Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
Flobee
Ahn'Qiraj Raider
- 3,030
- 3,513
No, its actually really easy to understand from the correct viewpoint. If you would step back a bit and think about how the narrative has shifted over the past 5 years on this topic its inarguable that the consensus has moved in my direction here. It will continue to do so.Khane Its too complicated for you. You wouldn't understand.
RE: Censorship resistance - this specifically means that my transaction to another individual can't be stopped by shutting down my account, blacklisting, etc. Government attacks on their own people's freedoms are an entirely different can of worms. Trading national currencies for Bitcoin is another issue entirely. When we make these points about Bitcoin we're talking about the network itself
Arden
Vyemm Raider
- 3,030
- 2,314
If the UK could actually censor Bitcoin, they wouldn’t need to cap holdings, they’d just shut it down. Limits are a policy choice; censorship resistance is a property of the network.
- 1
Tmac
Adventurer
- 10,550
- 18,631
The big boys are also playing fuck-fuck games with Saylor and want to drive the price down.
In regard to your point that BTC "has no value", what's the value of a dollar? Per your own terms, it also has no fundamentals.
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
Newp. Fake news.
I never said BTC has "no value." I said it has no "tangible" value. I stated many times it has the value that the buyer assigns to it, just like artwork.
- 1
Tmac
Adventurer
- 10,550
- 18,631
You're not being sincere with any of your BTC questions.
IDK how BTC hurt you, but maybe you could just move on? You only come in here when BTC takes a shit, which is just ironic with BTC "crashing" to ~$80k.
- 1
Tmac
Adventurer
- 10,550
- 18,631
Newp. Fake news.
I never said BTC has "no value." I said it has no "tangible" value. I stated many times it has the value that the buyer assigns to it, just like artwork.
Why'd you ignore the last part of my question? Now do the dollar.
Sheriff Cad
scientia potentia est
- 29,853
- 68,394
I think a lot of people complain the dollar has no intrinsic value since 1971, so I'm not sure what your point is.
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
"Narrative has shifted"
"Consensus has moved in my direction"
This is how you defend the BTC valuation.
I don't always invest in stuff, but when I do its based on narratives and consensus.
Christ, you are literally making me want to close out my Puts instead of hoping to be assigned the shares.
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
Dollar is valued against every currency and commodity in the world. Which one would you like me to quote?
Arden
Vyemm Raider
- 3,030
- 2,314
Newp. Fake news.
I never said BTC has "no value." I said it has no "tangible" value. I stated many times it has the value that the buyer assigns to it, just like artwork.
Actually, you started by saying it doesn't have fundamentals, and as the argument progressed you've now settled on that it doesn't have "tangible" value (which I don't at all disagree with, but which functionally means very little).
Last edited:
- 1
Flobee
Ahn'Qiraj Raider
- 3,030
- 3,513
I'm not defending BTC valuation lol. There is an entire market doing that. I'm pointing out the the understanding of WHY is has value is growing and you can see evidence on this very forum. I'm talking about narrative and consensus HERE.
I don't really understand your venom on the topic, I mean you don't like or believe in Bitcoin, that's totally fine. You're saying a bunch of things that simply aren't true and moving the goalpost every time a counter point is being made. You're demonstrating a complete lack of understanding of the topic, attempting to insult those trying to explain it to you by calling it a religion, "BTC Jesus" etc. All I've been trying to do is explain whats being said that you're misunderstanding. You're making a fool of yourself and I honestly think you're a really smart guy you just seem to have a blindspot on this
Tmac
Adventurer
- 10,550
- 18,631
Flobee
Ahn'Qiraj Raider
- 3,030
- 3,513
So this is actually a big deal and could have a large impact on BTC price if US miners have to stop using Bitmain. US is currently a massive share of global hashrate. Not something that will long term effect the network IMO, but could see a giant drop in hashrate short/medium term and a correlated price correction. No clue how likely something like that is though
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
Currently some buyers of BTC are valuing the US Dollar at $84,192 to one BTC. However, the US govt doesn't value the US dollar against BTC at all currently. It does not view it as a currency, currently. One cannot settle a debt to the US govt in BTC just like one cannot settle a debt to the US govt in Picasso paintings. Currently. They must first be converted to a currency the US Govt accepts as legal tender.
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
I am. I have stated my questions and the response I get is "feelings" and "I am too old to understand BTC". While I may be old, equating my age with a lack of ability to understand something financial is pretty nonsensical.
Once the convo degenerated my responses did also.
- 1
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
Arden
Vyemm Raider
- 3,030
- 2,314
Fundamentals.
Fair enough- we might have a disagreement on the definition. Or maybe I'm defining it broadly and you're defining it more narrowly. What do you mean when you say fundamentals?
- 1
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,300
- 134,052
I have no venom. Disagreeing with you doesn't mean I have "venom". Its called disagreeing with you. I have stated many times (and I guess you dont read it), I have bought and sold BTC and I am currently short Puts on IBIT contracts. Maybe
Blazin
or
Jysin
can explain to you what writing Puts on IBIT mean. Perhaps you don't follow options.I am going to try this again, like I said this is a convo. I am not full of venom or some such. Shit ask
Chanur
what I am like on Twitter. We, meaning you and a couple of others so far on this thread, have a disagreement on what certain words mean. And I think that is the crux of it. in the financial world, instruments have a value. Many times that value is what something is worth to the buyer. How that value is determined is what varies between both market participants and the individual instrument. Stocks are "generally" valued based on a numerous amount of metrics that are commonly referred to as fundamentals. But not always. <Cough> PLTR <Cough>. Even worse would be the meme stonks. But I digress. Crypto has a value. Be it Doge, BTC or even the Hawktuah coin (praise be her name). This is because someone is willing to buy them.
What crypto does not have, and this is where we are hitting a speedbump, is an intrinsic fundamental value as defined by the financial world. An instrument can have more than one type of value. Options have both time value and intrinsic value. Stocks have book value, stock price value etc. The stock price of a profitable company is generally priced as a multiple of its earnings. Crypto, all crypto, doesn't have this. No matter how much you believe it does, it doesn't. It has value, but its the value someone is willing to pay for it. That's it. The blockchain isn't BTC. You don't buy and sell the blockchain. You buy and sell BTC. If I own BTC, I don't own the blockchain or even the smallest portion of it. A bored Ape NFT sold for $3.4m. The buyer valued it as such. It did not and does not have an intrinsic value of $3.4m, it has that value strictly because someone was willing to pay that for it.
That's all I am saying. I recognize that BTC only has the market value of the current buyer. You may or may not. This is entirely different than how most stocks are valued. Macy's the department store chain has a floor value. Its stock cannot go to zero. Why? Because it owns real estate valued in billions if not tens of billions. If its stock price falls below its book value at some point it gets bought and can be sold off piece by piece for a profit. This is the difference in the terms value and fundamentals I was trying to explain. BTC isn't Macy's. BTC price can go to $1m and Macy's can't (realistically). BTC price can go to zero, and Macy's can't. The reasons lie in intrinsic value.