Bitcoin is still early

[CM]

permissionless digital transfer of value. No third party required. If you can’t see theres value in that you’re not trying

I guess you'll have to explain it to me like I'm 5 yo. I can transfer value digitally, and with ease. Using a third party to do this is seamless. So, why do I need or even want BTC? What problem does it solve?

[jacoavlu]

I guess you'll have to explain it to me like I'm 5 yo. I can transfer value digitally, and with ease. Using a third party to do this is seamless. So, why do I need or even want BTC? What problem does it solve?

never said you needed btc. I simply made the point that there is a value proposition, bitcoin does something unique. Maybe it doesn’t mean much to you.

can you send value to literally anyone, right now? Of course not.

ever sent an international wire? ever had funds locked up by a bank? ever had to receive payment from someone you don’t know or maybe don’t trust?

[jacoavlu]

I understand your point. I actual value permissions, especially the potential of a third party not actually having my permission. Recourse is a wonderful feature that has extremely high value.

tradeoffs

[FIREshrink]

"benchmarks" that I was referring to.

what does "failed as a technology" mean? as long as it's a going concern it hasn't failed. anything between failure and adoption by a billion people means it's still too early? could be ten years or 100? this isn't an actionable prediction it's just noise. again i have no horse in this race, just pointing out why you shouldn't be surprised when folks react to big price swings down .

[xraygoggles]

Withdrawals halted at BlockFi just now. Makes sense - it was a bankrupt company that was bailed out by FTX, who is also now bankrupt.

Bankrupt-ception.

[jacoavlu]

Withdrawals halted at BlockFi just now. Makes sense - it was a bankrupt company that was bailed out by FTX, who is also now bankrupt.

Bankrupt-ception.

I love it

half believe the theory SBF was a plant

[CM]

This is comedy gold :

https://twitter.com/ercwl/status/1590752393758617600?s=20&t=JE0iDLtdkY1tbUmnoATFTw

[jacoavlu]

This is comedy gold :

https://twitter.com/ercwl/status/159...kY1tbUmnoATFTw

that’s really good

hey Tim FTX was audited, and look at all the big names on the list of associated firms lol

https://www.forbes.com/sites/javierpaz/2022/11/10/stripe-deloitte-sullivan--cromwell-are-among-53-ftx-advisors-vendors-and-bankers-weathering-exchanges-collapse/

SBF was second largest donor to Biden campaign in 2020. Will be interesting to see if he ends up in jail.

[Jaqen Haghar MD]

Someone out there commented about the irony of needing billions of dollars of fiat currency, to save a business build around the idea that fiat currency is no longer necessary…. I found that mildly amusing.

[jacoavlu]

Someone out there commented about the irony of needing billions of dollars of fiat currency, to save a business build around the idea that fiat currency is no longer necessary…. I found that mildly amusing.

the beautiful thing is there will be no bailout. Nature is healing.

[bovie]

that’s really good

hey Tim FTX was audited, and look at all the big names on the list of associated firms lol

https://www.forbes.com/sites/javierpaz/2022/11/10/stripe-deloitte-sullivan--cromwell-are-among-53-ftx-advisors-vendors-and-bankers-weathering-exchanges-collapse/

SBF was second largest donor to Biden campaign in 2020. Will be interesting to see if he ends up in jail.

What’s the friends and family rate for a blind eye these days?

[MMJB LLC]

The funny thing about this whole year of crypto's meltdown is that almost everything has imploded: algo stablecoins; gargantuan exchanges with supposedly ethical executives at the helm; degen hedge funds; prop trading desks; crypto VC firms; publicly traded BTC-mining companies; all crypto currencies; countries (El Salvador - at this point Bukele needs to be ceremoniously tossed up and over - into the volcano, for bankrupting his country by grifting and daytrading BTC on his phone, then tweeting about it).

Everything has self-immolated - except Tether. So far...

If Tether goes, crypto is pretty much over. At that point, either everything goes to 0 or whatever survives could provide generational wealth and will be extremely cheap at that moment. Just use the lindy principle on what to buy. The biggest problem will be how to buy it.

[jacoavlu]

If Tether goes, crypto is pretty much over.

if you want in there are still slots available in the tether bet. Does it collapse by 7/1/24 or no?

https://forum.whitecoatinvestor.com/general-investing/236645-bitcoin-is-still-early?p=334619#post334619

proceeds to charity

[MMJB LLC]

Surely you aren’t suggesting that crypto is a stable store of value, are you?

Lol....no. It is a means of holding assets outside of the current financial system with several characteristics of money, portability, divisibility, scarcity. I wouldn't say dollars are a great store of value either. To me, its biggest values are the portability and the ability to function outside of the current financial system, which probably isn't going to last much longer.

[MMJB LLC]

if you want in there are still slots available in the tether bet. Does it collapse by 7/1/24 or no?

https://forum.whitecoatinvestor.com/general-investing/236645-bitcoin-is-still-early?p=334619#post334619

proceeds to charity

Lol...it has survived several near death experiences already so I don't want to bet against it. That said I firmly believe it is a total ponzi and this ftx debacle is the best chance to bring this fraud down in a good while. If so, it may not last till the end of the year. Fingers crossed.