Bitcoin

[MountainTracker]

MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken.

https://www.binance.com/en/blog/ecosystem/mgx-backs-binance-in-landmark-investment-6242106085221073480?hl=en

We don’t talk about it in this thread but if folks aren’t paying attention to AI they are going to get blindsided by what it’s going to do, and the jobs it will replace. Nations are investing in AI heavily.


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[Kroezer54]

I bought a million units of some meme-coin once. It was fun while it last, but ultimately, I should have spent the money on gun stuff, haha.

It's gambling, pure and simple

 

[ODB]

Doesn’t the widespread acceptance of bitcoin mean it will became much more sedate and act like a regular currency where those states/countries who use it will want stability and that means all the rollercoaster and glutting come to an end?

 

[fmyth]

Doesn’t the widespread acceptance of bitcoin mean it will became much more sedate and act like a regular currency where those states/countries who use it will want stability and that means all the rollercoaster and glutting come to an end?

Bitcoin is a digital commodity not a currency.

 

[fmyth]

I bought a million units of some meme-coin once. It was fun while it last, but ultimately, I should have spent the money on gun stuff, haha.

It's gambling, pure and simple

Meme coins are like Pokiemon cards. Bitcoin is a 15 year old 2 trillion dollar digital commodity with no issuer and a fixed supply.

 

[ODB]

Bitcoin is a digital commodity not a currency.

Still. Are governments relying on it in any way going to be Ok with 25k swings ?

 

[fmyth]

Still. Are governments relying on it in any way going to be Ok with 25k swings ?

The Strategic Bitcoin Reserve will be holding Bitcoin not trading it. Over the last 15 years there is no other investment that has higher returns.

 

[fmyth]

Bit Bonds. The most likely way for the US to refinance its current debt at a lower interest rate and acquire Bitcoin at the same time. Could potentially save the US Government up to 700 billion dollars in interest. Americans could purchase these bonds and all gains would be tax free.

Bit Bonds in a nutshell:- 90% goes to government funding, 10% to buying bitcoin- 1% interest annually for 10 years- 100% of BTC upside paid up to 4.5% compounded annual return- Remaining BTC upside split 50/50 with the government.

https://twitter.com/x/status/1899854549726171407

 

[fmyth]

 

[ozyclint]

The fixed supply is the difference. No matter how many BTC's the US possesses they cannot change the supply and f*ck the rest of us.

To think we had a monetary system like that already. Gold.

How long until governments issue their own crypto's 'backed' by BTC? Issue their own crypto which is easier to transact with and deemed by their decree to be the new system for legal trade.

Then issue more of it then there is BTC to back it.

Governments aren't going to suddenly tie themselves to a system that doesn't allow them to deficit spend.

 

[Historybuff]

To think we had a monetary system like that already. Gold.

How long until governments issue their own crypto's 'backed' by BTC? Issue their own crypto which is easier to transact with and deemed by their decree to be the new system for legal trade.

Then issue more of it then there is BTC to back it.

Governments aren't going to suddenly tie themselves to a system that doesn't allow them to deficit spend.

We didn't have a monetary system like bitcoin with gold. Bitcoin is superior to gold in more ways than one. Bitcoin is becoming the global monatary system and people ignore it haha. All will bend a knee to bitcoin. I don't have time to explain it but you might want to get some

 

[fmyth]

To think we had a monetary system like that already. Gold.

How long until governments issue their own crypto's 'backed' by BTC? Issue their own crypto which is easier to transact with and deemed by their decree to be the new system for legal trade.

Then issue more of it then there is BTC to back it.

Governments aren't going to suddenly tie themselves to a system that doesn't allow them to deficit spend.

When the price of gold goes up mining activity goes up and the supply increases. There is no limit to the supply of gold. Bitcoin has a hard limit of 21 million units. The United States just implemented a Strategic Bitcoin Reserve. It the very near future they will begin purchasing more Bitcoin to add to the reserve. Other G20 Nations will follow and the price will increase exponentially.

 

[MuleyFever]

When the price of gold goes up mining activity goes up and the supply increases. There is no limit to the supply of gold. Bitcoin has a hard limit of 21 million units.

That hard limit doesnt actually mean anything. BTC isn't a real thing. It's a digital asset. The masses can just as easily as they decided BTC is worth something, decide its not. They can just as easily move to a new asset.

 

[MountainTracker]

That hard limit doesnt actually mean anything. BTC isn't a real thing. It's a digital asset. The masses can just as easily as they decided BTC is worth something, decide its not. They can just as easily move to a new asset.

You’re right they could, let’s not forget who set into motion coming off the gold standard, it wasn’t the masses, and yet they seemed to move to the new system.


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[fmyth]

That hard limit doesnt actually mean anything. BTC isn't a real thing. It's a digital asset. The masses can just as easily as they decided BTC is worth something, decide its not. They can just as easily move to a new asset.

No asset in history has grown from 0 to 2 trillion dollars and then disappeared. Bitcoin has been here for 15 years and has now been determined by our Federal Government to be a digital commodity. Blackrock, the largest most successful asset management firm on Earth has purchased $47,760,536,081 worth of Bitcoin. I'm going with Larry Fink on this one.

 

[ozyclint]

Your federal government also determined that your dollar no longer needs to be backed by gold and the dollar's purchasing power has plummeted ever since. Maybe the government does whatever suits them best.

Maybe China is making a huge mistake hoarding 1000's of tons of gold.

 

[D S 319]

A Closer Look at Bitcoin’s Volatility

Education and Insights Explore the data behind bitcoin’s volatility, how it compares over time and to other assets, and why volatility might be welcomed by investors.

www.fidelitydigitalassets.com

 

[2531usmc]

When the price of gold goes up mining activity goes up and the supply increases. There is no limit to the supply of gold. Bitcoin has a hard limit of 21 million units. The United States just implemented a Strategic Bitcoin Reserve. It the very near future they will begin purchasing more Bitcoin to add to the reserve. Other G20 Nations will follow and the price will increase exponentially.

Bitcoin has a hard limit of 21 million units. So……what happens when some government or governments decide to mine Bitcoin version 2 (BV2)? And call it legal tender. You now have a hard limit of 42 million units and not 21 million units. It’s just a software implementation.

That one move would cut the legs out from under bitcoin v1.

Depending on one’s risk tolerance, Bitcoin may or may not have a place in your portfolio. But putting huge portions of your financial future in bitcoin is sheer folly.

 

[Mighty Mouse]

Bitcoin has a hard limit of 21 million units. So……what happens when some government or governments decide to mine Bitcoin version 2 (BV2)? And call it legal tender. You now have a hard limit of 42 million units and not 21 million units. It’s just a software implementation.

That one move would cut the legs out from under bitcoin v1.

Depending on one’s risk tolerance, Bitcoin may or may not have a place in your portfolio. But putting huge portions of your financial future in bitcoin is sheer folly.

A government could decide to start mining a Bitcoin clone, but a government’s blessing alone doesn’t mean that clone will have any value. The government of Zimbabwe infamously printed $100 trillion bills in 2008, but neither printing words on paper nor mining an invented cryptocurrency and calling it legal tender are guaranteed to create a currency with actual value. The actions of buyers and sellers on the open market determine the value of Bitcoin (and its competitors). Real Bitcoin (version 1, as you phrased it) cannot be faked or mined beyond the 21 million limit. Many alternative cryptocurrencies have been introduced trying to mimic and/or improve upon Bitcoin, but none of these alternatives have been able to mimic Bitcoin’s free market value.

 

[Dr.Spaniel]

Who is in on it? How long have you been riding the rollercoaster and when are you getting off?

xrp