Financial topics

[vincecate]

It won't be able to act as a currency until it gets up to the top of the S curve if I understand correctly.

(...)

As far as the poor design of Bitcoin, I'm starting with the first serious post I made about Bitcoin. I don't think anything that is introduced as and behaves as an "all one bubble" asset and has no anchor of value to anything in the real world will transition to a currency.

I don't think you understand correctly. Bitcoin is already the 3rd largest world currency. If it gets larger than the Euro will you believe it? What if it gets larger than USD?

"A new research note from Deutsche Bank ranks Bitcoin in the top three world currencies by market cap of its circulation, behind only USD and EUR."
https://decrypt.co/39425/bitcoin-is-3rd ... d-currency

Any crypto currency that was replacing the USD would look like a bubble. Again, this is not any evidence of any design problem with Bitcoin.

If among the 4,000++ crypto coins out there something was much better than Bitcoin then market forces would be making Bitcoin smaller (as it was before Lightning came along). I don't think there is any crypto better at being a currency. There are others that have some niches they are better at, but as an overall currency, I think Bitcoin will continue to be the leader. With Lightning Bitcoin has real advantages over others. We can do finalized transactions in a second or two for a penny or two and the total blockchain only takes up 330 GB of disk, so can fit on a regular computer. It is really nice. It is far far better than wire transfers, paper checks, western union, or credit cards. These are all pathetic old technologies by comparison. That no government can force anyone to expose the names of Bitcoin users makes it better than any Swiss bank account can be. During inflation the governments tax you on the pretend profits (oh that house went from $1,000,000 to $1,500,000 so you owe taxes on $500,000) so it will become more and more important to be able to hide wealth from governments. Bitcoin will keep taking over. As the number of users keeps growing the price will keep trending up (though with plenty of crashes from time to time).

[Higgenbotham]

It won't be able to act as a currency until it gets up to the top of the S curve if I understand correctly.

(...)

As far as the poor design of Bitcoin, I'm starting with the first serious post I made about Bitcoin. I don't think anything that is introduced as and behaves as an "all one bubble" asset and has no anchor of value to anything in the real world will transition to a currency.

I don't think you understand correctly. Bitcoin is already the 3rd largest world currency. If it gets larger than the Euro will you believe it? What if it gets larger than USD?

"A new research note from Deutsche Bank ranks Bitcoin in the top three world currencies by market cap of its circulation, behind only USD and EUR."
https://decrypt.co/39425/bitcoin-is-3rd ... d-currency

Any crypto currency that was replacing the USD would look like a bubble. Again, this is not any evidence of any design problem with Bitcoin.

If among the 4,000++ crypto coins out there something was much better than Bitcoin then market forces would be making Bitcoin smaller (as it was before Lightning came along). I don't think there is any crypto better at being a currency. There are others that have some niches they are better at, but as an overall currency, I think Bitcoin will continue to be the leader. With Lightning Bitcoin has real advantages over others. We can do finalized transactions in a second or two for a penny or two and the total blockchain only takes up 330 GB of disk, so can fit on a regular computer. It is really nice. It is far far better than wire transfers, paper checks, western union, or credit cards. These are all pathetic old technologies by comparison. That no government can force anyone to expose the names of Bitcoin users makes it better than any Swiss bank account can be. During inflation the governments tax you on the pretend profits (oh that house went from $1,000,000 to $1,500,000 so you owe taxes on $500,000) so it will become more and more important to be able to hide wealth from governments. Bitcoin will keep taking over. As the number of users keeps growing the price will keep trending up (though with plenty of crashes from time to time).

The article says Bitcoin is the third largest currency by market cap at about $1 trillion.

The market cap of Bitcoin has been pretty well advertised. It's about the same as the market cap of Apple.

The article compares the Bitcoin market cap to US paper dollars and coins in circulation which is bogus because most US dollars are electronic and the US dollar consists of a lot more than paper dollars and coins. Other types of US dollars are money market accounts, checking accounts, and so on that aren't included in the total.

Also, the correct metric for the size of a currency would be flows, not market cap. US dollar flows are enormous, exceeding the market cap of Bitcoin every day by multiples.

Just the New York Stock Exchange trades 1 trillion shares every day in several trillions of US dollars.

Every sale at Wal-Mart and Amazon, the two largest companies in the world by transaction volume is in US dollars or some other fiat currency. They don't accept Bitcoin. US retail sales are around half a trillion dollars per day with essentially none in Bitcoin.

[Higgenbotham]

Does Bitcoin have equivalent properties for an information age economy as gold does for an industrial age economy? Due to its poor design, Bitcoin has none of those attributes for an information age economy.

Bitcoin is an asset whose price is not tethered to anything real in any sense. The cost to produce Bitcoin has no relation to the underlying economy, either the industrial or information age economy. That makes it unworkable as a reserve asset for a new monetary system in an information age economy. The cost to mine Bitcoin goes up and up as more Bitcoin is mined due to the computing power required. But at the same time, the cost of computing power is going down and if Bitcoin were to be considered an asset that is correlated to the digital economy, the cost to mine Bitcoin should fall in a correlated, stable way to the cost of computing power or some other attribute of the information age economy.

The first question's answer is yes. Then you don't talk about the poor design. You just state it isn't, and not only are you wrong, I have no idea where you get these claims from. Of course it has attributes of the digital economy, that's exactly what it is. I don't even think you know how unclear any of your assertions are, they are totally wrong. It IS based on a protocol of permission-less banking, it is the "money of the internet" quite literally, rendering your objections bizarre because you are arguing the sky isn't blue.

Bitcoin is tethered to many real things, again, none of which you understand. It mines using cryptography and electricity, which are real, and self reinforcing. The cost to mine gold goes up and up if less gold is around, too. Are you unaware of this? Currently, bitcoin is more scarce than gold, I don't think you even are aware of the concept of stock to flow. Greater cost to mine bitcoin, which doesn't tremendously increase and we have until 2140 til all BTC are mined, but these are actually features, not bugs (more desire to have it since it is deflationary).

Another bizarre post totally destroyed by obvious facts to anyone who has actually studied BTC and lives in the real world, the real economy.

Enjoy the manipulation of gold via derivatives and the fake paper market meant to fool you, too. Ha, you don't even know that, apparently.

You can't express yourself in any intelligent, coherent fashion as you struggle to insert fallacious buzzwords you picked up from fellow denizens of this bizzaro cryptoworld into something that resembles a schizoid manifesto.

One esoteric type of capital equipment that exits solely for the purpose of sucking up electricity and spitting out something that has no use or utility rising in price at multiples of the cost of the electricity it wastes bears no relation to the real economy whatsoever. Who does that again? Your hairdresser? The Asian who makes your panties? Give me a break.

You will be begging for a morsel of bread as you scream that your Bitcoin that is stuck in cyberspace is worth all the bread in the world.





Craziest is right.

[Higgenbotham]

I have as high of credentials as anyone, so it makes no difference to me.

I've been following many, but mostly macro econ guys, for the better part of the last 20 years. I've noticed that what the "famous" guys had in common was that they were right (big) once. And mostly wrong a whole multitude of times since their "call." Usually it was the 2008 call. Examples are Peter Schiff, Nouriel Roubini, Kyle Bass to a certain extent.

The only guy I don't like of the above is Roubini, because he is acerbic, but mostly because he is a globalist shill.

If your credentials are that good, why not use them. You could contact the business channels - CNBC, Bloomberg, Fox Business, RT, etc., and offer to debate Roubini on national television. I don't understand why you're here with nobodies like me. I think getting on national television to debate some of these prominent anti-Bitcoin folks gives you the best chance to "clear the air" and make a name for yourself as a sharp, nuanced investor.

By the way, I just searched for a phrase in your recent post in the World View News thread. Why are you quoting from the Unabomber's Manifesto?

[aeden]

A pathogen’s evolution is neither surprising nor automatically worrisome.
https://www.bloomberg.com/opinion/artic ... t-pandemic

God sent an army of dragonflies to consume the mosquitoes spreading a deadly plague.
They wanted that part of the island. Designed to kill.

But I have this against you: You have abandoned your first love. Therefore, keep in mind how far you have fallen.
Repent and perform the deeds you did at first. But if you do not repent, I will come to you and remove your lampstand from its place.
But you have this to your credit: You hate the works of the Nicolaitans, which I also hate.

Hard on the edges does not mean soft in the head.

Extended hours $1.95+0.1201 (+6.56%)
Bid x Size $1.79 x 100
Ask x Size $1.90 x 100

Retrofitting the first 30 MW of infrastructure to immersion cooling (which can produce approximately 1.0 EH/s of Bitcoin mining),
to be completed in the first half of 2021 with another 30 MW to follow in the second half-year (totaling 2.0 EH/s).

three main divisions: data centre operations, data analytics and forensics

.02790 from the 3:97
as indicated we will trim to .0200
https://www.youtube.com/watch?v=DJF-5ZwHYaM
as suspected they got whipped up and down
no date needed here for us on that note
co in c dinks

https://cms.zerohedge.com/s3/files/inli ... k=LeTpLxOU ty t

thread: l8ter

[aeden]

https://docs.hedera.com/guides/core-con ... -tolerance

[Higgenbotham]

Tesla Stock Price

[Higgenbotham]

Chart of US Dollar

US Dollar Makes New 2021 High Today

The discussion could have been about finding the bottom in the US dollar. Herd dynamics generally prevent such discussions.

[Cool Breeze]

Why are you quoting from the Unabomber's Manifesto?

Things that are true should be shared with others. That you can't discern this for some emotional reason is telling that like lefties, you can't think critically. And as I said in that post, I am saddened that a man that intelligent and insightful thought it ok to harm or kill people.

That doesn't change the truth of the ideas put forth, however. If this is a stumbling block for you, sadly, you are trapped in the modern era of emotions and irrational activity, not truth.

[Cool Breeze]

Also, you wouldn't know if I do debate them or talk on national TV because ... I wouldn't tell you.

People hate the truth so sometimes the internet is the only place to tell it. You know like I do, freedom of speech only exists here, anymore.