You don't really believe this, do you? Come on. You're still stuck on that narrative that has long been left behind, along with other narratives BTC failed at? Actions speak louder than words. BTC maxis are now busy lobbying Congress now for "proper" tax treatment of crypto gains rather than fighting the system. BTC maxis are too busy courting institutions at conferences & prepping BTC for financial regulations so that institutions can onboard easier and pump your bags. It's been what, a decade? Where are your on-ramps/off-ramps that do not rely on the banking system? That whole situation is worse than before, not that it was adequately established in the first place. "In it for tech" is a hilarious meme, because it's so true. 95-99% of people involved in crypto only truly care about USD gains. "Wen Lambo", "Wen Pamp", "Wen Rich", "Financial independence". But Lambos are priced in USD, Pamp are measured in USD, Rich is measured in USD. Real wealth & prosperity is accomplished via goods & services. Not digits on a screen, or digital assets that get priced in fiat. I can keep going with countless examples of hypocrisy in the narrative you hold so dear, but that's a book of its own. I've actually led a BTC maxi or two to begrudgingly admit that at the end of the day all that really matters to him is "number go up" You know what I had to do to fully dive into crypto & start taking advantage of the opportunity? Lose just about all faith in humanity and significantly lower my standard of it.
It's great because you quoted my whole statement I do not hate the USD Fiat. USD is the best medium of exchange, bar none In fact, I do not hate other fiat currencies, if I happen to be in Tokyo, I would use the bitcoin/cryptos to exchange for local currencies in amounts that I need What I hate is the fiat debasement. Full stop. When they devalue the currency's purchasing power, they devalue the labor and efforts of everyone who worked hard to earn their income in the said currencies That's what the Bitcoin and cryptos offer as a way out as they cannot be debased/printed by central banks. They may fluctuate in value compared to fiat equivalence due to market supply and demand, price volatility action, but that's just part of being a speculative asset Yes, the the 0.00000001 btc is 1 satoshi
So here is the big question I have for you, and I want you to think upon this hard, from a currency standpoint... The USD is what it is. It is based on dollars, and is divided into 100 cents. 1 penny=1 percent We get that. Now if we need more of it to pay for the things we need, we cannot divide it into more cents. So we print more of the big bits, the dollars. That drives down the dollar by diluting it though more supply. So now we come to BTC. We know it will have a limited supply of 21,000,000 ever. That is a fixed value of 21,000,000 into a fixed number of satoshis. So what would prevent the blockchain network from simply re-designating the BTC to 10 satoshis? Wouldn't that mean that the BTC is being devalued, thereby causing inflation of the BTC?
I really do believe in it. I've been in bitcoin and cryptos since 2013. I was a bitcoin miner as well as many coins SHA-256 and Ravencoin, using AWS when it first launched When did you get into cryptos? Sounds like you got sucked in for the quick pump and dump shiny $$$ profits? I am a Bitcoin maxi, it's the biggest holding in our crypto portfolio, but I do not hate other coins/tokens I own Solana, Serum, Ethereum, and other erc-20 tokens as well as NFT's. Bitcoin is the reserve asset of the Cryptos financial ecosystem Bitcoin is the "heart" Ethereum, Solana, Fantom and other Smart Contract are the brains, Stablecoins are the lifeblood, NFT's are the fancy clothing and jewelries The cryptos financial system works great!!! and is growing like crazy, and developing at incredible rate!!! Bitcoin is the anchor to the real world. Let's not forget there's bitcoin futures, bitcoin futures etf, bitcoin in corporate treasuries at Microstrategy, Tesla, Square and many others in the world, also Houston pension fund, banks worldwide , etc etc I've cashed out over $500K sitting in our bank accounts waiting to pay taxes Wen lambo? dude, lambo has been here, wtf are you talking about, lmao Regulations and taxes are a part of life. Maybe you think I want the USD to fail, I'm going to tell you now, I do not How about telling us your crypto holdings since you don't seem to be a fan of btc or eth?
I'm quoting your whole post since it's basically a question of unit perspectives Bitcoin is a digital asset, gold is a physical asset Let's say you own 1 bitcoin and 1 oz gold bar Your laptop broke and you needed $1,800 to buy one, so you sell your 1 oz of gold or you sell 0.036 btc or 3,600,000 satoshis There are already places that sell you satoshis instead of btc. Look at the Strike app Satoshis is the default unit on the Lightning network, although you can still toggle to btc on the wallet app So let's say gold goes to $18,000/oz so you would sell 0.1 oz If btc goes to $100M/btc, you would just sell 0.00018 btc or 1,800 satoshis In no scenario did the the 21M bitcoins maximum supply ever change only that the price of btc and as a result satoshis went up
You do realize that it's all just leverage upon leverage, right? Rehypothecation almost to the same degree as Repo markets, if not more. I dunno how deep you are into DeFi, but once you get to the more advanced money games, it's just a replication of the trad financial system, and its insanity. I appreciate what the tech has to offer, but I don't romanticize what the game really is and what's really happening. Been aware of crypto since 2013, got sidetracked trying to get in a couple times, which is prob a good thing, cause I almost sent in funds to mt.Gox before they got seized. Dont like BTC, never did, would have never held through the madness even if I got in early, and have dealt with way too many BTC maxis who have showed me that my sanity is worth much much more. I like ETH, should have gotten involved in it when I first learned about it. However, ETH as a network has pretty much screwed most of its users. ETH as an asset will do just fine and outperform BTC. Which isn't even impressive when you look at competing L1s. Got in hardcore a year ago, had excellent guidance & education (coin agnostic), went in hyper aggressive, all in and more, which ended up being a great decision. Been generating income within crypto for 8 months now with a very unique strategy, which I use to grow my bags and also pay myself. I got an ever changing portfolio, 30 coins or so but the core is ETH/DOT/KSM/THETA/TFUEL/ILV/FTM/SOL/WOO/LUNA/HEX/FTT/CEL and SNX (yeah it's Rekt but I really like the project). You got a lambo & mansion from BTC, great. Means jack shit to those entering the market now. BTC does not solve their problems. BTC doing a 2.5x from a year ago does not get them far when you look at the real inflation. That's assuming that one held through the corrections. If I had went in heavy on BTC a year ago, I would still be in a rough spot today, although better if I had not gone into crypto at all. What I'm really trying to say here, is that BTC is not solving anything in the large scope of things. It went through multiple narratives that all flopped and ended up as a digital asset, with only real value proposition of "number go up". All because of fiat debasement. So just a rinse and repeat of what Real Estate, Equities, Artwork, Rolexes, Comic books, Collectible Cars, etc have went through the past few decades, and still are.
BTW, the "Wen Lambo" went over your head. It was not directed at you. I made an assumption you're deep enough into crypto madness to get the reference.
I'm quoting your post because there's a lot of value there and it shows you're not a complete fiat maxi as I thought you were But you're too focused on fiat value much more than me, per your comment that btc is only 2.5x in fiat versus other coins. It's cool, that's your priority My priority is risk management since I'm in cryptos for the long term I'm not in cryptos for the NGU in the short term. I see cryptos outlasting me and my kids will continue to hodl our cryptos As far as multipliers in fiat value, It's risk vs reward, you go into a smaller cap, you get bigger rewards. Take for example Solana when it was priced in the pennies, who knows if the team would ever deliver mainnet versus Ethereum that has been running for many years A perfect example is Cardano, smart contract, problems with dex, where are the defi apps, ecosystem? I was a yield farmer last year, sushi, yam, cvault (core) among others. I was invested in LEND before it switched to AAVE 100 to 1 If you don't take unnecessary risks, you get very good yields with little risk. AAVE yields are good enough if you put a big enough deposit. Or you can go CeFi Celsius, Nexo or BlockFi If you want higher yields, you can take higher risks, maybe purchase $6-figures of Spookyswap Boo, get ~70% APY no IL (single asset, double staked, check website) When I say cryptos financial system is great!!! you do realize the above yields I just mentioned are not available in the tradfi, not in the same risk levels, not even close rehypo = degen just being degen If you deposit eth collateral, to borrow stablecoin, to buy more eth, to use for yield farming, and do another round, you deserve liquidation when numbers go down I don't have any leverage. I'm not even staking right now, since Serum does not have single asset staking (risk of IL) and Solana, I'm on the fence on blockchain POS staking, maybe one of these days I don't take unnecessary risks. I quit my job, that's how much I believe in cryptos and my ability to manage our portfolio I do not want a risk of ruin or gambler's ruin I don't have a lambo or a mansion, that's not managing risks properly given our net worth value. Tesla is good enough Yea, I know what it means, begging for pamp, but lambo number is different for each person, perfectly happy to stay where we are give or take
As I said before, real wealth is goods & services. Not numbers on a screen, which applies to fiat first and foremost. Digital age and all that. Fiat is the gateway, so in simple terms, it's a race for fiat gains to get those goods and services. Crypto is obviously the super asset plane for those gains. I'm a me-maxi, my goal is cash flow and access to the goods & services. Your risk profile is on a different level, but you are in the very small minority. Think like an average person getting into crypto right now and trying to grab opportunity. BTC gets them nowhere, even ETH stopped looking like a solution to many once it hit $2000. I've onboarded some friends here and there, I generally just advise them to stick with ETH, some BTC and maybe a couple light blues. Even out of the conservative ones, none feel like BTC is worth touching. ETH they like. Some don't even want ETH but want further out the risk curve. It's a mad rush for gains and it's the psyche that has been built up by the fact that this financial system is just broken. I took the risk because I had to. It was partially a hedge, being a small business operator, ended up being a lifesaver. I also had the thesis of this crypto bull cycle being Internet Bubble 2.0 and I needed to milk it for all it's worth while it lasts. So yeah, full degen, all in. Ironically, my 30 coin portfolio handled the two corrections way better than most. Plus I figured a bunch of shit out. Yields on stables is what has always stood out to me in crypto, as well as stablecoin strategies. Those are just amazing. I point to that if the person is higher net worth and risk averse. No takers yet, LOL. I appreciate the discussion, message me if you want, can share some strategies since you do play with DeFi. I'm in Spookyswap, really like that project. Cardano is the perpetual ghostchain. Serum I dumped cause of their tokenomics.
The first four lines of your post are irrelevant. Whether comparing Madoff with BTC is ignorance can only be known in future. Madoff lied a lot, about BTC there are a lot of lies too. And manipulation happened in both cases. Clients from Madoff invested in something that was not backed by any assets. BTC does exactly the same.