261–270 of 515 posts
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That's true for gold too: Most gold transactions happen in exchanges. But the fact that there are successful intermediaries in the gold market is not an argument against gold's viability as a store of value. Ditto for Bitcoin.
I don't think gold is a good investment vehicle nor means of exchanging value either.
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And then they wonder why regular consumers aren't fleeing banks to start using crypto for everything. I've yet to see cryptocurrencies actually solve a problem that your everyday average person has when buying groceries or going out to eat. They just make things more difficult and confusing, and all these attempts to alleviate that just lead us straight to "banks, but worse".
This is what most people got wrong. Crypto solves one problem and one problem only: censorship. Crypto is the only, single censorship resistant asset on the entire earth. You can't remove private key by force ($5 wrench is not an argument). You can confiscate land, stocks, freeze bank accounts, take gold. You can't extract a string of numbers which you aren't even sure is there in the first place. Not yet at least. M…
People still use it as a permisionless financial platform, which allows the delivery of novel consumer goods. Primarily gambling, speculation, and other forms of entertainment.
Three highly speculative predictions: 1. The courts are more likely than not to rule that many crypto-assets -- but not all -- should be regulated as investments. It won't be fun for a lot of crypto traders. 2. Over time, the usual giant financial institutions are bound to become the dominant market makers in crypto-assets. In all likelihood, one of them will end up buying Coinbase. Those giant financial institutions…
I'm not pro crypto exchanges, but does the SEC really live up to this guy's promises? > SEC registration establishes critical requirements that protect investors from individual risk and protect capital markets from global systemic risk. The requirements also make U.S. markets among the safest, most robust, most vibrant and most desirable marketplaces in the world. Does he mean the requirements that continue to allow…
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Yea, turns out the rule of law works rather well, and when it doesn't work well nothing is going to stop the henchmen from beating you to death with a hammer anyway. What makes a government a government is their monopoly on violence, what makes a good government good is only having to minimally exercise their monopoly.
Yes, it works well for transferring enormous amounts of wealth into a few hands. As seen ever since the introduction of fiat money, for thousands of years of history.
[0]https://www.newyorker.com/humor/daily-shouts/l-p-d-libertari...
That is obvious horseshit.
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I sold a bunch of BTC for $1 and bought a car with it. I used to regret that, the most expensive Ford Escort ever purchased. But now I feel like I dodged a bullet, I could have been one of those zealots that spent all day every day thinking about crypto, and I'm very glad I'm not.
Zealot or not, it sucks to miss out on having a few dozen millions. My cofounder also sold very early and he refrains from talking about it
You make decisions with the information you have. No one had any way of predicting Bitcoin pricing (or the cheap money trend that juiced its price & crypto companies funding rounds).
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>> If this sounds far-fetched, consider that many smart and smart-sounding people have predicted Bitcoin's demise, and so far all have been utterly wrong Bernie Madoff pulled off one of the largest (literal Ponzi) scams and evidently stated that he started in the 1990s for a run of just over 15 years until being arrested in 2008, although some investigators thought that his fraudulent activities started as far back a…
Wow. Both parent and grand-parent seem wrong. GP: Bitcoiner, dooming everything else. Parent: Anti-crypto (the majority here), up to the point on comparing Bitcoin (which might be a bubble, that's not the point here) to a Ponzi (that it is not: Supply is fixed, there is no new deposits paying previous depositors).
Three highly speculative predictions: 1. The courts are more likely than not to rule that many crypto-assets -- but not all -- should be regulated as investments. It won't be fun for a lot of crypto traders. 2. Over time, the usual giant financial institutions are bound to become the dominant market makers in crypto-assets. In all likelihood, one of them will end up buying Coinbase. Those giant financial institutions…
Oh please, again with the "store of value" BS. I made an effort to look at the actual volume of bitcoin being traded in and out of the system (aka actual entries and exits, not just fraud-prone exchange swaps) in 2020 and I concluded that it's probably worse than most scam penny stocks in terms of liquidity. It's really hard to find any kind of reliable data though, but in the absence of that I had to conclude it was…
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Just wondering what you think a "real world" finance expert looks like.
Venture capitalist? Fund manager? Nobel prize winner in economics?
Money is made up, a human social construct. A room of of the best experts can't tell you with any accuracy what will happen next, unless they're the central bank.