Down to about $90k, where would you park it if your trading skills were trash?
- Thread starter zghorner
- Start date
I'm fairly confident one of us is.
I have a finite supply of socks. Any chance of it becoming a medium of exchange? It's got that wonder feature going for it.
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The thing that makes me really wonder about is the tipping point. How on earth will anyone want to hold currencies if its so clear that they just always have to be inflated. As all the bitcoin guys lecture about, everything will converge onto the best money. I'm sure that entire countries will just abandon having their own currency if they realize they can't compete on the open market. Imagine how much time and effort you free up if you don't issue a currency and all the work that goes along with that. Obviously the government will have to give up control, but I do think that when you realize that the strength is your people, and your people innovate when they are free, then this will prove more beneficial than locking people down with a shit currency.
The US is after all what it is today because people were just mostly left alone to do what was in their best interests while the rest of the world focused on tyranny and control.
I just reread the thread title. How did bitcoin become the central theme here?
You're all pissed because it's e-gold.
You've all heard the factoid that all the world's gold would fit in a cube with the footprint of the Washington Monument. It's finite and has the provenance. You have a superior use-case but gold can be handed from one human to another.
And we're entering an economic cycle which is the worst time for crypto. It doesn't cast off income in a time of 5% RFR. Why are the futures trading at cash? It's shit.
If all of us could make what you do in the markets, we wouldn't need to worry about preserving our wealth of be worried about the future, what you're not representative of the majority.
I also think you're also suffering from a touch of hubris. Look at all the fuckers who had money in Silicon Valley Bank. None of them were worried at all, and if things didn't go their way, they could have lost it all. One bad decision away from total collapse.
Now we see the market implode simply from Japan raising rates by a tiny bit, and the only thing that likely stopped the bleeding is a note that Japan will stop with the rate hikes.
The entire system is balanced on a pin, but you are putting your full faith in your bank accounts and your brokerages and your ability to navigate the current system. Most people do not have the resources that you have, and they will be wiped out. You might say you didn't give a shit about the bitcoin you had, but for some people, it will be the difference between having a roof and food in their stomach or none of this. I don't know if you have guns, but I imagine at some point, even this will be necessary. You might be a world class trader, and some homeless dude might end your life one day because he is pissed off. This is what this entire broken financial system is going to do. All you do is look at your computer screen all day and can accurately make predictions to make millions every year, but there is something much bigger going on that you might not realize or fully appreciate. Look at how close Trump came to the end.
There are major drawbacks to gold if you ask me, and Bitcoin fixes this. My silver stock pile did nothing for me in 10 years, and when it came time to sell it, it proved to be a huge hassle. Bitcoin on the other hand is the easiest to sell. Plus lets not forget about how difficult it is to verify gold purity and who has what.
Nobody is looking at bitcoin for income. Lyn Alden said it best... you don't need yield in a currency that doesn't depreciate over a long enough time horizon.