It’s cool that El Salvador is trying something new, but aren’t they an extremely poor country with a handful of very elite folks? Isn’t the right always having nightmares about killer El Salvador caravans coming to the US? What am I missing here that makes El Salvador and BTC such a big deal?
Hard for me to believe that corrupt ass government is adopting BTC because it’s going to help anyone but themselves.
It's more that it shifted the overton window for countries looking to adopt BTC/Crypto into their treasuries and opens a window for competing private currencies with government-endorsed fiat currencies. Not a fan of the maxis and I definitely have my suspicions as to why El Salvador adopted it (wash drug cash), but in the big scheme it was a big first step towards more legitimate adoption even if El Salvador itself doesn't move the needle that much
But what country is going to follow El Salvador to do anything? That place is beyond corrupt and essentially under totalitarian rule.
After El Salvador, Paraguay and Brazil announced they were looking at something similar. Brazil has over 200M people, that domino falls….
no clue why tweets sometimes don’t embed, but software firm Phunware added 398 btc to their treasury for $23.8m.
There’s still a chance. I’ll eat my words if BTC gets to 100k by the end of the year, but a holiday sell-off looks to be in full effect. And then people will get their holiday bonus and slam money back in.
Preaching to the choir in here, but great article https://modelcitizen.substack.com/p/is-crypto-bullshit?r=dfrt
Re: $TRIBE So I listened to the town hall last week - not much in the way of details, just the founders very excited about a potential merge. Two really talented dev teams, one with a huge treasury and adoptable stable coin backed by ETH, the other with a cutting edge/growing yield aggregator that could really utilize and grow the aforementioned stable coin’s adoption rate (creating more revenue for $TRIBE). Essentially, depending on the price of ETH, TRIBE would be buying Rari for ~$400MM. Many people have pointed out TRIBE could spend half, a 1/4 of that amount and hire solid devs to build out their own protocol - counter argument is Rari’s team is better than “solid” with a proven/growing protocol and the synergies when merged would be instant. Basically this goes from a value play to a growth play, depending on ETH’s price much of the current discount to book would be erased/TRIBE equity lost if TRIBE bought Rari, but we’d have a better product/stable coin in the end. They’re still working out the details/numbers of the proposal before it’ll be out for vote at each respective DAO.
I do think when Sundaeswap is released it will see a pretty significant pump, if it actually works Big if
I’ve been advised not to empty the clip into discounts yet, wait for tax season, expecting more capitulation over the next few months. That said, I bought 10k more $TRIBE at $1 against the advice of everyone.
Would somewhat make sense considering how strong November has been in past years. However, with fear and greed index being at 21, definitely expect at least a bit of a bounce back. Staying that low for very long doesn’t really happen outside of a bear market. I also bought a good chunk today. Had limit orders set up a couple days ago that I thought would most likely never hit
Mostly cause market shat itself last week. I’d be patient on cutting it. I don’t have a position, but getting involved with Rari is bullish.
Why does he always get such bad fills? I get it that it doesn't matter, DCA, but he could have bought at 55k instead he'd get an extra 510 BTC.
Whenever I buy, I hold now. It almost hit .90 and I was preparing to buy 5k worth (bc I said I would earlier in the thread, not because I necessarily believe in it).
Hindsight is 20/20. I think he buys ASAP when he has any available cash. He’s said on multiple occasions that for previous buys he would’ve paid double, triple, etc. what he paid. My guess is that he thinks it’s more likely to go up than down, so he doesn’t concern himself with trying to time short-term movements. And $3.5B with an average price below $30k isn’t exactly a bad cost basis. His thesis is to hold forever and that it’s a $100-300 trillion asset. Buying at $55k versus $58k is a rounding error if you think it’s ultimately $10m/btc.
...or it's an extra 510BTC x 10,000,000 = 5.1B if it is ever worth 10m/BTC. I'm not really talking about the pricing he gets in at. My point is he tends to pay over value at the time. It's easier to visualize. He bought at the blue line.