I watched the video and I dont get it, so he thinks Bitcoin will win because he saw some things in distributed systems at morgan stanley? Anyways, the reason I bring up these debates is to clarify my own thinking, so I find it helpful
Brazil implemented a dacronian rule back in 2019 the required crypto investors to report trades and transactions above $7K USD if they were done outside a Brazilian crypto exchange https://www.coindesk.com/brazilian-tax-authorities-impose-new-requirements-on-crypto-trading I had to file that report last week. Actually, I wasnt sure I had to but I did in just in case because the penalties run monthly for as a long as you dont file. I had essentially transfered from some of my crypto from one cold storage address to another because I implemented more security into that 2nd address. So I sent the crypto to myself, and I read and re-read the law and it looks like it applies to transactions made to your self as well. I had to report the amounts and to thom I sent the crypto (including physical address), as well as tax ID number. I dont even feel like moving my personal crypto anymore because of that rule. Pray to god that these types of laws dont make it to the US, I believe they are already in place in several countries in Europe (Its also what Mnuchin was trying to implement) Its retarded but I think more of that will be coming globally
I worked in IT in a big (lots of employees) and changes and upgrades to production are sometimes painful He's mainly talking about the value of a mature, reliable, production (distributed) system and that if trusting Billions (or Trillions), the participants would pick the most stable production system that makes very careful well thought out and well tested changes (updates or upgrades) That brings up the Eth vs Btc which I do not believe in as Ethereum is a completely different system, a smart contract platform which Bitcoin is not EDIT: I might get out of more than 50% of my crypto positions when Eth 2.0 is about to come out if the bull market has not ended by then
Everything makes sense now, lol You might have been confused by my "shocked beyond belief" reaction, as I was thinking I was in a twilight zone I thought that after so many years of being invested in bitcoin you were a crypto believer (I didn't say bitcoin as every crypto is the same at the core) but I forget that you're a crypto investor There is nothing wrong with that. This ET place is all about trading, investing, speculating and profits The 170+ Million Trillion Hashes per Second of brute force computing is to protect the security of the bitcoin blockchain, its immutability, its integrity. The biggest value proposition of bitcoin is that it is the hardest form of money in existence and over $1 Trillion is entrusted on that You might be correct that you'll make more money on Eth than Btc Good wishes for your positions. I'm thinking of trading out a portion of BNB and Cake to Eth and some for additional cash out to fiat as I've been doing for over a week now Profits FTW!
What is your definition of a crypto believer? From what I observe in this space, a believer is someone that can't fathom the possibility that buying and holding their coin not matter could be a bad decision. Usually it happens with Bitcoin and maxis but I have seen in just about any coin The believer will SAY that their belief is because of any number of technicological features of their coin but I dont think thats why they believe it in so bad. I think the reason they do that is because the volatility of these coins is off the charts and they have seen too many stories of people that sold and missed out on a fortune, so they decided that its better to join the cult rather than not. Its the only cult that will make them rich The cult also helps them a lot in the bear markets, when their networth has evaporated and they need to continue to hold into the cult's coin. There are no atheists in foxholes, and there are no crypto investing skeptics in bear markets But, that is not the only way to play crypto. One can for instance, learn portfolio and risk management so they dont have to join the cult. They can remain mentallly flexible and still survive bear markets. They dont have to join the cult in order to profit from it. That's my approach and I think its a lot more robust. There is so much that can go wrong when you join the cult and drink from the kool-aid punch bowl. Effectively they are saying open mindedness, flexibility and risk controls is not important in tech investing. Which is ludicrous. They are also so heavily exposed to tail risks its not even funny The biggest factors that determined whether someone invested in Bitcoin early is whether they are nerdy and were at the right place at the right time. Good investing and trading principles dont come naturally to these people. They might understand Bitcoin down to the source code level, but that doesnt mean that they understand risk, investing and the history of markets. They are usually young too which doesnt help. Most maxi's have appalling portfolio management systems, I dont think most ETH maxi's are much better either. Thats why in my approach I dont have to become a believer in anything These cultists, even if they get rich on crypto, they still had a severe flaw on their mentality and that will come back to bite them at some point. I dont know when, but it will. It could be in investing or even outside investing
A great example was Ian Balina. He ran his $100K to $5M back in 2017/2018, and then he lost almost everything. His mindset had severe flaws, he was all about offense, no defense. You look at his crypto security and it was appaling, and it was a direct result of a pure offsense mindset. His portfolio allocation was also abusurd, he had like 99% of his networth in super risky alt coins (which a better term would be crypto startups). All offense, no defense. I'm sure if someone pointed out these issues to him he would have laughed at and then he blew up and now runs a crypto service. He would have easily have being gone for good had crypto died after 2017 and covid didnt come along. If the bear market lasted long enough, he could have easily gave up. Everybody has an uncle point So when I see the die hard believers making a fortune with their all offense mindsets, great, keep going and one day you will learn. Keep driking and driving and you will see what happens
I consider myself a crypto believer, in the sense that I'm not just in this for the money But, we have to survive, my last post was practically celebrating the fact that we have so much profits so far in this current bull market Almost everyone on crypto twitter are having all kinds of end of bull market exit plan I quit my job, btw I've enough cash in the banks for over 3 years of living expenses and working to get over 5 that's the reason I haven't stopped cashing out since last week I know taxes are due next year, so I'm working on making it 8 years of cash reserves and really the plan is to have 10 years of cash reserves but no hurries more like in the next 2-3 months unless the end of bull market becomes quite obvious and as I've said I plan to cash out everything except 10 btc's f I'm convinced of that Even after all the cashouts I've made and even with btc not at $65K, my crypto portfolio value is still at close to all time high $ value, thanks to diversification and massive gains on the other crypto holdings So, that's all about money because it's very important to survive in the real world It's funny but I care so much more about Ethereum's success in the upgrades and changes than you who has a lot more Eth than I do You feel like it's ok, they'll do a hard fork or reverse on the blockchain as if that's not going to cause massive amount of damage to the whole cryptos universe if they do that, because of all the billions of $ of stable coins plus repercussions with bitcoin as the same players/investors are on Ethereum And that brings me back to my first sentence, as a crypto believer, I'm not just in this for the money I won't bore you with the tl;dr on all the bitcoin and cryptos ecosystem, escape from debasement and wall street and bankers manipulation and bailouts for the benefit of the few
https://www.coindesk.com/bitcoin-whales-selling-pullback-risk BTC whales are selling, or they are using several addresses instead of putting it all in one address and losing privacy, or something else. This highlights some issues with on-chain data, the data says something but you cant be certain of what is happening and the consequences for the price