Bitcoin and Crypto Thread

The most common theory I read was actually that the words "Satoshi" and "Nakomoto" in Japenese roughly translate to "central intelligence" in English. Thus, there is some belief among "conspiracy theorists" that all crypto is just owned by the CIA and this is one of those hidden in plain sight moves.

Obviously, that doesn't mean that it has to be true or that people haven't been making great money off of crypto. FWIW, this post on Linkedin tries to debunk those claims.



If Ghengis Khan had invented calculus, or if George Soros came up with the internet HTTP protocol....would it matter?
If some Jews invented nuclear weapons -- DOES IT MATTER?

The fact that a bunch of Jew scientists came up with the A-bomb, doesn't matter. As a nation, you either have nukes, or you are subjugated by a nation that does. That's it. The creators of the technology are completely irrelevant.

The Byzantine Empire, under Constantine XI, refused to adopt a new technology from a Hungarian engineer named Orban: bronze cannons. Ottoman Sultan Mehmed II accepted and funded those cannons, and Constantinople fell.

Technology exists. It doesn't matter who created it. The fact that it exists is the only thing that matters.

Bitcoin is a fundamental technology, like electricity -- it was first used for motors and electric lights, but it can be used for things that Thomas Edison couldn't dream of -- video calls across the world, and computers that can automatically land airplanes, pinpoint navigation systems that work anywhere in the world, even at the north pole.

Bitcoin is just a tool for humanity, like electricity.
 
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Having all your assets in such speculative asset is retarded. What if you’re wrong? You can have all the conviction in the world and you might get lucky. But what if you’re wrong? What if the timing is wrong? Maybe BTC goes to a trillion 5 years from now but what if you’re 80yrs old and BTC goes to $500 and you lost all your retirement savings?

I would love for bitcoin to become a world reserve currency. Something no Jew could devalue. I have some bitcoin. If price moons, I’ll benefit. If it goes to zero, I’ll be just as fine.

The lack of planning is what concerns me.
Besides gold, bitcoin is the only form of private money. Everything else is government paper. So yeah, it might make sense to have some gold to be more diversified, especially if you are close to retirement. The problem with gold is security, liquidity, and transaction friction. It takes a long time to liquidate, its expensive to validate, and security is expensive.

Bitcoin is planning. I can leave on a flight tonight, and go anywhere in the world with most of my wealth intact, enough to buy a residency or citizenship in a lot of places.

When the welfare state collapses, good luck with your brokerage account, cash, property, whatever else you think you own. Force majeure will be as common in parlance as fiat is today.
 
Other than trading back and forth here and there playing swings I'm not a bitcoin guy and I don't think it's the future of anything. But I know a lot of guys here do and I don't like you guys losing money because you're the guys I want to actually have money, I hope it recovers for you guys and this is just a blip and not a correction.
It always does recover, and since I'm still working, I appreciate the dip. This is actually quite exciting, I wasn't sure it would get to these levels again.

Bitcoin is the only money I see, and the number I have is getting bigger -- those numbers on the bank account website aren't really money, so I don't think I've lost anything!
 
Besides gold, bitcoin is the only form of private money. Everything else is government paper. So yeah, it might make sense to have some gold to be more diversified, especially if you are close to retirement. The problem with gold is security, liquidity, and transaction friction. It takes a long time to liquidate, its expensive to validate, and security is expensive.

Bitcoin is planning. I can leave on a flight tonight, and go anywhere in the world with most of my wealth intact, enough to buy a residency or citizenship in a lot of places.

When the welfare state collapses, good luck with your brokerage account, cash, property, whatever else you think you own. Force majeure will be as common in parlance as fiat is today.
I noticed that your fantasy doomsday scenario must have very precise parameters: just catastrophic enough to negate brokerage accounts, cash, property, whatever else I think I own (will they get my lighter?), but not catastrophic enough to negate the internet or electricity. Any scenario outside this very narrow window makes bitcoin irrelevant.

A less catastrophic scenario makes bitcoin irrelevant and land, guns and ammo, machinery and (above all) community the only valuable commodies to have. No one in a SHTF situation would sell you anything that matters for a bunch of ethereal "coins".
A more catastrophic scenario makes bitcoin irrelevant, because there is no internet or electricity.
 
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I noticed that your fantasy doomsday scenario must have very precise parameters: just catastrophic enough to negate brokerage accounts, cash, property, whatever else I think I own (will they get my lighter?), but not catastrophic enough to negate the internet or electricity. Any scenario outside this very narrow window makes bitcoin irrelevant.
It happened and is happening, all over the world. Just ask @GoodShepherd

recent: Venezuela, Iceland, Cyprus,

Nazi Germany, UK in 1914, USA 1933
A less catastrophic scenario makes bitcoin irrelevant and land, guns and ammo, machinery and (above all) community the only valuable commodies to have. No one in a SHTF situation would sell you anything that matters for a bunch of ethereal "coins".
A more catastrophic scenario makes bitcoin irrelevant, because there is no internet or electricity.
In what possible scenario is there no electricity or internet? When the sun becomes a red giant and boils the oceans?

Yes, bitcoin is irrelevant if a meteor strikes and causes a mass extinction.

It is very relevant in the age of bankrupt, grasping, collapsing welfare states.




 
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