Bitcoin is still early

[xraygoggles]

Well, 7 trillion dollars magically appear in the system as the money printer goes Brrr...devaluing your hard earned dollars. Are your dollars really backed by what you thought?

Not to be that guy, but you are factually wrong.

The dollar (DXY) is up 6.9% YTD (not a meme). And remember, this is during a period of monumental brrr-ing as people like to mock. Not only that, but when rates hike in 2022, that will be another tailwind for dollar stability and valuation.

[CordMcNally]

Depending on the person/situation I might not accept a check

I’m good for it. Just don’t cash my check until next week.

[jacoavlu]

Not to be that guy, but you are factually wrong.

The dollar (DXY) is up 6.9% YTD (not a meme). And remember, this is during a period of monumental brrr-ing as people like to mock. Not only that, but when rates hike in 2022, that will be another tailwind for dollar stability and valuation.

i don’t know what dxy represents. But you’re certainly not saying that a $1 bill carries more value today than a year ago are you?

(value is of course relative. Value against the Lira is different than value against the assets, goods, and services that you and I actually want)

[xraygoggles]

i don’t know what dxy represents. But you’re certainly not saying that a $1 bill carries more value today than a year ago are you?

(value is of course relative. Value against the Lira is different than value against the assets, goods, and services that you and I actually want)

Well no, of course not. We have a high inflation rate rn,

As per DXY:

"The U.S. Dollar Index is used to measure the value of the dollar against a basket of six world currencies—Euro, Swiss Franc, Japanese Yen, Canadian dollar, British pound, and Swedish Krona... The value of the index is a fair indication of the dollar’s value in global markets."

[xraygoggles]

There already is one state that accepts it for taxes. There will be more....gradually, then suddenly. By 2035 my bet is that the vast majority of countries accept BTC as legal tender. They are financially motivated to do so.

Okay sure, but to be fair, it hasn't even been a year yet, so let's see how that experiment fares. I haven't been keeping up, but I would be curious to know what the adoption rate of it has been, and what % of transactions are occurring in BTC.

From what I have briefly read about it, it seemed like most people got their Chivo wallet, and either cashed out the 30$ or whatever they got, or are speculating day-trading bitcoin. I believe some of the wallets are being hacked and people losing their sats as well...

There is still a long ways to go before we can call El Salvador a success story.

[chucki]

Not to be that guy, but you are factually wrong.

The dollar (DXY) is up 6.9% YTD (not a meme). And remember, this is during a period of monumental brrr-ing as people like to mock. Not only that, but when rates hike in 2022, that will be another tailwind for dollar stability and valuation.

What fact is wrong? I’m not measuring my dollar vs other currencies. I’m measuring my dollar today vs my dollar vs what it was the year before and the year before that. My dollar has less buying power and has been debased.

[xraygoggles]

What fact is wrong? I’m not measuring my dollar vs other currencies. I’m measuring my dollar today vs my dollar vs what it was the year before and the year before that. My dollar has less buying power and has been debased.

I don't understand then. Didn't you say that 'bitcoin is global money'? Why would you compare bitcoin globally, but not USD?

[chucki]

I don't understand then. Didn't you say that 'bitcoin is global money'? Why would you compare bitcoin globally, but not USD?

I did say that, but in a different post — you took it out of context. So you still haven’t disproven any fact. The dollar is clearly being devalued by the money printer.

[xraygoggles]

I did say that, but in a different post — you took it out of context. So you still haven’t disproven any fact. The dollar is clearly being devalued by the money printer.

No it's not - I just gave empirical fact. But now we are going around in a circle, so no point continuing this line of thought.

[jacoavlu]

Well no, of course not. We have a high inflation rate rn,

As per DXY:

"The U.S. Dollar Index is used to measure the value of the dollar against a basket of six world currencies—Euro, Swiss Franc, Japanese Yen, Canadian dollar, British pound, and Swedish Krona... The value of the index is a fair indication of the dollar’s value in global markets."

so the dollar is more valuable relative to a bunch of other currencies that are all less valuable (due to inflation) than they were a year ago

and all of them including USD are less valuable relative to bitcoin

are you really taking the position that money printing (or money creation or whatever you want to call it) has not devalued the dollar?

[xraygoggles]

so the dollar is more valuable relative to a bunch of other currencies that are all less valuable (due to inflation) than they were a year ago

and all of them including USD are less valuable relative to bitcoin

are you really taking the position that money printing (or money creation or whatever you want to call it) has not devalued the dollar?

See my post above. This is like Groundhog's Day now.

Only reason I mentioned it in the first place is because there has been a false premise that the dollar is weakening, when in fact it has gotten stronger. That was basically it. Now if you think the DXY is not relevant or important, then not really sure what to say...

Remember I'm long bitcoin, but I don't subscribe to any tropes, memes, or ideas just because they fit the overall narrative and hopium of bitcoiners, especially when they can easily be refuted by actual data. Critical thinking uber alles.

[jacoavlu]

See my post above. This is like Groundhog's Day now.

Only reason I mentioned it in the first place is because there has been a false premise that the dollar is weakening, when in fact it has gotten stronger. That was basically it. Now if you think the DXY is not relevant or important, then not really sure what to say...

Remember I'm long bitcoin, but I don't subscribe to any tropes, memes, or ideas just because they fit the overall narrative and hopium of bitcoiners, especially when they can easily be refuted by actual data. Critical thinking uber alles.

go back and read chucki post that caused you to reference DXY - his comment was in regards to devaluation of dollars for people like you and me. Not weakening on the global stage. So DXY in this context makes no sense

[Otolith]

I guess I just don't see how something can have strong financial utility enough that it one day replaces USD or becomes the standard and still be volatile/growth worthy at the same time enough for it to be a good investment.

Daily swings of bitcoins price are at magnitude of many countries average citizens annual salary. Yes I see how sending money has huge value and I see how it could be the new gold standard. So the goal is for it to become more adopted and be the new monetary standard and continue to increase in value greater than public companies?

Furthermore if the price is based off supply and demand like stocks what keeps countries and whales from being able to manipulate the price with purchasing/selling...

I see a future where bitcoin becomes a new gold standard and can become deflationary by having increased purchasing power. However in order to do this I think the "price" needs to stabilize and maybe even go down. I also see 100% chance for regulation even if that is in the form of massive purchasing and hoarding.

This is not me arguing against it this is me not understanding the vision of some. I'm open and willing to believe I am missing something...

[Nysoz]

I'm assuming once btc becomes ubiquitous and doesn't have to be traded for USD or other fiat currency then there won't be any more volatility or growth. It can just be used in whichever way.

It's like how bread used to be $0.29 and now it's like $3. The bread is still the same, just the value of the dollar has changed. In the future, 1 sat = 1 bread forever.

[jacoavlu]

I guess I just don't see how something can have strong financial utility enough that it one day replaces USD or becomes the standard and still be volatile/growth worthy at the same time enough for it to be a good investment.

Daily swings of bitcoins price are at magnitude of many countries average citizens annual salary. Yes I see how sending money has huge value and I see how it could be the new gold standard. So the goal is for it to become more adopted and be the new monetary standard and continue to increase in value greater than public companies?

Furthermore if the price is based off supply and demand like stocks what keeps countries and whales from being able to manipulate the price with purchasing/selling...

I see a future where bitcoin becomes a new gold standard and can become deflationary by having increased purchasing power. However in order to do this I think the "price" needs to stabilize and maybe even go down. I also see 100% chance for regulation even if that is in the form of massive purchasing and hoarding.

This is not me arguing against it this is me not understanding the vision of some. I'm open and willing to believe I am missing something...

one doesn’t have to believe USD will collapse and bitcoin will become global reserve currency, for bitcoin to a prudent long term investment

fundamentally i believe these are truths:

the world is becoming increasingly digital

being able to transmit value digitally is important

the world is arguably becoming more authoritarian. Both in terms of gov (not all) but also big tech monopolies

a money free from state and big tech issuance and control makes sense

bitcoin satisfies fundamental properties of money does so the best of all “cryptocurrencies.” Other digital tokens make compromises from fundamentals of a hard money ideal in one way or another (often several ways) and are more akin to securities

with a fixed supply, price will be volatile during adoption. and yes whales and traders and Elon tweets and stock market action and news cycles do have ability to affect short term price action. But it’s not going sideways forever. it either goes to zero or goes up, over the long term

thats my view