Cryptocurrencies

[Buckeye]

10 minutes ago, TwoCitiesCapital said:

 

Basically the justification for every shit coun ever....

 

Someone asked me the other day "what's the next Bitcoin?". I told them the answer is Bitcoin. 

 And you very well may be right!  Also something a Boomer would say about their Boomercoin.  Time will tell. 

[Fly]

3 hours ago, Buckeye said:

“It feels like bitcoin circa 2013,” said Barry Silbert, founder of Digital Currency Group and Grayscale Investments, which set up the first publicly traded bitcoin fund.

 

 

How's Ethereum Classic working out for him?

 

It isn't about the tech, the team, the white paper, the partnerships, etc etc.

 

It is the network. Largest and most robust proof of work network wins. Call it Boomercoin, call it old tech, call it whatever you want. 

[TwoCitiesCapital]

Luke Gromen had interesting commentary on reserves this AM 

 

Gold now surpasses USTs as the most reserved asset. We're watching the loss of reserve status by the USD even as it retains the ability to act as a unit of account. 

 

This 1) is probably signaling the beginning of the end of USD dominance in trade/reserves/reserve currency status 

 

And 2) goes to show that Bitcoin doesn't need to be one to be the other. It can take on reserve status long before it's a unit of account. 

 

 

[TwoCitiesCapital]

I have confidence in BTC - 

 

I have quite a bit less in ETH and others at this point.

 

I think Bitcoin will work for Saylor, but I wonder what it looks like for Tom Lee to dump 5.5 million ETH on the market 

Edited June 4 by TwoCitiesCapital

[jfan]

Definitely don't understand everything around the cryptography lingo, but found some useful tidbits

 

 

[Milu]

Zcash down 40% today after critical bug discovered that may permit counterfeiting. 

[TwoCitiesCapital]

Not that it's impossible with BTC, but with the code being open source for ~18 years at this point, it becomes less and less likely with each passing day. 

 

Is another reason why it's 'slow to improve'. It only has to do one thing - be sound money. And as long as it can do that reliably, the rest of the functionality will come in time - either on chain or via L2 functionality. 

[SharperDingaan]

Have to think that BTC drops another 10%+ the closer we get to the SpaceX IPO; nothing to do with BTC itself; simply demand being diverted to new shiny toys . Opportunities.

 

SD

[TwoCitiesCapital]

Bitmine just issued 3.5 million preferred with a 9% coupon at 80 cents on the dollar implying they're able to get filled at a ~12% yield. 

 

So seems like STRC is still in the right ballpark for yield. 

 

Honestly surprised Bitmine is able to fill at these levels - they're sitting on similar sized losses with a fraction of the notional exposure and I have a lot more confidence in BTC vs ETH.

 

Would've thought they'd have to scale to a higher yield to reflect the risk to get filled. But the market seems to still be demonstrating demand for these securities at low double digit yields so I expect STRC will be fine. 

 

 

[Xerxes]

 

[SharperDingaan]

Have to think that the recent changes at MSTR are going to make the BTC price less resilient, leading to bigger downs as/when they occurr, offset by greater confidence in the sustainability of the new lows. If you have the patience .... not a bad place to be.

 

Good luck.

 

SD

[Buckeye]

I sometimes wonder if the 125k mark in Bitcoin will ever be seen again.  Or, if that was the all-time top.  
 

We’ve had everything from “the most crypto friendly administration in the world,” where everyone and their son’s (and wife, #smelania), has pumped this turd through every means possible to Congress’ enacting of the “Genius” act, along with every Boomer brokerage house stuffing this poop pile into every crypto product/ETF they could conceive of, and 125k is all it could do?  What’s going to take Bitcoin higher than that? Especially now, when everyone is competing for capital. 

 

It seems to me that AI is the “new cool thing” in town and is actually delivering on it’s promise, where as it’s becoming clear that Bitcoin will never offer any of the “benefits,” or live up to the hype that we were promised by the promoters.  I remember being told that Bitcoin’s value was so great because it was “backed by the most powerful computer network in the world!” Welp, seems like some of these “computers” currently being developed by Anthropic, Gemini, OpenAI etc. may just be slightly more powerful than a computer network that does one thing…tracks the price of Bitcoin.  I was also told that with Bitcoin, you could buy a multiple-million dollar house, half-way around the world, in a matter of minutes! Is anyone actually doing that!? No they are not and they never will. 
 

Gen Z and Gen Alpha are much too sharp to carry on the charade of acting like Bitcoin is anything other than a big, money-grabbing scam. They’ll let the Boomers, GenX and the Millenials waste all of their free-time trying to convince themselves, and others, of the “value.” 
 

When Michael Saylor, The Winklevoss Twins and Scarramucci are your industry’s biggest supporters, you may want to find another industry. 

Edited 1 hour ago by Buckeye

[TwoCitiesCapital]

1 minute ago, Buckeye said:

 Where as it’s becoming clear that Bitcoin will never offer any of the “benefits,” or live up to the hype that we were promised by the promoters. 

 

I'm curious as to what 'benefits' you feel it's failed to deliver on? On why 2026 is different in this regard than say ~2021 when $60k was a euphoric bubble top ...but now is sign of death? 

 

1 minute ago, Buckeye said:

 I was also told that with Bitcoin, you could buy a multiple-million dollar house, half-way around the world, in a matter of minutes! Is anyone actually doing that!? No they are not and they never will. 

 

 

I dunno about half way around the world - but I expect I may do something like this halfway across town in ~2-years. 

 

Ferrari started accepting it too - and it's not because nobody was asking. 

 

1 minute ago, Buckeye said:

Gen Z and Gen Alpha are much too sharp to carry on the charade of acting like Bitcoin is anything other than a big, money-grabbing scam. They’ll let the Boomers, GenX and the Millenials waste all of their free-time trying to convince themselves, and others, of the “value.” 

 

 

I think it's funny that you think there is an abundance of Boomers or Gen X in this trade

It's been around for 15-years and I still have Boomers/GenX ask me what it is before dismissing the response 30 seconds later. 

 

1 minute ago, Buckeye said:

When Michael Saylor, The Winklevoss Twins and Scarramucci are your industry’s biggest supporters, you may want to find another industry. 

 

Unsavory characters are everywhere. xAI/Musk don't strike me as bastions if integrity, but nobody is suggesting AI is a scam because of his involvement. 

[SharperDingaan]

43 minutes ago, Buckeye said:

I sometimes wonder if the 125k mark in Bitcoin will ever be seen again.  Or, if that was the all-time top.  

 

If you think USD devalues 30% as reserve currency status is threatened, and that AI investment eventually turns into a dog .... it's more a matter of when, versus if. If it takes 3 years .... that 24%+ 3-yr CAGR (72/3) is not bad .

 

SD