This is an interesting question. 

The ideas of open source software, cryptography, distributed tech, all share some properties.  One of them is that they are free to be used by anyone.

In one way your question is like asking "I wonder if being the backbone of the internet was Linus Torvald's goal for his kernel?"

In the end FOSS gets to be what ever the users want it to be and used by whomever chooses to.  So Bitcoin is open to use by any tiny individual as well as whole countries.  Banks will use it.  New "banks" will be built on top of it.  In some ways I feel as a use case El Salvador is much closer to the heart of what Bitcoin is than Coinbase.  But I believe FOSS allows them both.

The idea that the only legitimate use is a grassroots one (not saying that is your argument) is a bad take in my humble opinion.

The right thing is for the FOSS community that supports Bitcoin do its best to make sure that the grassroots user always continues to have access.

Just to post a little more on topic for kicks...

I am fascinated by this "slightly unflat" little area of resistance/support that has been a pivot point for over a YEAR.  I suppose it is roughly 40k basically.

In my (entirely shade tree) opinion it would be important for this area to remain as support this time around overall.  I do not like the scenario where we end up under it.  But if we can consolidate and bounce here???  Woo boy.

I swear we invented the "Bart" concept as well.  Speaking of which I am looking forward to the completion of this reverse bart... maybe soon!

I am NOT saying we should not argue against a foolish point.  And particularly we should when the opinion is actually DUMB.  I am not even saying that we cannot be rude at times.

In your above example you actually make an argument. 

It is when someone just says something like "YOU ARE AN ANTIVAXER IDIOT", or "YOU ARE A GOVERNMENT SHILL".  That is not sufficient in my opinion.  But once you start giving an actual argument I think you are back on the path.  I personally have no problem with us discussing this here too since it is indirectly related to Bitcoin price.  But I am aware many people do NOT want that topic here...

Many of the arguments boil down to "You believe something other than me because you are a moron".  A recent cartoon basically made that point.

First of all, I feel like I might have kicked off a little covid/vaccine skirmish with some of my comments.  I publicly apologize as I do try to avoid that talk here, but am not always successful as it is most definitely a factor in the worldwide economic landscape.

But at the same time I see people complaining about folks not using Bob's thread, and unfairness as to how people are asked to take things there.  To be honest I think where the whole thing falls apart is when we start calling each other names or treating people with disrespect because they disagree with our worldview.

I am personally offended by the "You don't agree with me/science/the church/government/qanon/etc therefore you are dumb" argument.

I would think if we could avoid that in here we would be better off...  Not meaning to be on a high horse.  I am guilty too.

That said... My job is hospital informatics.  I am taking a deep dive into some data I should probably not be analyzing, Heh. Although it is my exact work area, so I am allowed to look at this data. Kinda of a moral conundrum.  But it will not be the first time I have crunched some numbers around  the mess we are in.  But my curiosity gets the better of me.  Maybe if I come across anything interesting I will share it (a sanitized version perhaps) over in Bob's thread.

First this little wedge...


Then test our old range?

Right...  And I would agree we probably have more to come.  But this is a nice looking little V shaped skirmish.  Which I understand was your original point.

It sort of seems like the weekend action was a warmup.

But if this is bullish I would not want to see bearish.  But I get what you are saying.

I would be glad for you to be right, and him to be chicken little.

One thing still bugs me though.  I am NOT a doom and gloom bear.  In fact I am an optimist to a fault.  But I have always seen a little farther down the road than most people.  I would assume that is true of many here.  In my older age I am making a little money because of it, and keeping my family safer.

In DEC/JAN 19/20 I was telling a guy I work with that there was a pandemic on the way, but the scary thing would not be the disease (hopefully) as much as the second order effects.  I bet if I were not lazy I could find a post here from around that time saying basically that.  What I saw as the second order effects were things like financial system collapse... small businesses going away, and supply chain disruption.  That type of thing.

But recently I have been realizing that is just the tip of the iceberg.  I was also generically worried about war... but I did not exactly see how we get there.  Thing is now that's becoming a little more clear to me.

I will share just one little realization that has been haunting the f&*$ out of me over the weekend.

IF we continue to keep seeing footballers, and tennis players having heart attacks on TV, and more of us have friends taken out randomly by heart attacks and strokes eventually the genie will be all the way out of the bottle.  I think we are already there.  It's just a matter of how bad does it get.

People on one political side are calling for the Nuremberg code to be invoked.  Well if it turns out those people are right.  This event will cause THE BIGGEST setback for modern medicine in our lives for sure.  MRNA tech could be the delivery mechanism that leads to a cure for most cancers.

But it will be decades... many decades before people trust medicine, pharmaceuticals, the media and governments again.  And some people who are not fans of these things might say "Good let em burn". And in some ways I am one of them.  But the cost will be great.  Not only in the lives of people who were led to their own deaths by a machine chanting "trust the science" (a phrase that is a perfect distillation of the OPPOSITE of science).  But more will die waiting for that cure for cancer that may also be coming later because the the destroyed trust in out systems, and institutions.

Not to mention the inevitable war we will see...

I am probably a worse bear in this regard than Celente.

Eek!

He just said EXACTLY what I see maybe coming.

1.  Interest rates go up.
2.  Markets digest this.
3.  Shit begins to hit the fan.
4.  Bitcoin gets hammered, going down with other risk assets.
5.  Here we go... end of the world as we know it.  People on the streets... crazy.
6.  Bitcoin goes CRAZY up.

*Sigh*.  I do not want this way...

"I have been at this for 47 years.  I have never been as concerned about the future as I am now.  Because when all else fails, they take you to war."

Eeeh.  OK.  That works!   I lost site of the masses for a sec.

I actually had the same thought... that most of the time having the punchline as size=1 is fun, but that one is too important for people to have to go to the extra trouble to decode it.

NOW.

I want to clear my name.  If one were to look at my trading history (not aptly named), one would never say I was a short term thinker.  Although I did NOT buy any in the 40k realm.  But that is more because I am just broke, rather than I don't think this is a bottom.  I am actually mixed on the idea that this could be a bottom.  But I do think we are sitting on a pretty strong contender.  If there is more to go?  Well, it is what it is, and hopefully I will have some extra dough to throw at the corn in the 30s.

That said... short term price predictions and the like are the very soul of wall observing, right?  I mean... this thread would be MUCH more boring if it was called "The Long Time Preference Holding No Matter What Observer".  Right?

Speaking of which... I am looking at TWO nice looking bullflags in a row on a SUNDAY no less.  If this is a bulltrap it will be very well played...

Coming right up??

Shallower than I expected.. but knocking on heavens door?

Don't quite get the value.  I am not a Cake wallet user anyway, but why not just use the one that has bitcoin in it too?  Is this the Monero Maximalist offering?

Now, THIS scenario has Bitcoin becoming ridiculously valuable in nominal dollar terms.

Yeah.  I think we are already IN the interesting times, and yet there is certainly more ahead as well.

Hayes is ov er my head for most of that, but I agree it kind of sounds like hes on the same page pretty much.  Ugh.

I am always trying to attack my biases.  And right now I am biased towards us not entering a crypto winter, as I have recently posted.

BUT.  I think I have found a scenario that might tend to undo my optimism...

https://www.wsj.com/articles/fed-minutes-reflect-growing-unease-over-high-inflation-11641409628

Inflation has the us Federal Reserve talking seriously about quantitative tightening.  This means higher interest rates.  And I think that could mean a few things:

1.  The stock market is a goner if they do this.  The reason we continue to see crazy upwards stonks is in great part due to the fact that they keep printing money and lowering interest rates.  This could take some of the wind out of those sales.  And those prices are so bubblicious already that it's hard to imagine anything but a bloodbath.

2.  Bitcoin is currently seen (by most) as the king of risk investments still... so I would expect Bitcoin might follow the stock market.

In some ways it's hard to say what they might do because they have painted themselves into a corner.  Crashing the already limping enconomy in the name of stopping inflation?  Or keep printing and shift into negative interest rates causing absolute explosions in risk assets and making a can of beans cost $4.

Hmm...  I kind of wish I had not had this thought... I was preferring the bullish mania I was in before...

Looking for this... maybe?