...Many of us already have a pretty good sense that bitcoin is many multitudes, likely magnitudes and probably around 100 to 1,000x more valuable than gold. ...
 Oh don't get me wrong. I did not necessarily mean to imply that bitcoin's early adoption phases should necessarily count in terms of how we might want to consider how to measure it - even though for sure, BTC's price appreciation does help to bring some acknowledgment that it has value that goes beyond some kind of "magical internet money." Also, the mere fact that bitcoin is likely 100x to 1,000x better than gold does not cause any kind of guarantee that it will outperform gold in the short term, and surely it could take 50 to 200 years before bitcoin starts to get close to its fair value, relative to gold... assuming that bitcoin continues to exist without losing its today's properties of serving as a largely decentralized way to communicate scarce uncensorable value through the internet and/or through other digital communication mechanisms... and of course, analogue can sometimes be converted to digital, too. P.s. I feel that I am rambling, and I am not sure if I actually clarified anything that I had previously posted. When the banks go bankrupt again the average joe will suddenly realize its value.  |
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Many of us already have a pretty good sense that bitcoin is many multitudes, likely magnitudes and probably around 100 to 1,000x more valuable than gold.
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We just had a small pump. If this keeps up we can be like this on Monday.  |
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Whatever the ultimate bottom is, ...
 either you did not read to the bottom of my post or you want to distort the meaning of it. "currently" and 77.5 being a 5x of 15.5 pretty much shows my opinion of the bottom. I'm just guessing, my bottom is smaller than yours. This is my guess for what the top will look like.  |
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Whatever the ultimate bottom is, ...
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Meh, same old same old. FTX not the end of the world as anyone with sense already know. Time to start moving back up.
FTX briefly pulled Bitcoin's trousers down, but it it won't take long to pull them back up again.  I didn't see anything change about Bitcoin at all. Just sheep being sheared. Perhaps I should have replaced "bitcoin" with "over leveraged paper hands" in that meme.  |
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Meh, same old same old. FTX not the end of the world as anyone with sense already know. Time to start moving back up.
FTX briefly pulled Bitcoin's trousers down, but it it won't take long to pull them back up again. |
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We are 100% going to 6 figures in $ per bitcoin by the end of 2025. Do not miss this (for some of you noobs) once in a lifetime opportunity. Easy 10 x your money from here.
DCA & HODL mid to long term, brothers!
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... not everyone will be able to safely self custody the way things work now. I hear the phrase "Anyone can write down 12 words" a lot nowadays.
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You are a gold mound digger then. #nojudgementThese might help make you more financially secure.  |
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After FTX Implosion, It's Time To End Bitcoin's Dysfunctional Relationship With CryptoBut what if one side doesn’t have your best interests at heart? What if they are dishonest? What if there becomes a pattern of disrespect? What if they ignore your needs? Sure, you can hope for change, but you still feel drained, stressed, anxious, or depressed. Eventually, you want out. Your need for a positive, healthy relationship overwhelms the comfort of the known, current relationship. The first step is admitting there’s a problem. Acknowledging signs of a toxic relationship are necessary. !  |
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Chief Executive Officer Derar Islim admitted that withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm; but made it clear that Genesis's spot and derivatives trading and custody businesses “remain fully operational.” The contagion of Genesis lending issues has already hit one large firm, as Gemini Trust Co., the cryptocurrency platform run by the Winklevoss brothers, has halted withdrawals from its Earn program: Nice word selection there. Doesn't say anything about being solvent. If you don't let customers make withdrawals you can't be insolvent.gif  |
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Hello gentlemen!  Hello, have you got some time off from McDonald's? ....
I'm grateful that McDonald's took me back, and my manager forgave me for telling him to go fuck himself last year.
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The King Daddy still remains, and is still thriving. 🕶
yes, true, but, be honest, where is the "alternative financial system" based on bitcoin? It's possible that just sending coins from point A to point B would suffice (and being a putative 'store of value'), but Satoshi envisioned bitcoin banks, if I recall correctly. ... Can you post a link to it? All I could find was this post by hal. Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.
I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.
You are right, Hal Finney said that, it was not directly attributed to Satoshi. I sometimes rightly or wrongly think that he is "the one". Satoshi seemed pretty anti banks judging by these quotes. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. |
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I wouldn't believe any stuff coming from these cRYptO channels. Many of them are pretend rich.
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Goodbye FTX.
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But FTX was different. SBF was a proponent of the “effective altruism” social movement.   |
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Next time, I am not waiting even for a new ATH, will probably sell a large % portion earlier (if we ever get there-to my undisclosed current sell target).
It feels silly to sell at 16K, though, so I don't.
You're going to end up really disappointed if you do that. Well, I already did not sell twice: at 20K in 2017 and 69K in 2021, there would NOT be a 3rd time. Albeit, I also did not 'mindtrust' at $175 in 2015, $3100 in 2018 and $3800 in 2020. Part of it is age...waiting for 10 years makes no sense to me. However, I am not going to sell all...maybe 30-40% or so. Same here and it might very well be a third. Why on Earth would you sell so much without even a new ATH? Are you in desperate need of liquid funds or something? Yes when reading your post I had Mindrust in mind. I almost added "be careful not to do a mindrust" to the end of my post. Just sell what you need in immediate liquidity and keep the rest until we get anywhere close to final state valuation. We are not anywhere close to that. I mean Bitcoin market cap is only 2x ETH. Just that relative valuation should tell you enough already. not in need of funds and not selling before roughly 3X from here, but will not wait for 150K. It's positive that you aren't selling right at the bottom, unlike some who capitulate.  |
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