In 2010 I invested $100 in bitcoin because I was going teach a lesson on it to my class. Bitcoin was $1000 then. It initially went back down and I forgot about it until it hit 60,000 and I realized that my 1/10 bitcoin was worth 6,000. It took me a year to look through all my files to find the password to my account and by then it ran up to 80,000. Not a lot of money but an impressive return on investment and a fun story. I have since placed a few thousand in the bitcoin ETF, then withdrew half when it doubled. It has since almost doubled again. I feel the next run up will be when The GENIUS Act is signed into law. I wouldn't be surprised if soon after that we get the "rug pull" and bitcoin plumets but only after all the billionaires short their inventory :-)
Bitcoin has deviated from its original mission of serving as a currency to escape government-issued currencies and has become another speculative asset. The people who now own the majority of BTC are the very institutions Bitcoin was supposed to help people against (big banks, governments, and central banks).
There’s three adoption curves, store of value, medium of exchange, unit of account. Bitcoin is following the path to becoming money by first becoming a store of value. Also, I have made several transactions with Bitcoin. Capital gains needs to be removed from Bitcoin when doing an exchange for goods and services. That’s blunting the its usage as such.
Store of value, medium of exchange, and units of account are three of the seven characteristics of true money. Either BTC has all of those properties or it doesn't. The properties of money cannot be adopted arbitrarily.
Capital gains on BTC are unlikely to disappear, as it competes with government-issued fiat currencies. That's precisely the problem with the government adopting it and pushing BTC and cryptocurrencies.
The first Western government that does get rid of Capital gains taxes on Bitcoin transactions will be making a long term smart move because they’ll be attracting Bitcoiners, who in the future are going to be the rich.
The transfer of wealth out of traditional capital and into Bitcoin is going to happen either way, because of rational self interest. It makes sense for a country to be smart and take advantage of it. We can see Trump doing this in the USA, while the EU is being less smart and trying to do CBDC and stealth capital controls. Countries that try to ban it will be shooting themselves in the foot. We have seen China do this and have pretty much done a *180 while trying to pretend otherwise.
“Money and currency are two very different things.”
Money is more of a broad term, where as the Dollar is a specific currency, which IS money.
Every single person I know only buys bitcoin because of FOMO. All these price predictions are based on how much FOMO other countries and investors will have. There is no physical asset and it's not income producing. Because the price continues to rise, I have no real room to talk but I stand with Buffett and Munger on this one.
Technology continues to advance. Will there never be a better Bitcoin created that makes it obsolete?
Will the FOMO run out during a downturn, turning into a total collapse in the next 40 years?
Will Quantum computing collapse the market?
How much Bitcoin has already been lost forever due to lost pass-keys?
I’m plowing every Dollar I dare into Bitcoin, because it has multiple comparative advantages to any prior asset, store of value, or unit of account. Bitcoin’s potential is 1000x of smart phones. I believe we will see adoption of Bitcoin on par with smartphones due to its advantages.
If I am critical of it being a currency, then it morphs into a store of value. If I criticize that, then it morphs into a medium of exchange. Now it has morphed into one thousand smart phones???
Bitcoin is everything and nothing all at the same time. Brilliant marketing scheme.
If Bitcoin has any “marketing scheme” it’s pro bono by people who want others to adopt it out of their own self interest, because then it goes higher, but it’s also in the interests of the others who he is trying to convince, since hard money is good for anybody who works for a living. It’s like adopting the internet. You don’t have to if you don’t want to, but it’s your loss.
I take that back, eventually you will be forced into adopting it, when it’s millions of dollars per coin.
Another thing to consider: people keep good money, and spend the crappy money. Which is exactly what we see with Bitcoin and the Dollar. People are spending Dollars, and they’re hording Bitcoin.
You look at the amount of Satoshis that you can buy with $1, and it’s dropping fast AF. A year and a half ago you could get 2400 Sats for $1. Now you get 800 Sats for $1.
People who ignore Bitcoin long enough, are going to be spending huge sums of money to get a few hundred thousand Satoshis. They’re going to be working for a handful of Satoshis an hour.
Hahah. Your argument is pathetic. Bitcoin has peer to peer electronic payments, with no trusted intermediary. It’s one of the core attributes of Bitcoin.
In 2010 I invested $100 in bitcoin because I was going teach a lesson on it to my class. Bitcoin was $1000 then. It initially went back down and I forgot about it until it hit 60,000 and I realized that my 1/10 bitcoin was worth 6,000. It took me a year to look through all my files to find the password to my account and by then it ran up to 80,000. Not a lot of money but an impressive return on investment and a fun story. I have since placed a few thousand in the bitcoin ETF, then withdrew half when it doubled. It has since almost doubled again. I feel the next run up will be when The GENIUS Act is signed into law. I wouldn't be surprised if soon after that we get the "rug pull" and bitcoin plumets but only after all the billionaires short their inventory :-)
Bitcoin has deviated from its original mission of serving as a currency to escape government-issued currencies and has become another speculative asset. The people who now own the majority of BTC are the very institutions Bitcoin was supposed to help people against (big banks, governments, and central banks).
There’s three adoption curves, store of value, medium of exchange, unit of account. Bitcoin is following the path to becoming money by first becoming a store of value. Also, I have made several transactions with Bitcoin. Capital gains needs to be removed from Bitcoin when doing an exchange for goods and services. That’s blunting the its usage as such.
Money and currency are two very different things.
Store of value, medium of exchange, and units of account are three of the seven characteristics of true money. Either BTC has all of those properties or it doesn't. The properties of money cannot be adopted arbitrarily.
Capital gains on BTC are unlikely to disappear, as it competes with government-issued fiat currencies. That's precisely the problem with the government adopting it and pushing BTC and cryptocurrencies.
The first Western government that does get rid of Capital gains taxes on Bitcoin transactions will be making a long term smart move because they’ll be attracting Bitcoiners, who in the future are going to be the rich.
The transfer of wealth out of traditional capital and into Bitcoin is going to happen either way, because of rational self interest. It makes sense for a country to be smart and take advantage of it. We can see Trump doing this in the USA, while the EU is being less smart and trying to do CBDC and stealth capital controls. Countries that try to ban it will be shooting themselves in the foot. We have seen China do this and have pretty much done a *180 while trying to pretend otherwise.
“Money and currency are two very different things.”
Money is more of a broad term, where as the Dollar is a specific currency, which IS money.
Every single person I know only buys bitcoin because of FOMO. All these price predictions are based on how much FOMO other countries and investors will have. There is no physical asset and it's not income producing. Because the price continues to rise, I have no real room to talk but I stand with Buffett and Munger on this one.
Technology continues to advance. Will there never be a better Bitcoin created that makes it obsolete?
Will the FOMO run out during a downturn, turning into a total collapse in the next 40 years?
Will Quantum computing collapse the market?
How much Bitcoin has already been lost forever due to lost pass-keys?
Over the long-run, will the 1%'ers (or BlackRock) be able to hoard and dominate the supply of Bitcoin?
Short it then. I’m long term long Bitcoin and buying everyday. We will find out who is correct.
I’m plowing every Dollar I dare into Bitcoin, because it has multiple comparative advantages to any prior asset, store of value, or unit of account. Bitcoin’s potential is 1000x of smart phones. I believe we will see adoption of Bitcoin on par with smartphones due to its advantages.
If I am critical of it being a currency, then it morphs into a store of value. If I criticize that, then it morphs into a medium of exchange. Now it has morphed into one thousand smart phones???
Bitcoin is everything and nothing all at the same time. Brilliant marketing scheme.
If Bitcoin has any “marketing scheme” it’s pro bono by people who want others to adopt it out of their own self interest, because then it goes higher, but it’s also in the interests of the others who he is trying to convince, since hard money is good for anybody who works for a living. It’s like adopting the internet. You don’t have to if you don’t want to, but it’s your loss.
I take that back, eventually you will be forced into adopting it, when it’s millions of dollars per coin.
Also, Bitcoin has unique properties that we have never seen before in an asset. It is its own payment system as well.
Yes - I am aware that it is everything and anything all at once. An all powerful magical shape shifting idea.
Be careful regurgitating what you read on reddit boards late at night.
Another thing to consider: people keep good money, and spend the crappy money. Which is exactly what we see with Bitcoin and the Dollar. People are spending Dollars, and they’re hording Bitcoin.
You look at the amount of Satoshis that you can buy with $1, and it’s dropping fast AF. A year and a half ago you could get 2400 Sats for $1. Now you get 800 Sats for $1.
People who ignore Bitcoin long enough, are going to be spending huge sums of money to get a few hundred thousand Satoshis. They’re going to be working for a handful of Satoshis an hour.
But hey, whatever. /shrug
Hahah. Your argument is pathetic. Bitcoin has peer to peer electronic payments, with no trusted intermediary. It’s one of the core attributes of Bitcoin.
Retarded response. Anything that makes the leap to money will be a store of value first.