BTC is not money? What it's?
Disclosures · I have personally made money buying and selling Bitcoin.
Shorting Bitcoin
61–70 of 334 posts
Re: Shorting Bitcoin
#62BTC is not money? What it's? Disclosures · I have personally made money buying and selling Bitcoin.
It's best modeled as a speculative asset. It has none of the hallmarks of a good currency. It's not fungible, it's not predictable, it's not cheap to exchange and its value flails around wildly like a decapitated chicken. That's even before you get into the Keynesian vs. Austrian argument that IMO should be long since settled but apparently, here we are.
Re: Shorting Bitcoin
#63I've sold Tether for both USD and CAD without any issue or significant delay. What are the difficulties the author is referencing? (Asking genuinely, not arguing.)
It's difficult to convert to real money if you are not using an exchange – and I guess the author is actively avoiding those.
I think there are very few anonymous crypto-to-cash conversions due to regulations on money-laundering.
Re: Shorting Bitcoin
#64If BTC price doesn't recover soon and falls further, Microstrategy is what will kill BTC. I don't know why BTC investors are so crazy about Microstrategy buying BTC (This would have never happened back in the early days of Bitcoin), but if BTC price goes down further, Microstrategy will be forced to sell their BTC by their shareholders. Otherwise the Microstrategy stock itself will crash. Also when Microstrategy lose…
No, they wont have to because all they have to do is pay bondholders slowly over time
The corporate credit markets are really flexible, they dont care that they bought bitcoin, they care that they have enough revenue to cover the bonds
That was the entire calculus and that is still working
The market might assign speculative pricing of MSTR shares with Bitcoin price and sentiment, but that has nothing to do with anything
Re: Shorting Bitcoin
#65I'm of two minds. Cryptocurrency is a beautiful technology. But the current prices have absolutely world-changing speculation already priced in. I think the price is largely meaningless, and cryptocurrencies are likely to crash hard, but at the same time, I don't really care, because the price is not the beautiful thing about crypto. Crypto achieved its purpose as envisioned by the cypherpunks that created it, the mo…
> Cryptocurrency is a beautiful technology On the surface, ya, but the proof-of-waste at its centre should be reason enough to consider the technology more harmful than not.
Thankfully most cryptos are moving to proof-of-stake.
Re: Shorting Bitcoin
#66Summary:
-Bitcoin is not used used as currency
-Bitcoin is extremely wasteful of energy
-Bitcoin is very vulnerable to government legislation
-Bitcoin is mostly a pump and dump by insiders
I agree with the author's points.
Re: Shorting Bitcoin
#67If BTC price doesn't recover soon and falls further, Microstrategy is what will kill BTC. I don't know why BTC investors are so crazy about Microstrategy buying BTC (This would have never happened back in the early days of Bitcoin), but if BTC price goes down further, Microstrategy will be forced to sell their BTC by their shareholders. Otherwise the Microstrategy stock itself will crash. Also when Microstrategy lose…
We get into the same conversation every time people buy at the top and the price sinks 60-80%. And for the past decade it has only bailed people out. So I don't see any reason speculating what will be the demise of Bitcoin because so far every single cycle has created more HODLers at pretty much any insane price valuation.
Re: Shorting Bitcoin
#68Earlier quoted context omitted.
> Cryptocurrency is a beautiful technology On the surface, ya, but the proof-of-waste at its centre should be reason enough to consider the technology more harmful than not.
Thankfully most cryptos are moving to proof-of-stake.
Agreed, but there are real questions about proof-of-stake, such as the "nothing at stake" problem.
Re: Shorting Bitcoin
#69Someone that was predicted to own 5% (1mm) of all Bitcoins just died in Costa Rica I doubt they had a survivorship and secession plan for their bitcoins and I doubt Bitcoins become less scarce Shorting Microstrategy and Coinbase via puts are good ideas though. Microstrategy isnt overleveraged yet but its easy for them to be. Coinbase is just a share dump, thats the entire purpose of direct listings. This has nothing…
I was unsure and looked it up, so in case it helps someone else: the person that died in Costa Rica is Mircea Popescu.
Re: Shorting Bitcoin
#70I've sold Tether for both USD and CAD without any issue or significant delay. What are the difficulties the author is referencing? (Asking genuinely, not arguing.)