Baron's Crypto Trading Journal

Overnight said:
Your questions are honest, but the premise seems flawed. What you call "cryptographic problems" is the essence of the entire blockchain project.

Are you insinuating you have a better solution to BTC and the blockchain issue you see in your mind?

If so, let your readership know here, in this thread! I am sure they are keen to listen.
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Maybe proof of stake (for you, that could be proof of steak:)) is better (more scalable and uses fewer resources) is better than proof of work?
https://www.businessinsider.com/personal-finance/proof-of-stake-vs-proof-of-work
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Baron said:
I have never said that Bitcoin is more ubiquitous than the major fiat currencies. Your constant comparing of bitcoin's relatively low usage in payments compared to fiats is so ridiculous. The entire Bitcoin network is only a decade old for crying out loud. If you wait around for Bitcoin to be accepted at every grocery store, gas station, and restaurant before you can accept that it's not a scam and is legit, you'll have missed one hell of an opportunity.
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Yes you did, I will show you what you did post:

Baron said:
Within the last few years, 1,391 Bitcoin ATM machines have been installed in Europe to facilitate Bitcoin payments and transactions. That's a lot of machines so there's obviously a strong demand for the service they provide.
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So you make it sound like BTC atm's are taking over Europe. Reality is that BTC atm's are still almost nowhere. The complete opposite of your "strong demand". I have several friends who have BTC (as a gamble), not a single one even knew that there are BTC atm's.

You assume that some day Bitcoin will be accepted at every grocery store, gas station, and restaurant. What if it is a scam? Then you'll have missed one hell of an opportunity by investing in a losing BTC.

You always take your dreams and wishes for reality:
  • BTC will be used everywhere? After a decade, still no sign at all at this moment. Not very promising for future.
  • BTC will skyrocket? At this moment it is a skydive and LT returns are already several years in decline. Not really proof of strength.
  • BTC atm's are all over Europe and there is a huge demand? No sign at all at this moment. You clearly did not (want to) see at what price you can buy or sell BTC and also "forgot the commission of 10% and more you still need to pay. Only brainless people will use these machines. These machines are installed in small shops and fuel stations where all the time people run in and out. Totally no privacy and high risk to get attacked by some criminal who will take your usb stick.
 
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Baron said:
Paris isn't exactly what I'd call the technology capital of the world so I'm not surprised.
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The payment and banking technology all over Europe in the EUR zone is beating what the US has. US still uses prehistoric cheques.
In the entire EUR zone you can do instant payments for free, take cash money for free, and pay in almost all shops with your bank card for free. I can pay in Spain, Italy, Greece...while living and having a bank account in my place, thousands of miles away from these shops. So Paris is beating the US in payment technology.
You have no hard proof against my hard proof about how rare the BTC atm's are. So you make up something in your fantasy.

Paris is a tourist's place where millions of tourists go. Having there BTC atm's would be the smartest thing to do. But there is no demand at all, as there is only 1. They should be placed where the demand is. And there is no demand. That confirms that your statement is completely wrong.
Mc Donalds, Starbucks, kentucky fried chicken, or any other business, don't watch for high tech places to open a shop. They open where the demand is. Like in the Bronx.
 
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Baron said:
No, it's way more than 1 or 2 percent. More like 70%, so I think that would definitely put me in the camp of believer instead of bet hedger. So I'm not just some nerd trying to defend Bitcoin for the sake of arguing; I'm actually putting my money where my mouth is.

Keep in mind that the account used for this Journal is exclusive to this Journal only, so it's not my only exposure to the market. I've been actively involved in the crypto space for a long time. The first account I ever had was 9 years ago at Mt. Gox back in 2013. So perhaps that's why the short-term volatility doesn't really bother me like it seems to bother others. I've seen big dips happen so many times before that now I'm just like, **yawn**.

People like virtusa have literally been declaring Bitcoin a scam, or worthless, or dead since Bitcoin started. If you want to get some entertainment, go to https://www.bitcoinisdead.org/ and hover your cursor over some of the dots on the chart and you'll see that the same negative comments and FUD were said about Bitcoin when it was less than $1,000 back then just like they are today 8 years later with Bitcoin being $35k. The doom and gloomers have never stopped, and they've never stopped being proven wrong either, which is why I find the whole thing comical.
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So you were in 2013 already in crypto's? LOL.
According to the arguments you always use, that BTC made many people rich, you apparently missed that boat too.
The ride from $1,000 to $35,000 in 9 years you missed too. But you took the ride down from $63,000 to $33,000. Your reality has a huge contradiction of your fantasy. And reality is real while fantasy is just fantasy.
So arguing with returns from past that even you were not able to realize, makes no sense. You still live in past where you theoretically could have become a billionaire, but in reality you never did. Just like most crypto fans on ET.
On top of that, past return is no reference for future returns. In 2013 BTC was around 15$. But you started to buy at 55-63K 9 years later.
 
I just saw this bit of news this morning, which is huge in my opinion. Having a company like KPMG essentially validate Bitcoin by purchasing some for their corporate treasury is going to give executives from other companies the confidence to do the same. Furthermore, KPMG is a financial services company that has 38,000 employees and clients all over the world. If they are adding crypto assets to their treasury, imagine what kind of door this is going to open in terms of advising their clients worldwide to do the same.

https://twitter.com/x/status/1490728332345987078
 
Baron said:
ETH is probably the one that's in the most danger of never seeing an all-time high again. There's too many competitors with superior technology. First of all, it's looking pretty obvious that Ethereum will never be able to perform any decent level of scale without the Polygon bolt-on. So while the ETH motorcycle is speeding around the race track at a decent speed with the sidecar bolted on, others like SOL and FTM are putting their versions of Ducatis on the track to compete with, and with no sidecars! It's pretty much a no-brainer to see where the outcome of this race is headed.
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Maybe,... I wouldn't discount ETH completely yet. They are the first L1 to bring various L2 tech into their ecosystem. As the load has increase on these other chains we are seeing the strain on monolithic L1's. SOL has experienced days of outages recently and FTM with it's rapidly growing ecosystem has also slowed down from the increase load and having increased gas prices as well.

Just the other day, some BTC maxi's recognized the market demand for DeFi, raised 150mil and are looking to increase core dev for BTC to capture some of that market. Having an application layer for BTC could be game over for all these other projects but BTC is behind in that area of development.

There are so many shifting narratives as the space moves so fast, it's difficult to keep up a generalist pov. It's much easier to go tribal.
 
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