Bitcoin is still early

[chucki]

I am just stating a fact, there is nothing controversial about my statement. I don't control the top or the bottom. It is highly volatile and will have 50-80% drops on its way up...the pattern has been established. If it goes to $20k or less in 2 weeks, will anybody be surprised?

As mentioned earlier, all non-cash flowing investment vehicles are speculative. I bought AAPL and TSLA stock in hopes of selling them at a higher price later -- same for my ETFs and index funds. BTC is no longer a joke for nerds playing Magic the Gathering in their parent's basements -- it is a trillion dollar asset class, larger than Facebook. And if you don't like comparing a "currency" to a corporation, it is now larger than the total M1 money supply of Canada. And if you don't like comparing a "store of value" to a currency, it is approaching the market capitalization of silver.

Here is an article that my be relevant to the thought processes of some on here:

https://www.citadel21.com/why-the-yu...ismiss-bitcoin

[Lordosis]

Why would a company invest in something that is like a stock?

Same question except a currency?

Same question except a store of value?

Shouldn't they invest in themselves and towards their goals?

[chocolatebear11]

This probably have been asked many times. When do you considered late to Bitcoin party?

[Panscan]

This probably have been asked many times. When do you considered late to Bitcoin party?

Obviously everyone has a different opinion but I don't think we're anywhere close. Companies adding it to treasuries, ETFs opening for BTC and other crypto, lots of peoples minds starting to change and take bitcoin and crypto in general seriously. There is a lot of room to run IMO. Its def very volatile and could hit 50k next week.

[NapoleanDynamite]

This probably have been asked many times. When do you considered late to Bitcoin party?

I usually consider the below image when considering timing:



We are currently just crossing over from the "innovators stage" to the "early adopter" stage. BTC is currently at about 2.5% adoption. If you have a low time preference, you can see the potential for growth. As I have said from the start, the ride will be bumpy along the way. My time preference is still on the 5-10 years and then do a more serious re-evaluation. Of course something could change my opinion on this in the future, but that is where I stand right now.

[Dusn]

How will bitcoin be affected if governments (such as China) create their own competing cryptocurrencies?

[Panscan]

a government creating their own coin is like the antithesis of crypto IMO. one of the main tenets is decentralization.

I don't really see how governments creating their own coins are different than just having their current money on paypal or venmo or whatever. It's not a fundamentally different thing like bitcoin is. It seems wasteful if they want to use their own resources to employ cryptography for something that is centralized, I don't really get the purpose? Versus the cryptography is what allows decentralization to exist and not have it be a total shitshow.

I guess it could limit chinese involvement because China has the power to basically do whatever it wants regarding its economy and huge amounts of BTC miners are in china. I don't think other governments would do something similar or that it would be a true cryptocurrency comparable to BTC.

Am curious what some of the more knowledgeable people will say.

[chucki]

CBDCs are coming everywhere and I don't think it's necessarily for the greater good. All transactions will be monitored. More autocratic states could levy fines and instantly remove money from your account without trial or explanation. I don't see that happening in US but it would definitely increase government power. Money could be airdropped into your personal wallet if there are future stimuli or UBI ever becomes a thing.

In comparison to BTC, there is really none. The USD coin would be centralized, non-censorship resistant, with an infinite supply. Basically, the polar opposite of bitcoin.

[FreshPaint]

How will bitcoin be affected if governments (such as China) create their own competing cryptocurrencies?

No different than if the government created their own controlled version of the internet.

[xraygoggles]

CBDCs are coming everywhere and I don't think it's necessarily for the greater good. All transactions will be monitored. More autocratic states could levy fines and instantly remove money from your account without trial or explanation. I don't see that happening in US but it would definitely increase government power. Money could be airdropped into your personal wallet if there are future stimuli or UBI ever becomes a thing.

In comparison to BTC, there is really none. The USD coin would be centralized, non-censorship resistant, with an infinite supply. Basically, the polar opposite of bitcoin.

Maybe.

Here's a good primer on CBDCs: https://www.coindesk.com/what-is-a-cbdc

[Panscan]

These things sound inherently pointless to me. I’m not sure if they’re doing this how it’s different than a line of code representing a dollar. Like if you’re involving a central bank why would you need or want blockchain, it’s like making two levels of complexity.

I also don’t believe it’s about trying to reduce fees, these banks print money now they could reduce fees if they wanted.

I think this is the result of governments seeing crypto market spiraling out of their control and their attempt to get a piece of it while they can. But they’re stupid and slow and inefficient and always will be and will never be able to make something the market deems beneficial.

[chucki]

Digital money > electronic money > paper money. It's a natural progression. Cash is dirty and difficult to deal with. We don't even swipe our credit cards any more -- just tap them. Our use our phone's NFC chips. It's a matter of speed and convenience. The drawback is that all transactions will be monitored by Big Brother. I guess cash is used by drug dealers and criminals (sarcasm).

Instead of getting paid every 2 weeks, paychecks can literally be streamed. IRS can automatically track all income, payments, deductions and take their taxes without us need to file them. It's going to be a crazy new world.

[CordMcNally]

IRS can automatically track all income, payments, deductions and take their taxes without us need to file them. It's going to be a crazy new world.

This seems like something that would make things so much simpler but I don't think H&R Block, Turbo Tax, etc. would be fans.

[NapoleanDynamite]

To help answer some of the CBDC questions, I strongly recommend reading Nik Bhatia's "Layered Money". It can be a little dry at times (especially early), but overall is an outstanding book. Like some of the other books I referenced in prior posts, this one is very good. So far the best book I have read/listened to in 2021.

https://www.amazon.com/Layered-Money-Dollars-Bitcoin-Currencies-ebook/dp/B08PS293NT

[Brains428]

Just here to drop the BTC hit 63k and change this AM. Remember, this thread can only be bumped on the uptrend.

Not sure if the coinbase IPO has helped. It's been consolidating between 50 and 60 for some time now, so it might be time to test the new uptrend. I'm sure today's CPI print helped.