Fidelity Digital Assets™: ADDRESSING PERSISTING BITCOIN CRITICISMS

[johnarb]

Pekelo, I noticed you changed it to cryptos again, but I really don't want to expand the scope of the discussion.

The thread title is about bitcoin btc and the 5 items I listed only relate to bitcoin btc and their bitcoin involvement. These participants range from retail to UHNW, to big companies, to HF traders and investors, to established investment firms.

Anyway, we should be celebrating!! Let's forget about the nitpickings, and enjoy this bull market which I believe is still in the very beginning stages. We're here to profit from trading and investing and Bitcoin btc is leading the charge and should break ATH very soon.

We survived the bear market and let's now enjoy the bull market. Cheers!!!

[EDIT: and even if you and I invested in the other coins, they will benefit as well]

 

[Specterx]

I've never seen people talk their book like the Bitcoin folks. It's like by owning some you automatically get signed up for a full-time job selling it to others.

In this environment of unlimited free money and zero to negative returns on all conventional assets, the market could decide that homeless peoples' feces is worth $15,000 a pound and you'd have to go along with it.

As far as BTC goes, the dam has broken and massive institutional inflows have begun - they're in the process of cornering the float. Situations like this are rare and like it or not, any swing or position trader worth their salt has to be on board.

 

[They]

Name a better practical usage then the blackmarket/criminality for Cryptos. And mind you secret capital movement/hiding is still criminal by definition (since it is against the law.)

I'll name one - Legal non-secretive capital movement. Have you sent an international wire lately? Do you honestly think Paypal/Venmo has made a business mistake by entering the crypto arena. Oh wait, is that Warren Buffet secretly investing in PayPal? https://www.streetinsider.com/dr/news.php?id=17613521&gfv=1

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” PayPal CEO Dan Schulman said in a statement. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”

Thinking you and I and every joe schmoe are bigger authorities on crypto and crypto investing/profiteering than PayPal, Paul Tudor Jones and the likes is classic Dunning-Kruger. Reality is their investments ARE a big deal and we are not a big deal.

It's not 2017/18 anymore.

 

[Pekelo]

Pekelo, I noticed you changed it to cryptos again,

Because they always bring up BTC, without mentioning the gazillion other some of them technically much better cryptos. it is like talking about Beenie babies only without acknowledging baseball cards, stamps, etc.

About 80% of the original Bitcoin claims were untrue. The uniqueness, the anonymity,etc.

If there can be a gazillion other cryptos as investments, than BTC's value should stop going up, that is the nature of the beast.

So if you/they can't answer why we should choose BTC from all cryptos, then maybe we should not. Just because it is going up isn't enough for a careful investor.

 

[Pekelo]

I'll name one - Legal non-secretive capital movement.

It is a good one, except BTC isn't the biggest player in this arena. I forgot which one they use, but banks did start to use cryptos for money transfer.

So if BTC is not the leading crypto in this field, why are we picking it for investment purchases?

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https://www.econotimes.com/8-Leadin...ain-for-International-Money-Transfers-1556326

CitiBank

"Due to the evolution of latest technology nowadays, this bank has started to explore the uses of blockchain on their operations, particularly in terms of international money transfers. Also, it began building three blockchains and assessing its digital currency called Citicoin."

Citicoin for the Win!!!! Oh wait:

----------------------

Which Cryptocurrency are banks using?
U.S. Banks Support Cryptocurrency Payments Between Corporate Customers. In February 2019, J.P. Morgan said it had successfully trialed JPM Coin, a prototype new digital coin, for transferring international payments as cryptocurrency between its corporate customers.

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Which is faster Bitcoin or ethereum?
Transactions are much faster on the Ethereum network than on Bitcoin's. ... Bitcoin is primarily a store of value and medium of exchange; Ethereum is not. Ethereum was created as a complement to Bitcoin but ended up as competition.Jun 25, 2020

 

[They]

It is a good one, except BTC isn't the biggest player in this arena. I forgot which one they use, but banks did start to use cryptos for money transfer.

So if BTC is not the leading crypto in this field, why are we picking it for investment purchases?

------------------------

https://www.econotimes.com/8-Leadin...ain-for-International-Money-Transfers-1556326

CitiBank

"Due to the evolution of latest technology nowadays, this bank has started to explore the uses of blockchain on their operations, particularly in terms of international money transfers. Also, it began building three blockchains and assessing its digital currency called Citicoin."

Citicoin for the Win!!!! Oh wait:

----------------------

Which Cryptocurrency are banks using?
U.S. Banks Support Cryptocurrency Payments Between Corporate Customers. In February 2019, J.P. Morgan said it had successfully trialed JPM Coin, a prototype new digital coin, for transferring international payments as cryptocurrency between its corporate customers.

---------------------------

Which is faster Bitcoin or ethereum?
Transactions are much faster on the Ethereum network than on Bitcoin's. ... Bitcoin is primarily a store of value and medium of exchange; Ethereum is not. Ethereum was created as a complement to Bitcoin but ended up as competition.Jun 25, 2020

I think BTC will work fine when someone wants to transfer a million or two to buy a house in Europe and is content with a few minute transfer versus having their money held by a prime bank in NY for a couple of days while they glean interest off of it and ream you with a crappy exchange rate.

But you are right it will eventually be some stablecoin that is used for most transfers.

 

[ET180]

I think BTC will work fine when someone wants to transfer a million or two to buy a house in Europe and is content with a few minute transfer versus having their money held by a prime bank in NY for a couple of days while they glean interest off of it and ream you with a crappy exchange rate.

But you are right it will eventually be some stablecoin that is used for most transfers.

Not with Bitcoin as volatile as it is right now.

In this environment of unlimited free money and zero to negative returns on all conventional assets, the market could decide that homeless peoples' feces is worth $15,000 a pound and you'd have to go along with it.

I don't actually have to go along with it. One does not have to participate in every highly-speculative momentum move. NIO went from around $2 a few months ago to $55 something now. That's a much bigger move than Bitcoin has made this year. Multiples bigger. Do you feel like you must be invested in NIO? Same with GRWG, OSTK, ZM, and SHOP. Do you feel like you must be in those names today?

Homeless feces is not worth $15,000 based on fundamentals. If there's some mania going on where everyone is betting on a greater fool to buy at a higher price later, well fine, let them do it. There's no way to know how high a speculative asset will go before the bubble pops. Sure, Bitcoin could go a lot higher just as pets.com went a lot higher than any sane person would have guessed back in 1999. You can play it. Odds are it will be higher next week based on how these momentum moves have played out in the past. Unfortunately, they usually end in a spectacular collapse like we say in 2018 and last March. There's really no way to tell ahead of time when that will happen.

 

[maxinger]

STOP RESISTING PERSISTING BITCOIN CRITICISMS !!!


It is a known fact that the cryptocurrencies supply is INFINITELY,
and blockchain security is lousy.

And there are 2 schools of thought.
One said BTC could go to 100 000, 1 000 000 or beyond.
Another said BTC could go to 10 000, 1000, 100, 10, 1 or beyond.

 

[johnarb]

Bitcoin about to break all time high and the long time critics are still bashing, lmao. Just keep watching from the sidelines the new emerging asset class that is about to replace gold.

Bitcoin!

 

[They]

STOP RESISTING PERSISTING BITCOIN CRITICISMS !!!


It is a known fact that the cryptocurrencies supply is INFINITELY,
and blockchain security is lousy.

And there are 2 schools of thought.
One said BTC could go to 100 000, 1 000 000 or beyond.
Another said BTC could go to 10 000, 1000, 100, 10, 1 or beyond.

Maxinger,

I know you like watching a lot of markets, looking for good large trading ranges. You don't even like the YM because it has the smallest range of the indexes. But honestly, tell me the last market you traded that moved 4.7% in 90 minutes. As a trader who loves strong trends and won't catch falling knifes or jump in front of trains - kamzkase trading as you call it, you have to give credit where credit is due. Bitcoin meets all of the criteria a trader would want.