Bitcoin....who's gotten into it?

I finally found a Bitcoin use case! Hiring black market hit men to take out CEOs!!!

yay! It’s all good!

I’m continuously amazed at how hypocritical Bitcoiners are.

TradFi is bad - until Bitcoin ETF’s are allowed.

Politics is corrupted by money - but it’s good when that money is spent on to further Bitcoin.

Etc.

Etc.

Etc.

Bitcoiners will be delighted if the government spends taxpayer money to provide exit liquidity for them at taxpayer expense - no qualms foreseen.

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Bitcoiners will be delighted if the government spends taxpayer money to provide exit liquidity for them at taxpayer expense - no qualms foreseen.

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Yep.

A scenario: I bought 10K BTCs with a cost basis of $ 3500.00 per at a total of 35 million.

Price went to the moon and they were worth $60,000.00 per coin or $650 million total.

I sell 1000 of them and take a nice profit, I use that profit to pump the perceived value and my 9000 remaining coins to help jump in value to $ 100,000.00 per coin and I don't really lose much on the coins I sold to further the pump and my 9K coins went to da moon. Rinse and repeat. This isn't the stock market, this is a mostly unregulated thing that is not really a traditional asset and not a currency. Which is I guess, the whole point.

There is something really fishy here.:rolleyes2

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Originally Posted by Bunion 2020

There is something really fishy here.:rolleyes2

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At least it’s not because of criminals, kleptocrats, etc……….oh wait.


Question for Bitconners:

Name another “asset” that could easily go to zero value because it has no intrinsic value.

^ you.

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Originally Posted by The Nuclear Option

Name another “asset” that could easily go to zero value because it has no intrinsic value.

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Accelerationists find value in wasting electricity.

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Originally Posted by stalefish3169

There are lots of other horrible parts of the article, but one of the worst is when Cooper calls the Bitcoin market "exceptionally illiquid." My dude, BTC is one of the most liquid markets on Earth. You can buy and sell 24/7 365 from anywhere. The market can absorb large buys and sells as well. Heck, the German government sold 4B dollars worth of BTC over a short period of time just a few months ago and the market soaked it right up. Seems pretty liquid to me…

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Here’s what the article had to say about illiquidity:

Attachment 506621

The German sale was ~50k coins (value ~$3B not 4), and they were sold over a 3 week period.

50k coins is ~0.25% of coins in circulation. I should fucking hope selling that small amount over a three week period wouldn’t cause the whole thing to crash. But it sure as hell doesn’t prove that the biggest holders can significantly cash out without causing problems.

Edit:

Bitcoin price at start and end of the sale

Attachment 506622
Attachment 506623

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Originally Posted by J. Barron DeJong

Here’s what the article had to say about illiquidity:

Attachment 506621

The German sale was ~50k coins (value ~$3B not 4), and they were sold over a 3 week period.

50k coins is ~0.25% of coins in circulation. I should fucking hope selling that small amount over a three week period wouldn’t cause the whole thing to crash. But it sure as hell doesn’t prove that the biggest holders can significantly cash out without causing problems.

Edit:

Bitcoin price at start and end of the sale

Attachment 506622
Attachment 506623

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OMG, this is really your unironic rebuttal?

Jong is such a moron he named himself jong.

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Originally Posted by stalefish3169

OMG, this is really your unironic rebuttal?

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And yet this^ is all you can come up with in response.

stale, do you think it would be good or bad for the US government to spend $677 billion of taxpayers money to buy BTC?

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Originally Posted by The Nuclear Option

At least it’s not because of criminals, kleptocrats, etc……….oh wait.


Question for Bitconners:

Name another “asset” that could easily go to zero value because it has no intrinsic value.

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OH SHIT, now you have done it.

Release the Kracken!

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Originally Posted by J. Barron DeJong

stale, do you think it would be good or bad for the US government to spend $677 billion of taxpayers money to buy BTC?

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I haven't researched the US strategic reserve enough to be able to comment on it yet.

"So why on earth would buccaneering crypto people want the government scooping up a million Bitcoins—or about 5 percent of all that exist? The reason is obvious: so paper Bitcoin billionaires can cash out their holdings into real money without tanking the market."

This is a false premise. Hardcore Bitcoiners don't want to cash out. They believe BTC is the hardest money on Earth. They don't want to trade it for USD shitcoins. They want to keep it and borrow against it for the most part.

Exhibit A:

https://x.com/HodlMagoo/status/1865126277155291432

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Originally Posted by stalefish3169

I haven't researched the US strategic reserve enough to be able to comment on it yet.

"So why on earth would buccaneering crypto people want the government scooping up a million Bitcoins—or about 5 percent of all that exist? The reason is obvious: so paper Bitcoin billionaires can cash out their holdings into real money without tanking the market."

This is a false premise. Hardcore Bitcoiners don't want to cash out. They believe BTC is the hardest money on Earth. They don't want to trade it for USD shitcoins. They want to keep it and borrow against it for the most part.

Exhibit A:

https://x.com/HodlMagoo/status/1865126277155291432

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Well if Magoo PhD says so…

What was the goal of the $245M crypto ad spend during the campaign do you think? Altruism?

Please read up on the ‘strategic reserve’ and get back to me.

So, no argument, just butthurt?

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Originally Posted by byates1

^ you.

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What if bitcoin is a “public bad?”

Ie it has no net good to the world.

https://en.m.wikipedia.org/wiki/Public_bad

No love for Hawk-Tuah Coin on here yet?
Attachment 506636

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Originally Posted by The Nuclear Option

What if bitcoin is a “public bad?”

Ie it has no net good to the world.

https://en.m.wikipedia.org/wiki/Public_bad

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So you're saying you missed BTC

Bitcoin tldr;

Expend a bunch of energy and water to support trading the ETFs, its primary presence. Still wildly impractical for any actual commerce at scale. Park your real money and hope.

That said, I actually think that the ETF support is noteworthy and a conceptual milestone of sorts. I personally find that its inherent cost violates my ethics (and technology sensibilities) and as an investment, isn't footed on basic fundamentals. Give me utility beyond speculation. But, hey, make your money just please don't bomb the rest of the economy if it tanks - TIA.

So you’re saying that you got yours and couldn’t give a fuck whether it’s a public good or public bad.

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Originally Posted by byates1

So you're saying you missed BTC

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Hey fuckwit, thx for chiming in. We've discussed all this in the last 4 fucking years. Your dumb ass simpleton takes are a half decade late.

You're like a child Donny

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Originally Posted by byates1

Hey fuckwit, thx for chiming in. We've discussed all this in the last 4 fucking years. Your dumb ass simpleton takes are a half decade late.

You're like a child Donny

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Yeah, but he’s right that as long as you’ve got yours you don’t give a fuck.

Keep telling yourself that.

What is the HODLers strategy when the race to the door comes?

Just discovered BTC. Asking all the questions everyone else did a decade ago.

Have you also recently discovered the Internet and smartphone? On the bleeding edge of progress.