The entire "store of value" and "digital gold" thing was misguided from the start. BTC was never intended to be anything like that. The whole crypto ecosystem has been corrupted by the usual suspects and they deserve what they get.
Bitcoin will be to central banks and the nation state as the printing press was to the Catholic Church. Nobody thinks the dominant institution of their time can be disrupted until all of the sudden it is.
How can anyone continue to take you seriously if you think a global, completely transparent, trustless, decentralized, borderless monetary system that offers complete sovereign ownership has no "utility"? Like WTF are you talking about.
I cannot transfer gold 24/7 anywhere in the world. I cannot store gold in a way that it cannot be confiscated. I cannot travel with my physical gold across any international border. I cannot store gold outside my home unless it is with some trusted third party. I cannot transfer gold withou the help of a trusted third party.
When the price of gold goes up -- people can just mine more gold.
How on fucking God's green earth -- can you think gold is what anybody wants to use when Bitcoin exists?
Bitcoin is harder money than gold. It does all the things that gold cannot do. It is borderless and trustless -- unlike gold. It cannot be confiscated -- unlike gold. It can be transferred anywhere without any third parties involved -- unlike gold.
How are you unable to simply compare the characterstics of gold and Bitcoin and not understand what you're dealing with?
NOBODY WANTS GOLD.
When currencies are crashing -- do you think people are going to panic and run down to the local gold shop to buy some coins?
Or do you think they're going to pull out their phone and buy the ONLY asset in the world they know can't be confiscated and that keeps going up regardless of how many times it's been pronounced "dead"?
They're going to panic into Bitcoin -- not go out and buy a rock.
That green paper in your pocket has value because people believe in it. Fiat money. There are billions of people who live in countries where the economy crashes every 10 years. Can't figure out Argentina which is all Spanish fertile, smart people name means land of silver, but I digress. For those people BTC has immense value. Incorruptible, and so what if it goes down 50%? That's nothing when the currency has crashed like in Zimbabwe, Venezuela, Turkey &tc.. Add cell phones and wallets and you have 3+ billion people who know that 21 million will be created. AU too heavy to carry and Ag as well. US 90% junk is good. Spreads between bid and ask are insane aside from Fudgery by traders like JPM HSBC, Bank of Nova Scotia, etc. who go both long and short and FTC does -0-. I HODL. Playing with house money now. DON'T EVER DO WHAT I DO OR SAY.
Bad analysis on Microstrategy and the SEC. The issue is that bitcoin currently falls under indefinite intangible accounting rules. This means bitcoin's asset value must be reported as the lowest observed market value since it was acquired, regardless of its current value. In Q3 2021, MSTR owned 114,000 bitcoin worth $5B, yet it had to report it on the balance sheet as $2.4B. Even if that bitcoin appreciated to $100B, current rules would still show it as a $2.4B asset. MSTR was publishing non-GAAP pro formas along with its standard financial statements to show the actual fair market value of its corporate treasury. But the SEC ruled they can't add those pro formas moving forward, which is stupid and causes LESS accurate financial disclosure.
Garreth Solloway has been calling for BTC to drop to around $20k. He called the last pull back almost exactly. All he did was look at the long term charts.
The entire "store of value" and "digital gold" thing was misguided from the start. BTC was never intended to be anything like that. The whole crypto ecosystem has been corrupted by the usual suspects and they deserve what they get.
Bitcoin will be to central banks and the nation state as the printing press was to the Catholic Church. Nobody thinks the dominant institution of their time can be disrupted until all of the sudden it is.
How can anyone continue to take you seriously if you think a global, completely transparent, trustless, decentralized, borderless monetary system that offers complete sovereign ownership has no "utility"? Like WTF are you talking about.
I cannot transfer gold 24/7 anywhere in the world. I cannot store gold in a way that it cannot be confiscated. I cannot travel with my physical gold across any international border. I cannot store gold outside my home unless it is with some trusted third party. I cannot transfer gold withou the help of a trusted third party.
When the price of gold goes up -- people can just mine more gold.
How on fucking God's green earth -- can you think gold is what anybody wants to use when Bitcoin exists?
Bitcoin is harder money than gold. It does all the things that gold cannot do. It is borderless and trustless -- unlike gold. It cannot be confiscated -- unlike gold. It can be transferred anywhere without any third parties involved -- unlike gold.
How are you unable to simply compare the characterstics of gold and Bitcoin and not understand what you're dealing with?
NOBODY WANTS GOLD.
When currencies are crashing -- do you think people are going to panic and run down to the local gold shop to buy some coins?
Or do you think they're going to pull out their phone and buy the ONLY asset in the world they know can't be confiscated and that keeps going up regardless of how many times it's been pronounced "dead"?
They're going to panic into Bitcoin -- not go out and buy a rock.
That green paper in your pocket has value because people believe in it. Fiat money. There are billions of people who live in countries where the economy crashes every 10 years. Can't figure out Argentina which is all Spanish fertile, smart people name means land of silver, but I digress. For those people BTC has immense value. Incorruptible, and so what if it goes down 50%? That's nothing when the currency has crashed like in Zimbabwe, Venezuela, Turkey &tc.. Add cell phones and wallets and you have 3+ billion people who know that 21 million will be created. AU too heavy to carry and Ag as well. US 90% junk is good. Spreads between bid and ask are insane aside from Fudgery by traders like JPM HSBC, Bank of Nova Scotia, etc. who go both long and short and FTC does -0-. I HODL. Playing with house money now. DON'T EVER DO WHAT I DO OR SAY.
Bad analysis on Microstrategy and the SEC. The issue is that bitcoin currently falls under indefinite intangible accounting rules. This means bitcoin's asset value must be reported as the lowest observed market value since it was acquired, regardless of its current value. In Q3 2021, MSTR owned 114,000 bitcoin worth $5B, yet it had to report it on the balance sheet as $2.4B. Even if that bitcoin appreciated to $100B, current rules would still show it as a $2.4B asset. MSTR was publishing non-GAAP pro formas along with its standard financial statements to show the actual fair market value of its corporate treasury. But the SEC ruled they can't add those pro formas moving forward, which is stupid and causes LESS accurate financial disclosure.
Crypto is an “asset” not backed by some sort of underlying asset, business, or financial obligation. It’s vaporware at the $trillion bubble level.
My one major objection is the phrase "panicked hodler". If you're a hodler you'll be excited to buy the dip.
Garreth Solloway has been calling for BTC to drop to around $20k. He called the last pull back almost exactly. All he did was look at the long term charts.