

The fact that inflation expectations are rising is quite literally what the Fed wants people to think. The Fed said it will target 2% average inflation and will overshoot after periods of persistently low inflation if necessary to achieve the longer-run average. You are puppets on a string.

[klauss]

Who’s on the NFT train? lol

https://www.bloomberg.com/opinion/ar...ource=url_link