161–170 of 350 posts
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bubbles go up and up and up… until they don’t
But it has been a bubble and popped/crashed/recovered 4(?) times now - it seem fair to start considering it as a cycle rather than a bubble. I don’t know much about crypto or finance, so maybe I’m completely wrong
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>Bitcoin's price is simply another symptom of this. Bitcoin is not the symptom, Bitcoin is the answer. People are not longing Bitcoin, people are exiting the dollar, the euro, the yuan...
Yet the dollar is at record highs, and commodities are at record highs, and the stock market is at record highs, and real estate is at record highs, and Bitcoin is at record highs. So who is hedging what exactly?
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Bitcoin is actually just a bunch of numbers. Whatever value you think you're storing with it is always denominated in fiat which is very ironic.
You could say any currency is just a bunch of numbers, the US dollar isn’t backed by gold anymore and hasn’t been for a long time. The question is more like: Would you let everyone dictate the value of a currency and leave it decentralized? Or would you rather a government controlled centralized currency. It’s preference and opinion at the end of the day
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bubbles go up and up and up… until they don’t
But it has been a bubble and popped/crashed/recovered 4(?) times now - it seem fair to start considering it as a cycle rather than a bubble. I don’t know much about crypto or finance, so maybe I’m completely wrong
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> 1. You can easily sell BTC for 100K actual USD and ACH it out on a regulated exchange like Gemini. 2. You can easily sell USDT for actual USD on (IIRC) Kraken. You can until you can't. As long as people think 1 "USDT" is worth $1, and as long as the amounts you're selling aren't too big, it stays afloat. > 3. Technically you can short USDT via various means but you won't be able to collect any profits. How? If my t…
I'm going to be deliberately vague because I really really discourage shorting Tether but you can investigate perpetual swaps and defi lending.
Important to remember that while income and wealth inequality is at record highs, the trillions of dollars injected into the economy are still floating around among the top. People are getting more and more creative with investments (see luxury watches, sneakers, trading cards, collectibles, meme stocks all seeing a significant bump in value in recent years). Bitcoin's price is simply another symptom of this. What I…
I just struggle to see it's utility
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I'm going to be deliberately vague because I really really discourage shorting Tether but you can investigate perpetual swaps and defi lending.
But those are things that only exist in the crypto ecosystem. The counterparty risk is all wrong-way. Like yes, I can sign a contract with Coinbase that says they will owe me a lot of money when Tether collapses. But when Tether collapses it's probably going to take Coinbase down with it.
Sounds like btc is good for large amount of transfer as relatively low cost but not really ready for day to day expenses like gas/grocery. Yes?
You’re right, but that’s not what BTC was designed for. You could use something like Litecoin, Solana, maybe even Ethereum if you’re willing to pay the fee.
There was a very contentious split many years ago now (Bitcoin Cash vs Core fork) regarding this point. Until then, it was taken for granted that block size would continue increasing in proportion to transaction volume in order to facilitate such use. This was Satoshi's expectation, and there was little-to-no discussion otherwise. Quite suddenly, a few powerful, well-positioned people (with conflicting interests in the form of their Lightning side-chain solution) conspired to form a consensus of limiting on-chain transaction bandwidth via astroturfing and comprehensive censorship.
Whether they were responsible visionaries with the foresight to avert disaster using a novel solution, or spiteful saboteurs driven by greed and power, is up to the reader. Un/fortunately, they were very successful.