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

[MultiVerse]

The cool thing about BTC is that people can opt in if they want. An extremely small number of unelected and unaccountable people get to decide when the money printer goes BRRRRRRR. .

One of many reasons why a Strategic Bitcoin Reserve is a bad idea. If you disagree with Monetary QE then you should also oppose Fiscal QE

[The Nuclear Option]

You miss the basic fact that you have traded trust in the US govt for trust in an anonymous set of whales who could devalue BTC to zero TOMORROW if they simply flooded the market.
Explain why you trust a small group of people that you don’t even know who they are?

You have no say where BTC goes.

You’ve put blind trust in these individuals to not devalue your investment. Why?

Satoshi wrote this, "The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." So obviously he was thinking at least somewhat about devaluation. But sure, make up your own narrative if you want.

Wealth inequality is not unique to BTC either, brosef. The bottom 50% of the population owns 2.5% of the wealth.

https://www.statista.com/statistics/...total%20wealth.

The cool thing about BTC is that people can opt in if they want. An extremely small number of unelected and unaccountable people get to decide when the money printer goes BRRRRRRR. I have no say in that. I surmise you don't either. Skiing is a rich person's sport. Most of the people posting on this board are affluent and own assets, so inflation isn't as harmful to them. However, for the majority of people, they work hard at their shit jobs, and then they get fucked over when Jamie Dimon calls in saying he needs another 200 billion (yes, I know that's not exactly how it happens, but I'm not far off).

[stalefish3169]

You miss the basic fact that you have traded trust in the US govt for trust in an anonymous set of whales who could devalue BTC to zero TOMORROW if they simply flooded the market.
Explain why you trust a small group of people that you don’t even know who they are?

You have no say where BTC goes.

You’ve put blind trust in these individuals to not devalue your investment. Why?

First of all, you just stated your wild assumption as a "fact." So it's hard to take you seriously. Secondly, you were just whining about BTC being too centralized because whales control too much of it. Guess what happens to the coin distribution when whales sell?

P.S. I haven't trusted the government for a long time. It's an orgy of decadence and corruption, and largely why I became a Bitcoiner. How can you trust the government when the ones claiming they are gonna "save democracy" pull this shit?

[J. Barron DeJong]

First of all, you just stated your wild assumption as a "fact." So it's hard to take you seriously. Secondly, you were just whining about BTC being too centralized because whales control too much of it. Guess what happens to the coin distribution when whales sell?

P.S. I haven't trusted the government for a long time. It's an orgy of decadence and corruption, and largely why I became a Bitcoiner. How can you trust the government when the ones claiming they are gonna "save democracy" pull this shit?

I wonder if when he was saying that he thought there was any chance that fucking Kash Patel would be the director of the fucking FBI.

I would have pulled a 180 in that one too. But sure, put the blame on Biden.

[stalefish3169]

I wonder if when he was saying that he thought there was any chance that fucking Kash Patel would be the director of the fucking FBI.

I would have pulled a 180 in that one too. But sure, put the blame on Biden.

Lol, you're such a Blue MAGA simp.

[Crusty]

An extremely small number of unelected and unaccountable people get to decide when the money printer goes BRRRRRRR. I have no say in that. I surmise you don't either. Skiing is a rich person's sport. Most of the people posting on this board are affluent and own assets, so inflation isn't as harmful to them. However, for the majority of people, they work hard at their shit jobs, and then they get fucked over when Jamie Dimon calls in saying he needs another 200 billion (yes, I know that's not exactly how it happens, but I'm not far off).

Actually, the number of people who decide when the money printer goes BRRRRRR is huge, it's everyone who borrows money. Thankfully, a person can borrow without being elected. Likewise, an election is not required to create or mine BTC.

[The Nuclear Option]

Please try to address the point rather than dicker about semantics and “whining” about a political act completely unrelated to money supply or the question that I asked you. I’ll simplify and restate:

Why do you trust the whales like Satoshi, Winklevoss’, financial corporations, and other unknowns to not devalue your investment?

First of all, you just stated your wild assumption as a "fact." So it's hard to take you seriously. Secondly, you were just whining about BTC being too centralized because whales control too much of it. Guess what happens to the coin distribution when whales sell?

P.S. I haven't trusted the government for a long time. It's an orgy of decadence and corruption, and largely why I became a Bitcoiner. How can you trust the government when the ones claiming they are gonna "save democracy" pull this shit?

[stalefish3169]

Please try to address the point rather than dicker about semantics and “whining” about a political act completely unrelated to money supply or the question that I asked you. I’ll simplify and restate:

Why do you trust the whales like Satoshi, Winklevoss’, financial corporations, and other unknowns to not devalue your investment?

It's just game theory and most large sales are done OTC.

Why do people work at their jobs for a certain wage only to trust that central bankers won't create more money and devalue their savings?

You want to go around in circles a few more times on this?

[Bunion 2020]

Ah yes, baffle with bullshit. The BTC motto.

[J. Barron DeJong]

It's just game theory and most large sales are done OTC.

Why do people work at their jobs for a certain wage only to trust that central bankers won't create more money and devalue their savings?

You want to go around in circles a few more times on this?

I assume you’ve built the mathematical model for this game?

[shera]

There are plenty of people selling now, large wallets and small. ETFs are absorbing all that sell pressure and that's why we're chopping around 100k rather than having an overdue correction.

I guess you don't need markets explained to you, you're not really looking to learn anything, just wanting to be a loud voice shouting at the internet. I hope that is scratching your itch anyway.

[stalefish3169]

I assume you’ve built the mathematical model for this game?

Sure. I'll share it with the group when you tell us how the US will tackle its 36T debt.

[stalefish3169]

There are plenty of people selling now, large wallets and small. ETFs are absorbing all that sell pressure and that's why we're chopping around 100k rather than having an overdue correction.

I guess you don't need markets explained to you, you're not really looking to learn anything, just wanting to be a loud voice shouting at the internet. I hope that is scratching your itch anyway.

Shera, we're so lucky to have your posts of wisdom here. Thank you!

On a related note. This one is a must listen if you haven't already.

https://x.com/_DannyKnowles/status/1...cUf66Gf_g&s=19

[The Nuclear Option]

That is nice of you to jump to a derogatory conclusion about my motivations. I’ll ask the same question of you:

Why do you trust other holders of BTC, especially the whales?

There are plenty of people selling now, large wallets and small. ETFs are absorbing all that sell pressure and that's why we're chopping around 100k rather than having an overdue correction.

I guess you don't need markets explained to you, you're not really looking to learn anything, just wanting to be a loud voice shouting at the internet. I hope that is scratching your itch anyway.

[shera]

I've already seen from the nature of your posts that you're not interested in my opinion, just interested in tearing it down. Sorry, not into it...

[LeeLau]

There are plenty of people selling now, large wallets and small. ETFs are absorbing all that sell pressure and that's why we're chopping around 100k rather than having an overdue correction.

I guess you don't need markets explained to you, you're not really looking to learn anything, just wanting to be a loud voice shouting at the internet. I hope that is scratching your itch anyway.

The Canadian Btc and ETh ETFs have had higher than normal volume

[shera]

It is interesting seeing Danny Knowles taking over What Bitcoin Did. Feels kinda awkward so far, hopefully he'll find his groove, he was such a great sidekick.

[shera]

The Canadian Btc and ETh ETFs have had higher than normal volume

I'm very curious if eth will make a comeback. I don't have any but still.

Oh! Someone on youtube was saying that eventually all the ETF wallets will be exposed (and Saylor's). That should be fun!

[The Nuclear Option]

Still didnt answer my query.
Why do you think that holders of BTC are trustworthy or more trustworthy than other holders of other assets that you might invest in?

And your comparison isnt logically US Govt/$s versus BTC. BTC isnt a currency in how people are using it. It’s being used as an asset.

What is fundamentally better about BTC compared to other assets like Stocks or Traditional gold, other than the large gains?

If mr worker is putting his savings under the mattress in $USD that is foolish. But most are not doing that. They hold stocks and bonds.

If BTC was not getting above market gains how would it be any different? IE if it’s price wasnt going up then it would be devalued by inflation, right?

It's just game theory and most large sales are done OTC.

Why do people work at their jobs for a certain wage only to trust that central bankers won't create more money and devalue their savings?

You want to go around in circles a few more times on this?

[J. Barron DeJong]

Sure. I'll share it with the group when you tell us how the US will tackle its 36T debt.

I did it!



https://www.crfb.org/debtfixer

[The Nuclear Option]

Come on.

That’s exactly what someone who had no answers to my questions would say.

Let me simplify even further:

Why would you tell me as a potential BTC buyer that I should trust BTC more than other assets to hold the value of my savings?

I've already seen from the nature of your posts that you're not interested in my opinion, just interested in tearing it down. Sorry, not into it...

[shera]

I wouldn't presume to tell you to trust bitcoin, or anything else. I have my hands full taking care of this one adult.

I'll tell you one thing though and maybe it'll help you find the answers you're so desperate to find. People that have made it through a full cycle often have a certain frame of mind that you may not have seen before. They are mostly trying to figure out how to get more bitcoin, not sell it.

I'm selling because I have things I want to buy and because I hope to be somewhat lucky with market cycles and buy more through the next bottom. Not because I'm trying to unload on the next loser. And I am certainly not getting rid of all my bitcoin, never that. I'm trying to sell as little as possible because to me, bitcoin is the only sure thing.

[stalefish3169]

I did it!



https://www.crfb.org/debtfixer

I mean, that's cute and all. But the fact that the debt spiral, excuse me I meant unsustainable fiscal path, has already added another 8T since the 28T figure in your link makes that shit laughable.

[stalefish3169]

Come on.

That’s exactly what someone who had no answers to my questions would say.

Let me simplify even further:

Why would you tell me as a potential BTC buyer that I should trust BTC more than other assets to hold the value of my savings?

Here's the thing. I don't give a fuck if you buy BTC or not. I'd prefer you short it tbh.

Why don't you just buy Amazon stock? Clearly the company has amazing ethics and the founder never dumps massive amounts of shares on the shareholders. Oh, wait...fuck.

"Jeff Bezos, the founder of Amazon.com Inc. (NASDAQ:AMZN), has wrapped up his recent sale of Amazon shares. Last week, Bezos sold off Amazon stock worth $1.3 billion, taking his total sales for November to a whopping $3.4 billion."

[J. Barron DeJong]

I mean, that's cute and all. But the fact that the debt spiral, excuse me I meant unsustainable fiscal path, has already added another 8T since the 28T figure in your link makes that shit laughable.

It’s not actually laughable, they’re using current CBO numbers:

https://www.cbo.gov/publication/60419

Do you want to try again?