The Duke trying to create something out of nothing again, it seems.
The Duke trying to create something out of nothing again, it seems.I think you do but this is one rabbit hole that I am escaping from.
Sorry @tecate I believe Reuters before I’ll believe a guy who’s pinned tweet at the top of his twitter profile reads:Here's your answer ->
https://twitter.com/x/status/1394661559033602049
As I mentioned, there are any amount of regulatory twists and turns over the coming years. However, in no way do I believe that ransomware will be the reason for any of them. There's chatter right now about the big banking lobby in the US trying to get some decisions made by the last administration (which would facilitate crypto custody for small banks) turned over.
Just to reiterate...the solution to ransomware is network security competence and investigation (you seem to think that the culprits can't be caught - I'm sure it's difficult but it's not impossible). Other than that, banning bitcoin isn't going to fix that problem - i'm confused as to how in the world you think that it would. If anything, it would be driving bitcoin further towards such use cases. The G7 is the G7 - it's not the 110 odd countries on the planet.
As in he works in the industry - there's no mystery there. In any event, that's the info I have for you - you can make of it what you willSorry @tecate I believe Reuters before I’ll believe a guy who’s pinned tweet at the top of his twitter profile reads:
“I've honestly never seen a more perfect storm for decentralized technologies.”
Any other sources?
bitcoin has lost over $400bn in a matter of weeks, far surpassing any earlier collapse. In fact I venture to suggest that this is the most precipitous fall in value of any "asset" in history.
In answer to an earlier question by @tecate I will start to have doubts about my conviction, not based on bitcoin's market cap, but if over a period of about 12 months the volatility of $/BTC is in the same parish as the volatility of $/£ AND at least one of the Nobels starts to crack. I can't see it happening.Looks like it.
Just wait until it calms down and buy up the bargain.
but if over a period of about 12 months the volatility of $/BTC is in the same parish as the volatility of $/£ AND at least one of the Nobels starts to crack
I simply emailed him Professor Roubini's views and told him I agreed wholeheartedly. He was gobsmacked and said he wouldn't touch bitcoin after reading that.
if his was the only information available to me I would have sold out my stock of bitcoin before the end of this sentence. But it is not the only information I have.
Here is a person on Bloomberg today, seems like a smart one. I don't know if he has been seduced or not, but I'm guessing he could hold his own against someone like Roubini. Maybe your nephew would be interested?Firstly many people, even smart ones, are easily seduced by the bitcoin hype
The second takeaway is that they are unaware of the damning dismissal of the whole crypto house of cards by mainstream academia.
bitcoin has lost over $400bn in a matter of weeks, far surpassing any earlier collapse. In fact I venture to suggest that this is the most precipitous fall in value of any "asset" in history.
Give her a break. She's just a young gal on a price discovery journey."Store of value"?
I accept a lot of the reasons to be supportive of BTC but the weakest one is the "store of value" one - at least until volatility becomes less of a feature of it.
In answer to an earlier question by @tecate I will start to have doubts about my conviction, not based on bitcoin's market cap, but if over a period of about 12 months the volatility of $/BTC is in the same parish as the volatility of $/£ AND at least one of the Nobels starts to crack.
The 'hype' with regard to this phrase you keep quoting is yours! I don't know anyone else who is making a meal out of it, Dukey. And on the second, as has been outlined to you many times, cash is the medium of choice for criminals, big banking facilitates movement of massive amounts of $ through the banking system for organised crime and credit cards and atm networks all fall victim to fraud and theft...but I wouldn't expect anything less from you but to keep on tar and feathering selectively.Firstly many people, even smart ones, are easily seduced by the bitcoin hype, they are swayed by this "mining for digital gold by solving complex mathematical equations" and ironically the fact that criminals demand it as ransom underpins its credibility.
And rightly so - they are experts within the workings of Keynesian economics - nothing more. As per your friend fax machine guy, they have no notion of how this form of technological advancement impacts. Furthermore Turkeys don't vote for Christmas. It's like expecting a Christian zealot to turn up at a Mosque. They don't in any way shape or form believe in hard money. How on that basis would there be an expectation that they would give bitcoin their seal of approval? Now if you were to say that Austrian economists don't see the point of bitcoin (given that they do believe in hard money) then that's another story - but that's not what you're running with.The second takeaway is that they are unaware of the damning dismissal of the whole crypto house of cards by mainstream academia.
Volatility has to be a part of it - there's no other way for it to develop. Think about it - Satoshi - brings bitcoin out - and we expect that it's price is finalised from day one? It couldn't possibly work that way. My thesis remains unchanged. Volatility will be a feature for many years to come - albeit on an ever decreasing basis. If you consider bitcoin as a store of value with a low time preference, then you're not going to be happy with the outcome. If you zoom out, it's still acting as a store of value right now (despite todays bloodbath)...ergo if current price was to print as a yearly close, then bitcoin is still up - year on year.EmmDee said:"Store of value"?
I accept a lot of the reasons to be supportive of BTC but the weakest one is the "store of value" one - at least until volatility becomes less of a feature of it.
letitroll said:Any other sources?
"Store of value"?
I accept a lot of the reasons to be supportive of BTC but the weakest one is the "store of value" one - at least until volatility becomes less of a feature of it.
Or when someone like Elon Musk no longer has the power to cause > 15% price movements on the back of something he writes on Twitter......
Maybe he wasn't even aware of the mining and solving equations. It was clear to me he had given no serious study to it all and yet here he was very tempted possibly out of FOMO. Maybe the spectacular price rises are themselves the seducer.The 'hype' with regard to this phrase you keep quoting is yours! I don't know anyone else who is making a meal out of it, Dukey.
I don't make any big deal of the criminal dimension. But it does get a lot of publicity. I was pointing out the irony that that could actually underpin the hype. After all criminals ain't stupid.And on the second, as has been outlined to you many times, cash is the medium of choice for criminals,
If ever I needed my term of "cult" justified that is it. I think you really do see bitcoin as a struggle between two ideologies/cults with on one side my Big Banking Friends.It's like expecting a Christian zealot to turn up at a Mosque. They don't in any way shape or form believe in hard money. How on that basis would there be an expectation that they would give bitcoin their seal of approval?
What is the view of the Austrian school on crypto?Now if you were to say that Austrian economists don't see the point of bitcoin (given that they do believe in hard money) then that's another story - but that's not what you're running with.
It was clear to me he had given no serious study to it all and yet here he was very tempted possibly out of FOMO
Buy the dip and ride rip
Eventually you’ll get your cost basis down to zero and then at that point you literally can’t lose
May 13th -Elon Musk, with 50% of his wealth tied up in a national defense contracting company called SpaceX, does a full 360.Hates Bitcoin.
Inconceivable he got a phone call from his US national security pay masters in NASA, NSA, the WH to cut out the Bitcoin bullshit if he wants to keep SpaceX alive?
May 18th - China comes out with three state agencies making a statement
Help me find out if I'm a lunatic and what I've been saying about the powers that be cracking down on BTC post-Colonial is wrong
I think people are a) reading too much into his tweets and b) applying to much value to what he or Tesla does.
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