Obvious scam pump. China is basically on Taiwans doorsteps. Moments away from a black swan. Honestly, it's not looking good but we must give ponzi schemers benefit of a doubt for something they do best; an exit pump to vacuum in as many suckers as possible before the inevitable slaughter.
Every week there is something new to worry about, "gonna be this, gonna be that, gonna be something else...." And yet the markets keep marching on regardless, often reacting opposite to our beliefs. If everyone lived their life in fear of what's happening next, no-one would trade.
In regard to the 'futures'. I still don't know if BTC is up or down another 10k or 40k from here. Not going to lose sleep over it. Still sitting on my small position of Bitcoin futures options at the 60K strike. My #1 plan throughout this year... sit and do nothing. ZzZZzzZZZ
Also,hes somehow suggesting that a global black swan will effect BTC alone and not every single other market. Obviously not a trader. Just a time waster.
Satoshi Nakamoto As World’s Richest Exposes Bitcoin’s Principal Fault https://www.forbes.com/sites/johnta...lds-richest-exposes-bitcoins-principal-fault/ “They’re on track to becoming the richest person on earth eventually.” Those are the words of Cullen Hoback, creator of a new HBO documentary (“Money Electric: The Bitcoin Mystery”) which purports to having perhaps uncovered the actual person behind “Satoshi Nakamoto,” creator of bitcoin. To be fair to Hoback, he’s not offering certitude, rather he speculates that the real Nakamato is a Canadian by the name of Peter Todd. Is Hoback correct? This opinion piece won’t presume to even speculate, nor does it matter if Hoback is right as is. What matters is Hoback’s observation that assuming Nakamoto is Peter Todd, or someone else entirely, this individual (with a personal bitcoin stash of the 1 million variety) is already a multi-billionaire, and could eventually ascend to trillionaire status. It’s in the ascension that we see why bitcoin will be many things, none of them a widely circulated medium of exchange. Misunderstood by cryptocurrency-as-the-future proponents to this day is that money is quiet, while wealth creation is loud. As argued over and over again in my 2022 book The Money Confusion: How Illiteracy About Currencies and Inflation Sets the Stage for the Crypto Revolution, money is the quiet measure that facilitates the exchange of wealth. Which is a hint that once what’s supposed to be quiet is the story, it ceases to be money. The previous truth neatly explains the main problem with bitcoin. To see why, simply ask a question: would anyone care who Nakamoto is if bitcoin were a constant measure of value? Hopefully the question answers itself. What makes bitcoin and Nakamoto the story is similarly what disqualifies bitcoin as the eventual replacement for the dollar or any other government currency. Think about it, and in thinking about it, stop and ask what frustrates holders of dollars, pounds, euros, Swiss francs, yen, and any other globalized monetary form at present? The answer is the instability of each. No doubt the currencies mentioned well exceed the vast majority of country currencies in terms of trustworthiness (think the Argentine peso, Lebanese pound, Venezuelan bolivar, etc.), but they’re also not constant as measures of value. What’s important is that the turbulence surrounding bitcoin makes dollars, pounds, euros and the rest appear positively golden by comparison. If “Nakamoto” is worth $65 billion today, but could be a trillionaire tomorrow, that’s all the evidence we require to know that bitcoin is many things, none of them money. Lest readers forget, the “Nakamoto” worth $65 billion today was worth $16 billion in 2022, $61 billion in 2021, $10 billion in 2020, and $4 billion in 2018. How to transact in what’s so volatile? The answer is that there’s no realistic way to do so absent buyers and sellers in bitcoin winning or losing over and over again, thus depriving trade of its singular purpose: mutually enhancing exchange. With bitcoin as the currency meant to facilitate exchange, every transaction is highly risky as the wild swings of bitcoin indicate. Looking into the future, Hoback once again speculates that Nakamoto’s coins could “eventually” make him the world’s richest. Maybe, maybe not. Which is the point. It’s not reach to ask who would borrow bitcoin if the value of them is set to soar? To do so would be to set oneself up for disaster as the size of the loan that must be paid back grows. Just the same, and assuming bitcoin falls from its highs as it’s occasionally done, who would lend bitcoin the value of which some expect to plummet? It’s just a reminder that what bitcoin proponents view as its best quality (limited supply) is actually its greatest demerit, and the one that ensures it always be nothing more than a speculation. The problem is that what exists as a speculation isn’t any way money, and bitcoin won’t be.
Did this article come out 10 years ago? Why do these talking heads get recognition for just regurgitating what is common knowledge? Bitcoin is not a currency any more than gold is. It doesn't matter what its intended use WAS...its what its intended use IS.
Volatility is tricky to manage of course.I dont think the article presents anything groundbreaking. To single the pound out as an example however,it has been in currency since 760AD and an official currency of the UK since the early 1700's.BTC has been around since early 2009. Unlike many BTC investors,I still have ambitions for it to be a widely adopted currency. Its early,early days and while BTC as a product may currently act more as a store of value than anything,part of what lends to that perceived future value will be its utility as an incorruptible means of payment. Adoption,as mentioned,is the key,and it will take time. Below are some numbers which represent the beginning of a trend: In 2024, India leads global Bitcoin adoption with 75 million users, followed by China with 38 million. The USA ranks third with 28 million Bitcoin owners, while Brazil and Indonesia report substantial numbers, with 25 million and 23.5 million users, respectively, illustrating the top 5 Bitcoin adoption by country.There are only 21 million coins that can ever be mined. Those numbers,coupled with the fact that crypto investors(every coin including BTC) represent only 7% of the global population,may be food for thought. Just IMO,of course.