Economy Bitcoin/Crypto is imploding

[William Huggins]

Now do the US dollar

This is so very true when it comes to fiat currency, at least you can't make anymore Bitcoins........

 

[Rob Battisti]

Most crypto is owned by investment firms. The idea that it is unregulated, unmanipulated, or the every man's currency is without merit. It is regularly manipulated with wash trades and buy backs with untethered tethered crypto.

Do you ever once have a thought in your brain to stop and say “I’m really uneducated on this subject, I probably should sit this one out”?

Seriously, your ignorance is nauseating.

 

[Prefect]

Do you ever once have a thought in your brain to stop and say “I’m really uneducated on this subject, I probably should sit this one out”?

Seriously, your ignorance is nauseating.

Nothing I said there is untrue. I dug into this more than most not because I wanted to buy crypto but because its mining presence in Texas is massive. The more you research any of it, the more you come away with less confidence it will ever be used as currency and that fraud is endemic.

 

[Rob Battisti]

Nothing I said there is untrue. I dug into this more than most not because I wanted to buy crypto but because its mining presence in Texas is massive. The more you research any of it, the more you come away with less confidence it will ever be used as currency and that fraud is endemic.

“Most crypto is owned by investment firms”

Yeah, no.

For years you’ve spouted nonsense on this subject.

 

[Prefect]

“Most crypto is owned by investment firms”

Yeah, no.

For years you’ve spouted nonsense on this subject.

That is the oddest thing to attack me on because it is very well known that most of the coins are centralized in a very small group of very wealthy people. There really isn't even question to this. Nothing about it is an every man's coin to get away from manipulation by wealthy people.

 

[Rob Battisti]

also if most crypto is owned by investment firms AND fraud is endemic — are all these investment firms committing fraud?

 

[Rob Battisti]

That is the oddest thing to attack me on because it is very well known that most of the coins are centralized in a very small group of very wealthy people. There really isn't even question to this.

“Most crypto is owned by investment firms”

To “most coins are held by a very small group of people”

Excluding whales, institutions and custodians, 65% of Bitcoin is in retail investors.

 

[Prefect]

“Most crypto is owned by investment firms”

To “most coins are held by a very small group of people”

Excluding whales, institutions and custodians, 65% of Bitcoin is in retail investors.

It is like you can't or won't do basic math.

 

[Rob Battisti]

It is like you can't or won't do basic math.

It’s like you have no idea what you’re talking about.

ETFs, institutions and custodians own ~23% of bitcoin. Custodians with 9.5% aren’t owners either in the traditional sense.

Retail holds ~65%. Defined as individual, non-professional participants who buy, hold, or trade small amounts of Bitcoin for personal accounts.

You also said “crypto” at large. You’re moronic on every front.

 

[Rob Battisti]

Also wtf read your own chart moron

 

[Prefect]

Also wtf read your own chart moron

Excluding "whales, institutions and custodians", that is who owns most bitcoin. That is like saying rich people don't own most of the wealth in the U.S. if you exclude rich people.

 

[wlu.29]

@Rob Battisti

I own about 2% of crypto in portfolio as a speculative fomo

Can you explain if it has intrinsic value or of there are compelling user case over existing technology that our society currently has?

 

[Rob Battisti]

@Rob Battisti

I own about 2% of crypto in portfolio as a speculative fomo

Can you explain if it has intrinsic value or of there are compelling user case over existing technology that our society currently has?

2-5% is fine for people with low risk tolerance.

A few intrinsic features of Bitcoin and DeFi which showcase its value and technological advantages:

1. Censorship and gov resistant: Bitcoin is the only asset on earth that a government or bank literally cannot freeze or confiscate if you hold your own private keys.

2. Borderless Permissions/finality: Legacy systems (SWIFT, legacy banking think remittances) take 1–5 days and cost 3–10% for cross-border payments. Crypto is essentially free and instant.

3. Perfect scarcity: No other asset in history has a supply that is mathematically guaranteed and cannot be diluted. Central banks printed ~40% of all USD since 2020; Bitcoin will never print more than 21 million.

I could keep going, but does that help?

 

[scoopj]

If you cant touch it, you cant trust it.

Tell me you still read newspapers without telling me you still read newspapers.

 

[scoopj]

2-5% is fine for people with low risk tolerance.

A few intrinsic features of Bitcoin and DeFi which showcase its value and technological advantages:

1. Censorship and gov resistant: Bitcoin is the only asset on earth that a government or bank literally cannot freeze or confiscate if you hold your own private keys.

2. Borderless Permissions/finality: Legacy systems (SWIFT, legacy banking think remittances) take 1–5 days and cost 3–10% for cross-border payments. Crypto is essentially free and instant.

3. Perfect scarcity: No other asset in history has a supply that is mathematically guaranteed and cannot be diluted. Central banks printed ~40% of all USD since 2020; Bitcoin will never print more than 21 million.

I could keep going, but does that help?

Is your #2 speaking of XRP in particular?

 

[Rob Battisti]

Is your #2 speaking of XRP in particular?

Fuck XRP but not it speaks to Solana/Bitcoin and a few other L1s like Algorand ETC

 

[wlu.29]

2-5% is fine for people with low risk tolerance.

A few intrinsic features of Bitcoin and DeFi which showcase its value and technological advantages:

1. Censorship and gov resistant: Bitcoin is the only asset on earth that a government or bank literally cannot freeze or confiscate if you hold your own private keys.

2. Borderless Permissions/finality: Legacy systems (SWIFT, legacy banking think remittances) take 1–5 days and cost 3–10% for cross-border payments. Crypto is essentially free and instant.

3. Perfect scarcity: No other asset in history has a supply that is mathematically guaranteed and cannot be diluted. Central banks printed ~40% of all USD since 2020; Bitcoin will never print more than 21 million.

I could keep going, but does that help?

#1 im from an Asian immigrant background, people have been using gold and other precious gems to avoid government forever

#2 apps like wyse are pretty effective and efficient

#3 that scarcity is only meaningful if there were simple and practical ways to use it. Crypto currencies today are relatively cumbersome.

 

[Rob Battisti]

#1 im from an Asian immigrant background, people have been using gold and other precious gems to avoid government forever

#2 apps like wyse are pretty effective and efficient

#3 that scarcity is only meaningful if there were simple and practical ways to use it. Crypto currencies today are relatively cumbersome.

1. You don’t think a digital version of gold is valuable? How can you send gold to your friends? Gems? That’s a pretty weak argument. Government can also come and take your gold. They can’t crack your private keys.

2. Wise is 10-50x more expensive. They also are subject to your account being frozen. Is this not beneficial?

3. Disagree.

It’s okay if you don’t like crypto but I laid out the intrinsic values pretty plainly.

 

[aerius]

1. You don’t think a digital version of gold is valuable? How can you send gold to your friends? Gems? That’s a pretty weak argument. Government can also come and take your gold. They can’t crack your private keys.

If shit's gotten bad enough that the government is forcibly taking your gold, they ain't gonna hesitate at pulling out your fingernails with pliers until you spill the password. And if that doesn't work, well, how about a car battery hooked up to your gonads? You'll give up your private keys just as easily as you give up your gold.

 

[Rob Battisti]

If shit's gotten bad enough that the government is forcibly taking your gold, they ain't gonna hesitate at pulling out your fingernails with pliers until you spill the password. And if that doesn't work, well, how about a car battery hooked up to your gonads? You'll give up your private keys just as easily as you give up your gold.

“In the event of total society collapse, Bitcoin wouldn’t be safe”

Okay?