OP
MinnesotaEric
Super Member
Because over the long term, Bitcoin is viewed as an appreciating asset. That said, everybody who buys Bitcoin gets Bitcoin at the price they deserve.
Is it too soon to talk about Crypto yet?
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Because over the long term, Bitcoin is viewed as an appreciating asset. That said, everybody who buys Bitcoin gets Bitcoin at the price they deserve.
OP
MinnesotaEric
Super Member
Saylor's reasoning for selling gold is for global dominance.
The rumor and theory from the rumor is that the SEC, BlackRock, Fidelity, pension funds, banks, and even the Trump administration have been in discussions with Saylor about creating a U.S. strategic Bitcoin Reserve through MSTR. This would not just be an all-time financial maneuver but a strategic play to own a significant portion of Bitcoin's supply, akin to how:
-Rockefeller controlled oil.
-De Beers monopolized diamonds and gold.
-Rothschild owned credit and banking services.
The theory falls in line with Major Lowery's (Space Force) Softwar that was ordered to be removed from Amazon at one point by the DoD. Softwar is now available again.
Link to Amazon where you can buy it for $179 (because it is a thesis).
And here is where you can download it from MIT as a PDF for free.
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That's revisionist history though because "appreciating asset/store of value" was just a pivot after the whole "it's a payment system" thing didn't work out. It's still a solution in search of a problem (and the hodlers became invested in the idea of somehow line-go-up). The problem with it as an appreciating asset is that is has no intrinsic value. The "value" was already spent in the energy consumed. The idea of "scarcity" is sort of misleading as well because a thing's scarcity based value only matters if people care and people are fickle especially about something virtual with no real backing (see also tulips, beanie babies, rocks, stamps [ok a FEW stamps are still worth something but overall the market died]... and the vast array of other collectibles who's value soared and then crashed). This is easily evidenced by the ridiculous volatility, it's just another unbacked gambling market with nothing behind it.
Lowery is part of the "end the fed" nutjobs who want to revert us to a deflationary economy for various reasons, mostly NOT for the good of the nation or the people in it but for their own advancement. I view that whole crowd with a vast amount of distrust, they don't have your or my interests at heart. They're also mostly delusional and touting theories that have repeatedly failed hard in the past (something about those who know history are doomed to watch everyone else repeat it..). The real risk here is that they realize their goals and push us onto an unbacked ponzi taking down some meaningfully large part of the real economy with it (imagine another South Sea Bubble.. but hopefully without the slave trade)
As to "everyone is a skeptic" that's kind of not true. I know lots of maxi's who have changed their mind the other way. Here's a nice breakdown by one person who is slowly coming around to realizing that it's not really useful. He is IMHO underestimating the risks it poses to the rest of the economy.
After twelve years of writing about bitcoin, here's how my thinking has changed
What follows is an essay on how my thinking on bitcoin has changed since I began to write on the topic starting with my first post in Octob...
OP
MinnesotaEric
Super Member
That's revisionist history though because "appreciating asset/store of value" was just a pivot after the whole "it's a payment system" thing didn't work out. It's still a solution in search of a problem (and the hodlers became invested in the idea of somehow line-go-up). The problem with it as an appreciating asset is that is has no intrinsic value. The "value" was already spent in the energy consumed. The idea of "scarcity" is sort of misleading as well because a thing's scarcity based value only matters if people care and people are fickle especially about something virtual with no real backing (see also tulips, beanie babies, rocks, stamps [ok a FEW stamps are still worth something but overall the market died]... and the vast array of other collectibles who's value soared and then crashed). This is easily evidenced by the ridiculous volatility, it's just another unbacked gambling market with nothing behind it.
Lowery is part of the "end the fed" nutjobs who want to revert us to a deflationary economy for various reasons, mostly NOT for the good of the nation or the people in it but for their own advancement. I view that whole crowd with a vast amount of distrust, they don't have your or my interests at heart. They're also mostly delusional and touting theories that have repeatedly failed hard in the past (something about those who know history are doomed to watch everyone else repeat it..). The real risk here is that they realize their goals and push us onto an unbacked ponzi taking down some meaningfully large part of the real economy with it (imagine another South Sea Bubble.. but hopefully without the slave trade)
As to "everyone is a skeptic" that's kind of not true. I know lots of maxi's who have changed their mind the other way. Here's a nice breakdown by one person who is slowly coming around to realizing that it's not really useful. He is IMHO underestimating the risks it poses to the rest of the economy.
After twelve years of writing about bitcoin, here's how my thinking has changed
What follows is an essay on how my thinking on bitcoin has changed since I began to write on the topic starting with my first post in Octob...jpkoning.blogspot.com
Confirmed just hours ago: Russia adopts payment with Bitcoin.
This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including bitcoin. Russia is one of the global leaders in bitcoin mining.
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel.
"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said, adding that international payments in digital currencies represent the future.
Earlier this month, President Vladimir Putin said that the current U.S. administration was undermining the role of the U.S dollar as the reserve currency by using it for political purposes, forcing many countries to turn to alternative assets.
There is that payment thing again.
quicksandfarmer
Veteran Member
Russia has been cut off from the international banking system by sanctions.
quicksandfarmer
Veteran Member
Thanks for that link. I particularly enjoyed this part:That's revisionist history though because "appreciating asset/store of value" was just a pivot after the whole "it's a payment system" thing didn't work out. It's still a solution in search of a problem (and the hodlers became invested in the idea of somehow line-go-up). The problem with it as an appreciating asset is that is has no intrinsic value. The "value" was already spent in the energy consumed. The idea of "scarcity" is sort of misleading as well because a thing's scarcity based value only matters if people care and people are fickle especially about something virtual with no real backing (see also tulips, beanie babies, rocks, stamps [ok a FEW stamps are still worth something but overall the market died]... and the vast array of other collectibles who's value soared and then crashed). This is easily evidenced by the ridiculous volatility, it's just another unbacked gambling market with nothing behind it.
Lowery is part of the "end the fed" nutjobs who want to revert us to a deflationary economy for various reasons, mostly NOT for the good of the nation or the people in it but for their own advancement. I view that whole crowd with a vast amount of distrust, they don't have your or my interests at heart. They're also mostly delusional and touting theories that have repeatedly failed hard in the past (something about those who know history are doomed to watch everyone else repeat it..). The real risk here is that they realize their goals and push us onto an unbacked ponzi taking down some meaningfully large part of the real economy with it (imagine another South Sea Bubble.. but hopefully without the slave trade)
As to "everyone is a skeptic" that's kind of not true. I know lots of maxi's who have changed their mind the other way. Here's a nice breakdown by one person who is slowly coming around to realizing that it's not really useful. He is IMHO underestimating the risks it poses to the rest of the economy.
After twelve years of writing about bitcoin, here's how my thinking has changed
What follows is an essay on how my thinking on bitcoin has changed since I began to write on the topic starting with my first post in Octob...
We all thought at the outset that bitcoin was a monetary thingamajig. But we were wrong. Of the types of assets already in existence, bitcoin was not akin to gold, cash, or bank deposits. Rather, it was most similar to an age-old category of financial games and zero-sum bets that includes poker, lotteries, and roulette. The particular sub-branch of the financial game family that bitcoin belonged to was early-bird games, which contains pyramids, ponzis, and chain letters.
Early-bird games like pyramids, ponzis, and chain letters are a type of zero-sum game in which early players win at the expense of latecomers, the bet being sustained over time by a constant stream of new entrants and ending when no additional players join. Pyramids and ponzis are almost always administered by thieves who abscond with the pot. Bitcoin, by contrast, was not a scheme nor a scam. And it was not run by a scammer. It was leaderless and spontaneous, an "honest" early-bird game that hewed to pre-set rules.
Simultaneously they're also banning it domestically:
Russia Institutes Partial Ban on Crypto Mining to Control Energy Use, Tass Reports
And have heavily cracked down on domestic usage previously. I wouldn't necessarily look to Russia as a leader in global fiscal responsibility either hah. You should see how well their bond market (isn't) doing...
Indeed... They have some very significant problems at the moment. Nabiullina had been doing a rather amazing job of holding it all together despite everything but now the Duma seems to maybe be turning against her (gotta have a scape goat I guess?) which is probably not a great sign.
OTOH it's also effectively a controlled market and they can seemingly limp along in disaster mode for indefinite periods of time so I'm not super sure I'd call a specific point of collapse.
OP
MinnesotaEric
Super Member
Gentlemen,
I’ve enjoyed our discussion wherein hardly anybody has come forward in support while the last two years Bitcoin HoDLers have enjoyed an over 500% gain. Sadly, I didn’t get to discus how to add a hardware wallet to a self directed IRA thereby avoiding cap gains taxes, but most disturbing is that not a single one of you asked about the eschatological aspect of my OP in a Christian context.
Let’s rejoin this discussion like the last time when all the skeptics have egg on their face even though life is like stepping on a series of rakes over and over again.
God bless every one of you in Jesus Christ’s name, Merry Christmas, and peace on earth and goodwill toward men.
I’ve enjoyed our discussion wherein hardly anybody has come forward in support while the last two years Bitcoin HoDLers have enjoyed an over 500% gain. Sadly, I didn’t get to discus how to add a hardware wallet to a self directed IRA thereby avoiding cap gains taxes, but most disturbing is that not a single one of you asked about the eschatological aspect of my OP in a Christian context.
Let’s rejoin this discussion like the last time when all the skeptics have egg on their face even though life is like stepping on a series of rakes over and over again.
God bless every one of you in Jesus Christ’s name, Merry Christmas, and peace on earth and goodwill toward men.
