The Bitcoin (BTC) thread

budoslavic

Owl
Gold Member
"The Beauty of Bitcoin" - Andrew Tsai & Ross Stevens


Chapters

0:00 - Welcome
1:19 - Who is Ross Stevens and NYDIG
6:00 - Inflation in the American Dream
7:33 - Cash is a Liability
8:57 - Bitcoin is Life Insurance
10:39 - The 2020 Stone Ridge Shareholder Letter
13:45 - Money is Technology
15:15 - Money is Title to Human Time
17:03 - Bitcoin is Our Peaceful Weapon of Choice
19:04 - Salability Across Time
23:18 - Bitcoin Within Corporate Balance Sheets
27:48 - Are You a Portfolio Manager
29:33 - Getting Onto The Bitcoin Standard
34:40 - Banks and Non-Interest Income
35:45 - The Bitcoin IndyCar
36:55 - Central Banks Fear Bitcoin
42:07 - Purchasing Bitcoin as a Reserve Asset
45:40 - Second-Layer Solutions
50:38 - The Critics of Bitcoin
51:57 - Building A Monetary Cathedral
54:10 - What Could Go Wrong
55:37 - Interest Paid In Bitcoin
56:36 - What Motivates Ross Stevens & NYDIG
 

Max Roscoe

Pelican

Probably some insiders (Musk as well) had information about this.
Implying they weren't already tracking this for ALL American bitcoin holders?

Coinbase already provides their database of user activity to the IRS, and the IRS added a question to your tax form that asks merely if you sent, received, or acquired any crypto currency, under penalty of perjury.

Remember Bitcoin is not private, though it is not *easy/simple* to see who is transacting. This rule simply makes it where the IRS gets a simplified list, which makes it easier for them to see which taxpayers are doing this.

 
In almost five weeks, bitcoin loses half of its top value. Wow!
I was thinking this why it's not good for holding cash reserves - but on the other hand gold can have similar fluctuations but tends to be more stable and more directly tied to inflationary practices of fiat currencies...

But this is a main sticking point for BTC now - imagine you were a company using it for cash reserves, you'd have half your spending power in an inflationary environment...
but, still, some way of stabelizing it- maybe this will simply occur over time, would be good.

Right now trying to 'invest' in it is literally gambling
 

Talus

Sparrow
Just a friendly reminder that there is a line of institutional investors and big money waiting to enter bitcoin. They're probably entering now. This volatility is normal. If you need reassurance, go back and look at graphs of previous cycles. The bigger the market, the bigger the FUD. We're watching the natural selection of the market. The weak hands are exiting because they think they lost. This is why the Hodl meme exists. Easy to say hodl on the upside, but it only matters during the dark days and the downturns.

Forget you own bitcoin. Consider every dollar lost. And in a year you will be pleasantly surprised.
 

Zanardi

Woodpecker
As I said in my previous posts: now I want to slowly buy and hold BTC. I wait for the market to stabilize, then I'll buy another piece. Right now, HODL-ing doesn't seem so difficult.
 

KantPost

Sparrow
As I said in my previous posts: now I want to slowly buy and hold BTC. I wait for the market to stabilize, then I'll buy another piece. Right now, HODL-ing doesn't seem so difficult.
Now is a good time to pull the trigger on a larger amount. DCA with the other 50% of your cash from next week. there will never be a perfect time to buy, but if i had cash now i would add to my stash too
 

Stats

Woodpecker
well im buying. It looks like central bank digital currencies are a sure thing at this point. I see a 80% probability btc gets integrated as digital gold in that system where central bank digital currencies are implemented and monetary tools. ai your digital dolar will expire after a certain amount of time if you dont spend it. long term I see 80% chance of btc doing 100x from its current price. 20% chance of catastrophic failure.
 

monsquid

Kingfisher
Just a friendly reminder that there is a line of institutional investors and big money waiting to enter bitcoin. They're probably entering now. This volatility is normal. If you need reassurance, go back and look at graphs of previous cycles. The bigger the market, the bigger the FUD. We're watching the natural selection of the market. The weak hands are exiting because they think they lost. This is why the Hodl meme exists. Easy to say hodl on the upside, but it only matters during the dark days and the downturns.

Forget you own bitcoin. Consider every dollar lost. And in a year you will be pleasantly surprised.
Now is a good time to pull the trigger on a larger amount. DCA with the other 50% of your cash from next week. there will never be a perfect time to buy, but if i had cash now i would add to my stash too
Or it could be correcting all the way down to $7k. You don't know, nobody knows on something like BTC and alts where everything is based off of public sentiment.
 

monsquid

Kingfisher
It's not a magic show. There are understandable fundamentals. The people who think it is all sentiments are the weak hands I was talking about.

7k would be a gift.
The fundamentals are the massive computing required to solve each iteration of the blockchain. Chinese government shutting down large scale mining will slow down the hash rate solution time, decreasing the efficacy of BTC's computing backbone.

Also, you can't deny that sentiment is exactly why meme tweets by the likes of Elon were causing mass volatility. This is already a thing in the stock market for companies with physical equity, labor, employees, and capital. Sentiment effect is multiplied in something made up as crypto.

I'm not anti-crypto, but just looking at thousands of tweets of people crying about losing their meager life savings from their wage slave jobs is apt warning not to gamble anything you can't afford to lose.
 

Coja Petrus Uscan

Hummingbird
Gold Member
Just a friendly reminder that there is a line of institutional investors and big money waiting to enter bitcoin. They're probably entering now. This volatility is normal.

There is only one comparable crash to this that was not the end of the bull market - the March 2020 flash crash. I seem to remember that was triggered by a slew of futures liquidations snowballing.

The only good news is the volume that has taken this down from $38K to $31K is not that large.

It is testing the low for the entire year (2021), which is about $30K.

Social metrics are way down, but thus far only down to about April levels.
Binance, Coinbase, Coinmarketcap traffic is steady for now.

We must hope that because this was such a strong move up, that it had to have a very big correction.
 

Arado

Pelican
Gold Member
I was thinking this why it's not good for holding cash reserves - but on the other hand gold can have similar fluctuations but tends to be more stable and more directly tied to inflationary practices of fiat currencies...

But this is a main sticking point for BTC now - imagine you were a company using it for cash reserves, you'd have half your spending power in an inflationary environment...
but, still, some way of stabelizing it- maybe this will simply occur over time, would be good.

Right now trying to 'invest' in it is literally gambling
Until Bitcoin becomes a store of value with a much higher market cap, its volatility will make it not ideal for short term cash holding. Everyone should have emergency cash to pay for immediate expenses, but for long term savings for which you can be ok if the value fluctuates but goes up over the long term, BTC is an obvious play. When buying anything, think carefully about what role it is playing in your portfolio, don't just buy it because you saw some memes on social media.
 
Top