careinke wrote:BTC market cap is #10 when compared to all countries M1 assets, jumping over Canada and Australia yesterday.
On this year’s Leap Day, Peter analyzed another round of inflation data and the economic factors at play in the quickly approaching 2024 general election. Bitcoin also surged back above $60,000 after the SEC approved bitcoin ETFs.
Peter thinks Bitcoin’s revival this week is the last gasp of breath before the asset blows up completely:
“These ETFs are really the tail that is wagging the Bitcoin dog. I think it’s all now about the ETFs, and of course, Bitcoin lives by the ETFs, it’s going to die by the ETFs and [it’s] probably not going to be a very long life.” Investors eagerly buying into these ETFs may have a tough time moving back into gold if the yellow metal continues to climb in price:
“It’s going to be like a…roach motel. The money checks in. It doesn’t check out. It goes to money heaven because it’s one thing to put money into a Bitcoin ETF. It’s going to be a whole other thing to get it back out.”
careinke wrote:This was expected by everyone who has been around for a while. Will you be back in a couple of days when we are back at new all-time highs? How about at the end of April, when we are flirting with $100K?
While I have your attention, some Aussies are reporting their banks are limiting crypto purchases by individuals to 10,000$AUD/Month I wonder if that is widespread?
careinke wrote:Go back and read it from the beginning. Six String could have bought BTC for $8.00 a coin, he mentioned throwing $500.00 at it. lets see if he had done that and held it he would now have 62.5 BTC, and it would be worth $4,195,125.00 soon to be over $6.2 Million.
mousepad wrote:careinke wrote:Go back and read it from the beginning. Six String could have bought BTC for $8.00 a coin, he mentioned throwing $500.00 at it. lets see if he had done that and held it he would now have 62.5 BTC, and it would be worth $4,195,125.00 soon to be over $6.2 Million.
Does that mean if we only all bought btc we'd all be rich and wouldn't have to work anymore? Yes But who then work if nobody had to work anymore? Everyone on this board, since no one bought any. It's mystery.
Grown men fall for this stuff. Truly a mystery. Mostly rich smart people, but if you have an SMS phone there are no barriers.
El Salvador adopted bitcoin. What does that mean? It means the U.S. dollar and BTC are their national currencies.Can I go to a salvadorian coffee shop and buy a coffee using bitcoin? Yes
A bit coin transaction costs $8 according to this https://ycharts.com/indicators/bitcoin_ ... action_fee
Does that mean I have to pay $8.50 for a $0.50 coffee in el salvador? No. Most people using BTC this way have a Protocall called Lightning in their wallet which completes the transaction in less than a second and costs less than a cent.
One single bit coin transaction can consume 1.2MWh of energy. $67,000.00 will buy a lot of coffee. Most of BTC is produced from cheaper sources that are environmentally sound like solar, wind, hydro, orphaned energy, nuclear power etc, etc. In El Salvidor their power source will soon be volcanos. If you calculated an ESG score for BTC it would be very low.
It's a mystery that grown men fall for this stuff. It's a mystery that in a resource constrained world some men think spending 1MWh of energy is acceptable for simply buying coffee. Enjoy being poor.
careinke wrote: Most people using BTC this way have a Protocall called Lightning
Unfortunately, the Lightning Network has been a disappointment since its inception in 2015. It has been an utter failure and has not delivered, and instead has led to centralization and reliance on custodial services and third-party companies. We have decided to stop following the development of the Lightning Network in this repository, as we believe it is a waste of time and resources.
theluckycountry wrote:You really need to post this dribble over on reddit inki, it so patently fan boi. I just checked the price chart of BC, it's up 30 or 50% from around the time everyone was buying into it back in the last bubble top of 2021. The price gains of Nvidia over that timeframe eclipse it by miles. Everyone who bought bitcoin likes to brag they got in with mountains of coins when they were a hundred dollars but we all know that's bullshit because if they had they'd be off on a private island now.
I wouldn't be popping any champagne corks until it had achieved 1000% over it's last top myself. Until then it's just a risky asset with a half decent upside. Nvidia is up from $3 back early last decade to $900 today, another bubble for sure but at least a company with a proven product and huge sales volume. It's based on real world fundamentals too, not the delusional prophesies of a deranged businessman.
Rational Businessman
Insane one, driven to the edge by years of disappointment and loss
Crypto in its current form is worse than gambling.
With gambling, unless it's illegally rigged, you know your expected value will be say $0.90 for every $1 you put in.
However, in return, there is a possibility that you may have a one in million chance of getting back $100 for the $1 you put in.
Crypto, on the other hand, is a Ponzi scheme. It has no internal value and the current owners of crypto are paid entirely through the money brought in by the future owners of crypto.
Now, to be completely fair, I don't think the majority of crypto backers perceive it as a Ponzi scheme. There were many people working in the space (maybe even the overwhelming majority, although that's unlikely to be true anymore), who actually believed that Bitcoin had real value because it could become a real currency. Similarly, there are people who actually believe that Smart Contracts, and NFTs are actual useful technologies.
The problem, however, is that
(a) none of those technologies have panned out, possibly because blockchain simply does not solve the problems people actually face...it solves the problem of "What if the entity who owns the database we are recording our transactions in is unreliable". In practice, this does not seem to be a major problem at all, and further, blockchain appears to be a terrible way to solve this problem.
(b) Even if the technologies are useful, the limited tokens and the fact that they are largely hoarded by early adopters, simply serves to enrich those early adopters, which drastically reduces the utility of any crypto based technologies for future users, the ones who are actually using the technology. Crypto tokens are an implicit tax on technology. It would be like if Google was invented, but to use Google you necessarily had to pay $0.10 every search, but that cost is ridiculously dynamic, often jumping up to $1/search as well. Google would never take off and it would impose an insane tax on everyone else, and society as a whole.
The latter is why crypto in its current form isn't just a successful/unsuccessful tech, its an actively society damaging technology.
careinke wrote:
Nvida is an "Alpha" high risk high reward stock. If I still traded on the stock market, I would own some. That said, there are other companies working on their own chip stacks. No wonder Plant is getting ulcers.
You obviously still don't understand BTC or its cycles, so your points are .... well pointless.
Saylor was an anti Bitcoiner at first but after delving deeper, he realized BTC fit into his company. Right about the time you became a member of P.O., Saylor became a BTC Maximalist. His timing was awful
So how's that gold doing? Over the last 10 weeks the price has been rising, but for some reason the market cap is falling.Peace
mousepad wrote:
The problem, however, is that
(a) none of those technologies have panned out, possibly because blockchain simply does not solve the problems people actually face...it solves the problem of "What if the entity who owns the database we are recording our transactions in is unreliable". In practice, this does not seem to be a major problem at all, and further, blockchain appears to be a terrible way to solve this problem.
(b) Even if the technologies are useful, the limited tokens and the fact that they are largely hoarded by early adopters, simply serves to enrich those early adopters, which drastically reduces the utility of any crypto based technologies for future users, the ones who are actually using the technology.
The latter is why crypto in its current form isn't just a successful/unsuccessful tech, its an actively society damaging technology.
https://www.theguardian.com/technology/ ... ricity-useA federal judge in Texas has granted a temporary order blocking the new requirements that would ascertain the energy use of the crypto miners, stating that the industry had shown it would suffer “irreparable injury” if it was made to comply.
The US Department of Energy had launched an “emergency” initiative last month aimed at surveying the energy use of mining operations, which typically use vast amounts of computing power to solve various mathematical puzzles to add new tokens to an online network known as a blockchain, allowing the mining of currency such as bitcoin.
mousepad wrote:That's why I have little hope in humanity. The stupidity is endemic.
https://www.reddit.com/r/povertyfinance ... _rich_dad/Poster-1
I liked the stuff said in rich dad poor dad well enough though that i quickly start watching his radio shows and eventually got pulled into attending this "strategy session" on the "rich dad world" website (again, can't beleive I fell for something this stupid... literally shameful..) that ended up being emotional and psychological manipulation to get you to buy his course on something I didnt need, but became convinced I absolutely needed and would change my life. Given how my life is currently going, I was the exact victim they were looking for, since I desperately needed something to change my life. The speaker kept saying "for only 99$!" but it turned out to have in small print on the invoice "6 monthly payments of 99$" that i must have missed.
It had a money back guarantee for a month, but it conveniently took a month to actually get any answer from customer service and they played dumb; they wont even cancel the 99$ payments over the next 5 months... The "course" i was sold is absolutely worthless.
Poster-2
He is scum. Everything he says is super vague with the promise that the next purchase from him will get you to the real, solid advice. But it never comes. Just more “invest in assets” and “think like a rich person” and “when you have lots of apartment buildings like me it’s really easy”. The closest I’ve heard him come to actionable advice for someone who isn’t rich is “buy a silver coin for $50”. Right…
Users browsing this forum: No registered users and 19 guests