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What I Think of Bitcoin

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Re: What I Think of Bitcoin

#71

Post by MattGaiser »

itsoktocry wrote: post #49
thesausageking wrote: post #34

Earlier quoted context omitted.

Tether FUD always returns when there's an influx of a lot newcomers to Bitcoin. It's been debunked over and over. Here's one by Nic Carter that explains why these "takedowns" are completely wrong: https://medium.com/@nic__carter/assessing-bitcoins-liquidity...

> Tether FUD What's the opposite of FUD, when people with a massive financial stake in something do nothing but tell everyone everything is great all the time, and never acknowledge any issues?

CDOing? Madoffing?

Re: What I Think of Bitcoin

#72

Post by jdcaron »

Store of value like gold & crypto currency is an idea that has a clear side effect. There will be inflation, it's how governments move the economy around. Yet, bankers and crypto fans keep talking how gold or bitcoin can help you evade it. Which it means, even more pressure will be put on people who don't have the ways of escaping inflation through such ways. It will be the poor that will pay the highest price while rich people will go around it.

Re: What I Think of Bitcoin

#73

Post by itsoktocry »

bl557 wrote: post #60
itsoktocry wrote: post #49

Earlier quoted context omitted.

> Tether FUD What's the opposite of FUD, when people with a massive financial stake in something do nothing but tell everyone everything is great all the time, and never acknowledge any issues?

https://twitter.com/lopp/status/1344361051048042497

Great to see all of the problems, past, present and future have been solved.

But thanks for the link to a person who clearly has no financial stake in the success of Bitcoin, right?

Re: What I Think of Bitcoin

#74

Post by tromp »

matthewdgreen wrote: post #25
newswasboring wrote: post #19

> Since the supply is known, one has to estimate the demand to estimate its price. Is there any other asset we can make this statement about? That supply is 100% known and cannot change in future?

The supply isn't really known. As of this older 2020 article [0], something like half of the total number of (future) Bitcoins haven't moved in at least a year. I've seen figures like 2/3 from later in 2020. Some fraction of those probably represent lost keys, and hence will never move again absent a consensus change. Another fraction represent people who are just sitting on the coins waiting for a chance to sell. Bu…

Lost and burned coins are included in the notion of circulating supply, which is simply the sum of all historical block subsidies.

Re: What I Think of Bitcoin

#75

Post by thebean11 »

CyberDildonics wrote: post #70
lalaland1125 wrote: post #56

Earlier quoted context omitted.

Tether is almost certainly holding on to a couple billion real dollars to maintain the peg. This is very similar to how the Bank of England maintained an artificial value for the pound that wasn't broken until George Soros came around.

I think it is much more likely that tether is backed by bitcoin and is a ponzi scheme. Price rises seems to be driven heavily by more tether being created out of nothing, leading to another speculation and news frenzy, leading their btc being more valuable and safety from default despite creating more tether. If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actuall…

> If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actually get USD from it) I think it will end up exposed

To be fair, this already happened. Bitcoin crashed from $22k to $4k, and this was at the height of tether worry.

Re: What I Think of Bitcoin

#76

Post by _han »

gegtik wrote: post #62

"environment" 2 hits, both "regulatory environment"

I went one step further and searched for "energy", which only appeared in the article's disclaimer in names of institutions.

I then proceeded to close the browser tab.

Re: What I Think of Bitcoin

#77

Post by lalaland1125 »

T0Bi wrote: post #66
lalaland1125 wrote: post #44

Earlier quoted context omitted.

That doesn't deal with the fake $500 million per day that is being pushed in by Tether. That money has to be artificially inflating the price of Bitcoin. Unless you actually think $500 million per day of real dollars are being acquired by Tether, a company that has never been audited and is under investigation, when there are many legitimate stable coin alternatives such as USDC? You would have to assume that there i…

You have no sources for any of your claims.

I provided links to my sources in the original post. I thought it was pointless to relink them every single time.

Re: What I Think of Bitcoin

#78

Post by CyberDildonics »

Mc_Big_G wrote: post #61
CyberDildonics wrote: post #58

Earlier quoted context omitted.

Everyone who invests in bitcoin is breaking the cardinal rule of investing: don't invest in something you don't understand. If people realized that bitcoin's -average- transaction fee is around $25 USD because it is restricted (for no technical reason) to a few transactions per second (less throughput than 240p youtube videos) they would at least move on to other cryptocurrencies. If people realized that a sudden dro…

The value of Bitcoin doesn't lie in how many transactions it can do per second, nor the cost per transaction.

I actually said utility, you said value.

It is also telling that you didn't say what the value actually is. If you do explain that, make sure to mention it relative to other cryptocurrencies that have all the same properties (except for name recognition) but don't have throughput problems because they did what everyone saw coming 8 years ago and allowed larger blocks, faster blocks, or both.

Re: What I Think of Bitcoin

#79

Post by andrepd »

reitzensteinm wrote: post #64
andrepd wrote: post #50

Earlier quoted context omitted.

Excuse me, how is this different from banks, which have money to cover ~1% of their deposit liabilities? Scratch that, US and UK banks, for example, now have 0% reserve requirements.

Banks still have assets to cover the liabilities, they're just not liquid. Are you claiming Tether has other assets that are not being counted?

No, they don't. In the event of a bank run, a bank cannot cover their liabilities. This is the same thing that you point in tether as a fatal flaw and a "scam".

Re: What I Think of Bitcoin

#80

Post by tromp »

paulpauper wrote: post #33

Bitcoin was good until around early-mid 2017, when it became over-regulated, too expensive to use, no privacy, too slow, etc. The fungibility is gone. Everything is taxed and tracked. Pretty much useless

The privacy / fungibility was never there. Not in 2009, not in 2017, not now.
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