Are members invested in Bitcoin/crypto?

Walrus · Jan 18, 2025

Toishome
When the President launches a meme coin, you know, It's time to wake this thread up 🤣😂

I won’t get into the coin itself to avoid any political rancor but a financial forum i check out had people posting screenshots of their gains one dude had a 203,000% gain and was able to sell. Another degenerate gambler put 30k in walked away with high six figures.

I have some buddy’s that are full time traders sometimes I stop by to see them and they have given me a few “tips” that actually made major moves but I don’t put enough in to make any real money. The last meme coin I really got into was shiba when it first came out but since then I just don’t find pure speculation any fun.

Solana did move up 16% since the trump memecoin was on its network, not quite 203,000% but I’ll take it.

mjb · Jan 19, 2025

Pastorbottle
Now you've gone and done it...........you've tempted fate, the arse will fall outta the market in April! 🤣

I bought more yesterday.

mjb · Jan 19, 2025

So... I went to see about this new T$ con, I mean coin, and it was trading at $75 or so. I went to my coinbase account to see if i could buy it there, but I have to do it some other way, and before I could figure it out, I lost interest.

2 hours later, it's $45. LOL and all that. I'm not even sure if it's actually the new T$ coin, as I thought it had a dollar sign in the name or something.

I'll stick with my ripple.

Twocats · Jan 19, 2025

Pastorbottle
Now you've gone and done it...........you've tempted fate, the arse will fall outta the market in April! 🤣

Murphy has made an appearance and the arse is falling out of it 😂😂 more holding them 🤣

Spacefruit · Jan 21, 2025

For anyone who thinks that the tulip mania can be compared to bitcoin, it really cannot. (Google is your friend, but briefly tulips were popular for a short time, used as a flex by the wealthy, and promoted heavily by unscrupulous traders)

Bitcoin is a permissionless trustless ledger that like the early internet, most people lack the cognitive capacity to truly see the potential. (me included)

Now if you want to start drawing comparisons to the recent Rolex bubble and Tulips, I am with you on that.

mjb · Jan 21, 2025

Spacefruit
For anyone who thinks that the tulip mania can be compared to bitcoin, it really cannot. (Google is your friend, but briefly tulips were popular for a short time, used as a flex by the wealthy, and promoted heavily by unscrupulous traders)

Bitcoin is a permissionless trustless ledger that like the early internet, most people lack the cognitive capacity to truly see the potential. (me included)

Now if you want to start drawing comparisons to the recent Rolex bubble and Tulips, I am with you on that.

Analogies are difficult, but I was trying to make a point about bubbles I guess.

At least tulips are pretty to look at. Until they die.

I work in I/T and I kind of get bitcoin and other coins, but I think the hype outweighs the reality.

Walrus · Jan 21, 2025

mjb
Analogies are difficult, but I was trying to make a point about bubbles I guess.

At least tulips are pretty to look at. Until they die.

I work in I/T and I kind of get bitcoin and other coins, but I think the hype outweighs the reality.

Bubbles are assets you don’t have a position in-someone I don’t remember said that

mjb · Jan 21, 2025

Walrus
Bubbles are assets you don’t have a position in-someone I don’t remember said that

You can't own an asset that's in a bubble? I have to disagree.

And it was Eddy Elfenbein.

Walrus · Jan 22, 2025

mjb
You can't own an asset that's in a bubble? I have to disagree.

And it was Eddy Elfenbein.

I just tell myself that about things I miss to feel better.

pdxleaf · Jan 25, 2025

Spacefruit
...Bitcoin is a permissionless trustless ledger that like the early internet, most people lack the cognitive capacity to truly see the potential. (me included)

I count myself amongst those who lack the cognitive capacity to truly see the potential. I don't embrace digital currency but I don't reject it outright.

Giving digital currency the benefit of the doubt (that it is more than a get rich quick scheme), how is it useful as a method to trade goods and services? How is it better than cash?

Using Bitcoin as an example, in a short time it went from $16k to 100k. If I use it to buy anything (a dozen eggs), that is mind-boggling deflationary. Conversely, if it drops from 100k to 80k, that is inflationary. Suddenly my Bitcoin buys fewer eggs.

Going from 16k to 100k sounds great if you're holding Bitcoin, but deflation is as bad as inflation. All those egg producers can't afford to pay rent and the poor chickens need to lay a shit-ton more eggs to keep up. How is such an unstable money system useful for it's stated goal of a trusted permissionless trading platform? Yes, the government can't interfer with my egg purchase, but has limited benefit with such an unstable currency.

I have a hard time believing that these people understand it either, aside from the one goal of profiting from it. They look like the same people who brought us the CDO and mortgage backed securities (a better analogy than tulips imho.)

From the NYTimes, digital traders attending an inaugural party:

JimJupiter · Jan 25, 2025

pdxleaf
I count myself amongst those who lack the cognitive capacity to truly see the potential. I don't embrace digital currency but I don't reject it outright.

Giving digital currency the benefit of the doubt (that it is more than a get rich quick scheme), how is it useful as a method to trade goods and services? How is it better than cash?

Using Bitcoin as an example, in a short time it went from $16k to 100k. If I use it to buy anything (a dozen eggs), that is mind-boggling deflationary. Conversely, if it drops from 100k to 80k, that is inflationary. Suddenly my Bitcoin buys fewer eggs.

Going from 16k to 100k sounds great if you're holding Bitcoin, but deflation is as bad as inflation. All those egg producers can't afford to pay rent and the poor chickens need to lay a shit-ton more eggs to keep up. How is such an unstable money system useful for it's stated goal of a trusted permissionless trading platform? Yes, the government can't interfer with my egg purchase, but has limited benefit with such an unstable currency.

I have a hard time believing that these people understand it either, aside from the one goal of profiting from it. They look like the same people who brought us the CDO and mortgage backed securities (a better analogy than tulips imho.)

From the NYTimes, digital traders attending an inaugural party:

Exactly my thoughts, but maybe I am just dumb too (and my master in economics is worthless).

Vercingetorix · Jan 25, 2025

Bernie Madoff was considered a genius, until he wasn’t. He scammed people for 20 years and still might be if 2008 didn’t happen.

pdxleaf · Jan 25, 2025

JimJupiter
Exactly my thoughts, but maybe I am just dumb too (and my master in economics is worthless).

I'll take this as a compliment! I stopped after Econ 101.

Although I did write a comment to one of Paul Krugman's columns and he replied to me. I was super excited and told my wife. She asked me what he said and I told her "he said I don't know what I'm talking about, but he replied to me!"

Walrus · Jan 27, 2025

pdxleaf
I count myself amongst those who lack the cognitive capacity to truly see the potential. I don't embrace digital currency but I don't reject it outright.

Giving digital currency the benefit of the doubt (that it is more than a get rich quick scheme), how is it useful as a method to trade goods and services? How is it better than cash?

Using Bitcoin as an example, in a short time it went from $16k to 100k. If I use it to buy anything (a dozen eggs), that is mind-boggling deflationary. Conversely, if it drops from 100k to 80k, that is inflationary. Suddenly my Bitcoin buys fewer eggs.

Going from 16k to 100k sounds great if you're holding Bitcoin, but deflation is as bad as inflation. All those egg producers can't afford to pay rent and the poor chickens need to lay a shit-ton more eggs to keep up. How is such an unstable money system useful for it's stated goal of a trusted permissionless trading platform? Yes, the government can't interfer with my egg purchase, but has limited benefit with such an unstable currency.

I have a hard time believing that these people understand it either, aside from the one goal of profiting from it. They look like the same people who brought us the CDO and mortgage backed securities (a better analogy than tulips imho.)

From the NYTimes, digital traders attending an inaugural party:

Give it some time. Bitcoin CDO’s are on the table. You mentioned the run from 16k to 100k. Don’t forgot the original price, basically 0, not even a penny to 16k. Now the banks are embracing it, and finding various ways to ruin it.

pdxleaf · Jan 27, 2025

Walrus
Give it some time. Bitcoin CDO’s are on the table. You mentioned the run from 16k to 100k. Don’t forgot the original price, basically 0, not even a penny to 16k. Now the banks are embracing it, and finding various ways to ruin it.

What is the argument for how banks are going to ruin it? By adding regulations? If regulations, tracking transactions? Something else?

Why would a government want to embrace digital currency and undermine their own currency?

Wouldn't CDOs on BTC be counter to the idea of transparency and tracking ownership? CDOs will make it near impossible to know who actually owns a BTC, I would think.

I should have taken more Econ...

Walrus · Jan 27, 2025

pdxleaf
What is the argument for how banks are going to ruin it? By adding regulations? If regulations, tracking transactions? Something else?

Why would a government want to embrace digital currency and undermine their own currency?

Wouldn't CDOs on BTC be counter to the idea of transparency and tracking ownership? CDOs will make it near impossible to know who actually owns a BTC, I would think.

I should have taken more Econ...

No it can all be fine and work out for the positive but if you want an interesting read try the white paper by satoshi one of the creators of Bitcoin. Explains the original concept and development.

I’m all for smart regulation I’m hearing 48,000 coins a day a being produced on the Solana network most of them are rug pulls but Bitcoin is a different beast.

Bitcoin peaked my interest for its libertarian financial aspects. That ship had sailed although it has helped the unbanked in other countries. The Bitcoin standard was an interesting read as well but it does not encompass all of “cryptocurrency” as there is a lot of weird things going on with various networks and coins.

Twocats · Jan 27, 2025

Walrus
No it can all be fine and work out for the positive but if you want an interesting read try the white paper by satoshi one of the creators of Bitcoin. Explains the original concept and development.

I’m all for smart regulation I’m hearing 48,000 coins a day a being produced on the Solana network most of them are rug pulls but Bitcoin is a different beast.

Bitcoin peaked my interest for its libertarian financial aspects. That ship had sailed although it has helped the unbanked in other countries. The Bitcoin standard was an interesting read as well but it does not encompass all of “cryptocurrency” as there is a lot of weird things going on with various networks and coins.

What scares me about BTC is this whole Tether printing tokens and buying BTC with it. The EU told them to move along when they refused to be transparent and it looks like the USA may follow suit.

There is a big BTC vs XRP spat going on over at X. There is a palpable sense of fear in the BTC community regarding the strategic digital reserve Washington wants to accumulate. The BTC boffins think it should only be a Bitcoin reserve and the Ripple guys think it should be everyone.

I am probably a bit of an XRP Maxi without realising it but everything Ripple can do from payment corridors to tokenisation of literally anything is amazing.

Either way, this next bull run will be epic and the people FOMOing in will be my exit liquidity.

Spacefruit · Jan 30, 2025

Trouble with XRP is that it is not decentralised, and permission less.

From Forbes a few days ago:

The clash between Bitcoin’s decentralized ethos and XRP’s centralized ambitions exposes a stark divide in crypto’s evolution. As lobbying efforts and political moves escalate, this rivalry shapes the fight for dominance in the next era of digital finance.

Twocats · Jan 31, 2025

Spacefruit
Trouble with XRP is that it is not decentralised, and permission less.

From Forbes a few days ago:

The clash between Bitcoin’s decentralized ethos and XRP’s centralized ambitions exposes a stark divide in crypto’s evolution. As lobbying efforts and political moves escalate, this rivalry shapes the fight for dominance in the next era of digital finance.

That is why the banks and governments will love XRP. Bitcoin cant make its mind up if it wants to be a reserve currency held by the USA and ECB or not.

Walrus · Feb 1, 2025

Twocats
What scares me about BTC is this whole Tether printing tokens and buying BTC with it. The EU told them to move along when they refused to be transparent and it looks like the USA may follow suit.

There is a big BTC vs XRP spat going on over at X. There is a palpable sense of fear in the BTC community regarding the strategic digital reserve Washington wants to accumulate. The BTC boffins think it should only be a Bitcoin reserve and the Ripple guys think it should be everyone.

I am probably a bit of an XRP Maxi without realising it but everything Ripple can do from payment corridors to tokenisation of literally anything is amazing.

Either way, this next bull run will be epic and the people FOMOing in will be my exit liquidity.

I’m with you on tether that promised transparency never appeared and who knows what is going on with it. XRP has been lobbying Congress to be the platform for a cbdc if one were created. I don’t like either of them but I see XRP had a 480% run up so there is that