Let's talk about Cryptocurrencies

[Yoho]

https://twitter.com/user/status/1369111648326328320

[Table 5]

Moving forward, I don't think it's really useful to compare new assets (BTC and Tesla) against things that have been around forever. The initial years of any company/tech is where you tend to get the most dramatic gains. Yes they were fantastic investments in retrospect, but does anyone really expect Tesla's annual growth rate of 60% and BTC of almost 200% to continue over the next decade? I mean, I'm a fan of crypto and BTC, but that just seems silly. Then again, Pomp is a blatant cheerleader.

I remember when Raul Pal announced that he sold all is gold for bitcoin last year. Atleast he was open about it, and had a pretty compelling case.

[Yoho]

Moving forward, BTC will 100% continue that growth rate. Attack the messengers all you want but the data supports what they all are saying.

[Table 5]

I have my doubts, but hey, I hope you're right.

[Enoch Root]

Originally Posted by Yoho

“This space will not be a $1.7 trillion ecosystem as it is today but a multi-hundred trillion dollar ecosystem eventually. You can embrace change or fight it, but you owe it to yourself to understand it as the pace of innovation is going exponential too.”

Originally Posted by PsYcNeT

100+ trillion market cap still doesn't project 2000x growth, it only projects ~50x growth from it's current levels, there would still be a requirement that the coin's market cap expands 50+ times, and ascends in valuation another 40 times.

Originally Posted by Yoho

Moving forward, BTC will 100% continue that growth rate. Attack the messengers all you want but the data supports what they all are saying.

The entire global stock market is worth less than $100T. And that is after a really solid run-up, on top of a decade-long bull market.

Suggesting Bitcoin can maintain a 200% growth rate, even for another decade, shows that you don't understand the math of large numbers.

Suggesting Bitcoin can grow to be worth more than all of the 40,000 or so publicly traded companies in the world, COMBINED, shows that you have no concept of global markets, and we are left with no choice but to attack the messenger, because you are not a messenger, you are a cheerleader, who is indoctrinated beyond any level of sanity.

It doesn't matter how much anyone believes in what Bitcoin is, the math you are suggesting is simply impossible.

But hey, knock yourself out.

[Yoho]

Now try and get your head around a world where some of the 1-2 quadrillion in global derivatives assets like real estate start pouring into Bitcoin.

I get this is difficult to take in.

https://twitter.com/user/status/1369436959530221570

[Enoch Root]

Originally Posted by Yoho

Now try and get your head around a world where some of the 1-2 quadrillion in global derivatives assets like real estate start pouring into Bitcoin.

I get this is difficult to take in.

The derivatives market are contracts - they aren't real assets. There aren't quadrillions of dollars worth of derivatives sitting in a vault somewhere.

If Bitcoin became worth as much as you are suggesting it might, it would be worth more than all other hard assets combined. Think about that. I mean sure, I suppose anything is possible, but try to think rationally about the implications of that.

[Fuzz]

How will Bitcoin replace currency when transacting fees are $20, or much higher? Are you gonig to fill up with gas using Bitcoin? How would that make any sense to do?

[GGG]

Why doesn’t the substitution affect limit bitcoins Max price?

[GGG]

Originally Posted by Yoho

https://twitter.com/user/status/1369111648326328320

The real awesome thing about that chart is you could get 11% growth without ever trying to pick a winner.

[PsYcNeT]

Originally Posted by Fuzz

How will Bitcoin replace currency when transacting fees are $20, or much higher? Are you gonig to fill up with gas using Bitcoin? How would that make any sense to do?

This is a part that I think will go away; the Ethereum flat gas fee implementation in July and the subsequent eventual launch of ETH 2.0 means any fees associated with Crypto payments are on the vendor, not the platform.

Originally Posted by GGG

The real awesome thing about that chart is you could get 11% growth without ever trying to pick a winner.

Also lol imagine being that far up the ass of a bunch of crypto millionaires that wouldn't piss on you if you were on fire.

[Fuzz]

Originally Posted by PsYcNeT

This is a part that I think will go away; the Ethereum flat gas fee implementation in July and the subsequent eventual launch of ETH 2.0 means any fees associated with Crypto payments are on the vendor, not the platform.

Also lol imagine being that far up the ass of a bunch of crypto millionaires that wouldn't piss on you if you were on fire.

Right, I mean, it sounds like other crypto's are solving some of the fundamental problems with Bitcoin. So is this something Bitcoin can fix? Because it seems like a fatal flaw.

[PsYcNeT]

Originally Posted by Fuzz

Right, I mean, it sounds like other crypto's are solving some of the fundamental problems with Bitcoin. So is this something Bitcoin can fix? Because it seems like a fatal flaw.

Bitcoin itself is actually a really useless crypto; other tokens are outward expressions of actual blockchain work. Even BTC uses ETH to coordinate financial transactions; ETH prices having skyrocketed makes these gas fees pretty untenable at the best of times, and the flattening (and subsequent removal of miners to process those fees and the move to Staking processors) will cause those fees to get lower for all crypto transactions, including BTC.

BTC is quite literally just a currency stand-in (which imo limits it's overall value, since it's almost entirely driven by speculation), vs other cryptos like ADA, ETH, XLM, COMP, etc. which actually serve purpose and do work as a protocol. At best, BTC is just going to become another fiat currency, albeit one that is untraceable and is decentralized.

[Yoho]

Originally Posted by PsYcNeT

Bitcoin itself is actually a really useless crypto; other tokens are outward expressions of actual blockchain work. Even BTC uses ETH to coordinate financial transactions; ETH prices having skyrocketed makes these gas fees pretty untenable at the best of times, and the flattening (and subsequent removal of miners to process those fees and the move to Staking processors) will cause those fees to get lower for all crypto transactions, including BTC.

BTC is quite literally just a currency stand-in (which imo limits it's overall value, since it's almost entirely driven by speculation), vs other cryptos like ADA, ETH, XLM, COMP, etc. which actually serve purpose and do work as a protocol. At best, BTC is just going to become another fiat currency, albeit one that is untraceable and is decentralized.

Someone is butthurt and feels they missed out on generational wealth transfer and is now trying to go to the bargain bin for s### coins.

Has someone not explained to you that these are computers that receive upgrades like the planned lightening network to make a million transactions a second for incredibly cheap fees?

Trust me of all posters I want you to be pilling your money into RRSP’s it’s the other posters who have to sift thru all the uninformed miss information FUD that I worry about.

Save the “up a millionaires ass” comments it’s petty and small I use subject matter experts to back up my point your free to do the same but stick to “in my opinion”

You and others trying everything you can to make this personal.


I could be absolutely wrong on everything and I’m not afraid to admit it but everything I’m reading researching, looking at trends is information I’m sharing.

[PsYcNeT]

Originally Posted by Yoho

Someone is butthurt and feels they missed out on generational wealth transfer and is now trying to go to the bargain bin for s### coins.

Has someone not explained to you that these are computers that receive upgrades like the planned lightening network to make a million transactions a second for incredibly cheap fees?

Trust me of all posters I want you to be pilling your money into RRSP’s it’s the other posters who have to sift thru all the uninformed miss information FUD that I worry about.

Save the “up a millionaires ass” comments it’s petty and small I use subject matter experts to back up my point your free to do the same but stick to “in my opinion”

You and others trying everything you can to make this personal.


I could be absolutely wrong on everything and I’m not afraid to admit it but everything I’m reading researching, looking at trends is information I’m sharing.

Post less.

[GirlySports]

Originally Posted by Yoho

Someone is butthurt and feels they missed out on generational wealth transfer and is now trying to go to the bargain bin for s### coins.

Has someone not explained to you that these are computers that receive upgrades like the planned lightening network to make a million transactions a second for incredibly cheap fees?

Trust me of all posters I want you to be pilling your money into RRSP’s it’s the other posters who have to sift thru all the uninformed miss information FUD that I worry about.

Save the “up a millionaires ass” comments it’s petty and small I use subject matter experts to back up my point your free to do the same but stick to “in my opinion”

You and others trying everything you can to make this personal.


I could be absolutely wrong on everything and I’m not afraid to admit it but everything I’m reading researching, looking at trends is information I’m sharing.

It's OK. We'll just cash in our riches. Doge to $100!

[karl262]

Originally Posted by PsYcNeT

Bitcoin itself is actually a really useless crypto; other tokens are outward expressions of actual blockchain work. Even BTC uses ETH to coordinate financial transactions; ETH prices having skyrocketed makes these gas fees pretty untenable at the best of times, and the flattening (and subsequent removal of miners to process those fees and the move to Staking processors) will cause those fees to get lower for all crypto transactions, including BTC.

BTC is quite literally just a currency stand-in (which imo limits it's overall value, since it's almost entirely driven by speculation), vs other cryptos like ADA, ETH, XLM, COMP, etc. which actually serve purpose and do work as a protocol. At best, BTC is just going to become another fiat currency, albeit one that is untraceable and is decentralized.

Truth.

Bitcoin is super cool and a successful technology demonstrator. The absolute best of the first generation cryptos.

Sent from my SM-G973W using Tapatalk

[dino7c]

Bitcoin is to store value (gold comparisons)
Ethereum/ADA are potential everyday use coins

BTC will be the most valuable and stable though...sort term the other two are going to net larger returns though. Ether is taking off IMO

[Fuzz]

Originally Posted by dino7c

Bitcoin is to store value (gold comparisons)
Ethereum/ADA are potential everyday use coins

BTC will be the most valuable and stable though...sort term the other two are going to net larger returns though. Ether is taking off IMO

What makes it a good store though? As other currencies develop, and can actually be used to replace cash, why would Bitcoin have any remaining value? What unique property does it hold that prevents it from being abandoned when a better replacement takes over? And I'm not trying to crap on it, I just don't get it.

[Enoch Root]

Originally Posted by dino7c

Bitcoin is to store value (gold comparisons)
Ethereum/ADA are potential everyday use coins

BTC will be the most valuable and stable though...sort term the other two are going to net larger returns though. Ether is taking off IMO

The problem Bitcoin faces as a store of value (along with there being so many substitutes) is that it is vulnerable to hackers. And as such, Bitcoin will only remain as a store of value until another crypto that is safer, replaces it.

The fundamental problem with individual cryptos, is that they can be replaced by a newer and better crypto.

And while there is a 'stickiness' to the demand for those that are already being used (like Bitcoin), the problem they face is that their own success results in them becoming increasing expensive, which pushes that demand to cheaper (and better) replacements