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......
Absolutely - and we will get there eventually. In the meantime, its still indicative of progress and adoption (even if it's not how anyone would want a market to work).
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
Tell me, when a VC backs 100 projects and the majority of them fail, are they wrong to have taken a position in the first instance?
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.
These are market cycles surrounding innovation and an adoption curve. You won't change the inherent nature of people. Of course plenty of people have not put any serious study into it. In the bear market, crickets. This thing kicks up and I'm getting calls from people saying is it a good idea - should I bail in, yada yada. Be that as it may, that in no way means that there's nothing of substance here.
And taking this back to your ongoing complaint re. mining and solving equations - that stems for your loathing of the whole notion (because this isn't pragmatic for you Dukey - you want this to fail - simple as that). I haven't seen anyone else complain about this aspect of the whole project.
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.
Well, you can't have it both ways. You complain about the hype and yet the hype is a distraction and if anything takes away from the rollout and development of crypto. The media hype plays on peoples fear of whats new and ignorance of the topic to big up the illicit use nonsense. That is what you and others have indulged in along the way also. That's what I'm referring to.
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.
We will never agree and if you're honest with yourself, you'll see that the greater zealot is your good self when it comes to this subject. As above - and as I've pointed out to you many times before (and as you yourself have confirmed)- this is political and ideological for you - you want it to fail. Zealots come in all sorts of shapes n sizes (i.e. the 'in god we trust' cult you stem from). It's ill-becoming to be hypocritical on the subject, your Dukeness.
What is the view of the Austrian school on crypto?
The Austrian school believe in hard money - not this inequitable QE nonsense. Bitcoin is hard money.
So
@tecate @WolfeTone enjoy talking to you both.........your the best of the bitcoin world and I've learned alot about the deep thoughts that underpin the movement.
Help me with this - just given my claim since Colonial Pipeline attack that the powers that be would be coming after Bitcoin hard, I've seen a bunch of stuff that I consider confirming evidence that i was right. That they've agreed with me that all things being equal BTC increases the likelihood of devastating sovereign type attacks by ransomware gangs. Lets look at the timeline:
- May 5th Bitcoin is at $58,000
- Elon Musk is the poster boy supporter, a global champion. Tesla accepts bitcoin, bitcoin on the balance sheet
- May 6th - Colonial Pipeline bitcoin denominated attack happens
- Soon after Ireland HSE bitcoin denominated attack
- 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.....at worst bans crypto buying & selling through China financial institutions, at best says crypto will never be accepted as payment mechanism and is dangerous. But put crudely the CCP sh!ts all over crpytp
- May 19th - Bitcoin is at $36,000
These are either a series of unconnected events..........or I'm a lunatic. 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. Interested in your thoughts on the above
@tecate @WolfeTone ?
When market goes up or market goes down, it's important to be wary of the media as they will rush to be the first to publish an underlying reason. They will grab at the first thing they come across - and rush that out - and then it perpetuates itself from there. You can draw your own conclusions - and form your own opinion. It seems that you already have done. Good for you. As I previously outlined, it's not one that I share.
Remember that whatever our opposing views are, it can only be helpful if I understand what the actual reason for this downturn is - so I've no reason to dismiss your view without thinking it through. I just don't believe this is the one. What I will say is that fear may have set in - in others - who believe the rationale that you set out and I'm sure there was a percentile who may have sold off on that basis.
I've acknowledged that there are many regulatory twists and turns to come worldwide when it comes to crypto and regulation. We have seen governments flip flop this way and that already - on countless occasions. India is a classic example. Once again, they've banned crypto - and yet, yesterday I'm reading that they're looking at reviewing that decision again. These decisions are not as straightforward as many think.