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

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Originally Posted by J. Barron DeJong

Yes, my Bluesky bubble is leading me to quote numbers from the notorious propaganda rag Board of Governors of the Federal Reserve System - Economic Well-Being of U.S Households 2024.

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I'm sure the Fed and Molly (who has built a whole persona around being anti-crypto) are super unbiased when it comes to Crypto. JFC dude.

We're a quarter of the way into the 21st century. Crypto has crossed the chasm. It's not going away no matter how hard you pout and stomp your feet. If BTC went to zero after FTX, maybe you'd have some standing here. But maybe, just maybe try to sip on a dose of reality and admit that you were wrong and your thesis is busted.

:)

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Originally Posted by stalefish3169

I'm sure the Fed and Molly (who has built a whole persona around being anti-crypto) are super unbiased when it comes to Crypto. JFC dude. We're a quarter of the way into the 21st century. Crypto has crossed the chasm. It's not going away no matter how hard you pout and stomp your feet. If BTC went to zero after FTX, maybe you'd have some standing here. But maybe, just maybe try to sip on a dose of reality and admit that you were wrong and your thesis is busted. :)

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Dude, it's the Fed printing the numbers from a national survey that is done annually. If you think that is biased then I do not know what to tell you.

And about those Steak and Shake Bitcoin transactions, looks like the total transactions would be around 725 on the day he is talking about. Earth shattering.

https://ycharts.com/indicators/bitco...ctions_per_day

Motherfucker, they are not even really accepting Bitcoin!:

Steak ‘n Shake customers can now scan a Lightning QR code at checkout using any supported wallet, completing transactions in seconds. The system uses a backend payment processor to handle real-time conversion to USD, ensuring stability and ease of use for both the customer and the merchant.

https://bitcoinmagazine.com/news/steak-n-shake-now-accepting-bitcoin-via-lightning-network-across-u-s-locations#:~:text=Steak%20'n%20Shake%20custome rs%20can,the%20customer%20and%20the%20merchant.&te xt=In%20Bitcoin%20Magazine's%20previous%20cove rage,Alert%20at%20Steak%20'n%20Shake!&text=Wit h%20tools%20like%20the%20Lightning,a%20wave%20of%2 0similar%20integrations.

That is like saying -now you do not have to pay for your meals in USD, you can now pay with Visa-.

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Originally Posted by MakersTeleMark

I can't imagine anything where the original intended use case didn't pan out to be the valuable or useful one. Not one damn thing.

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Ok then. What is the most promising use case of BTC today? What is the intrinsic value of that use?


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Originally Posted by stalefish3169

I'll just leave this here.



https://x.com/BitcoinMagazine/status...ZA7I_9BIg&s=19

:)

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Is that supposed to be a checkmate? A failing business markets at the crypto crowd… A business accepting BTC is very different than humans in real numbers utilizing BTC to transact.


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Originally Posted by J. Barron DeJong

Motherfucker, they are not even really accepting Bitcoin!:

Steak ‘n Shake customers can now scan a Lightning QR code at checkout using any supported wallet, completing transactions in seconds. The system uses a backend payment processor to handle real-time conversion to USD, ensuring stability and ease of use for both the customer and the merchant.

https://bitcoinmagazine.com/news/steak-n-shake-now-accepting-bitcoin-via-lightning-network-across-u-s-locations#:~:text=Steak%20'n%20Shake%20customers%2 0can,the%20customer%20and%20the%20merchant.&text=I n%20Bitcoin%20Magazine's%20previous%20coverage,Ale rt%20at%20Steak%20'n%20Shake!&text=With%20tools%20 like%20the%20Lightning,a%20wave%20of%20similar%20i ntegrations.

That is like saying -now you do not have to pay for your meals in USD, you can now pay with Visa-.

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What do you think the settlement layer for lightning is, clown?


:)

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Originally Posted by nickwm21

Ok then. What is the most promising use case of BTC today? What is the intrinsic value of that use?


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It depends where you live. For most financially privileged North Americans the killer app is store of value.

Intrinsic value is subjective but if you want to keep fading the world's most powerful computer network , have at it bro.

https://www.proshares.com/our-etfs/l...d-inverse/sbit

:)

I thought my point was obvious, but I guess not, so let me help you out;

AT NO POINT DOES STEAK AND SHAKE ACTUALLY HOLD ANY BITCOIN. THEY DO NOT *ACCEPT BITCOIN* IN ANY MEANINGFUL SENSE, THEY JUST TEAMED UP WITH A THIRD PARTY THAT GETS USD TO STEAK AND SHAKE.

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Originally Posted by stalefish3169

It depends where you live. For most financially privileged North Americans the killer app is store of value. Intrinsic value is subjective but...

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Motherfucker, intrinsic value is by definition objective, not subjective!

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Originally Posted by J. Barron DeJong

I thought my point was obvious, but I guess not, so let me help you out;

AT NO POINT DOES STEAK AND SHAKE ACTUALLY HOLD ANY BITCOIN. THEY DO NOT *ACCEPT BITCOIN* IN ANY MEANINGFUL SENSE, THEY JUST TEAMED UP WITH A THIRD PARTY THAT GETS USD TO STEAK AND SHAKE.

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We all know you're a fucking idiot after doubling, tripling, and quadrupling down after being massively wrong on BTC for years now, but somehow you managed to post something even dumber today. Anyone who has listened to your drivel has literally missed out on life-changing wealth.

:)

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Originally Posted by J. Barron DeJong

Motherfucker, intrinsic value is by definition objective, not subjective!

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Jong in full meltdown mode today.


https://www.indeed.com/career-advice...ntrinsic-value


"Since investors can measure intrinsic value using various factors, determining an asset's intrinsic value is subjective, and different financial analysts may have varying opinions about the value of an asset. Thus, another way to define intrinsic value is as the price at which a rational investor is willing to purchase an investment considering its level of risk."

:)

Yeah, I am aware of what intrinsic value in finance is. Now apply that analysis to Bitcoin.

-Rational Investor- may be the key concept you are missing here.

The Trump family is now the public face of BTC.

Let me know how that works out for you all and while past performance cannot be used as a measure of future success....

Are you really comfortable with this?

Trump is an absolute pro at fleecing gullible people out of their hard earned money. But honestly I don't think most knowledgeable people associate his scammy meme coin with BTC. The MAGA zombies are happy to shovel him cash even when they know they're going to lose it.

I view BTC the same way I viewed Amazon when it was $12 a share. If any of the online retailers survive, that will be the one. If any crypto survives, BTC will be the one.

I just wish I knew a single person that used BTC for a single thing. But I don't.

1. In 2021, Trump Media & Technology Group, the parent company of Truth Social, predicted it would generate $835 million in revenue in 2024.

Actual 2024 results: $3.6 million in revenue on $189 million in expenses.

So now TMTG has decided it will just be a vehicle for buying bitcoin

https://bsky.app/profile/juddlegum.b.../3lqbavupdok2l

I used BTC to ski 100 days all over the west for 3 plus seasons. Can't complain

You used it to directly buy your passes? I've never even seen that option offered.

If you are saying you used the profits from your investment, that's a different thing than actually using it as currency, which is what I'm talking about.

Some profit. But yeah I hear you. Obviously BTC is buy and hold.

Because BTC is a fringe speculative asset I took some profit. Let the rest ride for 15-20 years. Pass some on to the next generation.

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Originally Posted by J. Barron DeJong

Yeah, I am aware of what intrinsic value in finance is. Now apply that analysis to Bitcoin.

-Rational Investor- may be the key concept you are missing here.

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Maybe you need to come to the realization that, "all your models are destroyed."

:)

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Originally Posted by Bunion 2020

The Trump family is now the public face of BTC.

Let me know how that works out for you all and while past performance cannot be used as a measure of future success....

Are you really comfortable with this?

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You keep ignoring the fact that I was in BTC when Trump was still calling it a scam. There is no public face of Bitcoin. That's the great thing about it.

If you're so concerned, I'm sure all you guys have sold your S&P 500 index funds which now include Coinbase, making you an investors in crypto. Lulz

:)

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Originally Posted by stalefish3169

Maybe you need to come to the realization that, "all your models are destroyed." :)

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Sure, there is no financial model that accounts for subjective valuation, only objective...

The problem I have with you is that you have no fucking clue what you are talking about. Like go to that intrinsic value page you linked to, look at the four different methods of valuation, and tell me where Bitcoin prices out.

The answer is that Bitcoin has not intrinsic value. A Rational Investor would price it at zero (or negative). Which does not mean BTC is going to zero, because the people investing in it are not rational actors in the economic sense.

And since the price of Bitcoin is not based on any sort of rational valuation, it makes no sense to predict where it is going (and therefore to try and short it). Its valuation is purely on what people expect other people to value it at, purely subject, vibes...

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Originally Posted by J. Barron DeJong

Sure, there is no financial model that accounts for subjective valuation, only objective...

The problem I have with you is that you have no fucking clue what you are talking about. Like go to that intrinsic value page you linked to, look at the four different methods of valuation, and tell me where Bitcoin prices out.

The answer is that Bitcoin has not intrinsic value. A Rational Investor would price it at zero (or negative). Which does not mean BTC is going to zero, because the people investing in it are not rational actors in the economic sense.

And since the price of Bitcoin is not based on any sort of rational valuation, it makes no sense to predict where it is going (and therefore to try and short it). Its valuation is purely on what people expect other people to value it at, purely subject, vibes...

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Well, the problem for you is that I've been massively right and you've been extremely wrong.

:)

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You keep ignoring the fact that I was in BTC when Trump was still calling it a scam. There is no public face of Bitcoin. That's the great thing about it. I'm sure all you guys have sold your S&P 500 index funds which now include Coinbase, making you an investors in crypto. Lulz

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I do not own any S&P index funds.

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Trump Media & Technology Group Corp., the company behind Truth Social, agreed to sell around $1.5 billion in stock and $1 billion in convertible bonds to buy Bitcoin for its treasury.

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Like it or not Trump is going to milk as much as he can from BTC.

BTC doesn't care.