Bitcoin

[MRubey]

Referring to Mjr Jason Lowery’s thesis. Im old and don’t have an understanding of this stuff deeply enough to really get how he sees it as a defensive weapon from how he describes it. But it’s getting more traction. There is a growing meme that whatever country begins to print money to buy Bitcoin will win the future. Russia passed a law last week allowing it to be used for exchange with foreign countries.

My understanding of Bitcoin as a defensive weapon is that it offers absolute cyber security. The Bitcoin blockchain (base layer) is decentralized, the largest and most secure computer network in existence. Think of it as an immutable foundation upon which things can be built. Anything built on it partakes of that foundation of decentralization and security. These additional layers are already being developed. Some exist. They allow scaling and speed and all desired functionality. The very few other cyrptos which are not outright scams (arguable), ie Etherium, Solana, are programmable applications, easy to scale and very fast, but they are not robust or secure.

We, my family, has no intention to use Bitcoin as day to day currency. It is our savings account. Michael Saylor likens it to buying a piece of Manhattan in the 1860s.
It is the hardest asset ever invented by human beings.
Trump has embraced it. Senator Cynthia Lummis has introduced a bill to begin to hold it as a treasury asset to begin to back our dollar with a hard asset again.
There are 60 million Americans who own Bitcoin and 170 million who own some kind of crypto. Harris is needing to befriend this community because the entire vote of the last election was around 170 million..

 

[MRubey]

A masterclass

 

[Ron Resnick]

Michael Saylor likens it to buying a piece of Manhattan in the 1860s.

I saw that interview. He also likened buying Bitcoin to the "Louisiana purchase." Prior to that interview I had assumed that Michael Saylor was a smart, savvy guy. Maybe he is, but these real estate analogies are inapposite, if not outright stupid and misleading.

In the same interview I saw Saylor make another dumb comment, something about not having access to Bitcoin trading is "cruel and unusual punishment."

 

[Ron Resnick]

It is the hardest asset ever invented by human beings.

You're sure sucking hard on that red pill!*

What happens when some company or government or rogue group achieves quantum superiority and breaks Bitcoin's 256 bit encryption?

Especially if you are "old" I give you a lot of credit for learning about Bitcoin. I've always considered bullish that it seems like virtually nobody over 65 years old thinks Bitcoin is anything but a fraud.

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*I learned a lot about the Bitcoin subculture from Clubhouse from 2020 to 2022. I do agree with their maxim that "Bitcoin comes to you when you're ready for it." I love the general libertarian philosophy, and the specific crypto-anarchy philosophy, underlying Bitcoin.

Tinka tried to get me to investigate Bitcoin in 2015, but I wasn't ready for it. I was ready for it in 2017.

 

[andromedaaudio]

You guys saw what BTC did during the yen carry trade crash last week.

This is only a precursor of what happens when the real crash ( margin call ) will be there.
BTC is a product of the zerointerest rate fed buble culture
In my opinion lol.

Wait till the Banks have to reprice all the cheap mortgage loans they handed out .

 

[MRubey]

You guys saw what BTC did during the yen carry trade crash last week.

This is only a precursor of what happens when the real crash ( margin call ) will be there.
BTC is a product of the zerointerest rate fed buble culture
In my opinion lol.

Wait till the Banks have to reprice all the cheap mortgage loans they handed out .

It was the only lever to pull during the weekend.
A lot of people shorted it to hedge.
The fundamentals didn’t budge.

 

[Ron Resnick]

The fundamentals didn’t budge.

What fundamentals?

 

[MRubey]

What happens when some company or government or rogue group achieves quantum superiority and breaks Bitcoin's 256 bit encryption?

Especially if you are "old" I give you a lot of credit for learning about Bitcoin. I've always considered bullish that it seems like virtually nobody over 65 years old thinks Bitcoin is anything but a fraud.

-----------------------
*I learned a lot about the Bitcoin subculture from Clubhouse from 2020 to 2022. I do agree with their maxim that "Bitcoin comes to you when you're ready for it." I love the general libertarian philosophy, and the specific crypto-anarchy philosophy, underlying Bitcoin.

Tinka tried to get me to investigate Bitcoin in 2015, but I wasn't ready for it. I was ready f

You're sure sucking hard on that red pill!*

What happens when some company or government or rogue group achieves quantum superiority and breaks Bitcoin's 256 bit encryption?

Especially if you are "old" I give you a lot of credit for learning about Bitcoin. I've always considered bullish that it seems like virtually nobody over 65 years old thinks Bitcoin is anything but a fraud.

-----------------------
*I learned a lot about the Bitcoin subculture from Clubhouse from 2020 to 2022. I do agree with their maxim that "Bitcoin comes to you when you're ready for it." I love the general libertarian philosophy, and the specific crypto-anarchy philosophy, underlying Bitcoin.

Tinka tried to get me to investigate Bitcoin in 2015, but I wasn't ready for it. I was ready for it in 2017.

Ha ha
Orange pill!
There is a lot of major investment in the Bitcoin network and mining industry. I imagine they would see advances in risk coming a mile away and update their own security accordingly. Quantum computer wars.

They say that even with quantum computing attacks….. First, harnessing that much power is virtually impossible, like a science fiction super villain level task. Then, well over 51% of every node everywhere in the world (10s of thousands) has to be hit simultaneously before the network resets which is every ten minutes. Major Lowery has said that attacking Bitcoin just makes it stronger. Saylor said it would take three Earths worth of energy to actually pull it off.

Congratulations on your new endeavor. Those speakers are gorgeous.
I wish you great success.
Maybe when Bitcoin goes to $500K I’ll buy a set from you.

 

[MRubey]

I saw that interview. He also likened buying Bitcoin to the "Louisiana purchase." Prior to that interview I had assumed that Michael Saylor was a smart, savvy guy. Maybe he is, but these real estate analogies are inapposite, if not outright stupid and misleading.

In the same interview I saw Saylor make another dumb comment, something about not having access to Bitcoin trading is "cruel and unusual punishment."

Saylor is using examples everyone knows of deals where the value of something was not understood and it was sold dirt cheap. He thinks of Bitcoin as property. Digital property. We agree. It’s the only asset, the only property you can have real unencumbered property rights to. All of the threats to real estate are well known. Tax, imminent domain, rezoning, etc etc. We live in the Texas Hill Country. Imminent domain for a pipeline across legacy ranches is a current issue bordering on open warfare. About Saylor, the guy was smart and courageous enough to implement his Bitcoin strategy. Microstrategies stock is only equity to outperform Nvidea in the recent run up.
He gives the blueprint in the talk at the Bitcoin Conference.

Lowery does a similar thing as Saylors deal analogies with what he sees as Bitcoins military value. He talks about when China burned its merchant fleet not understanding the need for sea power. Also when that general before WW1 said airplanes are nice toys but will never have any military significance.

 

[MRubey]

What fundamentals?

Oh gosh…..
It’s a scarce asset with unlimited future demand.
Where we are in the four year cycle.
The fact that whales and Blackrock are accumulating at a record pace.
70% of Bitcoin is being held long term. 5-7 million are thought to be lost.
Morgan Stanley just okayed their 15000 strong sales force to start selling the ETFs.
Wells Fargo is next.
Nation States are getting into the game and the first big one to let it be known starts the game theory war.

 

[MRubey]

The most cogent fundamental about Bitcoin is that it’s pretty much priced out the middle class and lower upper class and is about to price out everyone else.
The trading Bitcoin being tossed back and forth by degenerate gamblers is slowly being sucked up by the ETFs.
There isn’t that much out there.
They keep knocking the price down to scare out paper hands and create liquidity.
Blackrock buys everyday. They haven’t sold a Satoshi.

We listen to a video podcast of a guy who is pretty successful, he made it in London real estate and gold. Now he’s orange pilled. He runs in some elevated circles. He said Blackrock is only calling its clients with $30million plus accounts offering its Bitcoin ETF. He knows this because his friends in that range are getting that call.
Blackrock understands scarcity and also knows what shape the world is in. What it means to our economy to be $35T in debt with $218T in unfunded liabilities.
Blackrock is looking after wealth preservation of their most important investors.

 

[Ron Resnick]

Congratulations on your new endeavor. Those speakers are gorgeous.
I wish you great success.
Maybe when Bitcoin goes to $500K I’ll buy a set from you.

Thank you!

 

[andromedaaudio]

Oh gosh…..
It’s a scarce asset with unlimited future demand.
Where we are in the four year cycle.
The fact that whales and Blackrock are accumulating at a record pace.
70% of Bitcoin is being held long term. 5-7 million are thought to be lost.
Morgan Stanley just okayed their 15000 strong sales force to start selling the ETFs.
Wells Fargo is next.
Nation States are getting into the game and the first big one to let it be known starts the game theory war.

Wall street also pumped And sold a whole bunch of worthless packed mortgages all over the world.
It doesnt mean that if they are involved you have sound fundamentals.

The idea is cool i think but even in costs Rica its not a medium.of exchange

 

[Ron Resnick]

Blackrock is looking after wealth preservation of their most important investors.

Eeesh. No, that is not what Blackrock is doing.

Blackrock simply is hawking its new ETF product to generate fees for its ETF division.

 

[MRubey]

Wall street also pumped And sold a whole bunch of worthless packed mortgages all over the world.
It doesnt mean that if they are involved you have sound fundamentals.

The idea is cool i think but even in costs Rica its not a medium.of exchange

Bitcoin was created in response to 2008.
It is a deep complicated rabbit hole.
It takes hundreds of hours of study to understand it properly.
It is unique and a thing of profound genius. Immaculate.
It is said that you don’t change Bitcoin, it changes you.
This is true.

How has it changed me?
I have begun to think in long term time preference. Five to ten year units rather than what is this going to do for me today or tomorrow. What does it mean for my grandchildren and their children.
It allows you to build generational wealth.

Because of Bitcoin we have come to understand fiat money for what it is. A truly corrupt ponzi.
Consider: We all give the time of our life (which is the true most valuable thing), our energy, our creativity……in trade for something that another man creates for free.
Let that sink in.
That is the focal point of why society has become the way it is.
The money is a scam.

 

[MRubey]

Eeesh. No, that is not what Blackrock is doing.

Blackrock simply is hawking its new ETF product to generate fees for its ETF division.

Yes that too.
But Larry Fink is Orange Pilled.
He gets it.
And in his wake have come Bezos and Michael Dell.

Although I do believe that he understands scarcity and that it will be available at these relatively cheap prices for a short time.

 

[Kingrex]

Consider: We all give the time of our life (which is the true most valuable thing), our energy, our creativity……in trade for something that another man creates for free.
Let that sink in.
That is the focal point of why society has become the way it is.
The money is a scam.

Would you rather be paid with live chickens and wheat kernels. Society would collapse without money.
There would be no schools, roads, bridges, fire departments if Bitcoin were the only currency. I surely wouldn't divulge my holdings and pay taxes. No one else would either.

 

[MRubey]

Would you rather be paid with live chickens and wheat kernels. Society would collapse without money.
There would be no schools, roads, bridges, fire departments if Bitcoin were the only currency. I surely wouldn't divulge my holdings and pay taxes. No one else would either.

We just need honest money.
We have been told all of our lives that 2% inflation is normal and good.
2% of everything every year adds up to a lot.
In personal terms in 10 years you’ve lost 20% of your purchasing power.
Official historic rates are avg 3% over the last hundred years.
In recent years it’s been 7-8% officially. The CPI is a cherry picked basket. Everyone knows grocery prices have soared. Real world inflation is more like 7%/ yr over the last 50 years and 10-11% in recent years. Stuff isn’t worth more. Money is worth less.
Why? Because of money printing. Inflation is actually debasement.

 

[MRubey]

I think his observations are probably accurate

 

[andromedaaudio]

We just need honest money.

Fully agree .
Thats why banks / governments are against the use of it .
It ll never be legal tender imo
They can now print endless money bills and spend / lend out all they want without restrictions .
(OK untill the populus is kinda fed up with inflation , lol)