Bitcoin is still early

[xraygoggles]

good for bitcoin in that it will be an interesting proof of concept

”but i can’t buy my coffee with bitcoin” is being disproven there right now whether critics want to admit that or not

and the tokenized bonds will be interesting to observe. opens participation in financial markets outside of the legacy system. this is defi but it’s all happening around bitcoin

Agree re: proof of concept experimentation.

As to transacting with bitcoin, I think the reason people say it's not currently a good currency is the volatility, not that it can't literally be done. Also, I would guess most of these small biz that accept btc are instantaneously converting it to USD, but not sure on that.

[jacoavlu]

Agree re: proof of concept experimentation.

As to transacting with bitcoin, I think the reason people say it's not currently a good currency is the volatility, not that it can't literally be done. Also, I would guess most of these small biz that accept btc are instantaneously converting it to USD, but not sure on that.

there are plenty of people that also don’t believe it can be done. bbbbut block times are 10 minutes, and using for buying coffee will boil the oceans type of nonsense. there are highly intelligent people that still believe this

[xraygoggles]

good for bitcoin in that it will be an interesting proof of concept

”but i can’t buy my coffee with bitcoin” is being disproven there right now whether critics want to admit that or not

and the tokenized bonds will be interesting to observe. opens participation in financial markets outside of the legacy system. this is defi but it’s all happening around bitcoin

As for the bonds: kinda strange to sell USD-backed bonds to purchase a speculative asset, so that "it helps contribute to bitcoin’s price appreciation". Why wouldn't someone just buy bitcoin instead?

Source: https://www.coindesk.com/business/20...y-more-crypto/

This is game theory for smooth-brainers - harkens back to Constitution DAO epic failure by announcing their max bid before auction...

[jacoavlu]

As for the bonds: kinda strange to sell USD-backed bonds to purchase a speculative asset, so that "it helps contribute to bitcoin’s price appreciation". Why wouldn't someone just buy bitcoin instead?

Source: https://www.coindesk.com/business/20...y-more-crypto/

This is game theory for smooth-brainers - harkens back to Constitution DAO epic failure by announcing their max bid before auction...

strange to sell or strange to buy?

[xraygoggles]

strange to sell or strange to buy?

Strange to buy those bonds. Asymmetric risk/reward to the downside.

[jacoavlu]

Strange to buy those bonds. Asymmetric risk/reward to the downside.

i don’t know details. i have no interest in purchasing. microstrategy had plenty of buyers for their bonds. i’m sure there are some buyers that have their reasons.

[xraygoggles]

i don’t know details. i have no interest in purchasing. microstrategy had plenty of buyers for their bonds. i’m sure there are some buyers that have their reasons.

Big difference between a publicly traded company regulated in the US with appropriate laws in place for potential lawsuits and disputes, vs a 3rd world unstable country with despotic leadership.

[jacoavlu]

Big difference between a publicly traded company regulated in the US with appropriate laws in place for potential lawsuits and disputes, vs a 3rd world unstable country with despotic leadership.

im not really sure what point you’re trying to make around all of this

[xraygoggles]

im not really sure what point you’re trying to make around all of this

Basically, why anyone would buy those bonds, which seems extremely risky, versus just buying bitcoin instead.

[jacoavlu]

Basically, why anyone would buy those bonds, which seems extremely risky, versus just buying bitcoin instead.

im not here to defend someone buying the bonds

but i would ask do you know any of the details?

and it’s kinda lol that you frame the bonds as extremely risky, and btc as, i guess, not

[xraygoggles]

and it’s kinda lol that you frame the bonds as extremely risky, and btc as, i guess, not

Well no, not at all. A bond is not the same as a speculative cryptocurrency in any portfolio - they should have different levels of correlation, risk, etc. So why would anyone think it's a good idea to buy a bond that is backed by aforementioned speculative asset?

Just like how people say that you should buy investment-grade bonds as part of your fixed allocation, instead of corporate bonds which are more of a stock-bond hybrid. Same thing vis-a-vis BTC bonds.

[xraygoggles]

but i would ask do you know any of the details?

I believe Bitfinex is the broker selling the bonds, and accepting USDT as payment. Talk about a recipe for disaster - if you are unaware, Bitfinex & Tether have a very incestuous and corrupt relationship, with a history of indiscretionary borrowing from each other, opaque disclosures, and dubious audits which were chosen and paid for by them.

Even without knowing any further details, this is a big no-no, and makes the whole enterprise highly suspect, to say the least.

[jacoavlu]

I believe Bitfinex is the broker selling the bonds, and accepting USDT as payment. Talk about a recipe for disaster - if you are unaware, Bitfinex & Tether have a very incestuous and corrupt relationship, with a history of indiscretionary borrowing from each other, opaque disclosures, and dubious audits which were chosen and paid for by them.

Even without knowing any further details, this is a big no-no, and makes the whole enterprise highly suspect, to say the least.

blockstream is one of the most respected companies in the bitcoin universe. i don’t think Adam Back would take risk to tarnish his company’s reputation. surprised by your rush to judgement.

[xraygoggles]

blockstream is one of the most respected companies in the bitcoin universe. i don’t think Adam Back would take risk to tarnish his company’s reputation. surprised by your rush to judgement.

Right, Blockstream created the tokenized bonds, but it's being handled by Bitfinex. It's entirely possible it will turn out okay (more or less), but I would proceed with caution.

[jacoavlu]

Right, Blockstream created the tokenized bonds, but it's being handled by Bitfinex. It's entirely possible it will turn out okay (more or less), but I would proceed with caution.

well i’m not planning to proceed at all. but hating on it not fair until more is disclosed. my opinion