BITCOIN

thegentleway

Why is it always the least trustworthy people that say: "trust me"

Scottex99

Ha, dont need to trust me, but you're wrong regardless.

Pls report me so I can get banned and extract myself from the drudgery, I got a yellow already 

https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin

whatstheplan

Scottex99 said:

1 - Who gives a f@ck about government?

On one level I understand where you're coming from with the above comment, however, even though I'm far from being anti-crypto, I'd assert we should all give a **** about government.  Rightly or wrongly, our entire socio-economic model is built on a tax raising system with budgets allocated to services that we use every day.  Yes we can hold views on how effective and fair this model is, however it's the model we've got.

I'm fine with crypto gaining prominence, as I've said in other posts I wish I'd bought some BTC x years ago and was now reaping the rewards, however we still need government and the fiat money system to live day to day.  Anyone that says 'I don't!' is lying to themselves, unless they genuinely never use any government funded services.

HansOndabush

Scottex99 said:

Ha, dont need to trust me, but you're wrong regardless.

Pls report me so I can get banned and extract myself from the drudgery, I got a yellow already 

https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin

You're supposedly making so much money but you still feel the need to come here and try and  convert a few more punters to support the Buttcoin price?

Malthusian

darren232002 said:

But, at what point does your hypothesis that Bitcoin is worthless, a ponzi or whatever other rubbish become invalidated?

In a few months when a good chunk of the S&P500 admit they hold it on their balance sheet instead of cash?

If that doesn't happen by, say, October does your own hypothesis become invalidated? Shall we define "good chunk" as, say, 20%?

A few lemonade companies, Microstrategies and Teslas jumping onto the crypto bandwagon does not mean that General Electric are about to start speculating shareholders' funds on crypto instead of investing it in their business or distributing it as dividends.

In 6 months when its comfortably sitting above $100k?
In 4 years when it eats the market cap of gold and is worth $10T as an asset class @ $400k/coin?
In 10 years when central banks have it on their balance sheet and its $1m/coin?

Bitcoin reaching $100k, $1 million or $1 billion does not invalidate any hypothesis about its intrinsic value. Regardless of how much it is trading for, punters' money in == punters' money out. If someone buys a Bitcoin at $1 billion they still need to find someone willing to buy it for higher than $1 billion to cash out at a profit.

Bitcoin does not have a market cap as there is no chance whatsoever that you will find someone willing to buy every single Bitcoin for $54,000 each with new money. (In contrast to company shares where a company trading at $1 billion could conceivably be taken private at that price). The concept of market cap for a zero-sum game is cargo cult wibble. And yes, the same applies to gold.

BUT MUH MILLIONS OF TRADES AND MUH FIVE DEGREES ON MUH BLOCKCHAIN!

Scottex99

HansOndabush said:

Scottex99 said:

Ha, dont need to trust me, but you're wrong regardless.

Pls report me so I can get banned and extract myself from the drudgery, I got a yellow already 

https://www.citadel21.com/why-the-yuppie-elite-dismiss-bitcoin

You're supposedly making so much money but you still feel the need to come here and try and  convert a few more punters to support the Buttcoin price?

Wrong end of the stick, yet again.

I make a load of money yeah, irrelevant. It's a thread about Bitcoin so I'm talking about BTC and some other cryptos.

It's a decent article, read it.

Do you honestly think i'm trying to convert people here because that will somehow benefit me? I'm sure the buys of 0.0012345 BTC and 0.1 ETH from here will really pump my bags. 

Oh and Buttcoin, absolute LOLS there, as usual

Scottex99

whatstheplan said:

Scottex99 said:

1 - Who gives a f@ck about government?

On one level I understand where you're coming from with the above comment, however, even though I'm far from being anti-crypto, I'd assert we should all give a **** about government.  Rightly or wrongly, our entire socio-economic model is built on a tax raising system with budgets allocated to services that we use every day.  Yes we can hold views on how effective and fair this model is, however it's the model we've got.

I'm fine with crypto gaining prominence, as I've said in other posts I wish I'd bought some BTC x years ago and was now reaping the rewards, however we still need government and the fiat money system to live day to day.  Anyone that says 'I don't!' is lying to themselves, unless they genuinely never use any government funded services.

Yeah, agreed.

I'm saying I dont care about them, not that I dont have to abide by some of their rules.

I get paid in fiat, I buy stuff with fiat, I buy crypto with fiat. My firm has 8 bank accounts for that exact reason.

Full on crypto is a long way off but a million times closer than it was a few years ago.

BearWhite

One thing I never understand is why both sides of the bitcoin debate are so dogmatic? None of us know for sure where it's going so why do these threads always get so heated? 

Malthusian

BearWhite said:

One thing I never understand is why both sides of the bitcoin debate are so dogmatic? None of us know for sure where it's going so why do these threads always get so heated? 

Because crypto bros need new money to come in so they can cash out at a profit.

Why do you think televangelists who profit directly from donations paid in by their members are more evangelical than Church of England vicars on a fixed salary?

As for the other side, for all evangelism there must be an equal and opposite evangelism. Hence militant atheism. There is little point being matter of fact to evangelists, it's technically correct from an etiquette and debating point of view but it also gets boring very quickly. If you've already stated the facts (God doesn't exist, punters' money in == punters' money out) and the evangelist is still going on about how Jesus will smite all sinners / Bitcoin will lambo moon then you've essentially got three options, 1) walk away (which is what most readers of this thread do), 2) repeat what you've already said (boring) or 3) try to take them on at their own game.

thegentleway

BearWhite said:

One thing I never understand is why both sides of the bitcoin debate are so dogmatic? None of us know for sure where it's going so why do these threads always get so heated? 

Well, you can't have a cult without some dogma. I would imagine most of the people with the sensible view that nobody knows where it's heading just facepalm and don't comment so you're left with the minority at the two extremes fighting it out. Most people aren't interested, e.g. almost all the UK population has heard of bitcoin by now but only a tiny minority have bought some.