Bitcoin hasn't changed since 2017. Where were these fuckheads then? They're all magically appearing out of their holes now that we're in a new bull run. Here's what Drukenmiller said about Bitcoin in 2017: “You see what is going on with bitcoin. I don’t own any. Obviously, as a trader I should ... but I only trade what I know. … Bitcoin is like anything else. It’s worth what people are willing to pay for it. … That’s what it is worth. … What I do know about bitcoin is, the concept it could ever be a medium of exchange has been eliminated because you can’t do transactions, particularly retail transactions, with this kind of volatility.”
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Simple: God hates Trump and his supporters. God loves Biden and his supporters. How could it be otherwise? More to the point, I'm waiting to see the data. There was a time when I would trust stuff like this outright but that's going to take quite awhile to return. If you are waiting on "hard data" then you are missing the point. It doesn't have to actually be a cure-all, it just has to sound like one to the pleb masses. Watch as the Covid numbers magically dwindle early next year, news of the "cure" working miracles in the hospitals, the MSM fear mongering subsides, and the masses emerge and begin freely to go about doing their normal routine, and spending money again. All by design. Biden of course will claim all of the credit.
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This is huge.
Square is selling double the Bitcoin that is made.
...and now Paypal is doing the same.
Paypal is almost 3X Square. We already know Grayscale is consuming a similar magnitude.
This is a Bitcoin supply crisis.
Base case: expect huge price moves from Bitcoin. https://twitter.com/caprioleio/status/1324665302584623104Good observation. Also fractional reserve being called out on the market by big money will create huge price jumps.
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I just got back from the near future.
BTFD.
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I wonder how this will effect the BTC market when the USA dumps 'One Billion Dollars' or more of Bitcoins in a USA Sheriff's Auction of illegal goods...ie Bitcoin siezed? I'd guess the price would probably go up...I mean, the above BTC hoard would likely be split up in lots and heavy hitters then could buy a mess of BTC at a set price, in mass,
without driving the rest of their attempts to fill their bags with Bitcoin. Thus, IMHO, price would remain the same in market or go up?I'd expect all such from the auction no matter how many participated would likely be in HODL mode myself..such a buy would not be a 'short-term' deal, IMHO. Anyway, I know 'zip' ....damn interesting however! Bitcoin: Always Drama! Brad Note that in all the past U.S. Marshal auctions of bitcoin, there was some effort to drive the price of BTC higher just prior to the day of the auction. Presumably by whales that didn't want to see these coins dumped on market. Price would fall a little after the auction was over.
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How long until 1 BTC = 1 Lambo
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It may sound a bit extreme, but...
What if, in 10 years' time, all who sold in 2020 are labeled the new "pizza guys"? Remember Laszlo Hanyecz?
Jimbo gets it. Don't sell if you don't need to. Got a job? Got incoming fiat to cover your daily expenses? Then why sell? Instead, put any spare change in BTC and slowly increase your stash.
I put some fiat I had left in a bank account in BTC, back when it was around $6k. Now I can sell it, buy a shiny new Sony α7R IV, and still have the same amount of fiat I had before. But I won't, because I don't really need the Sony, not just yet. But soon...
Sell when you must. Buy when you can. HoDL what you have.
Some of these guys got the game all wrong. Borrowed $10K at 0% interest to live on/pay expenses this year, instead of selling btc when it was @~7k. Don't have to pay it back until May 2021. Now btc is ~$15k. #winningbigly Borrow cheap credit to live, let your bitcoin ride. This is what the wealthy elite do.
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Fuck those barts.
Fuck 'em.
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Depending on your definition, the dollar is already hyper-inflating.
Stats show that real world asset price inflation is now ~6-8%/year.
The Fed targets 2%/year, so real asset inflation is already running 300-400% of that per year. That means the amount of inflation that should span the next 30 years, will only span the next 10.
The Fed is also saying we aren't even at their 2% inflation target, which is fkn laughable.
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I'm not saying the moved coins didn't happen. I'm saying that every few years, a large number of coins suddenly move right when someone (whales, etc.) out there needs a crypto "FUD drop" to get picked up by the MSM. Probably expect a small dump soon.
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since bitcoin is a bearer asset it is possible to possess bitcoin. of course we all know that there are no physical bitcoin you send around the interwebs or keep them in your wallet - what you can physically own in reality are the private keys that allow you to spent your UTXO´s. be aware that the UTXO´s never leave the bitcoin network. it is a closed system. the bitcoin blockchain is a closed system: it is permissionless and p2p, but the info on the ledger never leaves the ledger.
1) bitcoin (the unit) can never leave the blockchain, where it is embedded 2) the only thing a bitcoin is pegged to is energy due to the mining process (impossible to directly peg a bitcoin (or any other blockchain token) to a physical object.) there are no utility coins possible due to this. 3) since it is a closed system that can only be pegged to energy there are only very limited use cases: the only thing a token in a closed system can be used for is if it represents something. imagine some weird machine that juggles table tennis balls. the balls can not leave the machine. what utility can the balls bring to users? they can represent something, that is it. what could they represent? the only abstract thing that would make sense to organize in an immutable ledger would be money. since moneys only use case is to represent value, this is the only use case for a token in a closed system.
blockchains can only be used as money. since bitcoin has won the race long ago and by far, it is utterly useless to create, invest in, waste time on 7500 additional money protocols.
money pegged to energy is the only way to go. unpegged money will get printed into inflation. gold pegged money will always first lose its peg and then will get printed into inflation. our fiat money system derived from a gold pegged system, the dollar is a layer 2 scaling solution for gold.
the 2020ies will bring the transition. don't be scared. bitcoin is great and will save us.
edit: typos
You said it very well. I've mentioned the same on this thread many times over the years...if you think deeply and philosophically on this point, you'll soon realize that beyond Bitcoin TM there is no reason for any other cryptocurrency to even exist. Therefore the thousands of shitcoin projects out there will ultimately prove completely meaningless. Those that believe otherwise are in complete denial of the truth. Hopefully this will become more apparent with time.
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Honestly, I hate graphs like that tell people there will be a period where it's "too late" to buy bitcoin. It never has been, nor ever will be in the future, too late to buy bitcoin. If it is ever "too late" to buy it, then it ceases to be a store of value, or even worthy of being transactional.
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