They Work in Crypto, ...

[deaddog]

This is part of the beauty of BTC and getting in before its too late.

You can have a piece of what the 'somebodies' will want and need for control.

There is an opportunity for the little guys to close the gap.

I've said that all along. It's a trading asset not a store of value.

 

[NoahA]

I find that hard to believe. Any asset that has the volitility of BTC has someone pulling the strings.
Those who own a lot can control the amount offered for sale. They can move the price by controlling the supply. How else do you explain the wide swings in price?
To me it looks like the pump and dump operations of the old Vancouver stock exchange.

Sure, lots of volatility. And yes, lots of manipulation. But you need to understand that when you have bitcoin that you control, there is nothing anyone can do to you. All of this will settle down at a much higher price.

In the financial system, I have learned that UST's are considered pristine collateral. Nobody wants mortgage backed securities as an example. Bitcoin will be that pristine asset. But if you're not ready, buy at 100k. Or wait for 500k. I don't care.

 

[destriero]

It was designed to fuck the little guy. They don't teach this in school so that most people accept being fucked. But the secret is getting out. Once everyone knows they are getting fucked, and don't want to be fucked, they buy bitcoin, and then bitcoin takes over.

Who the fuck still uses MySpace? Nobody, cause they didn't want to. It will be the same for the financial system. Every drop of juice has been extracted. They can't squeeze the little guy anymore. Zero interest rate policy is finished now. The debt finally matters because of the huge interest payments. There is no way to use fiat to manipulate anymore.


Its better than someone else fucking me over, so I prefer to fuck myself over. The immutability is a positive, not a negative. You tell me what you think about the London Metals Exchange rolling back transactions on that nickel price explosion about a year ago? Do you think its great that they had the power to do this simply because their friends lost money?

I am not getting anywhere here. I was stating that the immutability doesn't warrant the edge loss and friction elements. Joe Blow with $800 in Chase passbook savings understands utility function as it impacts his life for the better. He says fuck your immutability. It's an answer to a question that nobody asked.

We'd be Cuba and driving '57 Pontiacs w/o fractional reserve.

I'm done.

 

[semperfrosty]

I've said that all along. It's a trading asset not a store of value.

That's not what I said.

It is a store of value that can also be traded if that better suits your investment style.
.
People rarely trade items that are not of value.

 

[NoahA]

Imagine POS transactions where you're paying microstructure to hedge FX that takes 90 minutes to verify. You cannot transact FIFO but you can hedge it as it comes in. All that friction to avoid fractional reserve?

I get that you're arguing store of value but then it's a gold-analogy.

Sorry, this goes over my head.

The acronym in crypto world, POS, stands for proof of stake, so I keep getting thrown off since you're clearly not saying this. Maybe point of sale? I have no fucking idea. And I don't even know why you're talking about an FX hedge.

We are only talking about bitcoin being an asset that is recognized by the entire world one day as the best form of asset to own. Everything else can be figured out along the way.

 

[destriero]

I've said that all along. It's a trading asset not a store of value.

You're so wrong it's uncanny.

 

[NoahA]

I am not getting anywhere here. I was stating that the immutability doesn't warrant the edge loss and friction elements. Joe Blow with $800 in Chase passbook savings understands utility function as it impacts his life for the better. He says fuck your immutability. It's an answer to a question that nobody asked.

We'd be Cuba and driving '57 Pontiacs w/o fractional reserve.

I'm done.

Ok, I see your point. So Joe is broke and doesn't want to lose his $800. But the reason he is broke is because the current system robs him. He lives month to month, can't ever save, prices out of control, and all so that those at the top can live a good life. He is a fiat debt slave. Once he learns how the FED has robbed him of his life, he won't give a fuck about his Chase passbook.

 

[deaddog]

.
People rarely trade items that are not of value.

Unless you count NFTs, baseball cards and tulip bulbs, not to mention the odd stock that has gone belly up.

 

[semperfrosty]

Sorry, this goes over my head.

The acronym in crypto world, POS, stands for proof of stake, so I keep getting thrown off since you're clearly not saying this. Maybe point of sale? I have no fucking idea. And I don't even know why you're talking about an FX hedge.

We are only talking about bitcoin being an asset that is recognized by the entire world one day as the best form of asset to own. Everything else can be figured out along the way.

Haha.Threw me too at first.In context I'm pretty sure its 'point of sale'.

 

[semperfrosty]

Unless you count NFTs, baseball cards and tulip bulbs, not to mention the odd stock that has gone belly up.

True! Didn't think of baseball cards! haha