Now at $46k, I guess BTC will fall just short of the 100k year-end projection.
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OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
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Now at $46k, I guess BTC will fall just short of the 100k year-end projection.
I’m sure Whales are planning the next pump and dump but I think there are some structural crypto issues lurking. Dorsey’s and Musk’s recent comments spooked some folks. IMO, the holy grail is the coin that becomes the universal currency in the metaverse. Because once that’s determined, it’s going to wipe out a shit-ton of pretenders.
Participated in my first IDO and Minting today for two utility projects on Solana. Slowly but surely getting sucked into the world of Discord and NFT's. Both have a good potential for passive income and the learning experience has been fascinating.
www.yawww.io
Yawww | Sell & Collateralize Solana NFTs
www.yawww.io
Prob one of the better articles I’ve read lately on Web3 and IMO most or almost all coins/tokens will likely be worthless at some point.
thenextweb.com
Backs up a lot of what I’ve been saying:
“A recent study found that just 0.01% of Bitcoin holders control 27% of the currency in circulation, which has escalated doubts about crypto’s democratizing potential.”
“Diehl has warned that Web3’s being “pushed by the world’s largest investors who have deep bags of tokens to dump.”
Elon Musk and Jack Dorsey are right to raise concerns about Web3
Dorsey and Musk are calling BS on the Web3 hype. They've got good reasons to question the vision of a future internet.
thenextweb.com
Backs up a lot of what I’ve been saying:
“A recent study found that just 0.01% of Bitcoin holders control 27% of the currency in circulation, which has escalated doubts about crypto’s democratizing potential.”
“Diehl has warned that Web3’s being “pushed by the world’s largest investors who have deep bags of tokens to dump.”
I think 0.01% of people control about the same amount the wealth in the US! :)Prob one of the better articles I’ve read lately on Web3 and IMO most or almost all coins/tokens will likely be worthless at some point.
Elon Musk and Jack Dorsey are right to raise concerns about Web3
Dorsey and Musk are calling BS on the Web3 hype. They've got good reasons to question the vision of a future internet.
Backs up a lot of what I’ve been saying:
“A recent study found that just 0.01% of Bitcoin holders control 27% of the currency in circulation, which has escalated doubts about crypto’s democratizing potential.”
“Diehl has warned that Web3’s being “pushed by the world’s largest investors who have deep bags of tokens to dump.”
Not quite; actually not even close. (I realize you were just kidding). As of October, the top 1% controlled 27% of the traditional wealth. So the ownership concentration in crypto is 100 times the concentration of traditional wealth.
El Salvador must be thrilled that they bet their financial system on something the Financial Times writes is worse than a Ponzi scheme.
www.ft.com
Why bitcoin is worse than a Madoff-style Ponzi scheme
A Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can’t even pursue a claim against, argues Robert McCauley.
Getting mining out of unstable countries (including China) is a good thing. Short-term pain, long-term gain.El Salvador must be thrilled that they bet their financial system on something the Financial Times writes is worse than a Ponzi scheme.
Why bitcoin is worse than a Madoff-style Ponzi scheme
A Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can’t even pursue a claim against, argues Robert McCauley.
Damn pay wall…regardless, article breaks down the elements of a ponEl Salvador must be thrilled that they bet their financial system on something the Financial Times writes is worse than a Ponzi scheme.
Why bitcoin is worse than a Madoff-style Ponzi scheme
A Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can’t even pursue a claim against, argues Robert McCauley.
From what I’ve read, BTC slid sharply (along with equities) right after the Federal Reserve released December minutes which would seem to indicate it was not from the Kazakhstan issue that caused the disruption of the network hash activity.
All anyone needs to do is research Web3 and they will experience a coin/token epiphany - i.e, the whole decentralized token/coin universe ain’t ever happening. There is only one currency/token/coin I’m interested in and that’s the one that will be used in the metaverse assuming it’s not the digital dollar. If it’s BTC then great sign me up. Fitting that after Meta (FB) announced that they are building a metaverse the Winklevoss clowns announced they want to build a decentralized metaverse to counter Meta = just smoke and mirrors to protect Gemini.
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Caveat: I have NO issue with folks that want to roll the dice on crypto, especially when millionaires have been made. For all I know, BTC goes to $100K…
This is my initial impression as well. The onchain data will be analyzed. BTC has become an inflation and money printing hedge for some. If this changes, there should be a reaction.
May be time to take profits and see what happens.
Tough call on profit taking now because of buy the dippers. I’m sure El Salvador President will start pumping tomorrow since I think he bought a LOT of BTC at $51K+. That dude better have an escape plan with an airplane waiting on the runway if BTC keeps dropping.
Pretty much everything dropped in value yesterday - crypto, stocks & gold.
Just as it’s clear that the folks who forecast Bitcoin to 100k by end of 2021 were wrong, time has shown that folks who forecast Bitcoin to zero have long been wrong as well.
I think 2022 is a year for most investments to go sideways/down, which was always inevitable once the fed eased up on printing money.
caveat- I’m not an oracle either and wouldn’t be astounded if Bitcoin collapsed (but would be surprised).
Just as it’s clear that the folks who forecast Bitcoin to 100k by end of 2021 were wrong, time has shown that folks who forecast Bitcoin to zero have long been wrong as well.
I think 2022 is a year for most investments to go sideways/down, which was always inevitable once the fed eased up on printing money.
caveat- I’m not an oracle either and wouldn’t be astounded if Bitcoin collapsed (but would be surprised).
I watched it when it first came out. I give the Directors credit (very little) for trying to address both sides of the crypto debate, but the production quality and interviewees are piss-poor. The Berlin bar owner that hates credit card fees is the best they could come up with? And the Afghan woman who “was able to divorce thanks to BTC” was ridiculous. I also thought Xapo’s high security underground BTC bunker was a perfect example of a sheister exploiting the stupidity of some human beings.
Everyone is entitled to their own opinion. I saw some stuff that was new to me so it was a worthwhile watch for me.
That’s fine, just keep in mind that a bunch of the content including interviews were from 2014/2015 (and previously used in their other documentary that was 5+ years old too).
Funniest thing about NFTs is that EVERYONE is trying to launch products/platforms yet GameStop hires 20 people in their new NFT group and the stock skyrockets. NFTs are the solution to the problem that basically killed Second Life - need proof of ownership. But competition and virtually no barrier to entry will crush most of the pretenders.
Without debating the merits of BTC, didn’t you get the sense that some of the BTC proponents really didn’t understand the banking system and credit markets. They reminded me of the people that throw a fit when they walk up to a random ATM machine and have to pay a transaction fee. Well, someone has to pay for the machine, maintain it, keep it stocked with cash, insure it, etc. = hence the $1.50 or whatever. Not to mention that banking transactions are cheaper and faster than ever. I move money around all the time between my bank, investments, vendors, etc. with minimal costs.
I think some of the proponents were purely into the ideology and wouldn't accept the practicality. The BTCcash guy is one example.
And Bitcoin is extremely inefficient, and as a result, may not be sustainable. I just read on my apple news feed that “A single Bitcoin transaction is estimated to burn 2,292.5 kilowatt hours of electricity, enough to power a typical US household for over 78 days.” That’s nuts!!
Incredibly inefficient. But don’t worry El Salvador is going to use volcanic energy to solve that problem LOL. Also, the size/scalability and storage issues of the BTC and ETH nodes is something that always bugged me and doesn’t get enough attention. Simply speaking, the bigger the ledgers get, the more storage required on the nodes plus slower the transactions. Even with potential “pruning” projects, and unless hardware/storage costs significantly drop, the ledger model will not work. At least with private ledgers you can set record retention periods to save space/cost. But, not with BTC/ETH = ledgers are supposed to be available for eternity. Imagine what that means in terms of size if BTC is ever actually used for transactions. Folks can feel free to correct me if I’m missing a nuance here.
Just noticed that one of my managed retirement funds, which I give full discretionary allowance to my advisor, just dipped our toes in GBTC and ETHE. I've know this advisor and friend for 30 years, trust him and his firm completely and I know his investment style. IMO, this is just another confirmation of institutional acceptance. I'm sure if it was allowed, he would have purchased the tokens instead of the trusts.
This is why the spot ETFs are so important. Better than trusts, they will allow many accounts access to crypto (that can't buy tokens).
That’s surprising because the five or so advisors I know well, all with serious AUM, laugh at crypto and have told me that unless I’m viewing it like the table games in AC don’t bother. According to them, there are much better spec plays that offer far less volatility, have reliable gains, and offer prospectuses and research that can be validated. I also think it puts advisors in a difficult position based on the new “Regulation Best Interest” rule that went into effect in 2019.
I think you have to look at the trajectory of institutional acceptance. It most definitely is up both domestically and internationally. My advisor, knowing my financial status, age and needs, leans a little financially conservative does a hell of a lot of due diligence, so I was pleasantly surprised to see the investment.
Yeah, but “acceptance” from the big boys is still a recommendation of like 1-2% and the MOST I’ve seen is 5%. If that’s acceptance, we are talking about grains of sand on the world-wide asset beach, especially considering the concentration in crypto ownership. It’s basically the minuscule gambling portion of portfolios now. No advisor is putting meaningful amounts of assets into crypto despite what fake crypto news wants people to believe.
My biggest concern and one Im trying to grapple with right now is buying an EV car. I feel like its buying an Iphone where future hardware models make the older ones obsolete yet software upgrades can continue.
Turning to leasing seems it seems to be a very similar monthly payment(ie Tesla Model 3) and expensive to me.
Really on the fence about next steps
Turning to leasing seems it seems to be a very similar monthly payment(ie Tesla Model 3) and expensive to me.
Really on the fence about next steps
I’m
I’m in the same boat and will probably do a 3-year lease to buy more time since I agree that next few years will = better features and more robust charging network.
I was in the same boat and bought a Model 3 in September. The software updates should keep it relatively up to date and if not, the resale value would allow me to swap out in a few years if there’s something I really want.
Well, when GS and some pretty big investment talking heads are talking positively along with unknown numbers of investment houses (not included in the 5% you're quoting), I have a high degree of confidence that crypto is here for the long run. My advisor broke off ML years ago to start his own private wealth firm and manages close to 15 billion dollars, small potatoes compared to the big firms but a savvy manager nonetheless.
The funniest thing about the recent GS comment was the guy said that BTC could go to zero or it could go to $1M = he basically said he didn’t know what to think. But then BS news report headlines said something like “Goldman predicts BTC to $1M” - typically news nonsense.
Depends on how you are using the car. I have 20k in miles on my current 39mth lease. Clearly COVID limited usage but I always find myself under mileage on leases I have held(My car not my wife's who always goes over).
That said, I barely see myself using a charging station over the next few years. Most gas stations will have to convert to the darkside sooner or later or become obsolete as time goes on so buys me plenty of time to just charge at home with the rare exception.
I just feel so many EVs are hitting the market the next 2-3yrs. Tesla by far is the leader looking at the total package and price. While I would go for Porsche/Mercedes they seem to be competing in the luxury car space of the Model S and out of my price range for a less driven vehicle. My wife already has a Mercedes SUV which I love so dont need another high end vehicle
