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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
dhanson865
Well-Known Member
As mentioned in another thread, I'm replacing a car that was damaged in an accident.
If Tesla would accept my BTC with fees for the conversion below 3% I'd buy a Tesla car right now. I'd pay cash for part and use the BTC for the remaining amount, something like 50/50 or similar just to hedge my bets.
If Tesla would accept my BTC with fees for the conversion below 3% I'd buy a Tesla car right now. I'd pay cash for part and use the BTC for the remaining amount, something like 50/50 or similar just to hedge my bets.
I think I may have been hasty in doubting this theory. I just reduced my own 401k TSLA position to add to my FBTC. (sorry everyone) While I still think retail isn't big enough to move prices, I wonder if some big money is starting to rotate into BTC. NVDA and other Mag 7 will be affected as well.
In just two months, the ETFs have taken in $55 BILLION. Nobody thought this would happen this fast. Most of the world and many institutions in the US still don't have access to BTC ETFs but that is changing very fast. The ETFs are absorbing roughly 10x the current daily production of 900 bitcoin, and this daily production will be halved in less than a month. I think we're going parabolic.
Tesla should use some of its warchest to buy more Bitcoin.
Yeah, it feels like winter is well and truly done and we'll get a few months of crazy due to ETF + halving. I'm looking to sell down some BTC in this next run when thinks look a bit nutty.
There have been plenty of believers. In fact 15 years ago when Bitcoin had like 2 users, Hal Finney wrote this:
We are getting close to 1% of that very ambitious number. What a ride it has been. $0. $1/1337, $72k. What is the next number in that series?
FIAT can also do something 'special' -It can be 'printed' - BTC cannot. Watch your Dollar debase year on year. Tesla should add to their holdings. Scratch beneath the surface of 'BTC has no intrinsic value' and 'its all a scam'...
cliff harris
Member
A 'currency' with fixed supply and a growing population absolutely permanently locks-in inherited wealth and colossal inequality. There is a good reason we are not on the 'gold standard' any more, its economic suicide. Bitcoin is beanie babies for techbros, and I'm embarrassed Tesla ever bought any of it. Its also environmentally catastrophic, something Tesla claims to be concerned about.
Printing money is an important tool in Monetary Policy, yes it can be abused, but it's valuable. That's why I believe (but could be wrong) BTC will never becoming anything more than a speculative investment or as a way to hide ones footsteps in the financial world.
While I disagree, there is another interesting part about your post. Namely, a well-known now ex-member Cliffsky shared your disapproval for BTC in very same manner to the point that he did leave this forum. Interesting, because he was also from the same neck of the woods as you are.
dhanson865
Well-Known Member
TIL, apparently somewhere in the last few years (I checked and in 2020 I couldn't send BTC to them) Robinhood started accepting incoming bitcoin so I can now just send BTC to robinhood, then send it to my checking from there without dealing with an overseas bitcoin exchange or bitpay debit card or anything cumbersome or risky like that.
I mean Robinhood isn't the least risky company I've ever heard of but I still trust them more than coinbase or any overseas bitcoin exchange. And I will move small amounts through there in batches not leaving more than a few thousand dollars at a time in their hands.
So this might be the year I finally use some of my bitcoin profits to pay for part of a car.
I said above "I'd pay cash for part and use the BTC for the remaining amount, something like 50/50 or similar just to hedge my bets."
well now I get to actually watch the price and decide when to pull the trigger...
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How long was the US on the gold standard and did that period lead to economic ruin? I think the opposite.
It seems that inequality in the US has grown right along with the growth in M2 supply. Is that compatible with your statement?
I truly don’t understand these types of posts. I’ve been completely wrong many times in life so this could be another case, but at the moment I’m not seeing it.
How long have you studied Bitcoin and in what way? Rhetorical question really, but I do wonder.
If Bitcoin is bad for the environment, then so are Tesla vehicles. They both consume energy. They dont produce it with a certain method or technique.
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Daniel in SD
(supervised)
Or you could look at the ratio and see it doesn't really do anything to wealth inequality.
I have been semi involved in crypto 12 years. So many times have I statements like:
"I don't understand anything about Bitcoin, have never used it and have only thought about it for a few minutes, but here why it can never work and why all you guys are wrong".
Seen a lot of same mentality about Tesla over the years. I think many people, me sometimes included, primarily do system 1 thinking, then they try to rationalize the system 1 "conclusions" and see what sticks. It's just too much energy to listen to take in new ideas and engage in system 2 thinking for most people. When their arguments fail they don't see this as an "aha, maybe the other guy knows something I don't and I should listen to him" but more of a "ahh this was embarrassing, let's try to save the situation quickly by trying a new argument or by going irrational and ending the debate".
And yeah, this is not an argument for or against Bitcoin, just against people who are new to it dismissing the ideas of people who have worked on it and thought about it a lot.
Yes, so those folks got a debased currency and others got increased asset prices due to M2 increase (inflation). Those are not the same.
Your graph to me is less informative as it’sa ratio, and it still shows a 2x anyway.
Daniel in SD
(supervised)
Isn't wealth inequality the ratio between the wealth of the rich and the wealth of the poor?
The Great Recession caused a huge increase in wealth inequality due to the housing crash (which recovered much more slowly than the equity market.)
M2 has increased between 2011 and now and yet wealth inequality has dropped (admittedly it seems to have leveled out).
