Cryptocurrencies

[Castanza]

14 minutes ago, rkbabang said:

 

I'm with Castanza. The amount of time, money, and resources you would need to adequately prepare for the end of the world would be huge.  And a huge waste if the world never ends.   I'd rather live with the assumption that society isn't going to collapse completely.  Sure I have some spare food and ammo, but nothing like what would be required to survive the apocalypse.  It's wise to prepare for a week or three with no electricity, or a few days of rioting, but other than that, I'd be as screwed as everyone else.

 

 

Exactly, I'm not saying to not prepare for anything....but you can go way overboard. There were people in Florida who had entire food and water stashes destroyed by this past hurricane. So imo preparing for the absolute worst case scenario is both a waste of time and resources and also not feasible because there are way too many variables to think of. It's best to do exactly as you said. Have a few weeks of food, some cash, water filter or tabs if you want to go that far or live in an arid environment and a firearm (aka the Golden Key) IF you are comfortable and competent with it. Staying in shape having solid friendships and knowledge and knowing how to apply it is probably the best preparation anyone can have. 

 

In an apocalypse a basement full of Tobacco, Weed, Whiskey, and Ammo would probably bring you more bartering value  

[tooskinneejs]

"Cryptocurrency-trading giant Binance said the accounting firm it used to verify its reserves has paused all work for crypto clients, hampering efforts to reassure customers that their money is safe."

 

"Binance also said outflows from its platform swelled to $6 billion, a reflection of turmoil among crypto traders shocked by the implosion last month of rival exchange FTX."

 

"Mazars on Friday withdrew from its website a report on reserves at Binance and other cryptocurrency-trading companies. The report for Binance, which wasn’t an audit, was published last week.  A spokesman for the accounting firm said it had made the move “due to concerns regarding the way these reports are understood by the public.”

 

https://www.wsj.com/articles/binance-says-accounting-firm-pauses-work-for-its-crypto-clients-11671200654?st=v9qz5aolgzaljov&reflink=desktopwebshare_permalink

 

So much for virtual currencies being a "store of value."

[TwoCitiesCapital]

19 minutes ago, tooskinneejs said:

"Cryptocurrency-trading giant Binance said the accounting firm it used to verify its reserves has paused all work for crypto clients, hampering efforts to reassure customers that their money is safe."

 

"Binance also said outflows from its platform swelled to $6 billion, a reflection of turmoil among crypto traders shocked by the implosion last month of rival exchange FTX."

 

"Mazars on Friday withdrew from its website a report on reserves at Binance and other cryptocurrency-trading companies. The report for Binance, which wasn’t an audit, was published last week.  A spokesman for the accounting firm said it had made the move “due to concerns regarding the way these reports are understood by the public.”

 

https://www.wsj.com/articles/binance-says-accounting-firm-pauses-work-for-its-crypto-clients-11671200654?st=v9qz5aolgzaljov&reflink=desktopwebshare_permalink

 

So much for virtual currencies being a "store of value."

 

BTC is still outperforming the S&P over a 3-year time frame and a 10-year time frame despite the 80% drawdown. 

 

Methinks you're dancing on the wrong grave or just have too short of a time horizon.

 

If the S&P is acceptable for long-term savings and protecting purchasing power, why not the asset class that's trounced it over just about every time horizon with the exception of the last 18-24 months?

 

And if you're only judging it by recent history, and not it's long term history,can you really make long-term statements about it? 

Edited December 16, 2022 by TwoCitiesCapital

[Dave86ch]

I start a journal where I meditate on Bitcoin and its evolution, I find it intellectually more exciting than obvlius bet like BABA, FB or BRK which are my main position in my portfolio. However my BTC position is also growing over time.

 

https://dscompounding.com/2022/12/16/bitcoin-diary/

Edited December 16, 2022 by Dave86ch

[SharperDingaan]

1 hour ago, tooskinneejs said:

"Cryptocurrency-trading giant Binance said the accounting firm it used to verify its reserves has paused all work for crypto clients, hampering efforts to reassure customers that their money is safe."

 

"Binance also said outflows from its platform swelled to $6 billion, a reflection of turmoil among crypto traders shocked by the implosion last month of rival exchange FTX."

 

"Mazars on Friday withdrew from its website a report on reserves at Binance and other cryptocurrency-trading companies. The report for Binance, which wasn’t an audit, was published last week.  A spokesman for the accounting firm said it had made the move “due to concerns regarding the way these reports are understood by the public.”

 

https://www.wsj.com/articles/binance-says-accounting-firm-pauses-work-for-its-crypto-clients-11671200654?st=v9qz5aolgzaljov&reflink=desktopwebshare_permalink

 

So much for virtual currencies being a "store of value."

 

Binance put out an assurance report, and the auditor withdrew it - not good. The report was essentially being misinterpreted/misrepresented, and its forced removal has triggered an additional $6 billion of outflow over 3 days .... so far. All in addition to last week's net $1 billion plus. Most would also argue that the run is accelerating, and Bifinance no longer has the resiliency it once had.

 

Not all virtual token is the same - skip the DD and you will get burned.

 

SD 

Edited December 16, 2022 by SharperDingaan

[rkbabang]

1 hour ago, tooskinneejs said:

"Cryptocurrency-trading giant Binance said the accounting firm it used to verify its reserves has paused all work for crypto clients, hampering efforts to reassure customers that their money is safe."

 

"Binance also said outflows from its platform swelled to $6 billion, a reflection of turmoil among crypto traders shocked by the implosion last month of rival exchange FTX."

 

"Mazars on Friday withdrew from its website a report on reserves at Binance and other cryptocurrency-trading companies. The report for Binance, which wasn’t an audit, was published last week.  A spokesman for the accounting firm said it had made the move “due to concerns regarding the way these reports are understood by the public.”

 

https://www.wsj.com/articles/binance-says-accounting-firm-pauses-work-for-its-crypto-clients-11671200654?st=v9qz5aolgzaljov&reflink=desktopwebshare_permalink

 

So much for virtual currencies being a "store of value."

 

What does that last statement even mean?  No one that knows anything about crypto has ever said that you should store your value in one of these centralized exchanges or trust these so-called "stable coins".  Everyone but the completely ignorant have been expecting these things to crash and burn for years and have only been surprised that it is taking so long.

 

[roundball100]

1 hour ago, TwoCitiesCapital said:

 

BTC is still outperforming the S&P over a 3-year time frame and a 10-year time frame despite the 80% drawdown. 

 

Methinks you're dancing on the wrong grave or just have too short of a time horizon.

 

If the S&P is acceptable for long-term savings and protecting purchasing power, why not the asset class that's trounced it over just about every time horizon with the exception of the last 18-24 months?

 

And if you're only judging it by recent history, and not it's long term history,can you really make long-term statements about it? 

The rear-view mirror reminds me of Nassim Taleb's analogy.  A turkey's life is wonderful, free food, no work, fatter every day. The future is rosy, based on yesterday to predict tomorrow.  Nothing goes wrong.  Until Thanksgiving morning.  

[TwoCitiesCapital]

3 hours ago, roundball100 said:

The rear-view mirror reminds me of Nassim Taleb's analogy.  A turkey's life is wonderful, free food, no work, fatter every day. The future is rosy, based on yesterday to predict tomorrow.  Nothing goes wrong.  Until Thanksgiving morning.  

 

It's 13+ years in. We've gone through these 80+% drawdowns 3 separate times so far. And each time it recovers and makes new highs after bottoming significantly higher than the prior cycle. 

 

I cannot guarantee it will happen again, but the history of BTC has been more indicative of a secular growth trend than a one off bubble that every here seems to infer from the last 18 months. 

 

Obviously past performance doesn't guarantee future results, but then I think the onus on you is to explain why this 80% decline is somehow different from the prior ones? 

 

Hint: It's not the Federal reserve hiking rates which happened in 2017/2018 when BTC was making new all time highs in the last cycle. 

 

[UK]

https://www.bloomberg.com/news/articles/2022-12-16/binance-faces-too-big-to-fail-worry-as-ftx-collapse-boosts-dominance?srnd=premium-europe

 

Even for those who ostensibly support CZ and his exchange, Binance’s market supremacy in the wake of FTX’s collapse doesn’t sit well in an industry that preaches decentralization. Weakness in crypto prices that followed headlines about CZ’s company this week reinforce concern that Binance has become a “too big to fail” player in a market where, unlike traditional finance, there’s no one to stop a potential failure, offer a bailout or soothe any contagion. “I don’t think Binance is trying to cause problems, but that organization is now a risk to all of us,” said Mark Lurie, the chief executive officer and co-founder of Shipyard Software, a developer of decentralized exchanges. “Anytime you have one player controlling substantial amount of volume, there’s a lot of systematic risks.” As Bankman-Fried’s FTX empire collapsed into bankruptcy and the 30-year-old former billionaire swapped a luxury penthouse for a Bahamas jail cell, Binance has increased its market share to 52.9%, its largest ever, and grown its share of derivatives trading to 67.2%, according to CryptoCompare. Binance’s dominance came up in a Senate committee hearing on FTX on Wednesday, with Tennessee Senator Bill Hagerty saying a hypothetical similar implosion by CZ’s exchange would prove “catastrophic for the cryptocurrency industry, and it would prove catastrophic to all of the consumers that utilize the industry.”

[Sweet]

17 hours ago, TwoCitiesCapital said:

 

BTC is still outperforming the S&P over a 3-year time frame and a 10-year time frame despite the 80% drawdown. 

 

Methinks you're dancing on the wrong grave or just have too short of a time horizon.

 

If the S&P is acceptable for long-term savings and protecting purchasing power, why not the asset class that's trounced it over just about every time horizon with the exception of the last 18-24 months?

 

And if you're only judging it by recent history, and not its long term history,can you really make long-term statements about it? 

Is 13 years is long term history?  
 

Most people in crypto have been in it for a few years only.  This thread is from 2017 - 5 years.

 

Who buys crypto as a store of value?
 

What I see is people buying it in the hope of making it rich.  I would buy it for that reason.

 

As a store of value, it’s supposedly an argument for crypto, but I don’t think I’ve ever seen a person actually buying for that reason.  

Is that really why you bought it?

[SharperDingaan]

Lot of good points ...

 

Bifinance. Quite a few would surmise they are close to collapse, and begging/lobbying for a bailout. We are 53% of the industry market cap! 67% of derivatives trading! we're the crypto Lehman Bro's ... bail us out - or go down with us !!!!. Thing is, Bifinance doesn't do anything special, and quite a few others do mostly the same thing.  If Bifinance weren't there anymore ... industry cap would just be lower, and their market share would simply fall on everyone else - bonus! And the derivative thing? Margin on CME derivatives is updated daily - collapse this sucker and lets play!  

 

BTC as store of value. It's occurring, but like all things - adoption is slow in the early stages. Nobody is going to put all their store into BTC, but quite a few are now experimenting with small portions. Unimaginable if you live in the US, but quite a bit different if you live in a Ukraine, Peru, DR/Haiti, South America, Africa, etc. Back in the day nobody thought of their car as a store of value (& still don't); but yesterdays 'Morgan' looks quite a bit different today! Even the Tin Lizzy, and Whisky Six has done well 

 

Wisdom of age. Undoubtedly true!, but sadly it comes with limitations. We used to have horse/buggy, then came the motor car. We used to have sail, then came steam and electric (diesel/nuke); change the underlying technology and much of the wisdom instantly becomes obsolete. However, given that collective behavior generally doesn't change much over time (wars excluded), in some things - the older you get, the smarter you get!  

 

Live and learn. 

If you also happen to make a buck or two along the way, bonus!

 

SD

Edited December 17, 2022 by SharperDingaan

[alxcii]

20 hours ago, TwoCitiesCapital said:

 

It's 13+ years in. We've gone through these 80+% drawdowns 3 separate times so far. And each time it recovers and makes new highs after bottoming significantly higher than the prior cycle. 

 

I cannot guarantee it will happen again, but the history of BTC has been more indicative of a secular growth trend than a one off bubble that every here seems to infer from the last 18 months. 

 

Obviously past performance doesn't guarantee future results, but then I think the onus on you is to explain why this 80% decline is somehow different from the prior ones? 

 

Hint: It's not the Federal reserve hiking rates which happened in 2017/2018 when BTC was making new all time highs in the last cycle. 

 

 

I admire you and @rkbabang's attempts to recalibrate the thinking of the crypto detractors on this board but I'm not sure it's a good use of your time. Like you said, it's been 13+ years now since the genesis BTC block and a ton of innovation in the space and still we are going in circles discussing the same basic things since this thread started 5 years ago. If people still think crypto will disappear soon, no amount of well reasoned thinking will change their minds now.

 

The most anti-crypto folks are the ones that are least likely to have ever actually done anything on chain. I haven't met anybody who has earnestly taken the time to play around and learn about crypto conclude that there is no value in it. Anyone can use a fiat onramp, send transactions, self custody using a browser wallet, use AMMs and on chain order books, borrow and lend, trade on an NFT marketplace, contrast slow but high security chains like BTC vs interoperability focused ecosystems like Cosmos vs fast monolithic ecosystems like Solana - all this for less than the cost of a grande americano in gas fees. But it's still easier to conjure up their inner Charlie, denounce it rat poison and call it a day.

 

There are so many brilliant thinkers on this forum, I often wonder what kind of alpha we could have uncovered if we actually got people intellectually honest about crypto. With all of our brainpower could have discovered broken mechanisms like UST and shorted it before the depeg. We could be discussing what color Ferraris to buy, but instead we are bickering about silly things like whether permissionless open networks that enable digital scarcity and new ways for human to coordinate have any "intrinsic" value.

 

[Dave86ch]

20 hours ago, Sweet said:

Is 13 years is long term history?  
 

Most people in crypto have been in it for a few years only.  This thread is from 2017 - 5 years.

 

Who buys crypto as a store of value?
 

What I see is people buying it in the hope of making it rich.  I would buy it for that reason.

 

As a store of value, it’s supposedly an argument for crypto, but I don’t think I’ve ever seen a person actually buying for that reason.  

Is that really why you bought it?

 

Most of people has the same attitude towards stock investing, it's simple because humans are greedy, this doesnt imply a lack of ingenuity and wealth creation overtime.

You are going to see, what you are focus on.

For that reason investing in my opinion is intellectually risky, too much focus on price charts and too little about what is behind it.

Edited December 18, 2022 by Dave86ch

[TwoCitiesCapital]

https://www.wsj.com/articles/if-grayscales-bitcoin-etf-dreams-fail-firm-may-try-a-tender-offer-ceo-says-11671428078

 

Would love to see a tender of the SEC allows it. 

 

Sell the underlying BTC and buyback shares to allow NAV-gap closure by tendering @ NAV or offering a discount to NAV that is still sufficiently higher than the current price.

 

Either way they execute, I'm happy as an owner as long as the SEC approves. 

[Dinar]

It is not in the management's interest to do a tender offer or to give people an option to redeem via ETF.

[TwoCitiesCapital]

4 hours ago, Dinar said:

It is not in the management's interest to do a tender offer or to give people an option to redeem via ETF.

 

If they're as short-sighted as you seem to give them credit for, I agree. 

 

But in the long-run, they'll benefit enormously from being able to collect additional assets again instead of sitting on static trusts and dwindling fee revenue. The best way to do this is to demonstrate a commitment to liquidity at/near NAV. 

[ValueArb]

21 hours ago, TwoCitiesCapital said:

https://www.wsj.com/articles/if-grayscales-bitcoin-etf-dreams-fail-firm-may-try-a-tender-offer-ceo-says-11671428078

 

Would love to see a tender of the SEC allows it. 

 

Sell the underlying BTC and buyback shares to allow NAV-gap closure by tendering @ NAV or offering a discount to NAV that is still sufficiently higher than the current price.

 

Either way they execute, I'm happy as an owner as long as the SEC approves. 

 

There is a free $4B for the taking if they tender enough to bring GBTC up to NAV. The question isn't why they haven't done it already, the real question is why haven't they announced they are closing GBTC and everyone is getting bought out at the current $8 price? That's a free $4B for the promoters, unless their books aren't quite correct.

 

I had a straddle on the bitcoin miner MARA last year, I read their 10k and saw so many red flags this is clearly a scam so I bought $7.50 PUTs. Then I built a model of their revenues were they to complete their buildout over the next 2 years as they proposed they'd have an easy $200M a year in highly profitable revenue, so I bought $45 calls thinking I don't know what is going to happen but it's definitely going in one direction or the other. 

 

Today MARA is at $3.80. Alas my options expired worthless in january and I stopped looking at it until today. I was shocked to see revenues in most recent quarter dropped YOY from $51M to $13M. It wasn't just the drop in BTC price, but also the mining rewards getting halved. And even worse, their hosting and electricity costs were $14M last quarter, so they lost money on mining before $12M in G&A and other costs!

 

The one thing I hated about how they ran their business was how they never sold any of the BTC they mined and not only that they borrowed to buy more. Their business value is entirely correlated to BTC pricing and they doubled down with leverage on that. Well today they are hemorraging cash, running low on BTC and cash and drowning in debt. They look like just a few quarters away from Chapter 11.

 

I imagine we'll see quite a few miners folding up tents soon, basically the leveraged ones, clearing out space for those who managed their balance sheets conservatively.

Edited December 21, 2022 by ValueArb

[rkbabang]

On 12/17/2022 at 2:32 PM, alxcii said:

 

I admire you and @rkbabang's attempts to recalibrate the thinking of the crypto detractors on this board but I'm not sure it's a good use of your time. Like you said, it's been 13+ years now since the genesis BTC block and a ton of innovation in the space and still we are going in circles discussing the same basic things since this thread started 5 years ago. If people still think crypto will disappear soon, no amount of well reasoned thinking will change their minds now.

 

The most anti-crypto folks are the ones that are least likely to have ever actually done anything on chain. I haven't met anybody who has earnestly taken the time to play around and learn about crypto conclude that there is no value in it. Anyone can use a fiat onramp, send transactions, self custody using a browser wallet, use AMMs and on chain order books, borrow and lend, trade on an NFT marketplace, contrast slow but high security chains like BTC vs interoperability focused ecosystems like Cosmos vs fast monolithic ecosystems like Solana - all this for less than the cost of a grande americano in gas fees. But it's still easier to conjure up their inner Charlie, denounce it rat poison and call it a day.

 

There are so many brilliant thinkers on this forum, I often wonder what kind of alpha we could have uncovered if we actually got people intellectually honest about crypto. With all of our brainpower could have discovered broken mechanisms like UST and shorted it before the depeg. We could be discussing what color Ferraris to buy, but instead we are bickering about silly things like whether permissionless open networks that enable digital scarcity and new ways for human to coordinate have any "intrinsic" value.

 

 

Thanks alxcii,  I agree, the unwillingness by some to understand crypto is almost like they deliberately are trying not to understand it.  I tried at some point a few years ago to add a topic in the "investments" area of this board called BTC - Bitcoin and it was deleted and the few messages in it were appended to this topic here.  No one on this board wants to discuss an individual crypto currency as an investment, they just want to throw them all together as a single topic where it can all be dismissed as "rat poison" as the seer says.

Edited December 21, 2022 by rkbabang

[ValueArb]

On 12/16/2022 at 10:36 AM, TwoCitiesCapital said:

 

BTC is still outperforming the S&P over a 3-year time frame and a 10-year time frame despite the 80% drawdown. 

 

Methinks you're dancing on the wrong grave or just have too short of a time horizon.

 

If the S&P is acceptable for long-term savings and protecting purchasing power, why not the asset class that's trounced it over just about every time horizon with the exception of the last 18-24 months?

 

And if you're only judging it by recent history, and not it's long term history,can you really make long-term statements about it? 

 

In the last 13 years S&P annual earnings have grown from $70 to $193, and dividends from 90 cents to $3.32.

 

Over the same time period Bitcoins annual earnings have gone from zero to zero, and dividends from zero to zero.

 

 

[jfan]

2 hours ago, ValueArb said:

 

US farmland  has produced infinitely higher cash flows than crypto over any period you can measure. And in the long run the market weighs cash flows.

 

6 hours ago, ValueArb said:

 

In the last 13 years S&P annual earnings have grown from $70 to $193, and dividends from 90 cents to $3.32.

 

Over the same time period Bitcoins annual earnings have gone from zero to zero, and dividends from zero to zero.

 

 

 

The problem I see that prevents having a rational discussion on this topic are the following:

1) Entrenched worldviews that are biased towards one's own context and experience

2) The intense emotions this debate engenders and the unwillingness to try to steel man your own arguments 

3) The lack of data presentation from good information sources (ie not headline media)

4) The challenge of agreeing on what we are debating (philosophy vs technology vs macroeconomics).

 

The resolution of these matters will eventually occur but everyone has to wait.

 

There are a few general themes that I see might be relevant:

1) This is an early? late start venture capital/technology bet that may have various possible use cases (store of value, medium of exchange, fixed issuance, decentralized currency, etc) (at least as it pertains to BTC). This is not something that traditional value investing along the lines of Graham, Buffett, Munger, and Watsa would do well in (if there is any value in the end).

2) What is value? (traditional DCF vs shared socio-cultural understanding [eg parent's love of their children, historical works of art and music])

3) What is useful in one society is not useful in another (eg WeChat in China vs WeChat in North America, Farmland ownership in a country with a rule of law vs a country with a dictator)

4) Cryptocurrency does not need to replace all other traditional assets. Securitization of companies was an invention of man https://en.wikipedia.org/wiki/Joint-stock_company#Early_joint-stock_companies (Here is a wiki page on early securities of companies). One has to wonder what people said of this invention when it started up. ("This is crazy. Why do you want to own a piece of paper when you can use your money to buy a piece of farmland?")

 

I built a little excel calculator after reading 

https://lemoncakesinvesting.substack.com/p/lessons-from-murray-stahl#footnote-12-45570065

 

I quite liked inverting Kelly's Criterion to look at the implied probabilities of Bitcoin's commonly touted use cases...1) Gold substitute 2) M2 money supply substitute vs A ZERO.

 

Anyways, no one has to plant absolute flagpoles on one side or the other. It's probably more important to just remain curious and open to ideas. No one has to lay down any money here. There are opportunities everywhere and elsewhere for everyone. Just have to pick stuff you are interested in.  

 

**  I do own a little bit of US and Canadian Farmland too

 

 

 

 

 

 

 

Kelly Criterion for BTC .xlsx

Edited December 22, 2022 by jfan

[Longnose]

Use it and youll see the value. people who buy BTC on an exchange for trading dont understand what BTC or any other crypto truly is. 

 

Most people just think its something to be traded.

[Parsad]

11 hours ago, rkbabang said:

 

Thanks alxcii,  I agree, the unwillingness by some to understand crypto is almost like they deliberately are trying not to understand it.  I tried at some point a few years ago to add a topic in the "investments" area of this board called BTC - Bitcoin and it was deleted and the few messages in it were appended to this topic here.  No one on this board wants to discuss an individual crypto currency as an investment, they just want to throw them all together as a single topic where it can all be dismissed as "rat poison" as the seer says.

 

Hi rkbabang,

 

1)  I've followed cryptocurrency and blockchain technology probably longer than anyone on here...since Overstock.com started accepting and buying BTC and buying up blockchain companies in 2013.  So to generalize and say there is a broad unwillingness to understand crypto is not fair.

 

2)  That's not why the post was deleted or moved.  The "Investment Ideas" Board is for stock-exchange listed stocks only.  Not for commodities, fixed income, currency, real estate, etc.  It acts as a library and research base for those listed stocks.  Many postings on there are moved to the "General Discussion" board if it does not fit that criteria.

 

Cheers!  

[SharperDingaan]

Perhaps it is time to revisit the criteria? Every one of the ticker symbols in the Investment Ideas thread is a 'store of value' (vehicle holding some wealth), no different to BTC. Today, those derivatives once derided as 'WMD', are routinely used by many on this board (ie: options). BTC derided today as 'rat poison', is the same thing - just at an earlier stage.  

 

It may also be time to add a new category: Crypto

We would suggest a separate thread for each of ETH (smart contracts), CBDC (e-CNY), NFT's (artwork, doc storage, games, etc.), and Crypto Infrastructure (Funds, Exchanges, Providers, etc.). Simply because if you wish to scale up the app ... you need to skate to where the puck is going, not where the puck currently is.

 

SD

[Castanza]

11 hours ago, Longnose said:

Use it and youll see the value. people who buy BTC on an exchange for trading dont understand what BTC or any other crypto truly is. 

 

Most people just think its something to be traded.

 

This highlights the systemic issue with crypto adoption though. People who are fans/hobbyists of specific technology often hold the view of "people just need to do more research and they will see the benefit". The majority of people will never "dig into" BTC and the behind the scenes benefits because they truly don't care. A great place to see examples of this would be on Reddit. There are subs of any topic you can think of that are full of cult followers. Go on r/water and look around. It's full of people obsessed with getting the purest water they can drink. To them it's absurd that everyone doesn't have a Hydroviv water filter in their house. "Why would people not do more research and see the benefits?!" 

 

I also think that individuals over emphasize how much average people actually care about a proper "store of value". Prior to BTC and crypto, how many people help gold? It was something like 1-5% of people owned physical gold in the US in 2017. If having a store of value was extremely important to the general populace then why wasn't that number higher? And why would anyone expect it to be higher in any meaningful manner now? There are financial accounts you can get now here you convert all of your cash to Gold held in some vault. You get a debit card and spend "gold". How many people use that? Pretty much nobody. 

 

Point being people will switch to Crypto why they are forced to by the powers at be (Central Bank crypto). Beyond that, the average person doesn't have time to think about the benefits of crypto when the reality of every day life sets in. People are too busy, too poor, and simply not interested. 

[james22]

A better mousetrap only matters to those with mice.