On Bitcoin...
Posted by CaptainKirk 4 months, 3 weeks ago to Economics
I said BTC would hit $100K long before it hit ZERO.
The link I am referencing to is worth watching. Michael Saylor says it best.
When you spend little to no time looking into BTC, you know it's a ponzi scheme.
Then after a good 10-20 hrs of actually studying what BTC is. you start to realize...
BTC is the digitization of MONEY. Just like Digital Cameras destroyed Kodak.
Digital Money will destroy paper currency.
He goes on to say, nobody who spends 100hrs actually researching/studying BTC,
Walks away a critic of BTC.
I know the Gulch is stock full of older patrons who shall not believe.
And I am okay with that. If I can get a few of you to LIKEN this "concept" to
the concepts of Harnessing Fire, or Electricity, or the Internal Combustion Engine.
You might wake up that part of you that realize that this "creates future opportunities",
that can be done without MIDDLEMEN (bankers, or government). [Okay, the reality
is that the middlemen are the many miners who make the network work... But they are 100% decentralized. And they are not going to take lightly to being asked to steal from someone like them, to help a central government somewhere].
Anyways. Flame me all you want. There were CROWDS admonishing Tesla/Edison for electricity. For 20yrs, everyone thought automobiles were STUPID and unreliable.
But getting someone from the Gulch to dig in, and ask... What will this change?
Because, as Mr. Saylor says... Nobody who spends the 100hrs researching this is still a skeptic.
Personally, MSTR (his stock) is booming because of him converting his cash holdings into BTC.
Also, the "bankers" told him "cash is trash" and that "you need to carry lots of debt to get better valuations". I mention this, because MANY of you naysayers are fully invested in the stock/bond market, a system that is PROVABLY a ponzi scheme with Counter-Party Risks, and subject to the Great Taking... (your deposits in your bank... COME LAST to the borrowing the bank has done at the Fed Window or with other banking institutions. Yes, the FDIC protects you).
Now, I am not saying it will be SMOOTH sailing for BTC. it will continue to chop around.
But if we are at $100K / BTC now. And the USA starts to accumulate, And 50 other companies are starting to do what MSTR did, so that they can hold BTC instead of depreciating cash.
You owe it to yourself to consider having some as a hedge against the coming inflation.
If you want to play around. Consider using IBIT. I have this in an IRA. For months, I traded it (long bias only), on the swings up and down. When it broke out, I bought a bunch and I will hold until I think we switch to sideways action. Probably 100-200 days from now. These are LONG SLOW Cycles. Don't try to get rich quick.
But IBIT makes it easy to play with. With very low fees if you do trade it.
(FWIW, I won't trade my BTC, never have). I just use IBIT to capture the volatility.
Because I am CONFIDENT that 3,5,9, 15 years from now. It will be higher than it is today!
From a market guessing standpoint. I could be 100% wrong. But I assume they will push this to about 125K and then we will get a big correction. At least down to 100K. And then the market will go sideways for 180+ days, maybe longer.
Does it require Electricity and Internet? Yeah... That's why it's not for the Mad Max Future.
That's what gives it a downside risk to $0.
But quite frankly, in the Mad Max future... I am not sure how much your gold will buy you when you run out of ammo to protect it.
The link I am referencing to is worth watching. Michael Saylor says it best.
When you spend little to no time looking into BTC, you know it's a ponzi scheme.
Then after a good 10-20 hrs of actually studying what BTC is. you start to realize...
BTC is the digitization of MONEY. Just like Digital Cameras destroyed Kodak.
Digital Money will destroy paper currency.
He goes on to say, nobody who spends 100hrs actually researching/studying BTC,
Walks away a critic of BTC.
I know the Gulch is stock full of older patrons who shall not believe.
And I am okay with that. If I can get a few of you to LIKEN this "concept" to
the concepts of Harnessing Fire, or Electricity, or the Internal Combustion Engine.
You might wake up that part of you that realize that this "creates future opportunities",
that can be done without MIDDLEMEN (bankers, or government). [Okay, the reality
is that the middlemen are the many miners who make the network work... But they are 100% decentralized. And they are not going to take lightly to being asked to steal from someone like them, to help a central government somewhere].
Anyways. Flame me all you want. There were CROWDS admonishing Tesla/Edison for electricity. For 20yrs, everyone thought automobiles were STUPID and unreliable.
But getting someone from the Gulch to dig in, and ask... What will this change?
Because, as Mr. Saylor says... Nobody who spends the 100hrs researching this is still a skeptic.
Personally, MSTR (his stock) is booming because of him converting his cash holdings into BTC.
Also, the "bankers" told him "cash is trash" and that "you need to carry lots of debt to get better valuations". I mention this, because MANY of you naysayers are fully invested in the stock/bond market, a system that is PROVABLY a ponzi scheme with Counter-Party Risks, and subject to the Great Taking... (your deposits in your bank... COME LAST to the borrowing the bank has done at the Fed Window or with other banking institutions. Yes, the FDIC protects you).
Now, I am not saying it will be SMOOTH sailing for BTC. it will continue to chop around.
But if we are at $100K / BTC now. And the USA starts to accumulate, And 50 other companies are starting to do what MSTR did, so that they can hold BTC instead of depreciating cash.
You owe it to yourself to consider having some as a hedge against the coming inflation.
If you want to play around. Consider using IBIT. I have this in an IRA. For months, I traded it (long bias only), on the swings up and down. When it broke out, I bought a bunch and I will hold until I think we switch to sideways action. Probably 100-200 days from now. These are LONG SLOW Cycles. Don't try to get rich quick.
But IBIT makes it easy to play with. With very low fees if you do trade it.
(FWIW, I won't trade my BTC, never have). I just use IBIT to capture the volatility.
Because I am CONFIDENT that 3,5,9, 15 years from now. It will be higher than it is today!
From a market guessing standpoint. I could be 100% wrong. But I assume they will push this to about 125K and then we will get a big correction. At least down to 100K. And then the market will go sideways for 180+ days, maybe longer.
Does it require Electricity and Internet? Yeah... That's why it's not for the Mad Max Future.
That's what gives it a downside risk to $0.
But quite frankly, in the Mad Max future... I am not sure how much your gold will buy you when you run out of ammo to protect it.
