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

[The Nuclear Option]

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

yay! It’s all good!

[J. Barron DeJong]

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.

[Bunion 2020]

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

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.

[The Nuclear Option]

There is something really fishy here.

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.

[byates1]

^ you.

[Garbowski]

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

Accelerationists find value in wasting electricity.

[J. Barron DeJong]

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…

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



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

[stalefish3169]

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



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

OMG, this is really your unironic rebuttal?

[byates1]

Jong is such a moron he named himself jong.

[J. Barron DeJong]

OMG, this is really your unironic rebuttal?

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

[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?

[Bunion 2020]

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.

OH SHIT, now you have done it.

Release the Kracken!

[stalefish3169]

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

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

[J. Barron DeJong]

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

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.

[The Nuclear Option]

So, no argument, just butthurt?

^ you.

[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

[rideit]

No love for Hawk-Tuah Coin on here yet?

[byates1]

What if bitcoin is a “public bad?”

Ie it has no net good to the world.

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

So you're saying you missed BTC

[CarlMega]

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.

[The Nuclear Option]

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

So you're saying you missed BTC

[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

[J. Barron DeJong]

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

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

[byates1]

Keep telling yourself that.

[The Nuclear Option]

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

[byates1]

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.