Down to about $90k, where would you park it if your trading skills were trash?

[NoahA]

The argument is anti-fiat, but in reality it's a maximalist argument as the total crypto-market is approaching $2.5T. I think a better valuation metric is marking it to some multiple of GDP. IOW what made the gold standard impractical. Crypto will experience the same limit (gold standard analog).

Lyn Alden expresses well what killed the gold standard. Settlement is the problem. You can't move bricks of gold around easily. So then you have to do a paper gold on top of this, and now of course its digital, but this of course opens up lots of counterparty risk and you can't verify who has what, etc.

With Bitcoin, you're exchanging the actual thing that has value, and there is no backing because Bitcoin just is.

I think most people can't get their head around bitcoin because we have never had all of these properties available in money at the same time. It was never easy to move, and verify, and scarce all at the same time.

 

[poopy]

WTF is that? He/she is wrong.

 

[Frederick Foresight]

Why are you obsessing over something you hate so much?

You'll forgive me I hope, but that's just me rubbernecking at an accident waiting to happen.

 

[NoahA]

WTF is that? He/she is wrong.

And this is why Bitcoin will get to $1MM.

You're incredibly smart and talented and rich, and yet, you don't see it. @newwurldmn is also smart and rich and he doesn't see it. None of you need bitcoin, yet, but most of the world does. You're just happy knowing that your bank account is insured and that your brokerage will make you whole on all the shares you own. But when shit really hits the fan, how much faith will you have in any of this? You hope that the brokerages forces the other party to pay you for your gains, but you're always relying on a counterparty. I'm of course not saying that all of this will fall apart, but its all risk in the system that will be washed out one day. Each time the Fed bails out a bank, everyone else pays for it. Most people cannot be squeezed anymore.

 

[Frederick Foresight]

Seeing where this thread has veered, do you think maybe it should be moved to the Religion forum?

 

[NoahA]

You'll forgive me I hope, but that's just me rubbernecking at an accident waiting to happen.

Careful not to stand too close.... you might within the blast radius of the whatever you're waiting for.

There will of course be a huge explosion, but its gonna be the fiat system.

 

[Frederick Foresight]

You're incredibly smart and talented and rich, and yet, you don't see it. @newwurldmn is also smart and rich and he doesn't see it.

So because these smart guys don't see it, it must be true?

 

[NoahA]

So because these smart guys don't see it, it must be true?

Good point. I'm just saying that when someone doesn't need bitcoin, its difficult to see it.

 

[poopy]

The argument is anti-fiat, but in reality it's a maximalist argument as the total crypto-market is approaching $2.5T. I think a better valuation metric is marking it to some multiple of GDP. IOW what made the gold standard impractical. Crypto will experience the same limit (gold standard analog).

M3 in 1971 (Nixon Shock) $700B. Total cap of gold was ~$300B. That's just US M3. Ignoring all other FX.

 

[newwurldmn]

And this is why Bitcoin will get to $1MM.

You're incredibly smart and talented and rich, and yet, you don't see it. @newwurldmn is also smart and rich and he doesn't see it. None of you need bitcoin, yet, but most of the world does. You're just happy knowing that your bank account is insured and that your brokerage will make you whole on all the shares you own. But when shit really hits the fan, how much faith will you have in any of this? You hope that the brokerages forces the other party to pay you for your gains, but you're always relying on a counterparty. I'm of course not saying that all of this will fall apart, but its all risk in the system that will be washed out one day. Each time the Fed bails out a bank, everyone else pays for it. Most people cannot be squeezed anymore.

I guarantee that in the doomsday scenario, crypto will fail too.

I will admit, I have missed the rally. I missed dotcom 1 (excuse was I was in college), dotcom2, real estate in 2005, fangs in the last decade. I’m more Larry David (from the commercial) than Elon musk.

But I still don’t see it. I can see a crypto maybe becoming dominant but not bitcoin. What I see is a lot of non rich people hoping this as an opportunity to change their station in life. (A lot of the supporters of the American revolution were just that - looking for disruption to improve their lot in life).

To tell you about crypto wealth: when bitcoin lost 840 Billion in market cap, the economy didn't even notice. I don't even think Lamborghini sales were down. It's all paper wealth completely divorced from the real economy .