Not without receiving a citation from @Firefly for 'whataboutism' apparently. If you've ever asked a question in these parts in the past, steel yourself for the receipt of the charge of having your mask slip also. :-D
How long before nation states buy bitcoin?
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Was I wrong?
That's a bit rich coming from you I must say. You have repeatedly made assertions without having the gumption to back them up yourself, or in your own words "If you want to disagree with my opinion, that's another thing entirely. That doesn't require asking someone to cite sources." and worse.. "Like I told the other guy, I'm under no obligations to do jack - that's first and foremost. I may or may not choose - as I decide - I won't be dictated to."
Oh and by the way your post was Whataboutism, when NoRegretsCoyote made a reference to Bitcoin being used for illegal uses you shot back with Whatabout about the USD.....maybe you just don't see it?
I have read some nonsense on this subject but the argument that because NBIM own 1.09% of Microstrategy or any other company somehow equates to a sovereign wealth fund or a Central Bank building up a position a in Bitcoin to protect itself the issue described in the original post takes some beating: With collapsing finances, the disruption to the fabric of the economy will be felt in the years ahead. Having bitcoin in reserve could shoulder some of that burden.
NBIM is the largest equity investor in the world. There are very few companies that they are not invested in. In fact they owned a bigger % of Microstrategy at the end of 2019 before the company bought Bitcoin and investing in Microstragy became a play on crypto than they own now.
NBIM is the largest equity investor in the world. There are very few companies that they are not invested in. In fact they owned a bigger % of Microstrategy at the end of 2019 before the company bought Bitcoin and investing in Microstragy became a play on crypto than they own now.
Is this the whataboutism you're talking about?
As regards my discourse with NoRegretsCoyote, I stand by my post. It's entirely relevant to point out what may be misunderstandings, assumptions and/or untruths. Bitcoin has been long since tarred and feathered on the basis of a perceived or contrived illicit use role. In that context, it's relevant to point out that comparatively with the USD, it's not at the races. You linking to a wiki-explainer on 'whataboutism' doesn't diminish that in any way shape or form.
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whataboutism
Definitions from Oxford Languages
Google’s English dictionary is provided by Oxford Languages.
"the technique or practice of responding to an accusation or difficult question by making a counter-accusation or raising a different issue."
When it was proffered that Bitcoin has a use as a means of exchange for wholesale drugs and weapons trading, you whataboutered USD and "Where cash doesn't suffice - the international banking sector is more than happy to facilitate this lucrative activity".
I beg to differ, rather post # 167 does
Duke of Marmalade
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When @NoRegretsCoyote pointed out a medium of exchange utility for bitcoin I took at as a rebuttal of my assertion that it would never make the grade as an MoE. @tecate took it as blasphemy against the sacred one. Is this a case of pint glasses being half full or half empty?
@Duke of Marmalade - see if you can stretch that any further into your fantasy world.
@Firefly : I disagree and so we park it up there in disagreement and move on.
@Firefly : I disagree and so we park it up there in disagreement and move on.
Yes, I think they will at some point, couldn't guess when. And from the OP I think I made it clear it would be a good thing.
I suppose inherent in my questions was, why are you here? If you have "not a fiddlers", I can only assume you are here to antagonoise and provoke.
As far as I can tell, you are the only 'contributor' to this thread that has not offered an opinion on the subject matter either way.
NoRegretsCoyote
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So where on earth is it useful as a medium of exchange if not for illegitimate purposes?
You have a better idea of what a Venezuelan Bolivar will be worth in a week's time than a bitcoin!
Down here, we would say you are "mad for the Bitcoin", so I was expecting something a bit more specific than that to be honest, especially since you started the thread with the very question n'all...
I did offer an opinion on the subject...my opinion was, admittedly glib, but I did take your questions in good faith...was I wrong?
And....regarding your assumption that I am here to "antagonoise and provoke", well that is certainly a glass half-empty outlook you have right there.
My first suggestion would be to reframe the way you look at bitcoin so that it's not boxed in to a consideration exclusively as a medium of exchange. It is being used as a store of value and a hedge against fiat currency / financial system risk. As the world's most secure network, its also being used to secure Microsoft's digital identity project, Ion. Similarly, the Blockstack network harnesses bitcoin network security to protect their decentralised internet project.
It is being used as a medium of exchange in West Africa - and places where there are major issues with transferring value. It's also being used for larger international / cross-border settlement. It's a component in a number of remittance services. I don't see anything illicit in all of the above. Lightning network has led to the development of startups such as bottlepay and strike - which I believe will go on to canabalise existing cross border transfer models.
It's a process of price discovery. If you think it through, it's logical that it should go through said process. If you're saying that volatility is a difficulty/drawback in terms of a medium of exchange use case, I agree entirely. However, as you can see above, this is just one use case. Secondly, it still doesn't preclude its use in that role right now either. My expectation is that it continues to build on its other use cases - and as it matures (we're some years away from that yet), volatility will also diminish. If people have other reasons to hold the asset, then I expect there will also be an element of it being used as a means of exchange.
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Not to mention it's uses for ransomware, which these Russians quite like...is Vlads reading this thread?
People have been trying to tar and feather bitcoin for years on the basis of illicit use, energy use, etc. - conveniently holding it to a higher standard than everything else. When this is pointed out, we get the ill-fitting charge of 'whatabout-ism'. So be it. Sovereign currency remains the means of exchange most used for illicit activity - whether that's in cash or electronically/facilitated by the banking sector.
A Chainalysis report in 2019 concluded there to be 1 percent illicit use of bitcoin.
A Chainalysis report in 2019 concluded there to be 1 percent illicit use of bitcoin.
Duke of Marmalade
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You really have to track down these supposed adoptions of bitcoin produced by @tecate.
The bold italic is mine.
No one is questioning the technological aspect of bitcoin- although certainly not on a par with such wonders as TV and Aeronotics. But how anybody thinks this announcement from Microsoft has any relevance whatsoever for bitcoin's $1trn market cap escapes me.
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