BITCOIN

Frequentlyhere

aaj123 said:

What is the net point of ever holding fiat cash? To serve as a way to hold value when you didn't want to exchange it for other real goods. 

Agreed. It's good for that in the short term (and bad to hold in the long term due to inflation, yes)

 Same for BTC

Disagree. BTC can and will rise and fall in value by double digit percentages over the course of a day or two. If you were trying to hold a store of value for a short term purchase, you'd have to be lucky with your timing, so how is that a good store of value?

Your last sentence is the wrong direction. Bitcoin's purchasing power has no reason to go down over time as its supply is near fixed. 

A fixed supply of anything is not sufficient fundamental reason for it to hold value. Don't some other crypto coins have fixed supplies too, do they also have no reason to go down in $ value over time?

Frequentlyhere

Your constant reference to silly memes is not really helping you come across very well.  Make your points, which I am certain you can do very well, without the constant little snipes and jabs.  They really are not necessary.

Oh come on Silvercue, I've been debating BTC at great length and in good faith all afternoon here. Can't you let me have just one little lambo reference?

But anyway, aside from that, I did still make my points to you in my reply. I shall endeavour to de-lambo my remarks going forward.

silvercue

Frequentlyhere said:

Your constant reference to silly memes is not really helping you come across very well.  Make your points, which I am certain you can do very well, without the constant little snipes and jabs.  They really are not necessary.

Oh come on Silvercue, I've been debating BTC at great length and in good faith all afternoon here. Can't you let me have just one little lambo reference?

But anyway, aside from that, I did still make my points to you in my reply. I shall endeavour to de-lambo my remarks going forward.

Wonderful - we can argue in peace now!

aaj123

Frequentlyhere said:

 Same for BTC

Disagree. BTC can and will rise and fall in value by double digit percentages over the course of a day or two. If you were trying to hold a store of value for a short term purchase, you'd have to be lucky with your timing, so how is that a good store of value?

If you are trying to save value for a purchase in short term, yes you hold fiat and Bitcoin doesn't serve your purpose - I agree on that. But when it comes to storing value for any long term, Bitcoin serves your purpose better as it has a limited supply and so will retain value against increasing fiat money supply. Now you mention that many other coins also have controlled supply but there you are losing nuance of how certain one can be of the governance involved for those coins. Most of these shitcoins are VC or dev controlled so why would you just trust their supply schedule not to change to general detriment at the cost of some benefit for few? In some cases like ETH, I am indeed bullish as the PoS switch has indeed yielded tight supply constraints alongwith sufficient governance on the ETH protocol. So yeah I do agree that both BTC and ETH serve the inflation hedge purpose over longer term though the view is that PoW is somewhat more antifragile in a scenario of sovereign attack - yet to be tested though against PoS in this matter.

mooneysaver

Anyone heard any updates? Last mesage I saw was the LP was compromised and then radio silence.

Frequentlyhere

mooneysaver said:

Anyone heard any updates? Last mesage I saw was the LP was compromised and then radio silence.

I don't know why I bothered but I googled this rather cryptic (ba-boosh) message. I think @mooneysaver is referring to a "hack" of Safemoon's liquidity pool.

To be blunt, I think the update probably is that this is not a thread about Safemoon and that Bitcoin fanatic or cynic alike, no-one cares about Safemoon.

aaj123

Are people surprised that Bitcoin continues to be buoyant despite supposed bad news of Coinbase getting a Well's notice and Binance being accused of breaking laws and supposed regulatory strangling attempts?

Its actually simple - people who buy Bitcoin during periods of fear like now are not speculators but rather the ones who buy in after research and understand the antifragile nature of Bitcoin and also the distinction between Bitcoin and participants of the crypto ecosystem.

Yup - very few understand.

Cus

I'm more intrigued as to what happened to @Pearce7630 who started this thread with his/her one and only post.  

Frequentlyhere

aaj123 said:

Are people surprised that Bitcoin continues to be buoyant despite supposed bad news of Coinbase getting a Well's notice and Binance being accused of breaking laws and supposed regulatory strangling attempts?

Its actually simple - people who buy Bitcoin during periods of fear like now are not speculators but rather the ones who buy in after research and understand the antifragile nature of Bitcoin and also the distinction between Bitcoin and participants of the crypto ecosystem.

Yup - very few understand.

Were people surprised by the 75% sell off beforehand?

Simple really - people selling who understand the fragile nature of Bitcoin, and the distinction between a highly volatile speculative zero yield token and a productive asset in a world of non-zero interest rates.

aaj123

Frequentlyhere said:

aaj123 said:

Are people surprised that Bitcoin continues to be buoyant despite supposed bad news of Coinbase getting a Well's notice and Binance being accused of breaking laws and supposed regulatory strangling attempts?

Its actually simple - people who buy Bitcoin during periods of fear like now are not speculators but rather the ones who buy in after research and understand the antifragile nature of Bitcoin and also the distinction between Bitcoin and participants of the crypto ecosystem.

Yup - very few understand.

Were people surprised by the 75% sell off beforehand?

Simple really - people selling who understand the fragile nature of Bitcoin, and the distinction between a highly volatile speculative zero yield token and a productive asset in a world of non-zero interest rates.

The problem is that during bull cycles, a lot of people jump on to the bandwagon of quick gains while honestly not having any idea at all about why the thing they bought should be going up. So when these chaps get caught in a bear, every day they are underwater makes them feel worse as they never had any reasons in the first place to expect it to go up. So capitulate they do in the absence of any conviction and being underwater long.

Will this happen again? Most definitely.