Economy "For the first time in history you have an asset more scarce than gold"

Eric Silva 2.0 said:
My calculations are proprietary.

"Last time you went into Dunkin'..........."

You aren't wrong there but you do realize that Bitcoin's market cap is ~865 billion which makes it the 9th ranked asset in the world. It has a higher value than Berkshire Hathaway, Visa and Meta (Facebook). To act like this is some fringe thing going on when crytpo has a total market cap of ~1.5 trillion seems a little silly, no? Has anybody read the Bitcoin White Paper? Each cycle it's easy to scream bubble every time it corrects but El Salvador is using it as a currency. They were being mocked by the media (I think it was CNN or CNBC) when they were holding it at a loss but as of today they are up on their holdings. Is it possible most here have misunderstood what bitcoin is or what this is all about?

companiesmarketcap.com

Assets ranked by Market Cap - CompaniesMarketCap.com

Ranking the world's top assets by market cap, including precious metals, public companies, cryptocurrencies, ETFs
companiesmarketcap.com companiesmarketcap.com
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WorldCom and Enron had higher market caps than Berkshire Hathaway at one point too. "look how many people are putting money into it" is not a very good argument.
 
HOLA said:
WorldCom and Enron had higher market caps than Berkshire Hathaway at one point too. "look how many people are putting money into it" is not a very good argument.
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Are you comparing WorldCom and Enron to Bitcoin? Bitcoin is transparent, especially when it comes to supply/inflation. I would say the dollar and other paper currencies are closer to WorldCom and Enron than Bitcoin.

"look how many people are putting money into it"
That's not my argument. I'm saying that bitcoin is solving a problem in the world right now and that's why people are putting money into it. I think people on here are making the argument that me, Michael Saylor (billionaire), El Salvador and many others are being duped? I'm not sure what the naysayers argument is since it mostly is name-calling, sarcastic comments or even vulgar comments as well.

Inflation is a bigger problem than the media or government officials are willing to admit. Bitcoin is at least part of the solution to that problem (predictable low inflation rate that will be under 1.0% in April and below 0.5% in 2028. The Inflation Reduction Act is another attempt at trying to control prices which history shows doesn't work. This stuff is very predictable.
 

Eric Silva 2.0 said:
Are you comparing WorldCom and Enron to Bitcoin? Bitcoin is transparent, especially when it comes to supply/inflation. I would say the dollar and other paper currencies are closer to WorldCom and Enron than Bitcoin.

"look how many people are putting money into it"
That's not my argument. I'm saying that bitcoin is solving a problem in the world right now and that's why people are putting money into it.
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Nobody is putting money into Bitcoin because of any problems it is solving lmao. They're putting money into it because of FOMO and wanting to be rich. It's OK to admit. I'm making investments. I even gamble. I want to be rich. Just come out and say it. No need to grandstand.
Eric Silva 2.0 said:
I think people on here are making the argument that me, Michael Saylor (billionaire), El Salvador and many others are being duped? I'm not sure what the naysayers argument is since it mostly is name-calling, sarcastic comments or even vulgar comments as well.
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Not everyone who is involved in Bitcoin is being duped. Some of them, particularly the ultra-wealthy, are in it to dupe other people.
Eric Silva 2.0 said:
Inflation is a bigger problem than the media or government officials are willing to admit. Bitcoin is at least part of the solution to that problem (predictable low inflation rate that will be under 1.0% in April and below 0.5% in 2028. The Inflation Reduction Act is another attempt at trying to control prices which history shows doesn't work. This stuff is very predictable.
Click to expand...
Bitcoin was $64,000 in November of 2021. By November of 2022 it lost $75% of its value and was $16,000. 75%!!!! What if you had an emergency and needed the money then? You'd be screwed.

Clearly this is the future! Why can't everyone see the stability this offers?!

Claiming to be worried about inflation eating away at the purchasing power of your money while and offering Buttcoin as a solution is nuts. It's like telling people scared of catching a cold that they should make out with someone who has tuberculosis.
 
HOLA said:
Nobody is putting money into Bitcoin because of any problems it is solving lmao. They're putting money into it because of FOMO and wanting to be rich. It's OK to admit. I'm making investments. I even gamble. I want to be rich. Just come out and say it. No need to grandstand.

Not everyone who is involved in Bitcoin is being duped. Some of them, particularly the ultra-wealthy, are in it to dupe other people.

Bitcoin was $64,000 in November of 2021. By November of 2022 it lost $75% of its value and was $16,000. 75%!!!! What if you had an emergency and needed the money then? You'd be screwed.

Clearly this is the future! Why can't everyone see the stability this offers?!

Claiming to be worried about inflation eating away at the purchasing power of your money while and offering Buttcoin as a solution is nuts. It's like telling people scared of catching a cold that they should make out with someone who has tuberculosis.
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should stick to good ol unobtanium..
 
I bought some Bitcoin back in the early days when it was sub $1,000. I played a lot of online poker and then poker in brick and mortars and it was popular and normal to do. So full disclosure, I do own Bitcoin that I am just sitting on.

With that said, I find block chain and the current crypto currency based on it to be a horrible idea. Why? The energy, pure electricity required for Bitcoin is an abomination. They are literally locating blockchain / mining and verification servers near nuclear power plants. It's that nuts. Think of it this way. The state of California uses 160 TWh of electricity a year. Bitcoin uses 125 TWh of electricity a year. That's insane. It's more than many countries and most U.S. states. We need to find another solution that is not a crazy waste of resources. Block Chain will literally make everything more expensive as it drives up the cost of energy.
 
HOLA said:
Nobody is putting money into Bitcoin because of any problems it is solving lmao. They're putting money into it because of FOMO and wanting to be rich. It's OK to admit. I'm making investments. I even gamble. I want to be rich. Just come out and say it. No need to grandstand.

Not everyone who is involved in Bitcoin is being duped. Some of them, particularly the ultra-wealthy, are in it to dupe other people.

Bitcoin was $64,000 in November of 2021. By November of 2022 it lost $75% of its value and was $16,000. 75%!!!! What if you had an emergency and needed the money then? You'd be screwed.

Clearly this is the future! Why can't everyone see the stability this offers?!

Claiming to be worried about inflation eating away at the purchasing power of your money while and offering Buttcoin as a solution is nuts. It's like telling people scared of catching a cold that they should make out with someone who has tuberculosis.
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"Nobody is putting money into Bitcoin because of any problems it is solving."
What do you think the country of El Salvador is doing? What do you think people in high inflaton countries like Venezuela, Nigeria, Argentina and many others are doing?

"It ok to admit I'm making investments...even gamble....want to be rich....."
I've been in bitcoin for about 7 years. Was it part of my speculative portfolio at the time? Yes. Because of profits, it's a major part of my investments. I admit it, I like making money. Guilty as charged. I wasn't duped and I'm not duping anyone. We're all adults making adult decisions. When billionaires are heavily involved and countries like El Salvador have made it legal tender, the duping the guy with a few thousand dollars in his pocket doesn't really matter anymore.

"Bitcoin was 64k, was 16k....75%!!!"
Yes, bitcoin isn't even 15 years old yet. If you look at Amazon or Microsoft early on they had wild fluctuations. Amazon dropped around 90% early on and now it's huge and not going anywhere. Many internet companies went bankrupt but it doesn't make the internet a scam or a failure. Many cryptos will probably not be around in 10 and 20 years. I believe bitcoin helps solve a problem that's getting worse every year.

"Claiming to be worried about inflation eating away at the purchasing power of your money and offering bitcoin(?) as a solution is nuts."

You used lmao earlier but here is where I would use it. I've made threads about inflation on here and the lack of understanding of inflation more than interesting to me. I'm not claming to be worried about inflation. Inflation is here and it is eating away at purchasing power. Some on here have even said in the past that inflation is lower than stated by CPI/government numbers. Talk about lmao, that is a good one there. How can you understand what a possible solution is without understanding the current problem?

Do I think that bitcoin will experience volatility in the future? Yes, if you want to invest without volatility than buy Coca-Cola or Proctor and Gamble. Inflation will get worse, it's virtually guaranteed. Bitcoin has a great chance to be part of that solution. People were laughing at me 7 years ago and people like you are still laughing today. I am grateful to be part of crypto. It's fun being part of the solution to something rather than oblivious to the problem.
 
Whippy McGee said:
I bought some Bitcoin back in the early days when it was sub $1,000. I played a lot of online poker and then poker in brick and mortars and it was popular and normal to do. So full disclosure, I do own Bitcoin that I am just sitting on.

With that said, I find block chain and the current crypto currency based on it to be a horrible idea. Why? The energy, pure electricity required for Bitcoin is an abomination. They are literally locating blockchain / mining and verification servers near nuclear power plants. It's that nuts. Think of it this way. The state of California uses 160 TWh of electricity a year. Bitcoin uses 125 TWh of electricity a year. That's insane. It's more than many countries and most U.S. states. We need to find another solution that is not a crazy waste of resources. Block Chain will literally make everything more expensive as it drives up the cost of energy.
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Here we go with the 'Climate Agenda' guys.........

Do you want to ban meat as well since the cows are farting too much, lol?


 
Eric Silva 2.0 said:
Here we go with the 'Climate Agenda' guys.........

Do you want to ban meat as well since the cows are farting too much, lol?


Click to expand...

I'm not a climate guy. I think all of that is way overblown. I am an Energy and Economics guy. I work with most of the U.S. Nuclear Plants and at very high levels of the U.S. DOE and have for close to two decades. Do you seriously want to argue that 127 TWh of energy a year isn't absolutely insane and doesn't drive up inflation for everyone? I hate just being a rock thrower. I almost always come with a solution if I am critical of something, but I don't have one yet. I am going to have to work with my staff, who are solving another amazing problem and nearly completed it, before I lobby for us to consider a replacement for Block Chain which is pure energy insanity. I think Block Chain is clever, but highly impractical in an energy challenged world. Al Gore, Jr. can eat a dick... well that goof would probably like it, but that's not my business.

Either share an argument of why that energy demand is worth it, or you're the one without an argument.
 
Whippy McGee said:
I'm not a climate guy. I think all of that is way overblown. I am an Energy and Economics guy. I work with most of the U.S. Nuclear Plants and at very high levels of the U.S. DOE and have for close to two decades. Do you seriously want to argue that 127 TWh of energy a year isn't absolutely insane and doesn't drive up inflation for everyone? I hate just being a rock thrower. I almost always come with a solution if I am critical of something, but I don't have one yet. I am going to have to work with my staff, who are solving another amazing problem and nearly completed it, before I lobby for us to consider a replacement for Block Chain which is pure energy insanity. I think Block Chain is clever, but highly impractical in an energy challenged world. Al Gore, Jr. can eat a dick... well that goof would probably like it, but that's not my business.

Either share an argument of why that energy demand is worth it, or you're the one without an argument.
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You are correct, the consensus mechanism that Bitcoin uses -- proof of work -- is energy intensive. That alone is why I think Bitcoin will be utilized more so as an asset and store of value than anything else in the future.

The energy issue has been solved with newer consensus mechanisms; namely, proof of stake and proof of reserves.

Regardless, we are and have been living through the proof of concept for what is going to be the backbone of very many industries if not society as a whole. That is the importance of Bitcoin, and the technology it helped usher in.

People can squabble about cryptocurrency and InTeRnEt MoNeY all they want, but at the most basic level they really only represent a way to generate revenue to fund R&D, and provide liquidity inside of the various ecosystems so that the consensus mechanisms can work.
 
Long Dark Blues said:
You are correct, the consensus mechanism that Bitcoin uses -- proof of work -- is energy intensive. That alone is why I think Bitcoin will be utilized more so as an asset and store of value than anything else in the future.

The energy issue has been solved with newer consensus mechanisms; namely, proof of stake and proof of reserves.

Regardless, we are and have been living through the proof of concept for what is going to be the backbone of very many industries if not society as a whole. That is the importance of Bitcoin, and the technology it helped usher in.

People can squabble about cryptocurrency and InTeRnEt MoNeY all they want, but at the most basic level they really only represent a way to generate revenue to fund R&D, and provide liquidity inside of the various ecosystems so that the consensus mechanisms can work.
Click to expand...

They are literally building Bitcoin Server Farms right next to Nuclear Plants and have many future builds planned. I was on Capitol Hill few months back with the DOE and members of Congress and we discussed exactly this topic. I have a feeling Bitcoin / Block Chain is going to feel the wrath of the common man when they realize their energy rates are way up due to the technology. There must be a better way.
 
Whippy McGee said:
They are literally building Bitcoin Server Farms right next to Nuclear Plants and have many future builds planned. I was on Capitol Hill few months back with the DOE and members of Congress and we discussed exactly this topic. I have a feeling Bitcoin / Block Chain is going to feel the wrath of the common man when they realize their energy rates are way up due to the technology. There must be a better way.
Click to expand...

I don't doubt it.

There is a better way, I've already mentioned two better consensus mechanisms that consume way less energy.

Many, many projects are already using them. Some that used to use proof of work have already upgraded to the newer consensus mechanisms.

Like I said, we are living through the proof of concept. There are going to be bumps in the road, hits and misses, etc.
 
Long Dark Blues said:
I don't doubt it.

There is a better way, I've already mentioned two better consensus mechanisms that consume way less energy.

Many, many projects are already using them. Some that used to use proof of work have already upgraded to the newer consensus mechanisms.

Like I said, we are living through the proof of concept. There are going to be bumps in the road, hits and misses, etc.
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It's good to hear. I'll check them out. I have the ear of two members of Congress that head the procurement and funding of the DOE projects and a bunch of very high level DOE feds bureaucrats. If this looks promising, I have no problem being an advocate. Do you have any recommended reads on those topics? Thanks.
 
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