Merged Bitcoin - Part 3

[gnome]

People who got in early were just lucky.

Aside from the creators and anyone who was let in on it before it became well known.

 

[Dr.Sid]

Angry guy is reminded of all the money of his that's stuck in bitcoin forever.

Stuck forever in bitcoin ? What ? Oh .. I see .. humor again ..

 

[Suddenly]

. But that is what buyers want - a currency that can't be printed into oblivion.

Even ignoring 51% attack type issues....

If they want a deflationary currency, well, they aren't particularly bright.

It's sort of wild watching these cats obsess about Weimar Germany and Zimbabwe and so on where external forces caused inflationary collapse and ignore centuries of human history reflecting how not having control over the volume of currency led to vicious boom and bust cycles.

How in the big picture having control over the currency has prevented way, way more damage than it has ever caused. Even in cases of inflationary collapse it would have been no better if inflation wasn't an option.

 

[TurkeysGhost]

Even ignoring 51% attack type issues....

If they want a deflationary currency, well, they aren't particularly bright.

It's sort of wild watching these cats obsess about Weimar Germany and Zimbabwe and so on where external forces caused inflationary collapse and ignore centuries of human history reflecting how not having control over the volume of currency led to vicious boom and bust cycles.

How in the big picture having control over the currency has prevented way, way more damage than it has ever caused. Even in cases of inflationary collapse it would have been no better if inflation wasn't an option.

You'd also have to pretend not to notice that the current drop in bitcoin prices going on right now are absolutely related to the general recessionary fears that are also plunging conventional investments.

There's 0 reason to believe that crpytos are somehow insulated from a generally poor economic climate. If money is tight, people are going to become more risk averse, which means yanking their funds out of volatile investment vehicles like bitcoin. Inflation or recession hurt bitcoin just like everything else.

Gold has remained steady as stocks and bitcoin have plunged. Here’s where it could go next

https://www.cnbc.com/2022/02/07/gold-has-remained-steady-as-stocks-and-bitcoin-have-plunged.html

 

[Suddenly]

Aside from the creators and anyone who was let in on it before it became well known.

I mean, still lucky.

I knew about it pretty early and knew people into it. The poker scene has more than a few Libertarians running around many of whom abandoned poker for crypto because it's a way better hustle.

I thought it was totally unworkable as currency because of the deflationary nature. I'm still right about that. What I didn't foresee is a massive evangelical hodler movement jacking up the price leading to a whole industry dedicated to roping in more buyers of such size that they purchased naming rights to Los Angeles's primary indoor sporting venue. Sponsoring F1 cars, etc.

 

[carlitos]

Why does it always have to be some sort of "evil" conspiracy theory?

Who said it was a conspiracy theory? Bitcoin maxis are quite open about their intentions and goals. They want to own this currency that will dominate the world financial markets, and if I don't buy in, I can "have fun staying poor."

People who got in early were just lucky. At the time, you couldn't sell 10,000 BTC for $50. The prospect that the day would come when you couldn't sell $10,000 for 1 BTC would have been considered "just dreaming".

I can't remember this year's figures, but last year 0.01% of wallet addresses held around 60% of all Bitcoins in circulation. I am skeptical that this is due to luck.

As for the hard limit, that would simply be a misguided concept economically if bitcoin was to seriously be a global currency (some inflation or demurrage would be necessary). But that is what buyers want - a currency that can't be printed into oblivion.

No kidding.

 

[psionl0]

Aside from the creators and anyone who was let in on it before it became well known.

Are we talking about the psychics again?

 

[EaglePuncher]

Are we talking about the psychics again?

He asks while he predicts the future of bitcoin every single day.

 

[psionl0]

Who said it was a conspiracy theory? Bitcoin maxis are quite open about their intentions and goals. They want to own this currency that will dominate the world financial markets, and if I don't buy in, I can "have fun staying poor."

Wow. I am only willing to cautiously say that bitcoin hasn't reached its highest price yet. You are claiming that it will "dominate the world financial markets".

I can't remember this year's figures, but last year 0.01% of wallet addresses held around 60% of all Bitcoins in circulation.

Don't you think that this fact would be a major impediment to bitcoin's march towards world domination?

I am skeptical that this is due to luck.

So what do you think is really going on?
- Are they psychic after all?
- Did they run a major advertising blitz that nobody knows about?
- Are they exercising some Jedi mind control powers over the world's population?

 

[carlitos]

When I say "they" I do not mean that "I" believe something. Few understand this.

 

[carlitos]

This is kind of interesting - the bitcoin futures ETF by Grayscale is undervalued by a quarter. Which means that around 3% of the global bitcoin supply is stuck in a fund that is only worth 75% of the bitcoin it represents.

People who bought this fund were betting that the SEC would approve it converting from a futures ETF to a spot bitcoin market, but that's not happening. So Grayscale can sit on half a billion bitcoins and do whatever with the price spread, meaning that they make half a billion DOLLARS a year by keeping their investors in limbo.

Welcome to Grayscale's Hotel California

 

[psionl0]

When I say "they" I do not mean that "I" believe something. Few understand this.

So we are back to "lucky" then. "Their" hopes/beliefs panned out.

 

[carlitos]

Imagine if you started engaging honestly, how much the discussion would improve.

 

[psionl0]

Imagine if you started engaging honestly, how much the discussion would improve.

It's amazing how often the words "I disagree with you" get changed to "you are a liar".

You vaguely suggested that more than luck was involved but refused to elaborate.

 

[Samson]

Yes, dodging taxes, buying drugs, buying child porn, holding until one gets rich and then never buy bitcoin again Really great!

This is kind of interesting - the bitcoin futures ETF by Grayscale is undervalued by a quarter. Which means that around 3% of the global bitcoin supply is stuck in a fund that is only worth 75% of the bitcoin it represents.

People who bought this fund were betting that the SEC would approve it converting from a futures ETF to a spot bitcoin market, but that's not happening. So Grayscale can sit on half a billion bitcoins and do whatever with the price spread, meaning that they make half a billion DOLLARS a year by keeping their investors in limbo.

Welcome to Grayscale's Hotel California

I would expect investors to see this fund like the doomed micro strategy holding of Michael Saylor.
"We will never sell".

 

[psionl0]

I can't remember this year's figures, but last year 0.01% of wallet addresses held around 60% of all Bitcoins in circulation. I am skeptical that this is due to luck.

If it is your contention that there was something underhanded about how the early blocks were mined then you are mistaken. It's all a matter of public record.

The Genesis block was first created on 3 January 2009 and the entity known as Satoshi Nakamoto started mining 6 days later. On February 11 2009 Nakamoto posted about bitcoin on the P2P foundation forum and included a link to the necessary software. (https://news.bitcoin.com/13-years-a...hed-the-first-forum-post-introducing-bitcoin/).

Obviously Nakamoto and those who initially decided to install the software in those early months mined the bulk of the blocks but contrary to suspicions, there was no "secret cabal" amassing huge numbers of bitcoin before letting anybody know about its existence.

 

[EaglePuncher]

If it is your contention that there was something underhanded about how the early blocks were mined then you are mistaken. It's all a matter of public record.

The Genesis block was first created on 3 January 2009 and the entity known as Satoshi Nakamoto started mining 6 days later. On February 11 2009 Nakamoto posted about bitcoin on the P2P foundation forum and included a link to the necessary software. (https://news.bitcoin.com/13-years-a...hed-the-first-forum-post-introducing-bitcoin/).

Obviously Nakamoto and those who initially decided to install the software in those early months mined the bulk of the blocks but contrary to suspicions, there was no "secret cabal" amassing huge numbers of bitcoin before letting anybody know about its existence.

I don't know who claimed that but it's telling that you keep fighting straw men.

 

[Samson]

Psion10 actually drags facts into the thread which I find helpful.

 

[EaglePuncher]

Psion10 actually drags facts into the thread which I find helpful.

Can you rephrase this so it's even more cryptic?

 

[carlitos]

I’m not going to go through the thread and multi-quote everything to point out where my interlocutor starts the dishonest argumentation with straw men and false binaries.

Enjoy the weekend. Crypto never sleeps, but I sure do.