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What I Think of Bitcoin

bridgewater.com

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Re: What I Think of Bitcoin

#81

Post by SideburnsOfDoom »

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?

Pump and dump.

Re: What I Think of Bitcoin

#82

Post by bl557 »

Jasper_ wrote: post #69
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...

According to Tether's own transparency page [0], there's $30 billion of USD sitting in some random bank, somewhere. No, they haven't told anybody where it is, and they have never released an audit. Yes, they are still delaying the NY Attorney General's investigation [1]. We know that at least $850 million has been seized and lost for good [2]. No, they don't report that on the transparency page. [0] https://wallet.te…

Tether is definitely very sketchy in their practices, but there is simply no good evidence that Tether issuance inflates the prices of BTC.

Here is a study arguing the opposite - https://voxeu.org/article/stable-coins-dont-inflate-crypto-m...

Re: What I Think of Bitcoin

#83

Post by mempko »

I think there is a huge tail risk that Ray Dalio missed about bitcoin.

https://cbeci.org/

It's incredibility energy intensive and as the world works towards reducing the our impact on the climate, it's possible energy can get too expensive to operate a bitcoin farm mining farm. Or governments decide that using precious electricity production on hashing blocks is the same as other forms of pollution and regulates it away.

Re: What I Think of Bitcoin

#84

Post by herodotus »

sergiotapia wrote: post #47
herodotus wrote: post #37

I could not read this article because first I had to agree to this: "I am entering this website only to obtain general information regarding Bridgewater Associates, LP and not for any other purpose." but that was not at all why I was trying to enter the website. So I will probably never know what Ray Dalio thinks of Bitcoin.

Are you a robot?

....got me!

Re: What I Think of Bitcoin

#85

Post by frankenst1 »

sjaak wrote: post #23
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?

It’s not 100%. If >= 50% of the network is in agreement we can make more bitcoins, right? The limit is set in code. But that code can be altered. Let me know if I’m wrong

10%, 50%, 80% doesn't matter. Any node who wants to change Bitcoin's code and rules is free to do so.

It just creates an additional coin and it already has happened dozen of times (Bitcoin Gold, Bitcoin SV, Bitcoin ABC, Bitcoin Cash, ...). Some of them claim to be "the real Bitcoin" but market consensus seems to disagree: All of them are either dead or valued at As long as you run your own node you define for yourself what Bitcoin is.

Re: What I Think of Bitcoin

#86

Post by bl557 »

itsoktocry wrote: post #73
bl557 wrote: post #60

Earlier quoted context omitted.

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?

Yeah, Bitcoin is great, I agree :)

It seems pretty natural to me that someone who believes in Bitcoin would also purchase it.

Re: What I Think of Bitcoin

#88

Post by seanhunter »

andrepd wrote: post #50
lalaland1125 wrote: post #24

This post should be mostly discounted because Ray doesn't really seem to be aware of the true risk of the Tether scam, the biggest component of and risk to Bitcoin's value. For those not aware, Tether is a "stable coin" that issues tokens that supposedly represent dollars and can be used as a medium of exchange. However, it's widely suspected that Tether is unbacked and printing fake dollars and even Tether itself ha…

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.

UK and US banks absolutely do have reserve requirements and they are neither 1% nor 0%. I have no idea where you're getting that from. The reserve requirements vary by type of bank and type and risk weighting of asset.

Here is the documentation that explains the capital requirements for a regulated entity (not just banks, but including banks) in the UK

https://www.handbook.fca.org.uk/handbook/glossary/G1567.html

Re: What I Think of Bitcoin

#89

Post by joubert »

andrepd wrote: post #79
reitzensteinm wrote: post #64

Earlier quoted context omitted.

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".

Timing difference, i.e. majority of assets are not held in cash (it is put to work), so if many people try to withdraw lots of money at the same time, it can trigger a downward spiral (“bank run”).

I’d you’re curious to understand more: https://en.wikipedia.org/wiki/Bank_run

Re: What I Think of Bitcoin

#90

Post by reitzensteinm »

andrepd wrote: post #79
reitzensteinm wrote: post #64

Earlier quoted context omitted.

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".

I said neither thing about Tether, and there is a vast difference between illiquid and insolvent.
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