BITCOIN

User232002

RogerIrvine said:

Nothing wrong with being partial, of course, but does it go a bit further with some of you guys? Are you actually working as brokers for crypto?

Nobody reading MSE is moving the needle on a $1T asset.

On the issue of talent moving where it is treated well, Arkansas currently offering $10k in BTC for moving there if you are a remote tech worker: https://findingnwa.com/incentive/ 

Best bit on their page:

"Why are you offering cryptocurrency to relocate to [...] Arkansas?

Whilst we have had overwhelming interest in the initial incentive program, we're continuing to seek out in demand talent in the STEAM and blockchain professions. We believe this incentive will allow us to narrow in on the most sought after talent across the country and beyond."

Scottex99

RogerIrvine said:

Scottex99 said:

Money printer go brrrrrrr, inflation goes to 7% and you’re…. Surprised?

Not surprised inflation has gone to 7% but I am surprised that anyone would suggest expanding the money supply was the sole cause. QE started in 2008. Inflation took off after the pandemic affected the supply chain and labour market. 

Nothing wrong with being partial, of course, but does it go a bit further with some of you guys? Are you actually working as brokers for crypto?

Been due for a long time. You can't just print your way out of any economic trouble and bail out failed institutions without eventually having to pay the piper.

I do work for a crypto firm actually but we already trade 100m+ monthly. So as Darren has already said, I'm not on here to convince you to somehow pump my bags by buying £500 of BTC

RogerIrvine

Very true, darren232002, your influence is marginal but that was not the question. You, Scottex, Zola..do you work in this cryptocurrency business you promote so fervently on here?

Aegis

Scottex99 said:

Money printer go brrrrrrr, inflation goes to 7% and you’re…. Surprised?

Inflation is really difficult to control, unless you want the government to directly control prices of often-used goods and services.  That said, there was still inflation under the gold standard, where printing wasn't possible.  Example chart here:

https://images.squarespace-cdn.com/content/v1/52cdc300e4b012a81d31c03d/1481748292199-ZIAA4V2B7PHQVD4E4HDJ/image-asset.png?format=500w

RogerIrvine

Scottex99 said:

RogerIrvine said:

Scottex99 said:

Money printer go brrrrrrr, inflation goes to 7% and you’re…. Surprised?

Not surprised inflation has gone to 7% but I am surprised that anyone would suggest expanding the money supply was the sole cause. QE started in 2008. Inflation took off after the pandemic affected the supply chain and labour market. 

Nothing wrong with being partial, of course, but does it go a bit further with some of you guys? Are you actually working as brokers for crypto?

Been due for a long time. You can't just print your way out of any economic trouble and bail out failed institutions without eventually having to pay the piper.
I'll leave you to your book. When you finish it, you will find the Fed still ready to take whatever measures necessary to promote the health of the economy and the stability of the financial system. Its statement of March 15 th 2020 is explicit about this undertaking. So, yes, they can "kick the can down the road" for another fourteen years if required. Because of the assets and power backing them. Bitcoin has neither, just hopes founded on game theory warmed-over monetarism. Tight monetary control has already repeatedly failed the world. Is that all you have to justify these outlandish claims?

I do work for a crypto firm actually but we already trade 100m+ monthly. So as Darren has already said, I'm not on here to convince you to somehow pump my bags by buying £500 of BTC

So you work for a crypto firm and your post before last attempted to conflate inflation with QE. Ok, I get the picture.

Scottex99

What outlandish claims? That printing 25% of all the dollars in the world last year was bound to make inflation go up? That’s less outlandish than claiming dollars are backed by Central Park

Cus

If bitcoin stayed around £30k (+/- 50%) for the next 10 years, i.e became a very stable gold alternative,  do you think that the top grad brains will be drawn to it, and would it be as successful in helping with monetary stability across a number of smaller countries?

Take away the hopes of massive financial gains etc and does its impact change? Is greed too much of a part of this? (not trolling, interested in people's perspective, particularly people employed in the industry.)

I suspect that the next few years it will be the attempt of the institutions to relieve the retail users of their bitcoin but at lower prices, and then once they have more control, the price will go up as they sell it back to retail at the higher price.  They do that with everything else 😁

Scottex99

Grads no but countries yes would be my guess.

But there's going to be thousands and thousands of ops for grads, whether that's devs, support, sales etc. People are going to want to get into the scene and will work for start ups, join DAOs and various other things.

Could play out like that but at this point it's completely normal for institutions to be looking at ways to give crypto exposure to their clients, you couldn't say that even 3 years ago

Zola.

https://twitter.com/APompliano/status/1482788748777644038?t=8hj_TWVhekKukQprPOLCAw&s=19

This guy gets it 

User232002

Cus said:

If bitcoin stayed around £30k (+/- 50%) for the next 10 years, i.e became a very stable gold alternative,  do you think that the top grad brains will be drawn to it, and would it be as successful in helping with monetary stability across a number of smaller countries?

Well, +/- 50% isn't very stable. For the grads, it really is about both the money (an entry smart contract programmer is on $100k minimum as a remote work gig, plus the alpha you get from being in this space) as well as the permissionless and idealistic nature of the work. Your typical grad job is 2-5 years of mind numbingly boring work with no real responsibility or autonomy whilst being subservient to someone that is probably incompetent and largely there because they are just 20 years older than you. In contrast, just this week someone created a decentralised copy of OpenSea (NFT trading platform currently valued at around $10-$15B by the equity market) with lower fees and with a token that takes all those fees and gives them back to the users of the platform. Further, there are plenty of anonymous people in this space which means its entirely meritocratic. If you have a cool idea, there are plenty of treasuries with billions giving out grants for people to build stuff and you can apply to them as an anonymous person with a cartoon ape as your profile picture - discrimination is lower, creativity goes up. Google attracted talent and became the company it is today partly because it offered awesome salaries and partly because it gave employees one day off a week to work on whatever they wanted; crypto is doing that on a colossal scale.

As to the stability, BTC for smaller countries is a double edged sword. Its not something that people should be putting money in to that they need in 1 or 2 years because they will just get washed out by the volatility and capitulate. However, its a great tool for pension funds who have long investment horizons and I think it probably eventually replaces bonds in some part of their 60/40 portfolio. Its been interesting to see that hedge funds have largely been moving in and out of BTC because they don;t really accept it yet, whereas the pension funds that have bought it tend to be more willing to be here for the longer term. For these countries though, USD stablecoins are a far better alternative than their own currencies and these are essentially enabled by things like BTC. 

Cus said:

Take away the hopes of massive financial gains etc and does its impact change? Is greed too much of a part of this? (not trolling, interested in people's perspective, particularly people employed in the industry.)

I can only speak for myself and what I see, but I don't see much greed in this space because of the projects I associate myself with. If you buy things like DOGE, SAFEMOON or SHIB then you're going to get pictures of rocket emoji's and number go up stuff, but generally BTC, ETH and many others seem more idealistic and wanting to build a better, fairer world. If we look at projects that do well, it tends to be because they have strong communities. I have been in NFT discord groups where all anyone cared about was the current price and these projects tend to completely disintegrate shortly after launch because the buyers just want an influencer to pump their bags so they can sell at a profit. When this doesn't happen, such a community turns on itself very quickly. In contrast, I joined a DAO a couple of weeks ago and I haven't seen a single post about price in the discord yet and people are just focused on building something. I imagine that will do very very well because the project will be owned by people that truly care about it rather than those that are looking to flip for a quick profit. 

Cus said:

I suspect that the next few years it will be the attempt of the institutions to relieve the retail users of their bitcoin but at lower prices, and then once they have more control, the price will go up as they sell it back to retail at the higher price.  They do that with everything else 😁

I agree with this. I definitely think the final stage is when banks and such are selling BTC linked savings accounts or such to the retail class that spent 20 years saying that BTC was a ponzi.