11–20 of 77 posts
Of course, it's plausible that he'll take out some massive loans to buy Bitcoin at the top of this current bull cycle and get himself into trouble regardless. Perma-bears and perma-bulls are equally clueless in my book. It's just an admission you have no clue how markets work.
I had always thought of BTC in terms of an alternate currency but I watched a video yesterday with Saylor where he pitched it instead as a store of value. While the concept was not new to me, it was a really interesting video and he did a good job with it. BTC will not replace the dollar, but its probably going to eat gold.
this sounds like a ponzi scheme in the making, or at least not going to end well
why is Bitcoin so divisive? why some people just “get it” and other scream until they are blue in their face it’s a scam? it’s such a curious litmus test for something but I’m not sure exactly what.
religion
politics
they work because people believe they work
Earlier quoted context omitted.
The fiat scheme is the bigger ponzi. It's already the case that to earn any decent income in the fiat ponzi, one must have special social connections to business leaders and/or politicians. It's just like under communism. I don't even like Bitcoin and don't own Bitcoin because I have ethical concerns about it. Bitcoin promotes corruption of the socio-political system via extreme, massive-scale tribalism. That said, i…
> Bitcoin promotes corruption of the socio-political system via extreme, massive-scale tribalism. Could you elaborate on what you mean and the mechanism for this?
I've witnessed crypto regulators behave in corrupt ways, but it's impossible to prove bribery until they move or sell their ill-gotten crypto. Because, with crypto, you can receive tokens without your own approval. Someone could send you the passphrase of a wallet containing millions of dollars worth of Bitcoin, it could end up in your email spam folder and you could memorize it and, if ever questioned about it, claim you don't remember seeing that email. There would be zero evidence.
Yet if you remember the passphrase, the Bitcoin is yours.
this sounds like a ponzi scheme in the making, or at least not going to end well
There's some hay in the cryptocurrency space right now about how MSTR's market cap merits its inclusion in the S&P 500, which some think will cause a "flywheel". (1) Index funds purchase MSTR shares, driving up the price; (2) thus allowing Saylor to issue more debt to buy BTC, which drives that up; (3) MSTR shares appreciate due to its BTC holdings; (4) go to step 1 as funds need to rebalance and add more MSTR shares…
MSTR is essentially a leveraged, debt laden commodity trust rn, with a highly volatile commodity making up most of its balance sheet.
Their premium to NAV is indeed very high, and makes you think why would anyone buy that vs a BTC ETF. Perhaps if you think BTC goes a lot higher (and stays there) their ongoing leverage and the premium you pay for it now makes sense? Their debt is pretty well structured - v. low interest and matures a long time from now, but remains to be seen how long he can keep issuing it.
He also keeps saying he's never going to sell BTC, but I don't see how he's going to service his debt eventually if he doesn't sell. Unless he starts market making with the treasury or somehow putting it to work
this sounds like a ponzi scheme in the making, or at least not going to end well
why is Bitcoin so divisive? why some people just “get it” and other scream until they are blue in their face it’s a scam? it’s such a curious litmus test for something but I’m not sure exactly what.
this sounds like a ponzi scheme in the making, or at least not going to end well
why is Bitcoin so divisive? why some people just “get it” and other scream until they are blue in their face it’s a scam? it’s such a curious litmus test for something but I’m not sure exactly what.
I had always thought of BTC in terms of an alternate currency but I watched a video yesterday with Saylor where he pitched it instead as a store of value. While the concept was not new to me, it was a really interesting video and he did a good job with it. BTC will not replace the dollar, but its probably going to eat gold.
What value does it provide?
As a store of value though vs gold it has more positives. Much easier to transport a billion dollars worth of btc than gold.
Much easier to self custody.
Truly limited supply, they pull more gold out of the ground every day.
The world literally just got together and decided BTC is what they want and the price reflects that. Its a fascinating case study just in that regard.
The video is here: Page is terrible, video is about 1/3 down
https://finance.yahoo.com/video/buying-bitcoin-buying-nyc-ap...