It might be a good time to discuss crypto again, given the recent developments with Bitcoin ETFs and institutional adoption. While concerns about centralization exist, the growing legitimacy could lead to more crypto financial products like reward credit cards and banking. The future is uncertain, but it’s an exciting, evolving space.
Is it too soon to talk about Crypto yet?
- Thread starter MinnesotaEric
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MinnesotaEric
Super Member
Over on X, the newest version of Grok and Chat pro version place Cardano at the top for being decentralized but also speak positively about Bitcoin.
The saying goes that Bitcoin adoption will be slow at first and then all at once. Supposedly, the governing rules that we need for the Crypto Industry to rapidly grow here in the USA are going to be completed in the coming few months but the Fed system adopting Bitcoin as either a Reserve Asset or a Stockpile will take upwards of 12 to 18 months to go from Committee (where it is at right now) congress, the Senate and finally signed into law. With that time lag in mind, the USA is creating a Sovereign Wealth Fund that can quickly move into the crypto space and we already have public retirement funds throughout the USA buying Bitcoin ETFs and companies holding Bitcoin reserves for Bitcoin exposure. Meanwhile, the legislative State map seemingly grows every time I look at it.
Meanwhile, the general crypto price index is currently sliding sideways to down right now as we go through a further consolidation (I'm still buying as funds come available) and retail investors have not really participated in the past year's run-up, which is another clue that we're still early. As it is the consolidation we see is a flight to utility as the investor-class is taking profits from some crypto and rotating into other Crypto. We see this happening with Solana as the memes keep hitting and diluting the alt coin space. One place retail investors are exposed on is XRP. My buddies that know nothing about crypto know about XRP and that's because XRP is a private company with a marketing group.
That said, it really does feel like an exciting time to buy into quality crypto as this nation awakens to it as a means to quickly and track government spending, sovereign debt shortfalls, and as a means to bolster trade.
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Why stop there? Go ahead and take out a massive load, mortgage your house. Please do go all in.
Oaktree
Super Member
"Quality crypto". Sounds like an oxymoron to me.
Maybe if I was a drug or arms dealer it might have some appeal, but I'm neither so no thanks.
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MinnesotaEric
Super Member
Your skeptical sentiment explains why any investor entering into Bitcoin or crypto right now is still early. Meanwhile, we suddenly have the most pro crypto administration in our nation's history, Bitcoin adoption throughout the world is taking place faster than the internet was adopted, Bitcoin ETFs are among the largest and fastest growing ETFs in the world after just 13 months (it normally take 5-7 years for successful ETFs to mature from their initial growth stage), pension managers throughout the world are scrambling for Bitcoin and crypto exposure driving demand for more ETFs, there is a serious discussion about using crypto as an auditing system for ALL of the government's spending, individual States are introducing Bitcoin and crypto legislation while other nation states and sovereign wealth funds scramble for crypto industry exposure.
Everybody who is for Bitcoin was once AGAINST Bitcoin, myself included. But when Bitcoin is finally understood, those same people buy Bitcoin.
Meanwhile, our domestic banking regulation is getting sorted out quickly so that banks can custody Bitcoin and when that happens you'll see the world shift under your feet. Oh, and as of yesterday, Howard Lutnick just became US Secretary of Commerce. Here is Lutnick six months ago.
Fuddyduddy1952
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There are over 2,400,000 cryptocurrencies and over half have failed.
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MinnesotaEric
Super Member
And they should fail if they don't provide a function. Just like NFTs failed because they serve no purpose.
Yeah yeah.. over 15 years of "we're still early and any day now we'll figure out how to make it actually useful" lol. Monero is the closest anyone has come, the it's great for money laundering and ransom money...
I see the tether money printer has been going brrrrt again lately. Gotta keep that unbacked by anything liquidity cranking. Pump them bags.
Indeed.. However using the taxpayer dollars to dump bags isn't exactly the "winning" scenario... for anyone.. except the people who have deep bags to pump and dump.
Umm.. no actually that's just false. I actually know a bunch of people who are bag holders since it was in the pennies. They're still fools and could have turned that all into something of actual value. You might have been converted into the cult, but a lot of people actually are quite the contrary...
This isn't skepticism, I understand it quite well and know factually that there's no long term future other than as a greater fools scheme. I've been adjacent to it since it was worth pennies as well (do I have regrets there.. possibly.. but you can't really predict winning fools games so not deep ones). The technology just doesn't work (I actually had to write a very basic crypto currency from scratch just to full grok how foolish it really is). Could I have leveraged that for evil? Possibly.. but I'm doing well enough and I still believe there's some reasonably odds of a long term reckoning for the primary perpetrators (although looks like most will skate for the next few years at least)...
I see the tether money printer has been going brrrrt again lately. Gotta keep that unbacked by anything liquidity cranking. Pump them bags.
Indeed.. However using the taxpayer dollars to dump bags isn't exactly the "winning" scenario... for anyone.. except the people who have deep bags to pump and dump.
Umm.. no actually that's just false. I actually know a bunch of people who are bag holders since it was in the pennies. They're still fools and could have turned that all into something of actual value. You might have been converted into the cult, but a lot of people actually are quite the contrary...
This isn't skepticism, I understand it quite well and know factually that there's no long term future other than as a greater fools scheme. I've been adjacent to it since it was worth pennies as well (do I have regrets there.. possibly.. but you can't really predict winning fools games so not deep ones). The technology just doesn't work (I actually had to write a very basic crypto currency from scratch just to full grok how foolish it really is). Could I have leveraged that for evil? Possibly.. but I'm doing well enough and I still believe there's some reasonably odds of a long term reckoning for the primary perpetrators (although looks like most will skate for the next few years at least)...
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MinnesotaEric
Super Member
I will place you into the hater section. And especially so since Bitcoin has outperformed any other asset in the world since it was launched and you're telling me about early "bag holders." Tulips as fas as the eye can see and turtles all the way down, I'm sure.
That said, I am surprised you know about Monero. I don't own it because I don't need an untraceable way to do business. In fact, I'm all on board with ADDING blockchain to real estate title work as title scams are increasingly becoming more and more common.
That said, with the Eurozone becoming increasingly unfavorable, an interesting conversation among Bitcoiners this week on X is where to relocate to beyond the "passport bro" thing. Since money always goes where it is treated best, people are definitely interested in potential tax incentives and pro-crypto regulation being discussed in the USA right now.
All to say, I'll rejoin this conversation in the future since I'd rather enjoy volatile appreciation of over 200% a year where pullbacks are looked upon as a FEATURE that is an opportunity to buy more at a lower price.
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MinnesotaEric
Super Member
Good news for the USA. The unwarranted witch hunt SEC lawsuit against Coinbase is getting dropped with Brian Armstrong, CEO of Coinbase, a Crypto exchange, posting a lengthy post on X that the SEC is dropping their lawsuit against Coinbase with no fines or judgements against Coinbase.
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