He's a miner. Mines the altcoins, then uses those to buy moar BTC.
I know that, but he is not a noob. Noobs will get rekt. He said that he auto-converts the shitcoins directly to BTC after they are mined. He doesn't hodl them. Mining shitcoins cost is lower than mining BTC directly. |
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I live in the USA. I am happy I have coin in case I need to leave the USA.
Lots of players are thinking fuck what happens if the USA shit is not over.
<snip>
Hey philipma just curious, what is the cost of electricity where you live per Kwh? |
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The idea that Warren Buffett has intrinsic value is a joke. |
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There is something about this area of discussion that seems a bit strange.. in the sense that I got rich as fuck with bitcoin in order that I can invest in some kind of mediocre product...
hahahahahha..
Sure, maybe diversify a small amount of your holdings, but there really does not seem to be any compelling reason to get too excited about those various other mediocre products.. in my thinkenings.
I agree with this sentiment. Diversifying into "mediocre products" that eek out a 4-5% yearly return (if you're lucky) in a 8-10+%/year inflationary environment is not just wrong, it's silly. You'd still be losing ground year after year. It's precisely the kind of investment strategy that Michael Saylor is talking about moving away from. |
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Don't think of it as selling Bitcoin. Think of it as buying real estate.
You're just spending a small amount of your Bitcoin profits.
What's the point of earning if you don't enjoy spending a little?
Wise words, from a wise man. Yes, you're right. I'm trying to see it that way too. It's still hard to sell something that you know will only appreciate in value though, but at the same time I don't want to put my life on hold. Yeah it's impossible. I had to sell some btc to pay some bills @ $11,500 and again at $20k. You bet that hurt, but if you gotta you gotta... |
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That's not what it says, I believe  That's the gist of my question indeed. All the (few and not too informative) sources I found only mention USDC and look hopefully at USDT. Good for "crypto", yes. I guess we should let that seep in. Our blockchain, though, is truly public, permissionless etc. It is THE blockchain. Different league. Different value. But if all you care for is nominal amount stability (interbank settlement), go back and look at USDC etc. At least, while settlements are denominated in USD or other fiat  Yeah that. Also I'm not sure why Jeremy is taking victory laps as if the entire U.S. Banking System is going to use USDC or USDT for settlements, either domestic or cross-border. They can just as easily come out with their own CBDC (Central Bank coin, Fedcoin, whatever they want to call it, etc.) and they probably will. |
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I agree with everything except the "stonks will correct heavily soon" part. They are indeed massively overvalued, but the Fed will keep money printer go brrr on the downlow every year from this point forward, sending stonks even higher. And at the end of every business cycle (7-9 years), they'll use whatever downturn "event" as cover to push trillions of $$$ through, giving Wall Street another massive injection. Next time it won't be just a few trillion though, it'll be more like $10-15 Trillion.
The melt-up will continue for at least another decade, maybe two. Rates will go negative in the U.S. and everywhere else.
Eventually the Fed and the Treasury will merge into one entity, and the nationalization (er, globalization) of the dollar printing machine will be complete.
Just to add to this, The Fed Reserve Bank of Chicago Charles Evans came out today and basically said that [paraphrasing] the Fed is "on track to make at least another $4.6 Trillion in asset purchases by 2023." Fucking hell, they're not even on the DL anymore. In plain sight robbery. #BuyBitcoinLikeUrLifeDependsOnIt |
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I agree that more USD = higher stonks prices generally but at some point eventually somebody is going to make some back of the envelope calculations and will be shocked to find out how overvalued some companies have become. But then again, we all know what the PPT is for and how the stock market must go up to keep the whole show running (debt, 401k and all that).
As I personally was never into stonks (and will never be), I'll just stock up on pop corn and watch how it works out from the sidelines.
The fact that even the S&P 500 could eek out a nice gain (as opposed to a heavy loss) in the worst economic year with the highest job loss since The Great Depression is so criminal that it's mind blowing, and should be very telling for the years to come. |
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I agree with everything except the "stonks will correct heavily soon" part. They are indeed massively overvalued, but the Fed will keep money printer go brrr on the downlow every year from this point forward, sending stonks even higher. And at the end of every business cycle (7-9 years), they'll use whatever "event" as cover to push trillions of $$$ through, giving Wall Street another massive injection. Next time it won't be just a few trillion though, it'll be more like $10-15 Trillion. The melt-up will continue for at least another decade, maybe two. Rates will go negative in the U.S. and everywhere else. Eventually the Fed and the Treasury will merge into one entity, and the nationalization (er, globalization) of the dollar printing machine will be complete. A decade or two though? That seems quite the leisurely collapse. The dollar won't collapse the way most people think it will. It will be a 'reset'. What the Fed/Treasury will do is just one day out-of-the-blue announce a new "digital dollar cryptocurrency" (i.e., Fedcoin) that essentially replaces the old dollar, and everything will be rolled over to it. People won't get a choice to 'adopt' it, the banks will just do the conversion for everyone automatically and behind the scenes. But it will be the fine print that Average Joe nobody will forget to read: the conversion rate from the old paper fiat dollar to the new Fedcoin will be something like 1.1 : 1. Or perhaps an even worse conversion rate. Markets (due to the billionaire insiders) will front run this surprise announcement and go to the moon. The Average Joes out there with lots of fiat savings will lose millions in purchasing power overnight. |
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I agree with everything except the "stonks will correct heavily soon" part. They are indeed massively overvalued, but the Fed will keep money printer go brrr on the downlow every year from this point forward, sending stonks even higher. And at the end of every business cycle (7-9 years), they'll use whatever downturn "event" as cover to push trillions of $$$ through, giving Wall Street another massive injection. Next time it won't be just a few trillion though, it'll be more like $10-15 Trillion. The melt-up will continue for at least another decade, maybe two. Rates will go negative in the U.S. and everywhere else. Eventually the Fed and the Treasury will merge into one entity, and the nationalization (er, globalization) of the dollar printing machine will be complete. |
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Just image how Loaded feels.
Wonder what that dude is up to in meatspace. Can't begin to imagine what I would do, were I a Whale-Galaxy like him. Just imagine being a relatively young guy with > $1B in your pocket. Mind blowing. Taking a low dose of aspirin might help stop you dying of covid induced blood clots. You can read the arguments for and against it here.
There are well documented health benefits to taking 81mg doses of aspirin daily. Sure you may become more prone to bruising easily, but it's worth the tradeoff IMO. Don't forget high dose Vitamin D and some Zinc. These have been documented as effective for immune system boost. I would also recommend taking Selenium. |
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Remember what a thrill it was to reach your first million dollars in Bitcoin?
"I don't get out of bed for less than $10,000 a day."
-Linda EvangelistaOh yeah, well... "Having my net worth increase by seven digits in my sleep doesn't even phase me any more."
-Bob LawblawYeah but, ya' know, it's all relative. Just imagine how Loaded feels. |
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I had another chat with my friend, the gal who likes to discuss savings/stock market with me. Classical weak hands type. I wrote about her a while back, on Dec 7, 2020. Price was around the old ATH @19k . (here: https://bitcointalk.org/index.php?topic=178336.msg55770951#msg55770951 ) Today she wrote me and started with a message like "Why is Bit coin rising? The government should ban it cuz launder drug money blah blah". My first replies were curt. "Bitcoin: one word or you'll sound like a noob. The primary cleaning agent for laundering is USD by far." Then she said: "I am afraid, blah blah, so many types of bitcoin, how do I buy blah blah" I was gentler. "Only one kind, ticker is XBT or BTC. The other 'types' look cheaper because they're junk. Don't touch them." I went on - You need to open an account at an exchange. Try Bitstamp or Kraken. Avoid Coinbase if you can. You'll need to go through KYC/AML, money laundering my ass. Once you have a bunch, you'll need to make yourself a wallet and transfer them into your own possession. Bitcoiners say "Not your keys, not your coins". Long story short, I held up to her barrage of questions and gave her a crash course. More than anything, I told her to buy and hold. I spelt it wrong, just like this: hold. She's not advanced enough yet to be taught proper spelling. I said it might go down. I'm pretty sure it will go down and you'll suffer. That is when you have to buy more. That's the difference between happy and sad in the long run. At the end she said "Oh thank you. But you know, call me chicken but I won't." I'm pretty sure she'll come around. She'll probably want some at 50k. What could I reply to that? "Of course you're free to do as you please. Bitcoiners say 'Have fun staying poor' " Tell her that her fiat wealth is losing value at about -10%/year due to inflation, and tell her to calculate in her head how long it will take for her to be half as poor as she is today. If she can do simple math, it will scare the absolute shit out of her. If she can't do simple math, then she's too much of a simp normie to save herself. |
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I wouldn't know what to comment other than "This is utter bullshit and an egregious overreach of state power." |
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Watching the Boston Dynamics recent video, I can't help thinking how shotgun resistant these things are or will be. I'd love to find out, and probably will, but for now drones will have to do.  I'm guessing that in order for all the motors, servos, actuators, etc. to work with any sort of nimbleness and efficiency and to preserve battery consumption, they had to use extremely light weight materials (both structure and cosmetic). Which of course precludes them for military use on the battlefield, because they can be rendered inoperable fairly quickly by simple, well-placed small arms fire. I'm sure that the U.S. MIC is somewhat irked by that ironic revelation. |
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Which leads to the logically consequent question - is there anything in the protocol, or some new software layer in the works - that can provide proof of non-hypothecation?
I'm sure that given the ongoing custom - habits are hard to break - most of the traditional finance world won't take "move inflation the other way - to the right of the decimal dot" so easily. They'd rather rehypothecate, as they are doing for gold and for derivatives based on gold (basically paper money). This is as close to double spending as you can get with btc - through a layer of obfuscating paper. Much too close for my taste.
Once TPTB have their hands on bitcoin, they will come up with new and ingenious ways to keep doing old, disingenuous deeds. One way to avoid that would be a simple way to make sure each satoshi is only hypothecated once, if at all.
Example: I buy a bitcoin ETF, "bakt" by the RealThing. Good. Now I want to know the public address of the btc backing my ETF, and be sure it only backs my shares, not someone else's too. And a loan. And some enterprise capital in some other firm. If such information is easy to find automatically, we can be relatively sure that there will be stern laws against re-hypothecation, and they will be inflexibly enforced.
Sadly though, even if Bitcoin is the perfect form of money, it lives in an imperfect world with imperfect people. When Bitcoin ETFs become a thing, the Wall Street banksters will both a) re-hypothecate Bitcoin shares, and b) make sure no transparent audit trail exists for those phantom shares. There's little that we can do about it. |
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After weighing my options the last time it reached $20k I just could not see putting a lot of money into some fiat based investment that would give me 5-6% yearly gains in a currency losing value at 8-10% per year, run by some idiot fund manager. So I just kept it all in bitcoin and decided to live off of money cashed out at the lowest tax bracket (which is still a lot in 2nd world countries).
I came to the exact same conclusion as you. I don't see any other option right now, with inflation running at 8-10%/year and bitcoin on the cusp of major breakout to highs unimaginable. Perhaps in the far future I will diversify, but doing so now (I'm sure of it) would be a huge mistake. Edit: I've got to do some major renovations to the house next year, and it's already making me sick to know that I've got to part with some BTC to do it. |
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