Actually, I arrive at the opposite conclusion. They know that bitcoin is too perfect money and they need to try and stop it because without fiat money that they control, they would be powerless. The government doesn't exist to protect you. It exists to capture power and control for itself. This is what I find so difficult about arguing with all the bitcoin haters. We are actually on the same team. Everyone wants freedom. Everyone wants opportunity. Nobody likes cheaters who rig the system. Its only the very few people in the government who know what they are doing that don't want a fair system (or perhaps the actual people who control the government). But the 99.9% of us do want a fair system, and we think the government is necessary to give this to us. We look at how far we have come in the last 100 years and think this is the government who did it. But in fact, its private individuals who kept having to fight the government. Now, that level of corruption and red tape is through the roof. You can't even a build a house anymore without spending hundreds of thousands of dollars on permits and fees. So you need to understand the government is not your friend, and the only way they can control you is through the use of fiat currency. This ensures that you will never get ahead, and what little you can save will be gone to inflation. Of course the rich people have the ability and means to invest, and the government lets this happen because there will be a few percent of the population that would revolt against the government if they couldn't have a good life (and these few rich people would be a huge problem for the government, so they let them have their way). So the asset holders and rich people are allowed to prosper at the hands of everyone else. Thing about why there are so many tax loopholes for rich people. Then when something comes along that is shown to be a superior form of money in every way, of course the government has to put a stop to it. It threatens the very foundation of what fiat currency is designed to do. Its necessary to run the system of corruption and keep most of us slaves for life while all the productivity flows to the few people at the top. When you say bitcoin is a scam, what you're saying is that "I'm love being a fiat slave for my entire life". Your intentions are good. You don't want people to lose their money on a "scam". But you don't understand that fiat is the scam and bitcoin is the way out. And if you still hate bitcoin so much, please suggest something else. And if you don't know deep down in your heart how much of a scam fiat is, then please do some research on fiat before you even go deciding how bad bitcoin is. Before you can have any opinion on bitcoin, you need to understand fiat.
The imbecile moronity what you are spouting is astounding. Bravo!!! With an average 7 bucks TX fee currently, but hey, it is coming down. Mind you nobody is using it as money, why would anyone use a supposedly deflationary currency to pay for something, are you a retard and like to overpay? Now everyone knows that the truly perfect money is BSV, and Craig is the true Satoshi Overlord. (praise the blockchain on him) Sure the system suffered a 51% attack, but there is always Dogecoin to back yourself up. If Doge is good for Elon, it is good for me!!
Well, today was the day where I FINALLY started to unwind some of my long-call positions. Sold off 10% for a 20x bagger. I could have done that earlier for close to 30x, but I was trying to go for the chandeliers, not just the bare casino, lol. Will see about unloading a bit each month depending how the market goes. I still have some limit orders set to sell at the 25x and 30x bagger marker... The halving will take some time to have effect, though I'm not so sure tomorrow's big BTC/ETH day in Asia will move the needle much. Blackrock inflow/outflows is at equilibrium after a what... 70+ day growing streak. --- Russia is a wild-card. They keep flip-flopping on banning and unbanning BTC for use. The only thing that seems definite, is the Russian Federation has stated that the Bitcoin mining industry is to be fully legal and fully regulated (because there is a fortune in tax money to be made to the state). Well of course there will be, not only is there plenty of cheap gas/oil around in Russia, but corrupt ex-KGB officials will show up and demand.... ahem... insurance payments. Just to prevent any.... problems that may occur. I would not wish to set up a miner there under any circumstances. Learn from example by BP and other western oil companies that tried. CEOs being poisoned, high ranks suspiciously falling out of windows, etc. It makes corruption in US politics look pretty tame in comparison.
It seems to me like you can't get past the tether scam. I can't say if it's a scam or not, but it has no bearing on what Bitcoin is. Maybe it affected the price, but today you have ETFs buying all the daily supply with USD. It would be a shame to miss the transformative powers of Bitcoin by being hung up tether. It would be like passing up on a great girl just because the day you meet her, her hair is messy because she was running late, so you don't approach.
The moron is you not understanding that nobody is suggesting buying coffee with Bitcoin. Everyone is working on scaling solutions because high fee environments will be the norm in the future. Just like you don't use a bank draft to buy a stick of gum, people will not be using the base layer for every day purchases. Please come back with intelligent arguments.
Think of a factory that produces toilet paper for all of humanity at a rate that satisfies current demand. For simple math we’ll say that’s 100 rolls/day. Supply and demand are equal. Then in June the world government decides that trees can only be harvested at half the rate current rate. People around the world still have those mega packs of TP in their bathroom so sales stay steady and probably lower because of warm weather. When flu season starts in the winter people start producing more snot and use more TP. But since production was cut in half months before the shelves are getting bare. When that mega-pack is almost gone people will go to the store and see half empty shelves and buy extra knowing that the production of TP has been cut in half. They’ll do this before they’d even consider trying to limit their consumption. BTC production rate dropped by half just two weeks ago. Last Thursday the ETF’s had a net outflow for the day of 3k bitcoin (grayscale was 2/3 of that) and price didn’t drop. A lot of people including me were hoping that the introduction of the new money from ETF’s would scoop up any surplus BTC so fast that we wouldn’t have to wait for the supply shock. I didn’t count on GBTC dumping at the same rate as the new ETF’s were buying. It was way too perfect and I don’t know what to think about that. Once GBTC stops dumping we’ll be in a totally new environment. It seems to me that the ETF investors wanted to place their big bets before the halving and then wait to see what happens. If those investors decide to jump ship we could drop significantly. But my gut feeling is that they mean to see it through and it won’t take as long for the supply shock to materialize in this cycle compared to previous cycles. I wrote this while on the toilet
I’m buying into the idea that BTC doesn’t have to become a means of exchange. But if it were to be adopted as a means of exchange it would have a massive effect. It would bring a large percentage of the population into the space who would otherwise never own any bitcoin.