Is it too soon to talk about Crypto yet?

[MinnesotaEric]

Saylor is the worst thing for Bitcoin.

He's running a ponzi backed by leveraged Bitcoin.

I don't how else to say this, but just like SBF or the many others...things can't progress until he's gone.

If BTC went to a dollar it wouldn't force any liquidations. MSTR isn't Three Arrows. MicroStrategy's earnings are also tomorrow.

 

[rumwrks]

"It's complicated.."

El Salvador walks back its bitcoin law

But it's also investing more in the cryptocurrency.

reason.com

Just waiting for all of the "no true scottsman" arguments around this one.

 

[MinnesotaEric]

"It's complicated.."

El Salvador walks back its bitcoin law

But it's also investing more in the cryptocurrency.

reason.com

Just waiting for all of the "no true scottsman" arguments around this one.

"The first nation to print their own currency to buy Bitcoin wins," goes the saying.

From the article you linked to: "The reforms come as part of a broader financial agreement between Bukele and the International Monetary Fund (IMF). One of the conditions for a proposed $1.4 billion Extended Fund Facility loan was that El Salvador mitigate 'potential risks of the Bitcoin project.'"

So they're buying Bitcoin and educating their youth about the Bitcoin economy.

And of course, El Salvador is still going forward with the Bitcoin City and they are attracting Bitcoin holders to their nation.

The neat thing about Bitcoin is the fear, uncertainty, and doubt thrown at it that can fuel sell-offs that scare "normies" becomes a feature for those who want to increase their Bitcoin holdings.

 

[quicksandfarmer]

"The first nation to print their own currency to buy Bitcoin wins," goes the saying.

If you click through the link you see that the "saying" is a quote from Michael Saylor. Hardly a disinterested observer.

 

[Snobdds]

I've been asked to be an investor in a crypto bank ran by a very smart lady named Caitlin Long, called custodia bank. It has 1:1 deposits to loans, but it ran into the buzz saw the SEC under the old administration. It can't get fed accces like all banks need.

I told her, that if there is any exposure to Michael Saylor and MicoStrategies...I'm calling my money back. I want nothing to due with his leveraged Bitcoin ponzi.

 

[rumwrks]

called custodia bank. It has 1:1 deposits to loans,

I'd want to see some reeeeeaaally thorough auditing of that from a very well accredited third party before I touched it given how shady most of the crypto enterprises are.

 

[MinnesotaEric]

If you click through the link you see that the "saying" is a quote from Michael Saylor. Hardly a disinterested observer.

I was the one who linked to Saylor. What you don't know is right after that Saylor interview, sovereign wealth fund and nation-state Bitcoin activity ratcheted up. Since I made my post we've not got 22 states with some type of Bitcoin activity going on, up one more from Monday's post. Hyperbitcoinization is coming where everybody is using, owning, or talking about Bitcoin but right now, we're still early.

That said, here is a different interview with Samson Mow over on X who talks about the increase of nation-states with excess energy currently mining Bitcoin and the inevitably of nation-states issuing sovereign debt to buy Bitcoin. That said, with the change in accounting rules from the SEC two weeks ago, Bernstein says Strategy's balance sheet will be boosted by $12.75 billion after adopting new accounting rules.

 

[MinnesotaEric]

I've been asked to be an investor in a crypto bank ran by a very smart lady named Caitlin Long, called custodia bank. It has 1:1 deposits to loans, but it ran into the buzz saw the SEC under the old administration. It can't get fed accces like all banks need.

I told her, that if there is any exposure to Michael Saylor and MicoStrategies...I'm calling my money back. I want nothing to due with his leveraged Bitcoin ponzi.

I've interacted from time to time on X with Caitlyn over the last three years. She has been on the button about Operation Chokepoint 2.0 and now with the new administration, we're starting to find out how GovCo agencies systematically debanked individuals and companies involved in blockchain here in the USA while also closing the two largest banks involved in blockchain-based companies. Here is a link on X with "Operation Chokepoint 2.0" as the search phrase. The search defaults to the top links, but if you want to read the latest, click "Latest" near the top.

x.com

x.com

 

[MinnesotaEric]

As of today, Iowa has become the 23rd State in our Union to introduce some type of Bitcoin legislation.

Source: Iowa Legislature - BillBook

 

[MinnesotaEric]

In just three days, four more states have introduced some type of Bitcoin legislation bringing the total to 27 states with 20 of those states having introduced legislation for Stategic Bitcoin Reserves (SBR). Why? Because if you save in dollars things get more expensive, but if you save in Bitcoin things become less expensive.

And we're still early even though Bitcoin adoption continues to be faster than internet adoption and Bitcoin is currently a $2T industry that is expected to go on and eclipse the $18T gold industry as more nation-states, companies, and funds increasingly adopt Bitcoin Reserves.

Source of data maps that links to local state legislation pages: Bitcoin Laws - Tracking Bitcoin and Digital Asset legislation

Meanwhile, what endowments are also ramping up their Bitcoin exposure. Typical:

The University of Austin is launching a first-of-its-kind Bitcoin investment fund, showcasing the growing Bitcoin adoption among United States institutions.

The University of Austin will raise a Bitcoin fund worth over $5 million, as part of the institution’s $200 million endowment fund.


“We don’t want to be left behind when their [cryptocurrency’s] potential materializes dramatically,” Chun Lai, the foundation’s chief investment officer, told FT, according to a Feb. 9 report.

The news of the fund comes over three months after a regulatory filing revealed that Emory University accumulated over $15 million worth of Bitcoin through Grayscale’s spot Bitcoin exchange-traded fund (ETF), Cointelegraph reported on Oct. 28.

Source: https://cointelegraph.com/news/austin-university-launch-5-m-bitcoin-fund-5-year-hodl-strategy-report

 

[geteh]

Back in November of 2022, two fun crypto discussions got shut down for reasons that where not disclosed.

Now that on January 10th of 2024 eleven spot Bitcoin ETFs were launched on American exchanges and allowed to be held in retirement accounts, and those ETFs have become the most successful ETF launches in history,* is it too soon to again try to talk about crypto in this forum?

Right now Bitcoin has surpassed the value of all the silver in the world and more and more companies and countries are holding Bitcoin as a reserve currency. Moreover, the incomeing SEC Chair has suggested that Bitcoin ETF swaps may become permissible allowing Bitcoin ETF holders to swap their ETF shares for the actual underlying Bitcoin and move it to a private wallet reversing the disturbing trend that with institutional acceptance Bitcoin is increasing becoming more and more centralized, usurping Bitcoin's original bankless peer to peer foundations.

What say you about this brave new world?

The beginnings of the incoming predicted apocalypse that ushers in a one-world government, or a good thing leading to crypto reward credit cards and crypto banking? If you’re exploring financial tools or need assistance, you might want to check out the best Venmo phone number for more information.

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* it has typically taken the average successful ETF 5-7 years for inflows to slow to typical year over year growth expectations.

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.

 

[MinnesotaEric]

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.

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.

 

[rumwrks]

I'm still buying as funds come available

Why stop there? Go ahead and take out a massive load, mortgage your house. Please do go all in.

 

[Oaktree]

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.

"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.

 

[MinnesotaEric]

Why stop there? Go ahead and take out a massive load, mortgage your house. Please do go all in.

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]

There are over 2,400,000 cryptocurrencies and over half have failed.

 

[MinnesotaEric]

There are over 2,400,000 cryptocurrencies and over half have failed.

And they should fail if they don't provide a function. Just like NFTs failed because they serve no purpose.

 

[rumwrks]

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.

Meanwhile, we suddenly have the most pro crypto administration in our nation's history

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.

Everybody who is for Bitcoin was once AGAINST Bitcoin

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)...

 

[MinnesotaEric]

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 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.

 

[MinnesotaEric]

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.