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

[puregravity]

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.

[puregravity]

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

[MultiVerse]

Hah. CryptoKitties are cute, NFTs are cool, and the USD is phony so talk to your accountant about $memes. In the future we'll complain about the unfair inequality of billionaire land barons in Farmville 2.0.

[MCS5280]

Who’s on the NFT train? lol

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

NFTs are dumb but I've been grabbing some projects that support the NFT space like OGN.

[stalefish3169]

Who’s on the NFT train? lol

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

I've been way into WAX for about a year. The Wax chain is custom build by people with like 20 years of selling digital collectibles for games and whatnot. Its tech is so much better that ETH for NFTs with instant and free transactions.

Their huge successes with Garbage Pail Kids, Street Fighter, and games is just the test run before it goes full bananas. Cuban working with Bitcoin Origins team on WAX as well.




https://wax.atomichub.io/market

https://twitter.com/mBluCrypto/statu...458425346?s=19

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