Bitcoin is still early

[xraygoggles]

short term yes. long term absolutely no.

One can make the contrarian argument that precisely because VCs fund/back a lot of the centralized altcoin projects, they are more likely to stick around.

[xraygoggles]

1 billion Tether came into existence recently.

Crypto logic I see online:

- USD fiat is bad because - govt prints money.
- Tether is good because - private unregulated shady company prints money?

Tether will implode someday, and will take along bitcoin and the rest of the crypto market most likely. It seems inevitable.

[jacoavlu]

One can make the contrarian argument that precisely because VCs fund/back a lot of the centralized altcoin projects, they are more likely to stick around.

then where are all the 5-10 yr alt projects? nowhere. bc most die

[jacoavlu]

1 billion Tether came into existence recently.

Crypto logic I see online:

- USD fiat is bad because - govt prints money.
- Tether is good because - private unregulated shady company prints money?

Tether will implode someday, and will take along bitcoin and the rest of the crypto market most likely. It seems inevitable.

tether, circle, gemini, these are just private companies filling a niche. in the coming years these coins will come under much more regulation and will have to show proof of reserve

i certainly wouldn’t advocate exchanging dollars for stablecoins just to hold stable coins. they’re just a means to an end for a lot of people

[xraygoggles]

then where are all the 5-10 yr alt projects? nowhere. bc most die

I'm not referring to the scammy ICOs from 2017-18, but the projects that arose from DeFi Summer in 2020 and beyond.

It's one thing to be a maxi, but being apathetic of other projects doesn't mean they will fail - it just means you are uninformed and/or biased, or both....

[xraygoggles]

not a strong opinion. indifferent more accurate. but gary gensler et al seem to indicate their opinion is that most coins besides btc are securities

Yes, it very well could be, I wouldn't be surprised really.

I consider the entire crypto space akin to levered beta - that is, a leveraged analogue to equities - specifically high-growth speculative tech stocks.

[jacoavlu]

I'm not referring to the scammy ICOs from 2017-18, but the projects that arose from DeFi Summer in 2020 and beyond.

It's one thing to be a maxi, but being apathetic of other projects doesn't mean they will fail - it just means you are uninformed and/or biased, or both....

this line of conversation began when you seemed to indicate your feelings of all crypto being similar bc of price correlation. i prefer to focus on fundamentals. there is bitcoin, and everything else. which you seem to agree with, by calling them “other projects” and admitting that eth et al are aiming to solve a different problem than bitcoin. lumping altcoins and bitcoin discussion together is a distraction. i didn’t say everything else would fail. people are free to invest in whatever they want. but all the other stuff is much more analogous to investing in tech startups. that’s not bitcoin. i think you and i agree on a lot more than we disagree on. i just choose to point out important differences where i see them

[Panscan]

this line of conversation began when you seemed to indicate your feelings of all crypto being similar bc of price correlation. i prefer to focus on fundamentals. there is bitcoin, and everything else. which you seem to agree with, by calling them “other projects” and admitting that eth et al are aiming to solve a different problem than bitcoin. lumping altcoins and bitcoin discussion together is a distraction. i didn’t say everything else would fail. people are free to invest in whatever they want. but all the other stuff is much more analogous to investing in tech startups. that’s not bitcoin. i think you and i agree on a lot more than we disagree on. i just choose to point out important differences where i see them

except none of these things are actually valued by what they aim to do.

Basically all crypto assets (especially large caps ones lets say over a few billion dollars market cap) have extremely high correlation price wise and the fact that they have gone up in value over time is the fundamental reason basically everyone is involved with them. if BTC went to 5000 dollars and stayed there for 5 years, no one would care about it.

It's simply a ponzi scheme where early adopters are hyping it and recruiting people to pump their bags. Nothing more.

There is no true price discovery in the crypto space, hence how things like doge and shiba can pump and stay elevated for long periods of time and things like eth that blatantly fail to deliver aren't priced as such. It's all just people chasing lines going up.

[xraygoggles]

tether, circle, gemini, these are just private companies filling a niche. in the coming years these coins will come under much more regulation and will have to show proof of reserve

i certainly wouldn’t advocate exchanging dollars for stablecoins just to hold stable coins. they’re just a means to an end for a lot of people

You cannot lump together regulated legit companies like Circle and Gemini with a shady offshore unregulated company like Tether.

[jacoavlu]

except none of these things are actually valued by what they aim to do.

Basically all crypto assets (especially large caps ones lets say over a few billion dollars market cap) have extremely high correlation price wise and the fact that they have gone up in value over time is the fundamental reason basically everyone is involved with them. if BTC went to 5000 dollars and stayed there for 5 years, no one would care about it.

It's simply a ponzi scheme where early adopters are hyping it and recruiting people to pump their bags. Nothing more.

There is no true price discovery in the crypto space, hence how things like doge and shiba can pump and stay elevated for long periods of time and things like eth that blatantly fail to deliver aren't priced as such. It's all just people chasing lines going up.

you can believe that if you want. it’s all correlated until it isn’t. it’s funny bc you can go read all my posts here and i talk about fundamentals. not price. it’s all the altcoins folks and same for the bitcoin hopium crazies too that talk about all price and never fundamentals.

no offense but you’re quickly becoming someone i pretty much disregard everything you say, bc you’re only ever a hater. didn’t you say Jim would have blood on his hands for hosting last years WCI conference? and hospitalists should never be able to leave the hospital on a shift?

[jacoavlu]

You cannot lump together regulated legit companies like Circle and Gemini with a shady offshore unregulated company like Tether.

sure i can. i don’t share your opinions on tether. have never owned a single dollar of it and could really care less. but i happen to think most of the talk around it is fud

[Panscan]

you can believe that if you want. it’s all correlated until it isn’t. it’s funny bc you can go read all my posts here and i talk about fundamentals. not price. it’s all the altcoins folks and same for the bitcoin hopium crazies too that talk about all price and never fundamentals.

no offense but you’re quickly becoming someone i pretty much disregard everything you say, bc you’re only ever a hater. didn’t you say Jim would have blood on his hands for hosting last years WCI conference? and hospitalists should never be able to leave the hospital on a shift?

unrelated points for 100 alex. Yeah I think the conference was a bad idea and the wrong call and yes likely did contribute to the spread of covid. I will admit I don't know a ton about hospitalist expectations but a hospitalist being at home on call seems strange to me.

You haven't really addressed any of the points I've said and the need to bring up unrelated points shows the weakness there. If bitcoin price went to a certain level and stayed there for multiple years, what percentage of the cryptosphere would abandon interest? Sure there is a small subset of people that actually want to make a difference, are interested in crytography and ways it can be utilized to improve functions of our lives. There is a far far greater subset of people who see a line going up and want to be a part of it.

Its been correlated for years. When is it long term enough for you? I've gotten involved in crypto world and held 6 figures of it, transacted on eth and solana networks, what's wrong with pointing out the flaws?

[xraygoggles]

sure i can. i don’t share your opinions on tether. have never owned a single dollar of it and could really care less. but i happen to think most of the talk around it is fud

The thing is, it's not my opinion. If you really have never heard about any of the innumerable shady dealings by Tether, then I suggest doing your own due diligence.

Even if you have no use for stablecoins, everything is interconnected in the crypto space. One domino falls, and so do the rest.

[jacoavlu]

unrelated points for 100 alex. Yeah I think the conference was a bad idea and the wrong call and yes likely did contribute to the spread of covid. I will admit I don't know a ton about hospitalist expectations but a hospitalist being at home on call seems strange to me.

You haven't really addressed any of the points I've said and the need to bring up unrelated points shows the weakness there. If bitcoin price went to a certain level and stayed there for multiple years, what percentage of the cryptosphere would abandon interest? Sure there is a small subset of people that actually want to make a difference, are interested in crytography and ways it can be utilized to improve functions of our lives. There is a far far greater subset of people who see a line going up and want to be a part of it.

Its been correlated for years. When is it long term enough for you? I've gotten involved in crypto world and held 6 figures of it, transacted on eth and solana networks, what's wrong with pointing out the flaws?

what points would you like to debate re bitcoin?

[jacoavlu]

The thing is, it's not my opinion. If you really have never heard about any of the innumerable shady dealings by Tether, then I suggest doing your own due diligence.

Even if you have no use for stablecoins, everything is interconnected in the crypto space. One domino falls, and so do the rest.

sure i’ve heard the news. and i’m of the opinion based on the little i’ve read and heard that the fud is overblown. but i don’t need to do any due diligence bc it doesn’t affect me at all.