Bitcoin versus shitcoin

[Parodite]

Trying to figure out bitcoin, fwiw:

https://chatgpt.com/share/677ade22-6714 ... 491c00a8e8

One would think that the big bucks with bitcoin are made through speculation if not ponzi scheming, and if it ever becomes a legit currency with huge market shares it will be a like any other or cbdc type.

[Nonc Hilaire]

Trying to figure out bitcoin, fwiw:

https://chatgpt.com/share/677ade22-6714 ... 491c00a8e8

One would think that the big bucks with bitcoin are made through speculation if not ponzi scheming, and if it ever becomes a legit currency with huge market shares it will be a like any other or cbdc type.

Bitcoin is scrip; not currency. I profited from original bitcoin, but it was ruined when the futures were added. Destroyed the concept.

[NapLajoieOnSteroids]

[Nonc Hilaire]

Trump is cleaning up the memecoin grift using their own crooked techniques.

[Typhoon]

Cramer calls it . . . once again . . .

the-man-the-myth-the-legend.png (1.12 MiB) Viewed 17810 times

[Typhoon]

John Law would certainly approve.

[Doc]

Trying to figure out bitcoin, fwiw:

https://chatgpt.com/share/677ade22-6714 ... 491c00a8e8

One would think that the big bucks with bitcoin are made through speculation if not ponzi scheming, and if it ever becomes a legit currency with huge market shares it will be a like any other or cbdc type.

You are both right. Bitcoin is not currency. Outside of El Salvador it is difficult to spend it other than turn it into a real currency instead of a speculative instrument.... digital casino chips...

I have been thinking about this a lot in the last few months. Today all the Bitcoins in the world are worth just under $2 trillion dollars. While at the same time there are $2.4 trillion printed dollars in circulation and $22 trillion in printed and digital dollars. Hence where the prediction that Bitcoins will go up in value to $1million each.

So why buy into Bitcoin unless you are going to the casino? A hedge against inflation? In the last month Bitcoin has inflated by 24%

[Nonc Hilaire]

Bitcoin is scrip - a private IOU redeemable for a sovereign IOU.

[Doc]

Bitcoin is scrip - a private IOU redeemable for a sovereign IOU.

So what is sovereign IOU worth other than an IOU redeemable against future GDP? IF that is true why isn't the amount of currency based solely on current GDP growth? And if that is true why isn't government spending based on printing money based on GDP growth instead of taxes?

[Nonc Hilaire]

Bitcoin is scrip - a private IOU redeemable for a sovereign IOU.

So what is sovereign IOU worth other than an IOU redeemable against future GDP? IF that is true why isn't the amount of currency based solely on current GDP growth? And if that is true why isn't government spending based on printing money based on GDP growth instead of taxes?

The sovereign debt notes are legal tender.

[Doc]

Bitcoin is scrip - a private IOU redeemable for a sovereign IOU.

So what is sovereign IOU worth other than an IOU redeemable against future GDP? IF that is true why isn't the amount of currency based solely on current GDP growth? And if that is true why isn't government spending based on printing money based on GDP growth instead of taxes?

The sovereign debt notes are legal tender.

Of course they are. So are gold coins. However unlike gold coins, sovereign debt notes are still IOUs

[Nonc Hilaire]

So what is sovereign IOU worth other than an IOU redeemable against future GDP? IF that is true why isn't the amount of currency based solely on current GDP growth? And if that is true why isn't government spending based on printing money based on GDP growth instead of taxes?

The sovereign debt notes are legal tender.

Of course they are. So are gold coins. However unlike gold coins, sovereign debt notes are still IOUs

Gold is a tier 1 physical asset and truly money. Legal tender must be accepted by the issuing govt. Taxes &c.

Scrips like btc, war scrip, wooden nickels and gift cards have restrictions that legal tender does not.

[Doc]

The sovereign debt notes are legal tender.

Of course they are. So are gold coins. However unlike gold coins, sovereign debt notes are still IOUs

Gold is a tier 1 physical asset and truly money. Legal tender must be accepted by the issuing govt. Taxes &c.

Scrips like btc, war scrip, wooden nickels and gift cards have restrictions that legal tender does not.

Legal tenderer is convenient because it is mandated.

My real point in this is that Bitcoin is flawed because its supply cannot grow. Legal tender on the other hand is flawed because it's supply can and will grow on a whim.

[Typhoon]

Hodlers_ an apology for the apology-FT.pdf

(495.53 KiB) Downloaded 484 times

My own, unsolicited, opinion: bitcoin is more fiat than fiat

[Typhoon]

Cramer calls it . . . once again . . .


the-man-the-myth-the-legend.png

More_fiat_than_fiat.png (3.8 MiB) Viewed 17554 times

The myth, the man, the legend is a gifted market timer. I would not surprised if someone has started an anti-Cramer ETF.

[Typhoon]

Of course they are. So are gold coins. However unlike gold coins, sovereign debt notes are still IOUs

Gold is a tier 1 physical asset and truly money. Legal tender must be accepted by the issuing govt. Taxes &c.

Scrips like btc, war scrip, wooden nickels and gift cards have restrictions that legal tender does not.

Legal tenderer is convenient because it is mandated.

My real point in this is that Bitcoin is flawed because its supply cannot grow. Legal tender on the other hand is flawed because it's supply can and will grow on a whim.

Legal tender, despite its current fiat shortcomings, is a claim on the issuing government. Stocks are a claim on the issuing business. Bonds are a claim on the issuing government or business. One level of abstraction higher, derivatives are a claim on the underlying financial asset: stock, bond, or commodity. And so soon.

Bitcoin is a solely a claim on belief. In other words, a claim on nothing, bupkes, nada, rien, zen zen.
It's not even a Ponzi scheme, rather a greater fool operation.

[Typhoon]

A current rumour is that Bitcoin is in reality Pedocoin

[Typhoon]

Tell_us_what_you_really_think_of_BTC_Bros.jpeg (271.99 KiB) Viewed 17525 times

Prediction is very difficult, especially if it's about the future.

~ Niels Bohr, attributed

Who knows. Will bitcoin rocket to infinity and beyond . . . before crashing yet again.

[Typhoon]

The bitcoin miners are attempting to convert to ML - AI data centres and are selling bitcoin to finance the transition.

All the cool kids have moved on to prediction markets.

[Typhoon]

PC Gamer | Someone is trying to use lost property 'finder' laws to gain legal ownership of 39,069 Bitcoin wallets, with just one of them being worth nearly $6,000,000,000


One wonders if the "Noah Doe" behind the claim is the individual or group that originally stole from Mt. Gox attempting to find a legal loophole to access the stolen bitcoin wallets.

Someone is trying to use lost property 'finder' laws to gain legal ownership of 39,069 Bitcoin wallets, with just one of them being worth nearly $6,000,000,000 _ PC Gamer.pdf

(5.12 MiB) Downloaded 217 times

[Nonc Hilaire]

PC Gamer | Someone is trying to use lost property 'finder' laws to gain legal ownership of 39,069 Bitcoin wallets, with just one of them being worth nearly $6,000,000,000


One wonders if the "Noah Doe" behind the claim is the individual or group that originally stole from Mt. Gox attempting to find a legal loophole to access the stolen bitcoin wallets.


Someone is trying to use lost property 'finder' laws to gain legal ownership of 39,069 Bitcoin wallets, with just one of them being worth nearly $6,000,000,000 _ PC Gamer.pdf

+1

[Typhoon]

Well, contrary to what one would like to think are rational assessments, Bitcoin is alive and well and living in wallets.

The_reports_of_Bitcoin's_demise_have_been_greatly_exaggerated.jpg (280.56 KiB) Viewed 1854 times