Meet the anti-crypto crowd

[Same Lazy Element]

What the anti-crypto crowds fail to understand is that the superficial research and time they have put into bitcoin cannot possibly compare to the pro-crypto advocates who have invested billions of $ and thousands upon thousands of labor resources most of it on exhausting brain power (research)

1. Paul Tudor Jones
2. Stanley Druckenmiller
3. Bill Miller
4. Fidelity
5. JP Morgan
6. Blackrock
7. Citibank
8. CME
9. NYSE
10. MassMutual
11. PayPal
12. Square
13. MicroStrategy
14. Ruffer Investment
15. Stone Ridge
16. Guggenheim
17. Many many more...

Skin in the game. When a person has nothing invested, it's easy to spout repetitive stuff like Tulips and bubbles and ponzis. Dunning-Kruger

In fairness, these guys are treating crypto as a cheap option as opposed to "the next sure thing". They are not hodling nearly as much of their capital/NW in crypto as an average crypto enthusiast. Even the companies that decided to invest into crypto infrastructure are still very tentative. What this is saying is that a small allocation to crypto is a smart thing to do (I said exactly that way back when when crypto was touching 5k).

At the same time, it's hard to deny that there is some, erm, "significant froth" in the market. So we might see some serious downside moves if there is any adversity. It's even harder to deny that the market is still very immature from the infrastructure and legal perspectives.

 

[johnarb]

In fairness, these guys are treating crypto as a cheap option as opposed to "the next sure thing". They are not hodling nearly as much of their capital/NW in crypto as an average crypto enthusiast. Even the companies that decided to invest into crypto infrastructure are still very tentative. What this is saying is that a small allocation to crypto is a smart thing to do (I said exactly that way back when when crypto was touching 5k).

At the same time, it's hard to deny that there is some, erm, "significant froth" in the market. So we might see some serious downside moves if there is any adversity. It's even harder to deny that the market is still very immature from the infrastructure and legal perspectives.

I'm 95%+ invested into cryptos but that was true before most of the list got involved in bitcoin/cryptos.

It's more than just $ at stake, though, PTJ putting 5% NW ($250M) into bitcoin futures is one thing, the other side is actually putting one's reputation on the line for bitcoin. Examine the list and same thing applies. Can you imagine if you tell them to their faces you got suckered into a Tulip, bubble, ponzi, scam investment? Yet, it's so easy to post those things on ET.

Bitcoin market cap is ~$400B and daily inflation (bitcoins being mined) is less than PayPal and Square amount being bought. Frothy? We have a supply (of bitcoins) crisis.

$22K is still a very low price for bitcoin and when bitcoin hits $1T MC, you will see a deluge of even more UHNW investors coming in or screaming at their PM's why they have not bought any ore more bitcoins.

 

[Pekelo]

pro-crypto advocates who have invested billions of $

Skin in the game.

I would like to know those guys' market position on 2000 New Years Eve. Were they all short???

Also, putting 0.4% of their AUM into cryptos maybe huge by absolute numbers but relatively speaking hardly skin in the game.

And of course HF managers are never wrong.

 

[maxinger]

I'm 95%+ invested into cryptos but that was true before most of the list got involved in bitcoin/cryptos.

It's more than just $ at stake, though, PTJ putting 5% NW ($250M) into bitcoin futures is one thing, the other side is actually putting one's reputation on the line for bitcoin. Examine the list and same thing applies. Can you imagine if you tell them to their faces you got suckered into a Tulip, bubble, ponzi, scam investment? Yet, it's so easy to post those things on ET.

Bitcoin market cap is ~$400B and daily inflation (bitcoins being mined) is less than PayPal and Square amount being bought. Frothy? We have a supply (of bitcoins) crisis.

$22K is still a very low price for bitcoin and when bitcoin hits $1T MC, you will see a deluge of even more UHNW investors coming in or screaming at their PM's why they have not bought any ore more bitcoins.

good for you mister.
You take a calculated risk and invested in it.
Now you reap the profit.

 

[Pekelo]

Bitcoin is like gold, is limited in supply and cannot be printed at the will of central bankers AND comes with a payment system that is superior to those above and without restrictions.

Holy fuck would you mind studying cryptos first before spreading the myth?

1. Bitcoin's supply could be changed with consensus. Nevertheless you can not claim uniqueness about a product that can be forked every Tuesday, if there is consensus about it.

2. Bitcoin as a payment system sucks and there are way better cryptos for that task. 7 transfers per second is good for a small Albanian village, not for the world. So if you want an actual working payment system, you should pick another horse.

So if all these investors can't explain why we should back Bitcoin and not BCash or Ethereum, than they failed due diligence and they are not better investors than the kids on WallStreetBets. Hey, some of those kids are millionaires, so who are we to mess with success?

 

[Laissez Faire]

What I also notice is that those who are pro-crypto seem to be very gullible, i.e., they are unwavering in their optimism and simply can't seem to be critical. Not a good sign.

I know a few people personally who don't have a lot of faith in crypto, but have a small stake as a 'lottery ticket'.

 

[virtusa]

I followed these people in 2017 and can confirm that this is real:
https://coinmarketcap.com/headlines/news/crypto-stories-meet-family-bet-fortune-bitcoin-now/

 

[Daal]

Holy fuck would you mind studying cryptos first before spreading the myth?

1. Bitcoin's supply could be changed with consensus. Nevertheless you can not claim uniqueness about a product that can be forked every Tuesday, if there is consensus about it.

2. Bitcoin as a payment system sucks and there are way better cryptos for that task. 7 transfers per second is good for a small Albanian village, not for the world. So if you want an actual working payment system, you should pick another horse.

So if all these investors can't explain why we should back Bitcoin and not BCash or Ethereum, than they failed due diligence and they are not better investors than the kids on WallStreetBets. Hey, some of those kids are millionaires, so who are we to mess with success?

You are the king of stupidity on ET when it comes to crypto, congrats. You always struck me as a loser who never made any money in the markets, your post above just proves that

 

[longshort]

Here is my last attempt at converting the non-idiot skeptics. Paypal and Alipay are worth about half a trillion dollars combined. They are payment systems with all kinds of limitations, government controls, etc. But they are still useful. Bitcoin is like gold, is limited in supply and cannot be printed at the will of central bankers AND comes with a payment system that is superior to those above and without restrictions. You can transfer it GLOBALLY 24/7 without governments being able to do a thing about. Gold is worth a lot, payment systems are worth a lot. BTC is both combined

Except that it's not. Some imaginary token is worth as much as its real world value. It doesn't do anything. Try filling a tooth cavity with it or plate some connectors and report back how it goes. Try hanging it around your neck and report back how you look like. It's not gold but fool's gold.

Government-backed fiat currency at least pays taxes and legal tender discharges debt. Other than that, the long-term record of fiat currencies is abysmal. Gold and silver have maintained value for thousands of years. Still today, half of gold production goes into jewelry and half of silver production goes into industrial uses. You could shut down the metal exchanges and you'd still have something. Shut down the stock exchanges and you're left with ownership in a company.

Cryptos have no value. They have a price attached to them because some people were conned into buying them. Remove the greater fools fueling the bubble and it's over. Bag holders will be left with some imaginary nonsense on some distributed ledger that doesn't do jack. Transfer it to someone else (its use, right?) and it doesn't do jack for the next person.

 

[themickey]

.....Cryptos have no value. They have a price attached to them because some people were conned into buying them....

How many here are old enough to remember men's platform shoes? I had a pair once.
That's crypto, a fad.