"Bitcoin could be fuelling division of society"

ArthurMcB said:
Im not sure about this. The rate of increase for btc has far outpaced wages and inflation.
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Yes, because it would increase at the rate of inflation if demand was increasing at the same rate as new supply - i.e. no net new demand, so only increasing at the rate nominal dollars are losing value. But it's been more than that because demand has increased a lot more than supply, which is not surprising since it was starting from zero.

In any case, if you want to dive into growth models, the power law one proposed six years ago is by far the most interesting, as it factors in diminishing returns: https://www.reddit.com/r/Bitcoin/comments/9cqi0k/bitcoin_power_law_over_10_year_period_all_the_way/

From the creator:

"Power laws are very common in complex phenomena. The growth of cities, river systems, networks and so on. The fact that BTC followed a power law for 10 years it means is not a normal financial asset. It is a much more interesting and complex system."

Pretty incredible to me how well it has tracked since then: https://charts.bitbo.io/long-term-power-law/
 
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I dont buy it though Dazed. And I really respect your tenacity on this subject and your persistence. But, to be frank, the more someone tries to sell me something the less I want it. I know you're not nessessarilly sellin it but in a way you are.

At same time i dont buy the nagativity towards btc either. There must be a middle ground. But as i said earlier the biggest prob for me is i dont understand btc or easily see its use. So for that reason...
 
My emphasis. If these nutters (Trump, Musk, Kennedy) win and actually mean what they say, China (bans Bitcoin) is on a fast track to be the World economic leader and and maybe even its system will gain credence from what will surely turn out to be a dramatic failure of US democracy.
 
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Below is the essence of the ECB paper. It is taking the wild predictions of the promoters at face value and pointing out what that would mean at the macro level. The essential message is that a massive increase in perceived asset wealth will flow into consumption and since that wealth did not come from any economic production there would need to be central bank measures to control inflation thus inevitably having redistribution effects. It is argued from standard economic theory but you don't have to be an economist to see that if bitcoin achieves these wild predictions we can no longer ignore it as a casino which only affects those at the tables. Note how they now admit that if a price of 60,000 can be achieved with no fundamental basis then why not 1 million/10 million? And they concede that irrationality can exist for a very long time.
 
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As a separate post I conclude by pointing out that I was right. This paper is not the "nonsense" which the bitcoin lobby are trying to portray it, using the Trump trick of twisting what his opponents say. Clearly they feel threatened by this report for here we have an argument from their arch enemy that they fear. Namely that the rest of us should not complacently think that this is just a playground for the cult and that society should make sure that the cult's predictions, which could indeed come to pass if unchecked as they have so far, are stopped in their tracks.
 
Bitcoin at ATH as chances of Trump/Musk victory strengthen. Prediction will go to 90k if Trump/Musk win and fall to 30k if not. Cultists should have a bet on the good gal winning as insurance.
 
The information space I inhabit signals a massive Trump win.

Presidential Election Winner 2024

Polymarket | This market will resolve to “Yes” if Donald J. Trump wins the 2024 US Presidential Election. Otherwise, this market will resolve to “No.” The r...
polymarket.com
 
Polymarket doesn't really signal the size of the win.

It is a probabilistic forecast which says that he has a 67% chance of winning compared to Harris's chances at 33%.

Betfair is a bit closer - 65% 35%



Nate Silver has it 55%, 45%

Brendan
 
Fortune said:
It seems like a thought experiment by some academics who needed to publish something. It's relying on too many 'ifs'. The only way it could happen is if there's always someone willing to buy BTC as the price constantly rises...
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...or accept it as payment. No?
 
Delighted that the information space I listen to was 100% correct on this election and had their finger on the pulse.

Bitcoin already hit an all time high.

Nocoiners: it's still not too late join the party.
 
Whatever about fuelling the division of society it's doing a good job of fuelling the division of Askaboutmoney...
 
jman0war said:
Delighted that the information space I listen to was 100% correct on this election and had their finger on the pulse.

Bitcoin already hit an all time high.

Nocoiners: it's still not too late join the party.
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This was accepted wisdom for all as the below quote from a ECB expert which I reproduced in post #20 is evidence. As it happens it has gone up 5k which is a return of around 1/6 against potential losses if He had lost. There were much simpler and far better value ways to bet on a Trump win. I'd say there are a lot of folk kicking themselves that they could have made much more by betting a Trump win on Betfair.
 
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If Trump keeps his promise to Elon to endorse bitcoin he will be following in the footsteps of that "manurehole" El Salvador. Common sense will then have to cry halt! and that, ironically, might spell the collapse of the bitcoin fantasy. Let's hope
 
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