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JustAnotherTimeline

JustAnotherTimeline

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Jul 29, 2021
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BuschLight said:
And your company will convert that BTC to cash if people actually pay with that. No one wants to store revenue in a place that can drop 10% over the course of a business day.

Paypal, cashapp, wire transfers. How often do you need to send money overseas? For me, never.

And no, I'm not as balls deep into crypto as you seem to be. The idea of gaurenteed returns from "staking" a coin seems a lot like a scam. What do I know I guess.

Just watch a few CoffeeZilla videos on youtube about Crypto. The entire industry is shady and I will never place another dollar into it.
Click to expand...

No we will keep it for now. There are publicly traded that companies that keep bitcoin as a liquid asset on their balance sheet. Any reason why I can't?

You might not, but I a lot of people do. It is used quite a bit for folks globally to send money to family in their home country.

Not balls deep. Less then 5% of my portfolio and I'm not a rich dude.

To your point, there are a ton of scams and failed experiments. But I remain bullish on btc/eth/ada.
 
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iowastatefan1929

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Oct 26, 2006
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Voyager and Celsius depositors learned what's its like to own a 'decentralized currency'. Fortunes lost. Life Saving lost.

Then we have 'stable coin' Luna, that essentially went to 0.

Now grandma and grandpa are buying cold wallets to stash their crypto under their bed.

Maybe there is some long term value in Bitcoin, not really sure, but the amount of scams and insolvencies are going to put a major damper on the whole industry for years to come.

The Bitcoin maxis still defending this trash industry are evidence that the bottom is not in.

Not your keys, not your crypto, so everyone hurry up and hide your crypto under your beds!
 
JustAnotherTimeline

JustAnotherTimeline

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Jul 29, 2021
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BryceC said:
Just my opinion, but USD fits everything but 3, 5, and 7.

I don't buy things globally in my personal life so I don't care about 3.
I thinking an expanding money supply is a good thing, so 5 is a bad thing to me.
I think having an immutable monetary policy is a bad thing, so 7 isn't a selling point.
Click to expand...

Concerning 5 and 7. I can appreciate your position here. Pretty standard for modern economic theory. But most don't envision bitcoin replacing fiat. Just as an alternative money with different fundamental properties.
 
BuschLight

BuschLight

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Jul 24, 2022
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JustAnotherTimeline said:
No we will keep it for now. There are publicly traded that companies that keep bitcoin as a liquid asset on their balance sheet. Any reason why I can't?

You might not, but I a lot of people do. It is used quite a bit for folks globally to send money to family in their home country.

Not balls deep. Less then 5% of my portfolio and I'm not a rich dude.

To your point, there are a ton of scams and failed experiments. But I remain bullish on btc/eth/ada.
Click to expand...
Didn't most of those exit when BTC dipped over 60%? And those companies buy with cash on hand, not with their revenue. I personally would not want that position for my company.
 
JustAnotherTimeline

JustAnotherTimeline

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Jul 29, 2021
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iowastatefan1929 said:
Voyager and Celsius depositors learned what's its like to own a 'decentralized currency'. Fortunes lost. Life Saving lost.

Then we have 'stable coin' Luna, that essentially went to 0.

Now grandma and grandpa are buying cold wallets to stash their crypto under their bed.

Maybe there is some long term value in Bitcoin, not really sure, but the amount of scams and insolvencies are going to put a major damper on the whole industry for years to come.

The Bitcoin maxis still defending this trash industry are evidence that the bottom is not in.

Not your keys, not your crypto, so everyone hurry up and hide your crypto under your beds!
Click to expand...

So we are at 10% inflation YOY in the beloved legacy system.

Crypto has it's issues, but it's pretty easy to defend bitcoin.
 
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iowastatefan1929

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Oct 26, 2006
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JustAnotherTimeline said:
So we are at 10% inflation YOY in the beloved legacy system.

Crypto has it's issues, but it's pretty easy to defend bitcoin.
Click to expand...
But the US dollar is up 15% YOY and Bitcoin is down 50% YOY?
So you are getting hit on your purchasing power and taking a 50% cut on your reserves.
A US dollar holder is taking a hit on their purchasing power but seeing a 15% appreciation on their reserves, and they dont have to hide their reserves under their bed, its in safe and liquid banks that are insured.
All YOY.
 
JustAnotherTimeline

JustAnotherTimeline

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Jul 29, 2021
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flycy said:
5. I know there is supposed to be a finite supply, but that could change at any point, either from malicious attacks or groups like the Fed muscling in. The Enigma code was unbreakable.

6. World governments and institutions will regulate for your safety until this is not true. You think they'll give up their cash cow and power. In person cash transaction are free, some electronic cash transfers are free or extremely low cost.

7. I'm guessing there will be regulation and adjustments to those policies over time. I know they are supposed to be preset and unchangeable, the dollar was once fixed to gold as well.

It may well be that bitcoin will be a mainstream or black-market currency for those with personal wallets for a long time to come. It, like any fiat currency, could also become worthless. Congress is already trying to pass legislation in the name of preventing money laundering and criminal activity. I appose those actions, but congress doesn't seem to listen to me.
Click to expand...

The only way to change the supply would be for the miners/validators to signal agreement with the change. No miner would ever do this because it devalues bitcoin.

A larger percentage of traditional financial system transactions are illicit when compared to crypto. This is a false narrative.

www.forbes.com

The False Narrative Of Bitcoin’s Role In Illicit Activity

The majority of cryptocurrency is not used for criminal activity. According to an excerpt from Chainalysis’ 2021 report, in 2020, criminal activity only represented .34% of all cryptocurrency transaction volume.
www.forbes.com www.forbes.com
 
JustAnotherTimeline

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
2,192
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iowastatefan1929 said:
But the US dollar is up 15% YOY and Bitcoin is down 50% YOY?
So you are getting hit on your purchasing power and taking a 50% cut on your reserves.
A US dollar holder is taking a hit on their purchasing power but seeing a 15% appreciation on their reserves, and they dont have to hide their reserves under their bed, its in safe and liquid banks that are insured.
All YOY.
Click to expand...

Bitcoin is still in it's infancy. If it continues to follow a logarithmic regression pattern then we will continue to see diminished returns until we eventually reach minimal volatility.

The US dollar basically ONLY loses purchasing power over time. Sometimes, like now, more than others.

The best way to evaluate bitcoin returns are from halving to halving, not YOY. If you do not see preserved purchasing power over that timeframe then it's probably fair to say the experiment is likely going to fail.
 
besserheimerphat

besserheimerphat

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Apr 11, 2006
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Mount Vernon, WA
JustAnotherTimeline said:
Can you name another technology that allows you to send value to anyone, anywhere in the world instantly for a few pennies? Also, it needs to be something outside of central control to be similar.
Click to expand...
I can put a check in an envelope and mail it anywhere in the world for the cost of a stamp. My grandparents were doing that for my birthday in the early 80s.
 
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besserheimerphat

besserheimerphat

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Apr 11, 2006
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Mount Vernon, WA
JustAnotherTimeline said:
Man, you were pulling my chain and I missed it, LOL!
Click to expand...
Yes and no. Maybe it's my American viewpoint, but I don't see a big market for two random people to send each other funds internationally. Sure there are migrants sending money home. Or maybe buying some kitsch from someone overseas *cough Afghani opium cough.* It's not like you can outsource your job without your employer's permission, and they're not going to let you do that on your own for liability reasons.
 
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iowastatefan1929

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Oct 26, 2006
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www.reuters.com

U.S. regulators order Voyager Digital to stop 'false and misleading' deposit insurance claims

U.S. banking regulators have ordered crypto firm Voyager Digital to cease and desist from making "false and misleading" claims that its customers' funds were protected by the government.
www.reuters.com www.reuters.com

An industry rife with scams.

www.reuters.com

U.S. SEC charges 11 individuals in $300 million crypto pyramid scheme

The Securities and Exchange Commission said on Monday it charged 11 people for their roles in creating and promoting a fraudulent crypto pyramid and Ponzi scheme that raised over $300 million from retail investors worldwide, including in the United States.
www.reuters.com www.reuters.com

But I guess you can finally send money overseas, you just dont understand!
 
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