In theory every user should be running their own full node for the benefit of their own security by validating their own transactions. There was never any financial incentive, that security should have been incentive enough. As we can tell it hasn't exactly panned out that way so far...

https://www.bloomberg.com/news/articles/2020-05-07/paul-tudor-jones-buys-bitcoin-says-he-s-reminded-of-gold-in-70s

Of course we've heard plenty of people of this ilk makes noises in the past and having a dabble, what's significant about this are his reasons why he did this. It's nothing much to do with woolly goals or being cheerful about the tech. It's a direct response from a hardened fund manager to US fiscal fun and the general future of money.


'Macro investor Paul Tudor Jones is buying Bitcoin as a hedge against the inflation he sees coming from central bank money-printing, telling clients it reminds him of the role gold played in the 1970s. “The best profit-maximizing strategy is to own the fastest horse,” Jones, the founder and chief executive officer of Tudor Investment Corp., said in a market outlook note he entitled ‘The Great Monetary Inflation.’ “If I am forced to forecast, my bet is it will be Bitcoin.”'

'Jones first dabbled in Bitcoin in 2017, doubling his money before exiting the trade near its peak at almost $20,000. This time, he said he evaluated Bitcoin as a store of value and decided it passes the test based on four characteristics: purchasing power, trustworthiness, liquidity and portability. “I am not a hard-money nor a crypto nut,” he wrote. “The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”'

 
I'm guessing he may just be involved in futures rather than physical ownership but all the same do you think other heavyweights will take this as permission to stop dancing around the fringes and actually embrace it?

Why do Bitcoin fans always choose imagined persecution over boggo reality? Crypto is a fucking pain up the arse because of the scum involved and the trouble they cause. It uses up resources. No one should be surprised if those resources are directed towards the wrong targets sometimes.

Who knows? If we did more people would be rich. It's like mile long traffic jams being caused by one person braking slightly too early. Meaningless waves build up out of nowhere and everyone gets caught up in it.



Pretty much. In 2017 all you had to do was post a plagarised white paper, a one page website, whip up some shittokens on ETH and you could make instant millions. There was no reason for that other than mindless FOMO. In normal conditions to non panicking people you would simply be told to go fuck yourself. When things are on fire greed will convince people of anything.

Not really, no.

If you wish to do this you will need to perform a seductive dance on camera and post it here. If you get high enough marks from the panel you receive a monthly pass to broach that subject, as long as you're deferential enough.

A rising tide raises all boats.

I expect a dump after the Bitcoin halving and we have no idea how bad the global cratering will be and how badly it effects Bitcoin, but if the production reduction is felt next year and prices rises start to get powerful again tons of people will regard Bitcoin as too 'expensive' so will look for any old crap that's cheap in search of the next miracle.

It's pure human nature and human nature never changes.

If there is no Bitcoin bubble then expect no alt bubble either. They're entwined for better or worse.

Not instantly but it'll be a cumulative thing that sneaks up.

When you think about it, the whole time we've been here an absolute mountain of coins have been pouring on to the scene every day. It's the norm. It's what we've grown used to and I'm sure most people don't take the time to think it over or question it. We've always talked about 'fixed supplies' when we've been up to our necks in new coins needing disposing of.

This'll be the first glimmer of a future where coins won't have a giant bill attached to them from mining and if you want a large number of them there won't be a totally dependable and willing seller. Up until now it's been over half a million new coins arriving per year. In the past it's been several million. As that fades away that's going to have humongous effects and people have rarely pondered the massive dilution that's taken place so far. When it's on its way out they certainly will.

I'll start to worry about Bitcoin vs gold, but I won't really as gold does nothing for me, when the same number of people understand Bitcoin and it has the same number of avenues to buy. Until then comparing the two is overwhelmingly futile. BTC has embarked on a long journey from nothing and it's not very far into it still.

Real activity doesn't matter. BCH and BSV aren't too far off empty chains other than the attempts they make to fool people into thinking they're active. You can bet your tight buns they'll go just as nuts as everything else if the fever descends. I thought by now all the empty shit would've been shaken off but I think it's here forever now.

The worthwhile coins will eventually stand far above the jokes but there'll always be enough people dim enough to believe in the 'Bitcoin killer' narrative.

Because it causes them endless ball aches with scam reports, scam ads and other endless dishonesty? I'm sure they don't have these problems with kitten videos.

We don't know how automated they are and it's not as if an algorithm can tell the difference between a good Bitcoin video and a 'bad' one.

No halving will be the same. Each one will have different circumstances and effects.

I'd say this one will be the most significant in retrospect. Bitcoin is still nowhere near centre stage but the inflation rate is about to fall below most regular currencies.

And it's easy to forget what a torrent of coins previous block rewards bought with still a huge percentage of coins to come.

This'll be the first time it may dawn on people that supply is finite and slowly beginning to wind down.

That's something that hasn't needed to cross anyone's mind until recent times but it's going to have a monstrous effect.

Future halvings will gradually dwindle in effect but this one and the next are the biggies.

There have definitely been people who only bought it for a purpose, mainly drugs.

There was a poster here who got through tons of drugs at ten buck BTC and then came back a few years later shocked at what had happened in the meantime.

That would stick in my craw.

Wasabi is a fine idea in principle but refer to that binance Singapore event.

Though they obviously couldn't tell where the original coins came from they could instantly tell they had come from a wasabi mix so gave them the boot.

Mixing with a flashing sign that you've just mixed is not a useful look going forward.

I'm happy there's a dumping ground for the endless DT wars. Better for one section to be sacrificed to it than several others.

I always found the idea of starting and running a thread about your own reputation a bit weird.

It would be useful if it found a middle ground somewhere between the two.

If there's another raging bubble literally everything will pump, even shit that simply doesn't work any more. The only requirement will be that it's tradable somehow.

Plenty of obscure shit will gain more than the big ones but there's no way of telling which they'll be.

Many will think 'it's different this time' and people will look for 'fundamentals' but they won't. it's only about number go up.

I read an interesting stat today. Grayscale and cashapp are responsible for buying 52% of mined supply. That means they'll be eating existing coins if that continues and it's only going to grow from here.

This is why no one who can look beyond a few months should care in the slightest what it does in the near term.

Have said it before but there'll never be a halving as significant as this one. Inflation falling to modest levels just as it takes a step up in legitimacy won't happen again.

Merit for people too mean to hand over real ones.

It'll probably have annual name and gender changes. Manly may be for the 2030 season.



America is weird.

Only weird countries have name rules.

Naming your kid after the A-12 for the explained reasons is pretty cool, for a few minutes. It should've been Oxcart.

What a knob.

I wasn't interested in the first place but became rather less interested during this recent fall with him desperately shuffling his cards saying 'guys, GUYs, the model still works. Sort of thing.'

As ever it would hit $288,000 for 0.1 seconds and then be back to five figures or less for years on end. Speculators themselves can fuck things up without government help.