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

[J. Barron DeJong]

I believe it was me who said: go fuck yourself.

I’m pretty sure you weren’t the one to come up with that.

[byates1]

I've got the original chart

[shera]

Bread and circuses!

[shera]

Yesterday, the SEC approved 9 spot ETH ETF applications. Tomorrow, if I have time, I'll explain why ETH is the higher quality crypto asset vs BTC.

Ha, no.

Not saying it's not useful, but "higher quality" is ridiculous. How many times have they changed the emission schedule, in the past few years, like 30? The overlords control it the same way as the dollar.

Maybe number will go up. If you hold it and it does go up, I'm very happy for you.

[MultiVerse]

So the problem with bitcoin is it's not very useful. It doesn't work well with DeFi or alt-assets like stablecoins. Bitcoin L2s are janky and require siloed centralization. Its block times are too slow and fluctuating. Bitcoin doesn't work well as collateral except under custodianship which introduces all sorts of risk. And as we saw on the previous page bitcoin's moneyness properties or poor. It's just not a very good asset to build things on.

If the goal is building decentralized finance then bitcoin is not the answer. There are too many bottlenecks and It's not good for doing decentralized things.

[shera]

And ETH is decentralized?

edit - not interested in arguing that point. The various platforms like eth are definitely the proving ground for defi. Something that really strikes me about open source though is the ability to absorb what's worthwhile.

[shera]

About btc, while I don't agree with all the statements you made, its true that there's a lot yet to come. I'm looking forward to that journey. No one is required or coerced to hold bitcoin, so everyone can individually decide if it's meeting their needs.

So very early.

[MultiVerse]

The Bitcoin protocol is too limited and would need a massive overhaul to become the foundation for DeFi. To do that miners, nodes, and holders would all have to agree to change it. That's why bitcoin is so stable and also why it's not very useful.

The advantage of ETHs decentralized consensus mechanism is its fees go to coin holding stakers whereas bitcoin fees go to miners, not holders. Bitcoin PoW is concentrated by mining and custody. Whereas PoS systems like ETH are more flexible but less decentralized. So the question is whether a PoS coin is decentralized enough to be secure, because so many aren't. Due to its history, Ethereum has enough dispersed ownership to be considered decentralized.

[shera]

I agree with all that

[J. Barron DeJong]

REKT

Down more than S&P 500 on the day.

Are we looking at somehow destroying some coins to stabilize the price, or?

[byates1]

Stfuyfm

[MultiVerse]

Bitcoin is correlated with tech stocks, so not a very good diversifier, and crowing about its decline is akin to crowing about QQQ being down.

[Brock Landers]

Bitcoin is correlated with tech stocks, so not a very good diversifier, and crowing about its decline is akin to crowing about QQQ being down.

Correlation is not causation

Risk assets are correlated with other risk assets. Since btc is not (yet?) purely a store of value (hold your snickering) it can follow other risk assets, absent btc-specific “news”. Like Elon tweets about it.

[MultiVerse]

We agree. That's why I wrote bitcoin is not a very good diversifier.

[Tri-Ungulate]

Get yours now kids!

[skaredshtles]

Get yours now kids!

[CarlMega]

LOL. $500. Rubes.

[J. Barron DeJong]

What’s the over/under on Bitcoin never reaching another (inflation adjusted) all time high?

I’m starting to think it doesn’t have the juice.

[skaredshtles]

What’s the over/under on Bitcoin never reaching another (inflation adjusted) all time high?

I’m starting to think it doesn’t have the juice.

wHy dO YoU HaTe pRoGrEsS?!?

[byates1]

LOL. $500. Rubes.

Sold out instantly. Probably resell for 10x. So as usual you're an idiot. Read up on supply and demand sometimes. Fairly basic. If you need any explanation just ask. We're here to help you get past the basics

[byates1]

What’s the over/under on Bitcoin never reaching another (inflation adjusted) all time high?

I’m starting to think it doesn’t have the juice.

I'm starting to think you've been drinking windshield wiper fluid and retarding yourself further, if that's possible.

[Tri-Ungulate]

LOL are you now gonna start hyping the Drumpf Bitcoin sneakers you snatched up earlier?

So you can resell 'em for 10x what you paid for 'em?

Line goes up! Supply and Demand!! Fairly Basic!!!

[byates1]

Hi I'm Carl I'm an idiot

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[byates1]

Hi I'm tri u I'm 110#s I've had a couple spritzers and am feeling tough. I also don't understand math or anything

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[CarlMega]

Hi I'm Carl I'm an idiot

Yeah, asking price moran. And the conjecture that there's bigger morans willing to pay moar for worthless things is basically your whole btc brand. I wonder how it'll end? The suspense is killing me; I hope it lasts.