Bitcoin is still early

[Doc Spouse]

Be careful who you say that too. You'll be labeled as anti-crypto and followed around on Twitter and your own blog by the true believers who will repeatedly tell you how stupid you are.

Do they get more, or less, vocal during crypto winters?

[xraygoggles]

Do they get more, or less, vocal during crypto winters?

"Keep building" seems to be the copium mantra of choice when a degen's favorite shitcoin has tanked 80% or so, according to twitter.

[NapoleanDynamite]

One thing I really struggle with about BTC is how to store it. I mean I think the coinbase vault seems like my best option. Keeping it on a hardware wallet like a trezor is great in theory but anytime you have a wallet then you also have to have your seed phrase stored somewhere. Where to store it? In your house? bank deposit box? I certainly wouldn't sleep well if I had any large amount(>50k) in BTC and the key to that was just sitting in my house somewhere.

Split up the seed phrase? Use multi sig? What about when you die? Well you had to tell someone where your seed phrase/wallets were so they could presumably steal them at anytime even before your death (divorce/fallout with kids or family). And the problem is once its gone its gone. Theres no way to get it back. I think these problems are such large risks that are never talked about.

If this is an honest question, you should really talk with someone at Unchained Capital or Casa. Without getting into too much detail, your concerns are valid, but are things that can be avoided at this point. Probably not worth it for small amounts...but 6 figures, 7 figures or more and I would do a multi-sig that can be set up as a 2/3 multi-sig that eventually can become a single sig at a set point in time. They also both have help for family planning in case of death.

Coinbase may be ok but there is definitely counter-party risk in using Coinbase to keep your money. Like anything else in life, there is risk no matter what option you choose. Trying to best mitigate those risks for you is case dependent.

[NapoleanDynamite]

Do they get more, or less, vocal during crypto winters?

I stay vocal...and actually get less vocal during the bull runs. And I have never once told Jim or anyone else "how stupid they are". I do tell them when I disagree with incorrect information. Just reading through Jim's post on Crypto now after a nice vacation. Interested to see how he is breaking it down this time. At brief glance looks like a much better breakdown than his past posts.

[chocolatebear11]

This is a physician who does some really great analysis on the Bitcoin market. He doesn’t use technical analysis, but other historical data and current on chain metrics to evaluate the state of Bitcoin market l.

https://youtu.be/kudbBSWoF0E

[Craigslist]

This is a physician who does some really great analysis on the Bitcoin market. He doesn’t use technical analysis, but other historical data and current on chain metrics to evaluate the state of Bitcoin market l.

https://youtu.be/kudbBSWoF0E

aka this is you

[chocolatebear11]

aka this is you

Only if I was that good looking.

[NapoleanDynamite]

This is a physician who does some really great analysis on the Bitcoin market. He doesn’t use technical analysis, but other historical data and current on chain metrics to evaluate the state of Bitcoin market l.

https://youtu.be/kudbBSWoF0E

Ahhh...predicting the short term future prices...especially with Bitcoin...difficult it is. One statement from Jerry Powell or one big company putting BTC on their balance sheet can dramatically affect the short term price in either direction.

FWIW, I have been heavily buying since about 43K...and I'm still buying pretty heavy in addition to my weekly DCA buy. But mentally, I plan to hold this for at least another 5-10 years. There are quite a few good sources suggesting that another 1-2 countries will likely move to make BTC legal tender this year following El Salvador's lead. That won't necessarily lead to short term gains....but it is fun to watch...Game theory playing out before our eyes.

[xraygoggles]

https://www.bloomberg.com/news/articles/2022-02-07/kpmg-canada-adds-bitcoin-ethereum-to-corporate-balance-sheet

A prominent accounting firm in Canada has added 50% BTC/50% ETH on their treasury.

Going forward, bitcoin and ethereum are likely the two that will continue to be adopted by Big Money. The big advantage of institutions buying in is it sets a floor for these two, and there will always be a bid in bear mkt.

[NapoleanDynamite]

https://www.bloomberg.com/news/artic...-balance-sheet

A prominent accounting firm in Canada has added 50% BTC/50% ETH on their treasury.

Going forward, bitcoin and ethereum are likely the two that will continue to be adopted by Big Money. The big advantage of institutions buying in is it sets a floor for these two, and there will always be a bid in bear mkt.

Will be interesting to see what the SEC does to any publicly traded company putting Ethereum on their balance sheet. There is a big reason why other companies have only put BTC on their balance sheet and not ETH. Assuming ETH is a security (which is how most non ETH heads see it...and how I see it), then publicly traded companies become more of a holding company/investment company by holding another security. BTC is likely to be perceived differently moving forward by the SEC based on Gensler's past statements.

Either way, the rising tide of public companies holding BTC (and now ugh..."crypto") on their balance sheets is likely to continue. Gonna be difficult for all the people stuck in the mud refusing to acknowledge its place in a good investment portfolio.

If you are keeping up, here is the list of publicly traded companies that currently hold BTC. I believe KPMG and Coinbase are the only 2 with ETH (correct me if I'm wrong)

https://www.coingecko.com/en/public-companies-bitcoin

Also, a great read from Fidelity came out at the end of last month for those interested:

https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/bitcoin-first.pdf

[Craigslist]

Anyone staking ETH or other coins?
<the new way to mine without GPUs>

[Tim]

This is not KPMG the CPA firm. Publicly traded is now Bearing Point . That was in 2002, 20 years ago.
KPMG Consulting changed its name Wednesday to BearingPoint, Inc.
The change will help distinguish the company from the KPMG accounting firm. BearingPoint, headquartered in McLean, split from KPMG LLP in 2001 and is a publicly traded company with 16,000 employees.

https://apnews.com/article/7d951b7bf0e44ec1d427f4baef0b2038

The big four are partnerships. Often the overseas Big 4 are separate entities as well. Not publicly traded. Feel free to correct me.

[FIREshrink]

Either way, the rising tide of public companies holding BTC (and now ugh..."crypto") on their balance sheets is likely to continue. Gonna be difficult for all the people stuck in the mud refusing to acknowledge its place in a good investment portfolio.

As an indexer I own a piece of all publicly traded companies. So it sounds like I now have a little exposure to crypto. Not my cup of tea, but indexing means not trying to outguess the markets. I'm confident I have a good investment portfolio because it's fairly close to market weight/representative with globally diversified equities, as well as bonds and real estate.

Sounds like I have about 0.01% crypto exposure now? I will try not to spend it all in one place.

[East coast]

So do we all now agree that bitcoin 1) is not functional as a practical currency 2) is not an inflation hedge and 3) is not a non correlated safe haven?

or is that still up for debate?

it is great for trading though (vol = profit oppty)!

[G]

So do we all now agree that bitcoin 1) is not functional as a practical currency 2) is not an inflation hedge and 3) is not a non correlated safe haven?

While you are right, good luck finding that "all" agreement.