yes, I will laugh at the Winklevoss twins https://www.nytimes.com/2022/07/05/style/winklevoss-twins-mars-junction.html
https://www.cnbc.com/2023/07/06/tay...ip-despite-contrary-public-claims-source.html Truth is stranger than fiction.
Maybe I should but I honestly don't think anything of the people that were paid to promote FTX. FTX wasn't some random small company that nobody had heard of and therefore the celeb should vet them out before working with them. Millions of people knew of them and assumed they were legit so it's weird to say a celeb should have known better.
The weirdest part was people acting like Taylor Swift was some finance savant for having the foresight to see FTXs collapse. No one knew or they wouldn’t have gotten the celebs they did in the first place but that doesn’t stop the piling on. Incredible spin job by her people.
Ahh yea I didn't follow anything with her related to this before your post, so if they spun it to where she was all-knowing, lol.
This caller is soooo far gone. At first I laughed at his expense but just a couple minutes in all I could think was that this guy needs professional help.
Just disingenuous strawman hyperbolic arguments on both sides and people talking past each other on stupid points. The btc thesis/reason for having it as a small part of a portfolio doesn't remotely have to be "the entire global economy collapses and you can't access dollars." The woman's points are quite dumb in her own right...."no intrinsic value," "speculative asset," "zero percent chance crypto is viable," etc.
Her comments weren’t dumb because they were still operating under the guys insane hypothetical scenario. They wouldn’t have been dumb regardless IMO. If you’ve ever ever profited off of Bitcoin, what you have done is profited off of dumb, desperate people like that caller.
Nah. She rambled at the end with like every 2011-2012 anti-btc talking point. Saying it has no intrinsic value is stupid. Saying there is zero percent chance it is viable, especially in the face of its now 14-year history and being the best performing asset ever, is stupid. Saying it's a speculative asset is stupid (unless she's going as far as the inane point that all assets are speculative). She made multiple dumb uninformed points. And you're reductionist last sentence falls into that same dumb category. People will buy and "profit off of" bitcoin because of its characteristics. People who trade out of inflating currencies into hard assets and then profit from that trade are not dumb. It's not dumb to convert pesos, turkish lira, or other shitty fiat currencies for US dollars; just as it's not dumb to convert from dollars into btc. You don't understand why they aren't, and I don't have any time or interest in trying to convince you.
I hope you’re aware that it is a very small number of people who own an exorbitant amount of the entire Bitcoin supply that can control whether “the line goes up” or not. Public trust in cryptocurrencies ain’t so hot right now so it’s probably not new converts. I hope you keep some real money set aside so you’ll be able to afford a new face after yours gets eaten by a leopard.
Lol. The world's largest asset managers are lining up to enter the bitcoin etf and custody market, but it's definitely you that has figured out it has no value. I'll set aside the "purchasing power" response, which is entirely too easy. 1. you don't have to be able to buy anything with btc for it to make sense as something to own. Plenty of investors own gold in a portfolio but don't use it to buy goods or services. 2. There are countless merchants that accept btc in exchange for goods and services, many of which are outside the US. So in addition to your point just being factually wrong, it's always been one of the dumber talking points against btc. Me buying some t-shirt, or a house, or a car, or paying someone halfway across the world using btc defeats your point and has nothing to do with the long-term investment thesis.
Go ahead and support the first statement with data. While I wait, you should read something like this: https://insights.glassnode.com/bitcoin-supply-distribution/ Not to mention I don't care who owns any amount of the supply. It's a fixed supply asset with price set by supply and demand and billions in daily trading volume. As for "public trust," Blackrock (which you may or may not know as the world's largest asset manager) is lining up with like every other large asset manager on the planet for a spot bitcoin etf. I'd say public trust is doing just fine. The leopard comment is just odd. What's your actual prediction? It goes to zero? By when? I'm just a dipshit btc investor who buys every single day and has managed to outperform like 99% of all investors and strategies. So I appreciate the concern, but I'll be just fine.
I figured you'd get a kick out of the "public interest" comment when institutional interest is at an all-time high. I noticed some weird comments the other day and figured it was only a matter of time before this nonsense carried over to this thread. And here we are.
What's your actual point here? Everything that anyone has ever bought as an investment is speculative. I think what you're probably attempting to say is that it has no intrinsic value. Objectively it has a value of $30,400 or so today in a market that trades 24/7/365 with billions of dollars in daily volume. So people value it. That much is not really up for debate. Beyond that, it's a finitely scare digital asset backed by its open-sourced characteristics, the most secure and strongest proof of work computer network on the planet, and blah blah blah. It's frankly pretty hilarious that 14 years and a ~$600 billion market cap later, you think you know some secret that it should AcTuAlLy be worth $0 because it has no value.
That it has no intrinsic value/it's speculative and is not viable as a currency. It was in your post that I quoted
I swear some of these questions only require like an ounce of intelligence. If it's 2050 and I think btc will appreciate 3-5% per year, then maybe I'd invest in something that I estimate to have a higher potential yearly return. If it's 2023 and I think btc's base case market cap is 10-20x higher, then selling btc for dollars and paying taxes on the gains wouldn't be particularly smart.
Cool. This doesnt answer the question even slightly. Why would i ever spend an appreciating asset on a car or concert tickets or dinner?
It doesn't have to be a currency to be a $10-100 trillion dollar asset class. The speculative point is dumb as hell and true of basically anything. You holding dollars, or bonds, or real estate, or the sp500, or gold is speculative. The no intrinsic value point is lazy and has been written about and talked about to death.
The same reason anyone ever buys anything: you feel like exchanging some of your wealth for a car or concert tickets or dinner. It's ridiculously dumb to think we have to have an inflationary asset in order to get people to spend money. Tech in general has been massively deflationary for years. Have people just stopped buying computers and phones because if they wait one year they can get the same computer or phone for a lower price? The answer is obviously "no."
Yes those things are speculative . Idk why it's even offensive to admit it. If it makes you money, great and who cares whether it is or not?
Ok great. So the speculative point is worthless. I don't view it as offensive; I'm saying your point is true of everything, which makes it not much of a point at all. You seem to actually be making the "no intrinsic value" point. Not sure if you have any interest in reading responses to that point, but if so, here are some links: https://www.lynalden.com/misconceptions-about-bitcoin/ (quick read in point 2) https://unchained.com/blog/bitcoin-is-not-backed-by-nothing/ https://insights.bitcoinreserve.com/blog/bitcoin-has-no-intrinsic-value https://www.lynalden.com/invest-in-bitcoin/
It absolutely could go to 0 some day. BitCoin will remain speculative until it has its own military that acts as its guarantor. The governments that do have those militaries might get sick of it being used to evade taxes.
Currency is a medium of exchange that allows me to trade my labor for other goods and services. I spend dollars because they have no intrisic value beyond being a widely acceptable medium of exchange. Theres a reason nobody in 1989 was using shares of apple to buy a pizza
Well I mean words have meaning. If you're buying something and then speculating that the value will increase and you're holding onto it with only that in mind it doesn't have any other intrinsic value. It's not like a chair you can sit in or a sandwich you can eat or a guitar you can play or money you can spend because it's value is backed by a government with big guns. It serves no other purpose than making the holder more or less money.
Ok you win. This is either a great troll or one of the dumbest posts in the history of the thread. Either way, I have no interest in continuing the discussion. I'm in agreement with you that btc is not similar to a chair, sandwich, guitar, etc. Your last sentence is false. Read the articles, or don't, but I don't have much to add to the discussion that hasn't already been beaten to death by others in the space. I'd guess you have a very US-centric view of it too. Btc is awfully useful for someone in turkey where the btc exchange rate against the Lira is at an all-time high. Alex Gladstein has written countless articles on how people in other countries use it.
Debasing currencies has been an issue governments have dealt with for as long as there has been currency. Abraham Lincoln, created the Secret Service in 1865, not to protect himself but to protect the dollar. Real currencies go extinct all the time but I’m sure BitCoin will last forever all thanks to Erdogan’s incompetence.
Bitcoin needs its own military because governments might get sick of people using it to evade taxes was not on my bingo card for the day. It's like saying the internet needs a military because governments might get sick of people using it for financial crimes. Like I said, I have no interest in continuing the ridiculous discussion.
The talking points today are special. It's like they sense a bull market over the next 2-3 years and are screeching about it in advance. But how will we function as a society if things get *gasp* cheaper over time against a currency that appreciates year over year? Surely society has collapsed in the last several decades as everything tech related has been deflationary. Right??
Huge for ETH/SOL and other potential securities. brolift don't forget your roots when you buy Ipanema Beach