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re: feels like this economic crash is gonna be the real start of the crypto boom
Posted on 10/14/22 at 10:39 am to Between TheHedges
Posted on 10/14/22 at 10:39 am to Between TheHedges
quote:
Arizona is pushing to make it a form of legal currency.
quote:
Arizona is pushing for crypto and bitcoin legitimization
That is a sign that the good guys see the value in this
I don't know if its them seeing value so much as it is them seeing an easy political win that doesn't cost them anything.
Why does it being accepted by vendors or even the government make it valuable?
Its not really accessible to a large number of people in terms of exchanging your money for it then using it to exchange for a product from a store. The volatility means by the time you go through the steps of exchanging it for a purchase you might not have enough money to buy whatever it was you wanted when you started the process
There are apps out there that let you "buy" it as an asset that you don't actually even own. You can't put it in a crypto wallet.
What you're hoping for when institutions start using it, whether they be private or government, is that a sort of floor forms on the price. I don't think that sort of adoption is going to make it automatically jump, but it should go up some... does the floor rise with it?
A big part of currency is the trust in that currency. When you got a dollar back in the day you could trust that it would be redeemed for an appropriate amount of gold. If I buy a dollar of BTC right now theres no telling how much I could get back at the end of the day, much less a year from now.
I just don't know why there is all the hype about its status as a "currency". Seems like the upside here is making it digital gold, not something you buy groceries with.
1
Posted on 10/14/22 at 11:38 am to TrussvilleTide
quote:
I don't know if its them seeing value so much as it is them seeing an easy political win that doesn't cost them anything.
an easy political win would mean its at least relatively popular. thats a good sign for crypto if easy wins = pro crypto adoption legislation.
quote:
Why does it being accepted by vendors or even the government make it valuable?
missing the point. having vendors and government agree to accept its value for payment is a sign that there is value to accept. it also answers your 'digital gold not groceries' argument and relates to your next point.
quote:
Its not really accessible to a large number of people in terms of exchanging your money for it then using it to exchange for a product from a store. The volatility means by the time you go through the steps of exchanging it for a purchase you might not have enough money to buy whatever it was you wanted when you started the process
more adoption = more accessible to exchange with vendors/gov.
you have a weird fear of crypto being so volatile that at time of making the purchase... the exchange process takes so long the price changed so dramatically. we're talking seconds to minutes maybe before the transaction could be confirmed. this would only be an issue if you were making payments very near 100% of your balance.
quote:
What you're hoping for when institutions start using it, whether they be private or government, is that a sort of floor forms on the price. I don't think that sort of adoption is going to make it automatically jump, but it should go up some... does the floor rise with it?
mostly yes. I see adoption on individual vs macro levels for crypto and they feed into each other. individuals start and set the floor, business/gov accepts it as tender invites more individual adoption. then businesses/gov may adopt or get involved and contribute to setting floor. like gov/businesses start mining it they would try to sell for more than it cost to mine it.
quote:
A big part of currency is the trust in that currency. When you got a dollar back in the day you could trust that it would be redeemed for an appropriate amount of gold. If I buy a dollar of BTC right now theres no telling how much I could get back at the end of the day, much less a year from now.
I just don't know why there is all the hype about its status as a "currency". Seems like the upside here is making it digital gold, not something you buy groceries with.
well the dollar isnt backed by gold anymore... so the dollar and crypto alike are pretty much worth however much gold consensus agrees its worth. and i dont really get the 'hype about currency status', but I see that more prevalent in the crypto skeptic circles. although some do it very well. a great many dont attempt to be a currency and cryptocurrency is kind of not the best name for the asset class in hindsight.
Posted on 10/14/22 at 11:53 am to Between TheHedges
Historians are going to look back 100 years from now and study how we let Crypto become such a scam.
Posted on 10/14/22 at 11:58 am to Between TheHedges
Posts like this make me feel like we’ve not seen near enough pain.
Market will bottom when the Joes are scared of everything or tapped out.
Market will bottom when the Joes are scared of everything or tapped out.
Posted on 10/14/22 at 12:07 pm to AMS
quote:
an easy political win would mean its at least relatively popular. thats a good sign for crypto if easy wins = pro crypto adoption legislation.
We all know crypto is popular. Lots of popular things aren't good, or practical.
quote:
missing the point. having vendors and government agree to accept its value for payment is a sign that there is value to accept. it also answers your 'digital gold not groceries' argument and relates to your next point.
At this point I see it as more of a marketing tool. In the US if a vendor accepts Bitcoin I could see crypto fans choosing to use that vendor over others. In my experience generally if I'm buying crypto I'm doing it to hold, not to use to buy a TV or a cup of coffee.
quote:
this would only be an issue if you were making payments very near 100% of your balance.
The majority of Americans (the wealthiest people in the world) only have like $500-600 in their savings accounts at a given time on average. If thats in crypto, an auto repair or other large purchase very well could be their entire balance. That stuff matters, you have to have more stability if you're using it as a currency.
quote:
well the dollar isnt backed by gold anymore... so the dollar and crypto alike are pretty much worth however much gold consensus agrees its worth. and i dont really get the 'hype about currency status', but I see that more prevalent in the crypto skeptic circles. although some do it very well. a great many dont attempt to be a currency and cryptocurrency is kind of not the best name for the asset class in hindsight.
I didn't really touch on this in my original post but the fact that it is like like current version of the US dollar isn't that great
The gold example was to show how trust in the dollar was initially earned over the period of decades, we were able to take it off the gold standard because of that earned trust. The same thing has to occur with BTC or whatever else if you're looking at it as a currency. A currency also doesn't need to be tied to the broader market. Crypto needs to at least perform better than the stock market during downturns if not hold.
Past 6 month peformances:
Crypto Index (NCI) -53%
Bitcoin -51%
S&P500 -18%
Gold -16%
Meanwhile the US dollar is stronger than its been in years.
Posted on 10/14/22 at 1:12 pm to AMS
quote:
thats a hard lol at crashing access points to crypto and shutting it down. what are they gonna do, outlaw the internet and computer hardware around the world? that genie is out of the bottle.
I’m not claiming they can shut down everyone with offline wallets.
What I’m telling you is if you don’t think there is a NSA war game scenario in which their supercomputers can attack the various access points to cause chaos and destabilize the bitcoin marketplace you are in denial.
Posted on 10/14/22 at 1:45 pm to TrussvilleTide
quote:
A currency also doesn't need to be tied to the broader market. Crypto needs to at least perform better than the stock market during downturns if not hold.
Past 6 month peformances:
Crypto Index (NCI) -53%
Bitcoin -51%
S&P500 -18%
Gold -16%
Meanwhile the US dollar is stronger than its been in years.
again cryptocurrency was a poor name choice. many cryptos dont claim to be or function as a currency. some may be similarly tied to broader markets. some do currency though. you seem to be hung up on the currency thing. it may not be right for you but its for some. its just another opportunity/avenue to support crypto booming regardless of how you feel about the dollar.
Posted on 10/14/22 at 2:15 pm to AMS
quote:
again cryptocurrency was a poor name choice. many cryptos dont claim to be or function as a currency. some may be similarly tied to broader markets. some do currency though. you seem to be hung up on the currency thing. it may not be right for you but its for some. its just another opportunity/avenue to support crypto booming regardless of how you feel about the dollar.
I'm talking about the currency aspect because in my first comment I replied to a very specific part of the original post that was talking about it being adopted as a currency/form of payment.
I know there are other uses. I made decent money off Solana and Polygon before they tanked with everything else... I figured they had more resiliency than some cryptos because of their integration into the NFT market, which was booming at the time.
None of that changes that the performance of crypto during this downturn has been a huge "L" for the space. You even see guys like Pomp that had a lazer eyes profile picture and "BTC" in his Twitter bio taking that stuff out
Posted on 10/14/22 at 2:32 pm to TrussvilleTide
quote:
None of that changes that the performance of crypto during this downturn has been a huge "L" for the space. You even see guys like Pomp that had a lazer eyes profile picture and "BTC" in his Twitter bio taking that stuff out
depends on your time point of reference i suppose. and whether you are picking a crypto coin/token vs a cryptocurrency. op was referring to establishing a foundation for a massive booming in a roughly 4-7 year range.
Posted on 10/14/22 at 2:55 pm to KillTheGophers
quote:Same will be said about a fiat system in which the entire globe operated on funds that were backed by nothing.
Historians are going to look back 100 years from now and study how we let Crypto become such a scam.
This post was edited on 10/14/22 at 2:56 pm
Posted on 10/14/22 at 3:25 pm to Between TheHedges
There’s never gonna be another crypto boom
Putins gonna save us soon
Putins gonna save us soon
Posted on 10/14/22 at 9:50 pm to Lone Wolf McQuade
quote:
Where can I spend it?
Bring your kneepads, I'll let you earn some btc, and I'll show you where you can buy gift cards to most major retailers using your earned satoshis.
https://www.egifter.com/giftcards?type=Digital
It's still kind of shitty, but you can buy stuff. The finance industry isn't going to make it too easy. That will have to be forced.
Posted on 10/14/22 at 9:51 pm to LSUcam7
quote:
Posts like this make me feel like we’ve not seen near enough pain.
Market will bottom when the Joes are scared of everything or tapped out.
Yup, and the last top was juiced with ppp, eidl, unemployment, and stimmy checks, so I think it is more of an anomaly.
$5k btc here we come.
This post was edited on 10/15/22 at 4:07 pm
Posted on 10/14/22 at 10:48 pm to Between TheHedges
Replace some fiat shite with some different fiat shite. Yeah that work
Posted on 10/15/22 at 6:15 am to UltimaParadox
quote:
as it is basically the most manipulated trade out there
Is it? What do you consider the FED relative US stocks and the economy?
Posted on 10/15/22 at 12:22 pm to Between TheHedges
Once people understand how bitcoin works, it will boom.
Posted on 10/15/22 at 12:47 pm to 21JumpStreet
quote:
Once people understand how bitcoin works, it will boom
Lol 12 years into it and we are still early. Bitcoin has no real use cases that hasn't been solved by better solutions already. But you guys can keep dreaming someone actually comes up with one.
Posted on 10/15/22 at 1:33 pm to UltimaParadox
Hopefully your kids are smarter than you and actually research
Posted on 10/15/22 at 1:52 pm to UltimaParadox
quote:
Lol 12 years into it and we are still early.
theres still several eu nations that dont even use the euro.
it takes however long it takes.
Posted on 10/15/22 at 1:59 pm to 21JumpStreet
quote:
Hopefully your kids are smarter than you and actually research
Yet you provide no real use cases
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