2021-03-12 Coindesk - Bitcoin Not a Long-Term Allocation, Says Man Group CEO

[cr1776]

@Saint-loup. What will be so new about it? CBDCs will be similar to online payment apps and services and credit cards. It will offer nothing new. What it will offer is censorship, surveillance and more oppression. Paper money is more censorship resistant and anonymous.

@cr1776. I have heard this mentioned by Tone Vays during 2016. The volatility went from hundreds to thousands however.

@uneng. It is not quite simple if the item you want to purchase is $10 and volatility of the currency is more than the price of the item.

True, we aren’t there yet though. Another order of magnitude or two, eg 10 to 100 times, of growth from here will help stability. Of course the stability by then might still have 10s of thousands of dollars in volatility, but as a percentage, it will likely be less.  Time will tell. 😀

To get more stability Bitcoin needs to grow in volumes exchanged, not in price. Because the more the price increases, the more the markets are able to correct. Beating All Time Highs has never been an indicator of stability for any assets.

The fiat volume will increase though as the fiat price does. The absolute volume of Bitcoin exchanged doesn't need to increase.  The available bitcoin on the exchanges may even drop as usage increases vs trading. The more usage getting coins off the exchanges, the better.

[1715080191]

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[1715080191]

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[1715080191]

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[Saint-loup]

@Saint-loup. What will be so new about it? CBDCs will be similar to online payment apps and services and credit cards. It will offer nothing new. What it will offer is censorship, surveillance and more oppression. Paper money is more censorship resistant and anonymous.

@cr1776. I have heard this mentioned by Tone Vays during 2016. The volatility went from hundreds to thousands however.

@uneng. It is not quite simple if the item you want to purchase is $10 and volatility of the currency is more than the price of the item.

True, we aren’t there yet though. Another order of magnitude or two, eg 10 to 100 times, of growth from here will help stability. Of course the stability by then might still have 10s of thousands of dollars in volatility, but as a percentage, it will likely be less.  Time will tell. 😀

To get more stability Bitcoin needs to grow in volumes exchanged, not in price. Because the more the price increases, the more the markets are able to correct. Beating All Time Highs has never been an indicator of stability for any assets.

The fiat volume will increase though as the fiat price does. The absolute volume of Bitcoin exchanged doesn't need to increase.  The available bitcoin on the exchanges may even drop as usage increases vs trading. The more usage getting coins off the exchanges, the better.

If there is no more volume on exchanges, big sales and big purchases won't be fulfilled by the market and the price will slump. Many currencies used by large countries in the world have already crashed. Being used is not enough to prevent that.

[acquafredda]

No man, I do not agree.
If you remove anything from the market it would become actually priceless as there are no sellers wishing to sell. If bitcoins have been taken out of the exchanges there is a clear explanation for it. Once they have realized what bitcoin stands for they went off to secure them in the best way possible.
Sorry, but you should revise your stance on this.
I would stress cr1776 comment
The more usage users getting coins off the exchanges, the better.

[bbc.reporter]

@Saint-loup. What will be so new about it? CBDCs will be similar to online payment apps and services and credit cards. It will offer nothing new. What it will offer is censorship, surveillance and more oppression. Paper money is more censorship resistant and anonymous.

@cr1776. I have heard this mentioned by Tone Vays during 2016. The volatility went from hundreds to thousands however.

@uneng. It is not quite simple if the item you want to purchase is $10 and volatility of the currency is more than the price of the item.

Online payment services don't use blockchains, they don't allow you to hold your funds off-line, they can lock your funds, seize them and doing exit scams like exchanges. If you only hold your funds on exchanges I understand you won't find big differences with online payment services, but if you are using non custodial wallets, you will enjoy the blockchain technology.

The blockchain hehehe. I reckon all legendaries should have learned what blockchains are and where they should matter. If your blockchain is a centralized ledger that can censor you, what use is this blockchain?

Also, this blockchain will be centralized. The custody over your tokens will not matter.

@Saint-loup. What will be so new about it? CBDCs will be similar to online payment apps and services and credit cards. It will offer nothing new. What it will offer is censorship, surveillance and more oppression. Paper money is more censorship resistant and anonymous.

@cr1776. I have heard this mentioned by Tone Vays during 2016. The volatility went from hundreds to thousands however.

@uneng. It is not quite simple if the item you want to purchase is $10 and volatility of the currency is more than the price of the item.

True, we aren’t there yet though. Another order of magnitude or two, eg 10 to 100 times, of growth from here will help stability. Of course the stability by then might still have 10s of thousands of dollars in volatility, but as a percentage, it will likely be less.  Time will tell. 😀

10s of thousands of volatilty will make it worse and useless except for speculation.

[cr1776]

@Saint-loup. What will be so new about it? CBDCs will be similar to online payment apps and services and credit cards. It will offer nothing new. What it will offer is censorship, surveillance and more oppression. Paper money is more censorship resistant and anonymous.

@cr1776. I have heard this mentioned by Tone Vays during 2016. The volatility went from hundreds to thousands however.

@uneng. It is not quite simple if the item you want to purchase is $10 and volatility of the currency is more than the price of the item.

True, we aren’t there yet though. Another order of magnitude or two, eg 10 to 100 times, of growth from here will help stability. Of course the stability by then might still have 10s of thousands of dollars in volatility, but as a percentage, it will likely be less.  Time will tell. 😀

To get more stability Bitcoin needs to grow in volumes exchanged, not in price. Because the more the price increases, the more the markets are able to correct. Beating All Time Highs has never been an indicator of stability for any assets.

The fiat volume will increase though as the fiat price does. The absolute volume of Bitcoin exchanged doesn't need to increase.  The available bitcoin on the exchanges may even drop as usage increases vs trading. The more usage getting coins off the exchanges, the better.

If there is no more volume on exchanges, big sales and big purchases won't be fulfilled by the market and the price will slump. Many currencies used by large countries in the world have already crashed. Being used is not enough to prevent that.

If there is more use, there won't be "big sales" on the exchanges and the volume of coins for sale will dry up.  The only way big buys will fill is having the price of the remaining coins go up until the buy is filled.  Eventually it will reach equilibrium where there are few coins for sale, but all are immediately snapped up.

I guess time will show what happens.  An important point is that once people don't need to leave crypto, then there will be fewer sellers since no one needs to sell. 

[estenity]

very strange....
or rather, very interesting present trend.

BTC price linked to option expiry ?

https://bitcointalk.org/index.php?topic=178336.msg56653849#msg56653849

[prehisto]

I would like to ask him , what then is long term allocation financial instrument if not BTC?
I agree that there couls be a discussion about the short term entry point of bitcoin since we have had huge run-up, but otherwise where else to put your money longterm? Stocks, which are highly volatile curretnly and are currently at ATH?