Cryptocurrencies

[Malmqky]

3 minutes ago, james22 said:

 

Which currency would you prefer?

 

Bitcoin actually.

 

I'm just skeptical of it ever being a government approved/endorsed currency on the scale of being a reserve currency.

[mattee2264]

Trump is a populist. And it is far easier to pump up the bitcoin price than the stock market. And easy for the US government to find some pretext to purchase a few million bitcoin. 

[TwoCitiesCapital]

2 hours ago, Malmqky said:

 

One thing I've always wondered is will the US/some other government create a virtual currency? Why use Bitcoin - something they can't control?

 

The US is the country in the world that has the LEAST incentive to give up the current system. 

 

That being said - the writing is on the wall for the current system. The only question is what would be the alternative. IF the alternative is Bitcoin, the US would do well by being an early adopter. 

 

That being said, I do NOT expect the US to adopt BTC in any meaningful way for the $ or the debt. I expect it to be other countries with significantly less to lose who make the move first - as demonstrated by El Salvador and Central African Republic being the first two. 

[Malmqky]

14 hours ago, TwoCitiesCapital said:

 

The US is the country in the world that has the LEAST incentive to give up the current system. 

 

That being said - the writing is on the wall for the current system. The only question is what would be the alternative. IF the alternative is Bitcoin, the US would do well by being an early adopter. 

 

That being said, I do NOT expect the US to adopt BTC in any meaningful way for the $ or the debt. I expect it to be other countries with significantly less to lose who make the move first - as demonstrated by El Salvador and Central African Republic being the first two. 

 

Thanks for clarifying. I could see a reality where a bunch of smaller countries adopt it ala El Salvador and it snowballs from there. Especially with the US weaponizing the USD.

 

It would be interesting to see the US/Chinese response to that. Both countries would be very against it happening, and both countries like to meddle in foreign affairs...

[wachtwoord]

On 12/17/2024 at 4:31 PM, Malmqky said:

 

Thanks for clarifying. I could see a reality where a bunch of smaller countries adopt it ala El Salvador and it snowballs from there. Especially with the US weaponizing the USD.

 

It would be interesting to see the US/Chinese response to that. Both countries would be very against it happening, and both countries like to meddle in foreign affairs...

 

Well Bukele seems to have yielded to IMF demands at least in part:

https://finance.yahoo.com/news/el-salvador-scales-back-bitcoin-035746971.html

[rkbabang]

3 hours ago, wachtwoord said:

 

Well Bukele seems to have yielded to IMF demands at least in part:

https://finance.yahoo.com/news/el-salvador-scales-back-bitcoin-035746971.html

 

Would be hilarious if he used the loan to buy Bitcoin.  

[TwoCitiesCapital]

Just now, rkbabang said:

 

Would be hilarious if he used the loan to buy Bitcoin.  

 

Would lol

 

I don't think Bukele is full-Saylor yet, but I believe he is still buying 1 BTC every day for the Treasury. 

 

3 hours ago, wachtwoord said:

 

Well Bukele seems to have yielded to IMF demands at least in part:

https://finance.yahoo.com/news/el-salvador-scales-back-bitcoin-035746971.html

 

Most businesses weren't accepting/processing transactions in BTC anyways, and the ones that want to still can. 

 

In ~3.5 years when this loan needs to be rolled though, I expect El Salvador's BTC stack to be in excess of the notional. So the question comes do they pay the IMF back and begin life as an actual sovereign nation OR do they keep stacking sats and voluntarily comply with western world direction in expectations of longer term profits on BTC. 

[wachtwoord]

Would indeed be hilarious if he turned around and threw it as a 1.4B limit buy order at 100k

 

I indeed see nothing yet about not being allowed to buy Bitcoin anymore for the treasury. I didnt look in depth and only looked at news articles but the only public policy measures affected I saw are:

 

Quote

"Public sector involvement in Bitcoin-related activities will also be restricted. The government will no longer accept Bitcoin for tax payments, and its involvement with the state-run Chivo wallet will be phased out."

Edited Thursday at 05:12 PM by wachtwoord

[rkbabang]

8 hours ago, wachtwoord said:

Would indeed be hilarious if he turned around and threw it as a 1.4B limit buy order at 100k

 

I indeed see nothing yet about not being allowed to buy Bitcoin anymore for the treasury. I didnt look in depth and only looked at news articles but the only public policy measures affected I saw are:

 

 

 

He bought 11 today instead of 1.  Not quite a 1.4B limit order, but more than usual.

 

 

[TwoCitiesCapital]

2 hours ago, rkbabang said:

 

 

He bought 11 today instead of 1.  Not quite a 1.4B limit order, but more than usual.

 

 

 

Lol -

 

Honestly - good middle ground. Don't go whole hog. Just 11x your DCA

[Parsad]

https://www.yahoo.com/tech/hawk-tuah-girl-hailey-welch-164207108.html

 

Cheers!

[Dave86ch]

8 hours ago, rkbabang said:

 

 

He bought 11 today instead of 1.  Not quite a 1.4B limit order, but more than usual.

 

 

Bukele is going full Saylor.

[james22]

On 12/16/2024 at 6:27 PM, TwoCitiesCapital said:

The US is the country in the world that has the LEAST incentive to give up the current system. 

 

Sure, but not because the current system works so well.

 

The market should not be so moved by the Fed.

[nwoodman]

5 hours ago, Parsad said:

https://www.yahoo.com/tech/hawk-tuah-girl-hailey-welch-164207108.html

 

Cheers!

Looks like she “put in the work” as well.

Edited Friday at 12:47 PM by nwoodman

[james22]

 

[Dave86ch]

An interesting interview with Matt Corallo (Bitcoin Core) about Bitcoin and quantum computing.

 

https://fountain.fm/episode/7jDS1DYZuyYfgaFZlLCs

 

Edited 13 hours ago by Dave86ch

[SharperDingaan]

It's worth keeping in mind that at USD 100K, BTC has to rise to USD 150K just to make 50%; and the higher BTC goes, the harder it becomes to get these returns. Then keep in mind that most of retail holds BTC via a BTC-ETF; when the price of the BTC-ETF approximates the price of blue-chip bank stock, and that blue-chip bank stock also pays a dividend .... a lot of wind spills out of the sail. 

 

SD