Bitcoin failed to deliver.

d08 · Jun 14, 2022

Baron said:
You can comment. No problem. I was simply pointing out that the most vocal critics of cryptos in this thread seem to have made no effort at all to actually short any of it in accordance with their convictions, which is baffling to me.
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It's the old Burry conundrum, timing. Timing a blowup is extremely hard and you need a large cushion to do that, not many here have that unless gambling. Same reason most of the crypto fans here are not going all in on coins now.

RedDuke · Jun 14, 2022

MrMuppet said:
Thing is, there is a need for a market that is free of boundaries which nobody controls. You can see that in the Eurodollar market. It's a market for interest rates that are not controlled by the FED nor any other government entity.

The caveat, however, is the fact that only banks can access it. There is no way for John Doe to trade interbank spot rates for dollars outside the US. You can trade futures to bet on rate shifts, but not spot which would open lending/borrowing for you.

Does Joe Public need a USD spot market that isn't controlled by the FED? No, absolutely not, because his daily business is operated by a network of service providers that tells him what he's allowed to do in exchange for a seamless experience in payment, credit and trade.

But guess what? There are millions of people out there who don't have access to that network and there are also large players who want to operate outside of it, because it's slow, cumbersome and expensive for anything that isn't already baked into the system.

Ever tried to wire 1m to Interactive Brokers for margin reasons and access the funds to trade on that same day? It takes a week for the transfer to be settled and cleared because risk, compliance and AML has to check it first.

Because of that, business is slow and not very capital efficient, which leads to a system of credit lines...and credit lines are subject to counterparty risk, which is what almost ended the financial system in 2008.

In crypto you can transfer any amount in less than an hour and you can access it right away. You can transfer it wherever you want to without anyone blocking the transaction. It is the only free market out there and people take advantage of it. And like it or not, the majority of business is done in a gray area.
That's how Marc Rich established todays oil market which was oligopolized by the seven sisters before he traded with Cuba, Tunisia, Iran and probably every country sanctioned by the US. Was it illegal? Yes. Did it matter? No!
There is some really dirty business out there that is outside the public view. Bribing, payments for weapons that nobody must know, financing a coup to gain political influence. Usually the government has to use a complicated network of trusts, offshore entities and shady banks to cover up the flow of money. Right now, they send crypto...and on top of it they are able to follow the money to the last satoshi because everything is on chain.

Thinking about Bitcoin as a means to pay for your meal at Taco Bell is completely wrong. Joe Public will never need it for money transfer. But crypto allows for things that weren't possible before.
The public discussion about price moves, regulation and it's viability as a payment medium and store of value...none of that really matters.

It isn't a medium of freedom from the government, it isn't an inflation hedge, it's not the new payment network to replace cash, it's not a world currency and it's definitely not here to save everyone.

It's a permissionless, censorship free and trustless way to transfer money and each transaction can be tracked forever on a public database. Let that sink in and think about what you can do with it that is not possible within the traditional financial system. And then tell me why it will go to zero
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it is BS, we transferred more than 1 mil to IB and it does not take a week. All available same day. We left them but for a different reason ( stupid resets after midnight).

crypto so far did not solve a single issue, if anything it made the world worse via wasting energy and simplicity for fraud and crime.

JackMorgan · Jun 14, 2022

typical crypto expert. Notice the sly mustache

come to think of it, he may be related to this legend

deaddog · Jun 14, 2022

johnarb said:
Did you forget to login under a different account, @deaddog ?

There are not many morons who would make a rule of the obvious
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Jeez John; I'm not sure if I'm more insulted that you called me a moron or that you thought I was Jack.

BTW That rule about not losing money is Warren Buffets #1 rule. Mind you he thinks bitcoin is rat poison. Prolly another moron.

johnarb · Jun 14, 2022

deaddog said:
Jeez John; I'm not sure if I'm more insulted that you called me a moron or that you thought I was Jack.

BTW That rule about not losing money is Warren Buffets #1 rule. Mind you he thinks bitcoin is rat poison. Prolly another moron.
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It is true, being accused to be Jack is very insulting. It's just he used your rule word for word, so I guess you have an admirer

Look, I have a rule to make $1M every year, but this year, not gonna happen, it's a goal

I had a rule a long time ago to get out of debt within 5 years, I had spreadsheets of expenses and income, I had OT hours set aside, but unexpected real life stuff always happened and schedule always got pushed. It was a goal

That rule about not losing money is a stupid rule, I don't care if Buffett said it. No one wants to lose money. Everyone has that rule, but they don't say it because, well, it's stupid to state the obvious

I believe you that you're not Jack, deaddog

I only post on this account and I have many posts that I've been an asshole, a toll, an idiot, among a lot of other things because I cannot use a different account to initiate those posts

RedDuke · Jun 14, 2022

johnarb said:
It is true, being accused to be Jack is very insulting. It's just he used your rule word for word, so I guess you have an admirer

Look, I have a rule to make $1M every year, but this year, not gonna happen, it's a goal

I had a rule a long time ago to get out of debt within 5 years, I had spreadsheets of expenses and income, I had OT hours set aside, but unexpected real life stuff always happened and schedule always got pushed. It was a goal

That rule about not losing money is a stupid rule, I don't care if Buffett said it. No one wants to lose money. Everyone has that rule, but they don't say it because, well, it's stupid to state the obvious

I believe you that you're not Jack, deaddog

I only post on this account and I have many posts that I've been an asshole, a toll, an idiot, among a lot of other things because I cannot use a different account to initiate those posts
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exactly there is nothing wrong with losing money as long as losses are controlled by a predefined plan and one trades with positive expectancy. I simply look at losses as part of cost of doing the business. Retail store needs to procure inventory in order to sell it for a profit. Same with losses, they are part of any trading strategy.

Arnie · Jun 14, 2022

MrMuppet said:
Nah, that's the wrong take my friend. BTC will exist as long as it fulfills it's purpose. As long as you can transact on chain and the network is large enough, BTC will not go away.

It has way too many advantages to for it to just go up in flames. The pandoras box has been opened and it cannot be closed anymore
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Do blockchain transactions HAVE be done with a digital currency?

RedDuke · Jun 14, 2022

Arnie said:
Do blockchain transactions HAVE be done with a digital currency?
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no, one has nothing to do with the other. For example, election of president of USA can happen via blockchain.

JackMorgan · Jun 14, 2022

cnbc must have a fetish for bobble heads

JackMorgan · Jun 14, 2022

RedDuke said:
no, one has nothing to do with the other. For example, election of president of USA can happen via blockchain.
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Sure. and blockchain can also be used to impoverish 3rd world south american countries