OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
:) Keep your beliefs steadfast. The reality is that digital payments will be the norm. Globally, local currencies are being devalued exponentially due to poor fiscal policy. There's a singular digital asset that cannot be corrupted by politicians, the fed or anyone; Bitcoin. To corrupt it would hypothetically require a power supply the size of north america to run nodes attacking the network. So yeah, I hope the press goes away and people just keep buying like they have. I hope institutions learn from the leverage flushing.
And i'll beat a dead horse back at you. There is ZERO incentive for anyone to mine for crypto or essentially be a blockchain operator without a Bitcoin reward. Good luck running a decentralized chain w/o one.
I'm at a F/O point, where I cant keep saying the same shit time and time again. As much as you try to, you simply have zero interest in seeing this from any other viewpoint but your own, so this is me saying I'm done trying to counter what you say. Its just a fools errand
The amount of $$$ donated to Democrats vs Republicans has to be in the 80 - 95% range if I had to guess.
His constant Tweets and interviews is him, being carefully coached, trying to spin the narrative to make himself the victim. Guy was the 2nd largest Democrat donor behind Soros with countless family connections to our Govt and global organizations, that's all you really need to know.
The NYT piece will be the first of many. It's like a page from the Godfather, where at first the story's negative, but "we got enough newspaper writers on the payroll. They would love a story like this..." It's disgusting. But..... assuming Genesis does not fold, drawing attention to their actions and the actions of other firms will be a positive for the future of Bitcoin.
I posted an article which said $20 mil went to Republicans while $44 mil went to Dems.
Its a significant difference but not a “no comparison“ type of difference.
I also posted an article stating many politicians have redonated the monies they got from FTX.
See above. It was another FTX executive which gave to republicans. The breakdown was 70-30ish.
He’s being carefully coached? Who is the moron that would tell him to say he’s sitting around playing video games?
As far as I can tell, you don’t keep saying “the same shit.” For example, in the quoted post above, you state that bitcoin will be used in lieu of currency for digital payment. That’s not what you said when you started this thread, though. Here’s what you said:
The people who say that Bitcoin will never be a currency are pretty much right. It's not. It's become a digital store of value, just as gold is a store of value. You wouldnt walk into Chipotle and shave off some gold to pay for a burrito, just as you wouldnt pay for it in a fraction of BTC.
You also said this:
I've only become a Bitcoin bull in the past year. The printing of 4 Trillion dollars was what put me over the edge in looking for an inflation hedge. After digging aggressively into gold I began to realize that BTC was what I was looking for. Only 21 million BTC will ever be in existence and its a deflationary asset that can be transported anywhere in minutes.
Those comments were made when inflation readings were very low, unlike the past year, and the quoted price of BTC was above $50,000. Yet as of this post, after the worst inflation since the 70s, bitcoin is below $17,000.
So, seems to me you have severe thesis creep and a fairly material price decline since April 2021.
Perhaps you’ll prove to be right. But with that type of record to date, its not unreasonable to be questioned, In professional investing, you’d likely have been fired,
Right = real companies…VISA…IBM…BLOCK…GOOGLE…etc….there will also be start-ups that launch pure commercial blockchain solutions. And the reason that makes sense is because no Fortune 1000 is ever going to sign up for a decentralized blockchain solution to integrate into their legacy platforms. No supply chain org or CTO is going to let decentralized tech potentially infect their internal tech architecture and systems. People who act like commercial decentralized blockchain adoption is easy have no clue how companies manage their internal IT infrastructure and ops.
Good points on the changing narrative.
And its interesting to see the narrative now as well, trying to distance BTC from Crypto when it itself is a the largest crypto by market cap. Never mind all the conspiracy theories which as i noted yesterday appear to me as a an attempt at distraction.
But i do think the initial run could be viewed as an inflation hedge for an inflation which was sure to follow. Much like equities markets the crypto market was fwd looking. Same could be said for the downward move.
Now I think that run was more evidence of inflation then it was a hedge against inflation. But i could still see a time where it matures to be an inflation hedge.
Regariung your comments on BTC anticipating the inflation move, it’s certainly possible but would also mean the fixed income markets did not see what crypto buyers did. That’s a tough one for me to believe.
Iin general i can see why you’d be skeptical regarding the respective wisdom’s of each market.
But given the influx of moneys should the fixed income markets not seen the inflation coming?
That said the crypto market was certainly guilty of over exuberance.
Last edited:
You're wrong, that's the biggest story here. This was a predatory ponzi scheme designed to steal $$ from the cyrpto world. The only thing we don't know at this point is whether the political establishment was in on it from day 1 or figured it out and turned this this into a huge money laundering scheme.
I think they were in on it from day 1 but we'll see.
If the $44 mil in donations is accurate. Do we really believe democratic politicians injected a couple trillion into the economy in order to extract $44 mil? And then have Republicans get $20 mil themselves?
And then give a bunch back once it all blows up?
That math doesn’t add up.
Yes, they do it all the time. Look at every political scandal, its always huge contracts/money transfers for relatively small donations to the politicians.
Also, they aren't injecting anything in this scandal. They are just straight up stealing it from clients of ftx, etc.
If crypto never becomes a thing, then there is never an FTX who's clients they can steal from. So I think hes inferring, if the Government masterminded this, then surely they must have masterminded the whole crypto rise to make FTX relevant, which means they must have injected a couple of trillion into the market so that they could steal $24m for Dems and $20m for Rs.
FWIW the whole thing is ludicrous, spin doctors out in full force here trying to deflect away from the reality that the perceived value of crypto, atleast in the form of dollars, is altcoins, stacked on altcoins, funneled through unregulated exchanges to prop up the price of the larger market (BTC, ETH). In a world where BTC becomes the king medium of exchange, then you are living in a world that people like SBF run, since they will hold the vast majority of the supply.
SBF and FTX haven't been around that long. They just took advantage of something that was already happening.
I'll insert my usual...
blockchain/NFT has legs... in a virtual world some of you want to live in..this is the cop and the velvet rope...
Coin has some run... but, more likely than not, doomed to failure... not because it couldn't work. But, because humans, ultimately, are self-serving and they will cheat for their own benefit... so you can say there's transparency - but there really isn't... So, in the end, you will want gov't oversight (the big stick)--and then, you've defeated your purpose since it's just more gov't controlled fiat.
does that mean I don't have Coin? No, sure I do... but, it ain't my life.
blockchain/NFT has legs... in a virtual world some of you want to live in..this is the cop and the velvet rope...
Coin has some run... but, more likely than not, doomed to failure... not because it couldn't work. But, because humans, ultimately, are self-serving and they will cheat for their own benefit... so you can say there's transparency - but there really isn't... So, in the end, you will want gov't oversight (the big stick)--and then, you've defeated your purpose since it's just more gov't controlled fiat.
does that mean I don't have Coin? No, sure I do... but, it ain't my life.
Last edited:
until i see some real evidence which suggests something more. I see this as a story of a company which became pretty big due to the crypto run. Did some illegal shit moving customers money in one company to support another got overextended and then was exposed due to the big decline in crypto.
The political donations is just an easy target for those that either want to find someone to blame for the decline in BTC’s price or that sit on the other side of the political internet(these guys also ignore the donations that went to the right).
The political donations is just an easy target for those that either want to find someone to blame for the decline in BTC’s price or that sit on the other side of the political internet(these guys also ignore the donations that went to the right).
I was in for the run. Stayed in a little long but got out. And id be willing to get back in later if it looks to be on another run.
But im not much of a believer in the technology.
Neither have any of the exchanges, and what happened to FTX is hardly an original occurrence in this space. You have to assume Binance who launched in 2017 and by January 2018 became the world's largest exchange is sitting on a similar house of cards, same story for the rest of the exchanges but on smaller scales. For Binance, if everyone got together and sold their BNB coin, like what CZ did to FTT coin, Binance would likely be insolvent in 24 hours as well. So basically the entire worth of Binance is propped up by the belief that something called "BNB Coin" is actually worth $268 each and Binance holds the dollar equivalent of each of those coins. However should even 1 major coin holder that wields public influence decide to "cash out" and be public about doing so to encourage retail to do the same, there will be nowhere close to enough buy pressure to stop the market for the coin from bottoming out.
Anyone who thinks CZ, SBF, or any of these crypto CEOs are out there with any intentions beyond self serving ones that are likely illegal by US standards are begging to be ripped off. Until the bad actors are flushed out with proper regulation then this space has no potential beyond gambling on hype. It will always be a continuous circus act of fraud.
Pretty sure Block has already made their decision and is building on top of Lightning/Bitcoin. They’re in the Fortune 500 🤷🏻♂️
Based on the last earnings call, I’m not sure Block knows exactly what they are doing. Right now, they are throwing a bunch of crap at the wall to see what sticks. Especially when the business unit that is supposed to be building the open source platform for BTC is called “TBD” (no joke that’s the name). Wouldn’t be surprised if they pivot to a more centralized model. I mean seriously, even the TBD website is a joke and I regret buying Block/Square stock because I’ve gotten annihilated and these guys don’t know what they are doing:
Home | TBD
We build decentralized platforms, protocols, and tools that empower every individual to own their data and participate in the global economy.
www.tbd.website
Says the ATH guy with zero cred. Come on, you crypto guys have literally delivered nothing in terms of predictions. Nothing. Zero. It’s a bloodbath. It’s a total sh!tshow. Now you guys just look silly.
3x'ed my money in 2021. Happy camper and willing to be patient and see where the market goes. Likely an amazing opportunity!
You're right. My opinion has changed as tech and other conditions have changed. Chiptole example. Stated before my knowledge of the capabilities of the lightning network really took shape. For example, do you want to do that now, not really, BUT lightning would enable a fee-less experience for consumer and retailer enabling instant remittance. All while using dollars over the bitcoin network.
And I still stand firmly behind my belief in the printing of money. I did not expect the printing of paper btc on the magnitude that it was occurring. Look at FTX, they had ZERO btc on their balance sheets. With btc in cold storage at an all time high, hopefully the magnitude of this does not continue.
Call it a cute thesis creep, or I'll call it an ability to learn more about an adapting technology.
I dont have the time to dive into his donations, but it's clear where his intentions were. I'm not ignoring anything. A bulk of donations occured early in 2022 during.... primary season. I WOULD LOVE TO SEE who they donated to on the Republican side. I'd bet the farm they were MAGA Trumpers in contested primaries in swing districts or states,
It's a shit show. I've been a realist since the middle of the year. The bulk of my posts have been quite bearish, but I guess thats silly too. (says the guy who said he was going to stop replying :))
Actually, this is reallly bad. As I mentioned a page or 2 ago, this is one of those things that truly worries me.
Crypto Lender Genesis Had Sought Emergency Loan of $1 Billion
Cryptocurrency lender Genesis was seeking an emergency loan of $1 billion from investors before it told clients it was suspending redemptions this week, as the shockwaves fr
www.wsj.com
I dont have the time to dive into his donations, but it's clear where his intentions were. I'm not ignoring anything. A bulk of donations occured early in 2022 during.... primary season. I WOULD LOVE TO SEE who they donated to on the Republican side. I'd bet the farm they were MAGA Trumpers in contested primaries in swing districts or states,
It's a shit show. I've been a realist since the middle of the year. The bulk of my posts have been quite bearish, but I guess thats silly too. (says the guy who said he was going to stop replying :))
Actually, this is reallly bad. As I mentioned a page or 2 ago, this is one of those things that truly worries me.
Crypto Lender Genesis Had Sought Emergency Loan of $1 Billion
Cryptocurrency lender Genesis was seeking an emergency loan of $1 billion from investors before it told clients it was suspending redemptions this week, as the shockwaves fr
Don't listen to these guys. You have always been evenhanded in your posts.
I'm not a crypto guy and you've helped me fill in some gaps in knowledge. Thanks.
I do though. I listen to everyone and try to embrace as many different opinions as possible. I grow frustrated saying the same thing again and again.
Youre welcome. Happy I was able to help.
It’s classic thesis creep, pure and simple, along with a precipitous price decline. You want to believe in this stuff, and are changing your thesis to support your belief. When the inflation hedge store of value thesis didn’t work, you latched onto another theoretical application.
Unfortunately, I missed both ATHs in 2021, but still got out with those gains via ETH and Galaxy Dig. Both good sells after the past 10 months! LOL.
Again, based on your opinion of someone you have never met or only corresponded with in limited doses on an anon forum. You have zero knowledge of me and what I did, or do know, label me as you like. Have at it.
If Genesis crashes it is bad. Potentially as bad as combining Luna collaps with FTX in terms of the damage done
Don’t need to meet you. Just need to read your posts. Criticizing justification, and changing justification, isn’t a personal indictment. But the thesis creep is important to note, as it is a common mistake many investors make when an investment underperforms.
Last edited:
Similar threads
