I first heard about bitcoin around 2009 or 2010. Very early stages because i was in a decentralized banking community that tried to cut banks out and let end users approve loans.
I didn't trust some digital coin you can't hold. Also didn't trust that it was out of China by some guy named Satoshi.
What's the end game here? I think that the digital coin market will be riddled with massive scams and crimes and that it will all come crashing down and then people will demand CBDC. but before that happens, lots and lots of people and banks and savings accounts and IRA's and 401ks and ETFs and hedge funds need to be burned.
So my prediction, still, is that the rug gets pulled on the entire fake digital currency market with enough of a huge outcry that people DEMAND central bank digital coin backed by the federal government or by a union of world governments.
In the meantime I look like a loser. Friends became rich while i dwelled in paranoia and sat out a huge rise in bitcoin when i could have been mining them with graphics cards way back in 2010
I never understood the "can't hold it in your hand" argument. Do you hold your pdf's and mp3's in your hand (yes, physical copies have pros but so do digital, that's why I own both when it comes to important information)? Does that make them less useful and valuable?
You can hold a Fed banknote in your hand and it still is a piece of paper backed by debt and geopolitics. And this is where the problem of money lies - it's a matter of confidence and acceptance, not of it being physical/digital. Lots of people have confidence in BTC and there is a powerful decentralized network behind it. This is what makes it valuable.
People value what BTC represents. Gold's value is determined the same way - it's representative not intrinsic (it still has intrinsic value as a metal but not as money and most of it's money value comes from how rare and limited it is, which applies even more to BTC).
But there was huge risk in exchanging dollars for digital bitcoins. There was the threat of governments shutting it down. There was the threat of other digital coins stealing marketshare away or improving upon bitcoin and innovating something better that negates it. There was the problem that most of the people using it were criminals on the dark web on silk road, which made it more likely it was going to get shut down.
I agree that the Federal Reserve Note is fiat. But all the infrastructure is built around it and the government backs it with the full faith and credit of the USA government. Whatever that means is debatable. But bitcoin was backed by promises that no more would be created past the capped amount, that it was open source, etc.
Gold, and maybe moreso silver, do have some industrial usage. Silver is supposed to be one of the best conductors of heat and electricity and one of the shiniest metals and has some other great industrial characteristics.
I'm admitting I was wrong about bitcoin. 10 years later it went up a whole bunch and all that time the conspiracy theorist in me said the rug was going to get pulled and instead government, big banks, hedge funds, etfs, etc. are all in and it is $2 trillion market cap. So, yeah, i was wrong. I'm just trying to explain what my hesitation was.
I totally get it and I was very skeptical and expected a rug pull for many years as well. I respect that you can admit you were wrong because all I see here are people doubling down on their L.
So is it too late to get in? LOL the only way bitcoin would completely collapse is if i bought some. I'm terrible at gambling.
Any time i buy a stock, after careful analysis, it goes bankrupt. There's over half a dozen stocks in my portfolio that are delisted and can only be found on pink sheets now. haha
That's kind of silly because end users can approve loans. There is literally a subreddit for that and my friend used to use it back in the day when he was a serial brokey.
There use to be peer to peer loan sites back in 2005-2010 but most of them got heavily sued into oblivion. Basically the bookies were making money and advertising investment returns that were quantifiably misleading and false.
This is one conspiracy that I got entirely wrong.
I first heard about bitcoin around 2009 or 2010. Very early stages because i was in a decentralized banking community that tried to cut banks out and let end users approve loans.
I didn't trust some digital coin you can't hold. Also didn't trust that it was out of China by some guy named Satoshi.
What's the end game here? I think that the digital coin market will be riddled with massive scams and crimes and that it will all come crashing down and then people will demand CBDC. but before that happens, lots and lots of people and banks and savings accounts and IRA's and 401ks and ETFs and hedge funds need to be burned.
So my prediction, still, is that the rug gets pulled on the entire fake digital currency market with enough of a huge outcry that people DEMAND central bank digital coin backed by the federal government or by a union of world governments.
In the meantime I look like a loser. Friends became rich while i dwelled in paranoia and sat out a huge rise in bitcoin when i could have been mining them with graphics cards way back in 2010
Trust your instincts.
I never understood the "can't hold it in your hand" argument. Do you hold your pdf's and mp3's in your hand (yes, physical copies have pros but so do digital, that's why I own both when it comes to important information)? Does that make them less useful and valuable?
You can hold a Fed banknote in your hand and it still is a piece of paper backed by debt and geopolitics. And this is where the problem of money lies - it's a matter of confidence and acceptance, not of it being physical/digital. Lots of people have confidence in BTC and there is a powerful decentralized network behind it. This is what makes it valuable.
People value what BTC represents. Gold's value is determined the same way - it's representative not intrinsic (it still has intrinsic value as a metal but not as money and most of it's money value comes from how rare and limited it is, which applies even more to BTC).
It's easy to claim it was a no-brainer now.
But there was huge risk in exchanging dollars for digital bitcoins. There was the threat of governments shutting it down. There was the threat of other digital coins stealing marketshare away or improving upon bitcoin and innovating something better that negates it. There was the problem that most of the people using it were criminals on the dark web on silk road, which made it more likely it was going to get shut down.
I agree that the Federal Reserve Note is fiat. But all the infrastructure is built around it and the government backs it with the full faith and credit of the USA government. Whatever that means is debatable. But bitcoin was backed by promises that no more would be created past the capped amount, that it was open source, etc.
Gold, and maybe moreso silver, do have some industrial usage. Silver is supposed to be one of the best conductors of heat and electricity and one of the shiniest metals and has some other great industrial characteristics.
I'm admitting I was wrong about bitcoin. 10 years later it went up a whole bunch and all that time the conspiracy theorist in me said the rug was going to get pulled and instead government, big banks, hedge funds, etfs, etc. are all in and it is $2 trillion market cap. So, yeah, i was wrong. I'm just trying to explain what my hesitation was.
I totally get it and I was very skeptical and expected a rug pull for many years as well. I respect that you can admit you were wrong because all I see here are people doubling down on their L.
So is it too late to get in? LOL the only way bitcoin would completely collapse is if i bought some. I'm terrible at gambling.
Any time i buy a stock, after careful analysis, it goes bankrupt. There's over half a dozen stocks in my portfolio that are delisted and can only be found on pink sheets now. haha
That's kind of silly because end users can approve loans. There is literally a subreddit for that and my friend used to use it back in the day when he was a serial brokey.
There use to be peer to peer loan sites back in 2005-2010 but most of them got heavily sued into oblivion. Basically the bookies were making money and advertising investment returns that were quantifiably misleading and false.