The buying power of Bitcoin from speculation is going through the roof. This doesn't look like devaluation of currency to me as the cause because if that were the case, the prices of everything would be going up as fast as Bitcoin. They're going up, but not nearly that fast.
Bitcoin
- Thread starter Ron Resnick
- Start date
For the record BTC was $2.4k when this topic was originally posted. I was also interested in ETH at the time but since it has done nothing and some changes since then I see it a bit different. Back then people, myself included, thought it was suppose to act more like money for regular transactions.
Anyways that is a 25x to date. It will be more, much more in the future but if you are lucky much less intermittently between.
Anyways that is a 25x to date. It will be more, much more in the future but if you are lucky much less intermittently between.
Okay, it’s true Bitcoin has an average increase of 55%/yr. And many people buy it for just reason. There are network effects per Metcalf’s Law. However, the vast majority of Bitcoin holders are long term HODLers as opposed to traders. Many state they will never sell, no matter how high the price goes. Simply because they understand that Bitcoin is the apex asset on this planet. There is nothing you can trade it for that has sufficient value to justify that sale. That said, most will sell specific amts for need or wants. We still have to interact in fiat.
Bitcoin is my saving account. Fiat is my checking account. I hold as little fiat as possible because it is a melting ice cube.
The expectation which has already become available on a small scale but will in the future become generally in use is that Bitcoin will be used as collateral or deposited for interest.
Almost all of us are in Bitcoin because it is sound money. It is the hardest most scarce asset ever invented. Larry Fink gets this. Jeff Bezos gets this, Michael Dell gets this. Jamie Diamond just changed his mind on it. A lot of people get it which is why they are buying it. It’s the most valuable asset ever conceived. The price is what it is because this is not yet generally understood.
To buy Bitcoin for a short term gain is incredibly short sighted and portrays a basic misunderstanding of what it is.
The hindsight of having done that will in ten years be incredibly painful as they explain to their kids or grand kids how they once actually owned some Bitcoin but sold it for a minor profit.
Scarcity means it will not be easily available. In a very short time from now it will be all but impossible to purchase a whole Bitcoin. The ETFs are eating it up. They now hold just under one million. This is just since January.
Well now I can say I know what a BTC true believer sounds like. Some guy with a crystal clear crystal ball! If you’re right, you’re golden, and will have unspeakable wealth. But you could be wrong. Hey, so could I….
But I think my house is the apex asset on the planet, because I can live in it every day, and I can’t live in a bitcoin, though a bunch of my down payment came from BTC profits back in the day (so I will always have a soft spot for it).
Nonetheless, I appreciate you articulating the position so clearly.
Premium real estate is #2
Real estate is taxed annually, liable to changes in zoning, liable to seizure for imminent domain. Unless land is producing above and beyond liabilities, it is a liability.
Please do not make the common mistake of assuming that your opinions are the facts.
I reported this because I believe this is a political comment.
"[N]eedlessly" merely is your value judgment and opinion.
Your assertion of "enormous damage" is nothing more than your value judgment and your opinion; it is not a fact.
Alternatively, if you define every significant usage of electricity, including such usages as our refrigerators and EV automobiles, as "doing enormous damage," then at least you would be intellectually honest about your point. Then every major use does enormous damage, and you simply are applying your personal value judgments about which causes of damage are acceptable and not acceptable to you.
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Well, you just confirmed my concern that we have different "facts". I don't live on a flat earth with a moon made of cheese, but I guess that's just my "political" opinion. Here are my "opinions". All greenhouse gas emissions are harmful. We can't avoid some emissions, but we should do our best to reduce unnecessary emissions as much as possible. Block chain calculations could easily be done with far fewer emissions.
Edit: I should probably delete the snarky comments that are antagonistic and not helpful, so I apologize for that. But I was kind of shocked that you interpreted what I wrote as political opinions that needed to be reported. I would be happy to engage on climate change in a different thread in a non-confrontational way if you are interested. My point was simply that we should be careful about not wasting energy when it can easily be avoided. I'm not saying that we can't use energy for refrigerators, stereos, AC etc. But running your AC with your doors and windows open is wasteful, and that is they way I see the current bitcoin paradigm - using way more energy than needed, when you could have the same result with much less cost and much less pollution.
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Gentlemen. A few portions of certain posts (2) were very slightly edited to remove political discourse. Let's please strive to stay away from personal commentary as well. Let's just stick to the topic of the thread. Thanks and have a great evening.
Tom
Tom
Thank you for the gracious invitation.
But I have no interest whatsoever in discussing political issues. WBF is my one politics-free sanctuary.
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Hard to be “sound money” when there is no true use for it. Bitcoin is just a commodity, nothing less. It hasn’t been trading well if that’s your thing. Honestly hasn’t gone anywhere in 3 years when you zoom out.
Climate change is one of the many subjects that are absolutely not political but are made so due to our own biases.
Climate change is a physical phenomenon. If you think it's political, then so is the time of day and the weather, and tube amps vs SS. If one political party says tube amps are the best, then I guess that subject would now be off limits?
I'm happy to let you have the last substantive word.
Again, I have no interest whatsoever in discussing this on WBF.
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