Bitcoin is still early

[Lordosis]

I think there's probably a lot of shady business going on in the crypto world. From a personal standpoint, I'd be A-OK with Bitcoin crashing.

Me too. I don't want to change my picture

[Jarpee]

Haha, haven't been on the forum in A LONG time and this is the top thread. Wouldn't you know it I started mining bitcoin today. I kid you not. I have zero expectations at all, just wanted to do it for fun. Good source of passive income (net $3 a day with my current computer running 24/7)............... LOL.

[Panscan]

I will never understand the tether story. "we promise each tether is backed by a dollar" " ok each tether isn't backed by a dollar but we promise it's backed by other stuff"

Tether is like the new medical boards meant to combat the fraudulent ones where to join you have to be a member of one of the current fraudulent ones. It's inherently illogical

if you think our financial system is in shambles and we need commodity backed assets, why in the world would you pick a crypto that is supposedly tied to the dollar? Truly mind-boggling to me.

[Panscan]

Haha, haven't been on the forum in A LONG time and this is the top thread. Wouldn't you know it I started mining bitcoin today. I kid you not. I have zero expectations at all, just wanted to do it for fun. Good source of passive income (net $3 a day with my current computer running 24/7)............... LOL.

How much electricity does your computer consume running at full bore all day?

[abds]

Haha, haven't been on the forum in A LONG time and this is the top thread. Wouldn't you know it I started mining bitcoin today. I kid you not. I have zero expectations at all, just wanted to do it for fun. Good source of passive income (net $3 a day with my current computer running 24/7)............... LOL.

Sounds like a blast.

[Jarpee]

How much electricity does your computer consume running at full bore all day?

A good amount. But that's a net $3 a day thank you very much. I don't even have to use my space heater in my office anymore. Putting those electrons to work.

[Dont_know_mind]

kinda yeah. Crazy what can happen to price of a desirous asset that doesn’t get debased by its supplier

You mean like gold ?

It’s pretty crazy that people are stuffing Bitcoin in their retirement accounts. I hope this turns out well for them and they don’t wreck their accounts.

My opinion is, it would be amazing if this didn’t turn out to be a massive, localised bubble. But maybe Bitcoin will become its own asset class etc.

[jacoavlu]

You mean like gold ?

It’s pretty crazy that people are stuffing Bitcoin in their retirement accounts. I hope this turns out well for them and they don’t wreck their accounts.

My opinion is, it would be amazing if this didn’t turn out to be a massive, localised bubble. But maybe Bitcoin will become its own asset class etc.

kind of like gold but also kind of not

if the price of gold goes up significantly, gold miners are incentivized to debase the currency by mining more aggressively

[IlliniGopher]

love it. steel watches have had the same hyperbolic price growth as btc, yeah?...except only one of them is useful on a daily basis.

I really like the aquanat. I love the green one, but my daughter vetoed.

I find that this thread has become interesting again.

Green is white gold FYI. Huge flex

[Nysoz]

But that’s like Bitcoin too isn’t it?

there is a finite amount of gold available on earth (ignoring space mining). There’s a finite amount of Bitcoin.

as gold goes up people want to mine more gold. As Bitcoin goes up, people want to mine more Bitcoin.

as gold in the ground gets more rare, you get less for the same amount of work. As the Bitcoin half thing happens, you get less for the same amount of work.

[jacoavlu]

I will never understand the tether story. "we promise each tether is backed by a dollar" " ok each tether isn't backed by a dollar but we promise it's backed by other stuff"

Tether is like the new medical boards meant to combat the fraudulent ones where to join you have to be a member of one of the current fraudulent ones. It's inherently illogical

if you think our financial system is in shambles and we need commodity backed assets, why in the world would you pick a crypto that is supposedly tied to the dollar? Truly mind-boggling to me.

stablecoins make a lot of sense, not for investment but for transactional purposes, being able to stay "on the crypto rails" but in "cash" . Have to consider a non-US perspective where someone doesn't have a USD bank account.

[jacoavlu]

But that’s like Bitcoin too isn’t it?

there is a finite amount of gold available on earth (ignoring space mining). There’s a finite amount of Bitcoin.

as gold goes up people want to mine more gold. As Bitcoin goes up, people want to mine more Bitcoin.

as gold in the ground gets more rare, you get less for the same amount of work. As the Bitcoin half thing happens, you get less for the same amount of work.

bitcoin stock to flow is precisely known; more bitcoin miners will not produce bitcoin any faster. It cannot be debased, without changing the code

bitcoin miners and bitcoin investors have aligned incentives

gold miners and gold investors do not have aligned incentives

[chucki]

Ah, Plan B's stock to flow model -- music to my ears.

[Dont_know_mind]

bitcoin stock to flow is precisely known; more bitcoin miners will not produce bitcoin any faster. It cannot be debased, without changing the code

bitcoin miners and bitcoin investors have aligned incentives

gold miners and gold investors do not have aligned incentives

The fixed supply is an interesting assumption.

Given that there are now Bitcoin futures, it may become like gold or commodities in that the futures can be multiples of the transacted spot.

Does anyone know :
1. What is the Bitcoin daily spot transaction volume Vs the daily futures volume?
If there is a sizeable difference then there maybe incentive for larger players to move the spot if they have sizeable futures positions.
2. What is the current degree of rehypothecation?

I like Druckenmillers comments on Bitcoin:

https://www.google.com.au/amp/s/www.coindesk.com/druckenmiller-bitcoin-what-he-really-said%3famp=1

I have no position in BTC so don’t really know much about it, other than a mild concern that if it really blows up it might affect some of my core positions (long resources, EM, non-USD).

[jacoavlu]

The fixed supply is an interesting assumption.

Given that there are now Bitcoin futures, it may become like gold or commodities in that the futures can be multiples of the transacted spot.

Does anyone know :
1. What is the Bitcoin daily spot transaction volume Vs the daily futures volume?
If there is a sizeable difference then there maybe incentive for larger players to move the spot if they have sizeable futures positions.
2. What is the current degree of rehypothecation?

I like Druckenmillers comments on Bitcoin:

https://www.google.com.au/amp/s/www.coindesk.com/druckenmiller-bitcoin-what-he-really-said%3famp=1

I have no position in BTC so don’t really know much about it, other than a mild concern that if it really blows up it might affect some of my core positions (long resources, EM, non-USD).

I don’t understand most of what you’re talking about.

the linked article talking about Druckenmiller comments and “thinness” of bitcoin market seems to ignore or be unaware of the existence of OTC desks

https://primebroker.coinbase.com/content/dam/prime/downloads/pdfs/Coinbase-Institutional-MicroStrategy-Case-Study-Dec-2020.pdf