The one thing I love about bit coin is it accepts it's purely digital ( and mostly arbitrary). If we could just accept all monetary systems as such

12/3/2013 10:49:13 PM

bump
funny that qntmfred started this thread almost exactly 10 years ago.

[Edited on April 1, 2021 at 3:31 PM. Reason : sdaf]

4/1/2021 3:30:47 PM

FYI
https://brentroad.com/message_topic.aspx?topic=614388&page=27

4/1/2021 3:39:14 PM

^^ bitcoin must be like the 4th opportunity I've had to become a multi-millionaire that didn't work out for me

[Edited on April 1, 2021 at 5:05 PM. Reason : ah well, maybe it'll happen someday yet]

4/1/2021 5:04:57 PM

^ I remember being halfway through setting up a CPU miner being based on this thread, but also bailing out based on this thread bc people thought it was all a stupid idea

4/1/2021 6:00:37 PM

you're still early to get in on NFTs while people think they're stupid

4/1/2021 6:41:17 PM

money and art that requires a ton of power while we're trying to fight global warming

4/1/2021 6:44:23 PM

^^^ I remember feeling like I was taking crazy pills for a few pages. Bitcoin had at least three runups I'd made money on over five years. People were still like "muh tulips" "muh beanie babies. And what if you lose $100.

Expected value is a thing, it was obvious it could do a 100x run-up by the time people were arguing against it. If it has a 5% chance you take it. From a gambling perspective it was easy. I know a couple of people arguing about it played poker. If you're getting 10 to 1 on a nut flush draw you take it.

Now you've got the fed printing 4 to 9 trillion by some estimates and companies buying billions of bitcoin. Not seeing it turn around. The politics of it are a whole other can of worms.

4/1/2021 10:21:42 PM

Does anyone (not just on tww) actually spend BTC though? Seems like it's strictly an investment at this point. Why would you spend it as currency if you think it's going to increase in value? So is it really a currency or basically just a stock.

[Edited on April 1, 2021 at 10:40 PM. Reason : . ]

4/1/2021 10:35:25 PM

I used to buy things wherever I could. Have pretty much stopped doing that. Will take loans to buy stuff from now on.

The serious bitcoiners all talk time preference. It kicks in the nuts pretty hard. https://mobile.twitter.com/saifedean/status/1022543869509033991?lang=en

And my favorite: https://mobile.twitter.com/kendall_near/status/1375384840871280640

4/1/2021 10:45:59 PM

^^ That problem is basically the entire value prop of DeFi. Say you've got $500k in Bitcoin and want to buy a new 911. If you take $150k out youre going to lose half to taxes. So really you need to take out $300k. We all know bitcoin could go up so your real loss could be something on order of $600k.

Enter https://www.bitgo.com/

Instead you give them $150k in btc and in return you get $150k of Wrapped bitcoin which a token on the ethereum blockchain. That can be staked as collateral in MakerDAO which you receive Dai. You sell the Dai for dollars and buy your porsche.

As you pay back the Dai you get your wrapped BTC back. If bitcoin drops in value it's liquidated in part to pay for the difference. If it goes up you're still making money.

Banks don't yet offer services on crypto equity like regular equity. So you've got to worry about taking a $150k loss due to software glitch but at least it's not a $300k loss and you'd still have the Porsche.

https://forum.makerdao.com/t/black-thursday-response-thread/1433

4/4/2021 11:22:40 AM