If your conviction is so strong, why proxy your short instead of just shorting the asset itself?
I look forward to your prompt report in December...
Shorting Bitcoin
141–150 of 334 posts
Re: Shorting Bitcoin
#142I love this sort of thing. He’s making a bet, explains his reasoning, and does it in the open! That’s great. I disagree that there’s no tech here. IMO public ledgers that never sleep are far superior(thanks to the hard work of many people over the past decade), and their advantage over retail banking will only increase. My online banks keep getting worse, crypto keeps getting better. Think about this: banks are CLOSE…
> Think about this: banks are CLOSED 77% of the time! Need to send a wire? 3/4 times bank will be closed. Capital will just move far more efficiently on block chains.
What country are you in where this is a problem?
Re: Shorting Bitcoin
#143Earlier quoted context omitted.
Yes, and our friend Pomp left this delightful message on Twitter to mark his passing. > Mircea Popescu, a Bitcoin OG, has passed away. He likely owned quite a bit of bitcoin. We may never know how much or if they are lost forever, but reminds me Satoshi said: "Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone." Disgusting. [Edit] To be clear I'm reacting negatively…
You follow bitcoiners on twitter? That’s interesting I would have assumed you had completely segregated yourself from them Yeah I also believe the coins are lost and the principles of scarcity do apply, this is acknowledgeable with more tact than what Pomp chose to say, its an assumption that can just go unsaid
I do; when I feel really strongly about something I always try and challenge my opinions. I like to hear both sides of the debate and make up my own mind. I'd like to think I have more than a passing knowledge of Bitcoin and crypto and the ecosystem in general. Not as much as some, to be sure. I am open to being wrong, and of course it goes without saying that I've learned a lot from you and our various back-and-forths! :)
I work in payments, and have for a long time now so it's important I have at least something of an informed opinion on cryptocurrency in general. I've also got a few friends who did very well in crypto (and some who haven't done very well at all).
I follow and often engage with Paolo Ardoino too! :) I think in a different life he and I would be great friends.
I agree, Pomp is right about the mechanics, I was referring to the tactless way in which he chose to honor the life of Mircea - in terms of his own enrichment.
Re: Shorting Bitcoin
#144Earlier quoted context omitted.
The amount of time it takes for me to move my own money between my own accounts pisses me off mightily. I can pay to have an "instant" transfer but that is just double dipping by the banks for a service that should be provided in the cost I'm already paying for my accounts. Crypto currently has far greater UX challenges but once these are fixed this is where crypto can win.
Free, instant transfers are already the status quo in a lot of the world, as of course they do not require blockchain. SEPA Instant Payment in the EU, for instance. In fact they're way faster than a Bitcoin transaction much of the time - and obviously way less expensive ($0 vs. $5-60). The US is moving to 24/7 free, instant payments as RTP rolls out. [1] The US has been quite far behind historically on this front how…
Costs me €1.50 per transfer in Germany. Also costs me in Singapore. It should just be the be default.
Re: Shorting Bitcoin
#145If your aim is to short bitcoin, you can do so directly, on numerous derivatives exchanges, including decentralized ones like Ethereum-based dydx: https://help.dydx.exchange/en/articles/4969332-a-beginner-s-...
Shorting $COIN is making a bet on the larger crypto market, which may outperform BTC.
Re: Shorting Bitcoin
#146Earlier quoted context omitted.
Free, instant transfers are already the status quo in a lot of the world, as of course they do not require blockchain. SEPA Instant Payment in the EU, for instance. In fact they're way faster than a Bitcoin transaction much of the time - and obviously way less expensive ($0 vs. $5-60). The US is moving to 24/7 free, instant payments as RTP rolls out. [1] The US has been quite far behind historically on this front how…
While it's true in some regions, most of the globe banking is still very slow. In any digital currency, like cryptocoins of CBDC it's the same globally, not per region.
Funnily enough my transferwise international payments are basically instant.
Re: Shorting Bitcoin
#147Earlier quoted context omitted.
The amount of time it takes for me to move my own money between my own accounts pisses me off mightily. I can pay to have an "instant" transfer but that is just double dipping by the banks for a service that should be provided in the cost I'm already paying for my accounts. Crypto currently has far greater UX challenges but once these are fixed this is where crypto can win.
Lol really i can internally move all the money around i will for free, this must be an american problem ?
I’m in Germany
Re: Shorting Bitcoin
#148Someone 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…
that prediction is bogus. they were OG, yes, but it's highly improbable they were able to hold on to all those bitcoins. 2009-2011 was a time when people threw literally hundreds to thousands bitcoins for dumb things like socks and pizzas. and those are real world assets - it was much easier to spend BTC for virtual assets like hosting or vpn or gambling.
no doubt the guy was beyond rich, but i'm almost certain they didn't hold 5% of BTC.
> I doubt they had a survivorship and secession plan for their bitcoins
and why would you doubt it? when somebody becomes billionaire, paying financial management companies and lawyers is pocket change.
Re: Shorting Bitcoin
#149Earlier quoted context omitted.
While it's true in some regions, most of the globe banking is still very slow. In any digital currency, like cryptocoins of CBDC it's the same globally, not per region.
Funnily enough my transferwise international payments are basically instant.
With Borderless/Multi-Currency it's even cooler, since it grants you local banking details in many different locales, so someone can pay you via ACH, FedWire, SEPA, EFT, etc and have that value reflected in your account almost immediately (depending on the transfer method) and (depending on the transfer method) without charge.
Re: Shorting Bitcoin
#150If 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…
Michael Saylor, the CEO, holds 70% of the voting shares.
All the other shareholders can kick and scream all they want, but Saylor controls the ship. The only power others have is to exit the ship by selling.
Every indication is that Saylor would hold bitcoin into the ground, unless he's totally full of shit. Their main business is still generating enough cash to pay the loans, so where's the pressure to sell?