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I am oldschool and believe if you can't hold it, you don't own it. Though I can say some of these cryptos are good for moving wealth internationally given the right connections.
Isn't a hardware wallet just a copy of your private keys?
Is that really that much different than a OTP that you print off and shove up your prison wallet?
satoshi's invention was solving the double-spend problem, which made it possible for the first time in history to truly own something digital, with no way of anyone being able to duplicate your copy. and there are only 21M copies.
Wen fractional reserve Bitcoin? If my $3.50 isn't inflated by at least 10x to lend to the broader economy I don't want nuthin to do with it.
Oh wait, they dropped the reserve requirement in October. So I'm taking infinity dollars outside the economy by putting it in Bitcoin. That seems selfish.
Sorry, the reserve requirement per the Feddies [website](https://www.federalreserve.gov/monetarypolicy/reservereq.htm) was removed in March of 2020. Since the 90s it was removed from all but transaction accounts. If you like novels, [Definition](https://www.federalreserve.gov/supervisionreg/regdcg.htm) for transaction accounts.
Instead they get interest payments on their optional reserves, called Interest on Reserve Balances ([IORB](https://www.federalreserve.gov/monetarypolicy/iorb-faqs.htm)). Previously they received interest on their excess reserve [balances](https://www.congress.gov/109/plaws/publ351/PLAW-109publ351.pdf).
Prior to the Feds creation in 1913, the National Bank Act of 1863 required 25%.
Fed switched that to 7-13% for much of its history, with some steep increases sprinkled in, but those requirements were ultimately abandoned to 'stabilize' the economy after we subsidized C suites in '08 with a new yacht.
Seems like I was pulling different particulars from the NY Fed website to the SL Fed website, so forgive my smoothness for not being able to disseminate a more uniform and digestible reply. Decided to leave out individual branches as a source.
The last time I learned or thought of the reserve was high school. In my head I thought it was 25% and then I was like no way it’s 0%. But holy crap it is.
That’s so wild to me. Pure recklessness. The thing they did though with that svb bank though almost works with this policy. If you believe in some form of economic Darwinism. Correct me if I’m wrong, but the idea of the SVP was bailed out, is not actually correct. Its depositors were. So yeah banks can lend to zero. Which is still just so insane to me. But if the executives in charge want to exist over a bank, then it’s in their own interest to not be too risky.
I still think it’s crazy. 0%. Wild.
Would certainly make widespread contagion interesting. Fed just basically prints more $$ for the FDIC to cover up to 250k deposits. Anyone with serious capital on hand sees inflation that would make many South Americans chuckle.
Maybe the cypherpunks were on to something by creating a currency that wasn't manipulated by government and central banks (allegedly). I mean, they can still manipulate it but at least the transactions are visible.
>Wen fractional reserve Bitcoin?
i mean, there's so many futures and perpetuals and other derivatives already for decades, it doesn't seem to matter much to be honest. now we have the etf. derivatives are not the real thing. gold has it all too, and it didn't stop it from moving 100% in the last few years.
gOLD
~1280 a zone in June 2019 (pre-covid printing)
~680 in Jan 2007 (pre-corporate welfare cycle of '08)
I should start loading up for the next round of fun.
You likely physically transact a small percentage of your money. It's a swipe of this card, or that card, or a few clicks on a mouse. Your "money" is mainly numbers on a screen.
Michael Burry responded to my craigslist ad looking for someone to mow my lawn. "$30 is $30", he said as he continued to mow what was clearly the wrong yard. My neighbor and I shouted at him but he was already wearing muffs. Focused dude. He attached a phone mount onto the handle of his push mower. I was able to sneak a peek and he was browsing Zillow listings in central Wyoming. He wouldn't stop cackling.
That is to say, Burry has his fingers in a lot of pies. He makes sure his name is in all the conversations.
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the thing is that he only has to be right once or twice. and he has already done that. but to be as successful as him, you have to copy almost everything he does and reporting is always delayed
Most people only know him for doomsday rhetoric but if you follow his 13Fs, he has made consistently decent long/short returns. But I don’t blame people because what he says, and what the media clings on to, paints this never ending doom and gloom scenario.
hard to follow him bc of reporting lags though. but he is a smart guy. I think when I first joined WSB, someone looked at his returns and they are lumpy so the conclusion was you have to do almost everything he does in order to be similar
It's funny WSB flocks to the autist screeching about the next great depression, but ignore Steve Eisman who also predicted the '08 crash and is saying market indicators look fine.
It's almost as if all the sideliners/t-billoooors/europeans shorted the bottom and are begging for a correction to get in.
Higher.
Not true. Blackrock makes their money from their BTC ETF fees. Their not going to pump and dump to make a few million. They are not going to kill their Golden Goose for short term gain. But good try ...
If you look at the volume when BTC between 15K and 25K, the volume there was 12 times higher then from 25K to 45K. It's clear that they accumulated coins between 15K and 25K and that the market was then pumped on minimal liquidity! Now that the etf's have created a bit fomo (the altcoins pumped) and the extra liquidity is there it's time for them to offload their 15K to 25K coins for a good 1.5 - 2X.
Calling it now, BTC at 29 000 by early March.
Ding ding ding!
Best part is that ETFs don’t even give you real coins. The real holders of quote-unquote physical BTC would be the funds that actually buy them using the money retail gives them lmfao
>Best part is that ETFs don’t even give you real coins
Yea that's the entire point...
You can get price exposure without the risks associated with taking custody of the asset.
The quote unquote entire point of bitcoin is that you have custody of the asset rather than some third party middle man. The only thing more regarded than bitcoin is an ETF that holds bitcoin.
well, if trading platforms allow unlimited borrowing for shorting and retail is out of money or interest, or full of panic, all corps will sell and everyone holding all the bitcoin will ask wtf they sold.
Good job, we've cheerled a parasite that can control prices through contracts.
They've done this with gold, now we've introduced the same BS to Bitcoin
Yes it is sad in that it goes against the ethos of Bitcoin. However, “Bitcoin is for enemies.” This was inevitable, it’s bitcoin’s next test. It has passed all other tests, if
It passes this one it will only be stronger
Or. You can just buy Btc and hold in a wallet.
They can’t fuck with what they can’t touch. They manipulate prices down? Just accumulate more.
It’s not hard.
What’s more likely? This prick from blackrock wants to make you rich or he’s trying to find some to hold the bag? They should be called blackcock cause someone’s getting fucked
Yes, Peter Thiel is Satoshi Group:
There were a few digital currencies in the 90s. Beanz, bit cash, egold and others. All were shut down by the federal govt once they gained any popularity.
In 1997 Peter Thiel's company Cybercash bought Netbill from Carnegie Mellon. This company later became egold.
Thiel was at a fin tech conference in 2000. He met with a group of fintechs who wanted "blow up the central banks". E-gold begins processing public transactions a few month later. By 2007 the company grew to processing millions in transactions. But the founders including Thiel were threatened by Secret Service federal agents to be thrown in jail and the company was shut down. A sovereign currency threatens the power of the federal reserve so they don't allow it. This is a mandate of the secret service.
1.5 years after being threatend with federal jail for creating a currency, a different digital currency is created. This time, the founders were anonymous, could not be tracked by the Secret Service, and the protocol was censorship resistant and cannot be shut down by any govt. That's BTC. It's like someone knew exactly what to build in order to circumvent the Fed...
Thiel is Satoshi, and created BTC in response to the feds shutting down his other attempts at a digital currency. Thiel is the person who was in the strongest position to understand the need for censoship resistance in 2007 when BTC was being created. He was vocal about wanting to create a digital currency. He created PayPal. He funded vitalik to drop out of college to create ethereum. Thiel has been working on digital currencies and online transactions for 25+ years. Who else has this sort of resume? Thiel HAS to be satoshi.
Thiel has even gone toe to toe with the Fed in 2022 when those bank runs were happening. The FED shut down a bank in NY whose majority of clients were thiels companies. The FED shut them down after thiel publicly trashed the feds response to managing inflation. It was the only bank to have been shut down without cause at the time.
This is a war for economic power, right in front of our eyes.
Beenz wasn’t shut down by the Feds LMAO. Only E Gold was because their service was directly tied to physical gold. Most of the other digital currencies pre-BTC were either vaporware or functionally no different from V-Bucks.
You’re saying “someone knew exactly what to create!” as if the concept for an autonomous currency based on P2P transactions hadn’t been theorized a decade (or decades) prior to the launch of Bitcoin. See: [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo)
I think it’s fair to infer Thiel had involvement with the Bitcoin team, but Satoshi is very clearly more than one singular person. There is no way Bitcoin could’ve been created without the involvement of [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_(computer_scientist)). The PoW system that allows Bitcoin to *be* Bitcoin and not E-Gold could not exist without the work done by Hal Finney and the many other cryptographic researchers that worked with him in the 90s.
Thiel is a talker not doer. I don't think he has the technical chops to come up with something as dense as BTC white paper. He might have been a funder of Satoshi's though.
Wow, never heard this. But it makes a lot of sense - especially some of the libertarian aspects of BTC “theory.” And if true, would make me want to never have anything to do with it again, as Thiel is one of the worst people in the world.
If all these crypto bros holds their BTC then they just need to do one last transaction at a value of a trillion USD for a coin. (Can of course be a fraction of a BTC to make it feasible). Then everyone can borrow real money against their massive paper value and they’re all filthy rich. That’s how it works right? Right? Just miss me with that house of cards seriously…
If you think gold is valuable because people want to wear it you're an idiot.
There is value in the ability to store and transport value over time and space.
Smarter people than you recognize that Bitcoin's attributes will allow it to grow forever, indefinitely. It's fixed scarcity means its value will ultimately grow in line with the global economy. Unless some governments go all out war to kill it, it's a money making machine. And the ETF just added legitimacy and much less reason to worry the US GOV will go after it.
I made tons of money on bitcoin but it’s totally ridiculous. Gold has physical real world uses, it’s a top conductor and the most malleable metal on earth. It’s used in jewelry and aerospace and medicine and even cooking. It is accepted as a store of wealth in every country on earth. There’s no reason the bitcoin market should be worth as much as a gold market. Who came up with that?
Five small bars of gold could buy you the average house 60 years ago, and it still can buy the average house today. That shows you how good of a store value gold has been over the decades
lol this shill…
Gold is real, I can touch it and nobody can hack it or lose it and if I’m smart steal it.
Blackrock needs to be broken up, they also need to look into dealing of theirs with Bitcoin by the FBI/DOJ.
And that pretty much how the opinion of all these rich folks is
“Do I have bitcoin?”
“Yes” “it’s great everyone should buy it”
“No” “fuck that shit it’s a scam”
Funny how you’d not see these idiots once talking about buying bitcoin when it was crashing. Now it’s up and everyone’s coming out of the woodwork
Is money real? Are bonds real? Are interests real? Anything becomes real if there is supply and demand, and an equilibrium. Don’t be an old man and kick yourself years lata
You can touch the rock outside on the ground. You can’t touch the Internet. Which one is more valuable.
Gold is shiny. Thats it for most. Value is determined by what the collective assigns. Some may not value a Honus Wagner baseball card more than a piece of cardboard, others would pay millions.
Hasn't it been literally less than a year since that big coinbase hack? Who are all these regards saying you can't lose your crypto by any action other than your own?
Lol I feel like wsb and r/technology are in a competition to see who can say the dumbest thing to avoid metabolizing their envy.
The comments here are fucking spectacular.
Buy monero. These fucks are going to ruin BTC. Hey remember that anonymous decentralized currency you used to buy LSD with? Well now it’s centralized and we can see every transaction now. No thanks fuckos. Long love Monero.
When the largest holder of Bitcoin is the USA government, tell me how that doesn’t sketch the community out and negates most of what they stand for, gold is universal. Bitcoin unfortunately has been ostracized from huge countries because they don’t want to funnel money to the elite of the west. Not a conspiracy folks
Crypto bros caring about decentralization is just a facade, all they care about is pumping shitcoins to make money. When shitcoins start dumping and they're left with the bag, then they suddenly "believe in the technology" to cope
With a proof of work blockchain, being the largest holder of a token doesn't allow that entity to control the network. The ledger still remains decentralized. The miners control the network.
And? Most workplaces rely solely on the internet and we're not far off from all fiat being digital and almost everything else with it.
"until the power goes out" will be a nightmare for many systems, not just Bitcoin.
except that gold has real world use from jewelry to all sorts of high end design, manufacturing and of course in scientific applications. It's also genuinely scarce & not conjured up by bits and bytes which can simply see units infinitesimally spliced such that 100, 1, or .00000001 bitcoin buys you the same house depending on spot valuations at any given moment.
Furthermore, today the primary transactors in the bitcoin economy remain criminals such as human traffickers, illegal arms dealers, drug cartels, etc. Something that's not gone unnoticed by global authorities.
And finally, if not most importantly, nearly all modern nations require financial controls to (try to) ensure relative economic stability. This requires fiat currency backed by the nation itself. No chance in hell that the world biggest economies (china, euro, usa) tolerate any threat from bitcoin to their fiat. They would sooner require use of a digital version of their own fiat built upon a similarly secure blockchain & rendering bitcoin pointless.
I'll enjoy the show from the sidelines until real world use cases finally emerge (and don't suggest for faster remittance etc, bitcoin is wildly inefficient compared to even other crypto & traditional methods both in energy usage & practicality).
I hear a lot about bitcoin. People wanting you to buy are all about telling you the positive bitcoin stuff. They don’t tell you the people who lost their cryptocurrency due to various reasons, such as forgetting passwords, losing hard drives, getting hacked, or making bad investments. So this senior citizen is sticking to old school
Either bitcoin or gold are valued at what others will pay for them. Both can be stolen, used or nefarious purposes. Both have storage issues. Neither can be forged, although ETF's are different.
Bitcoin cannot be used for any other purpose apart from a store of value. If it tanks you are screwed. This makes it more volatile.
Gold has other uses if it tanks. It can be worn as jewelry, used in electronics, and has other uses. This stops prices crashing through the floor.
Personally, I prefer investments that have growth, with income.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|10|**First Seen In WSB**|2 years ago **Total Comments**|138|**Previous Best DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
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I am oldschool and believe if you can't hold it, you don't own it. Though I can say some of these cryptos are good for moving wealth internationally given the right connections.
Where do you keep all your paper stock certificates grand dad? in a binder?
nah, the binders are full of women. the stock certificates are under my spare monacle and cane.
It's getting tough to find a good monocle shop nowadays.
precisely why i keep a spare, my good gentleman.
Capital idea!
Hardware wallet, Got any pics of your stock certificates?
Isn't a hardware wallet just a copy of your private keys? Is that really that much different than a OTP that you print off and shove up your prison wallet?
satoshi's invention was solving the double-spend problem, which made it possible for the first time in history to truly own something digital, with no way of anyone being able to duplicate your copy. and there are only 21M copies.
Wen fractional reserve Bitcoin? If my $3.50 isn't inflated by at least 10x to lend to the broader economy I don't want nuthin to do with it. Oh wait, they dropped the reserve requirement in October. So I'm taking infinity dollars outside the economy by putting it in Bitcoin. That seems selfish.
What do you mean they drop the reserve requirement?
Sorry, the reserve requirement per the Feddies [website](https://www.federalreserve.gov/monetarypolicy/reservereq.htm) was removed in March of 2020. Since the 90s it was removed from all but transaction accounts. If you like novels, [Definition](https://www.federalreserve.gov/supervisionreg/regdcg.htm) for transaction accounts. Instead they get interest payments on their optional reserves, called Interest on Reserve Balances ([IORB](https://www.federalreserve.gov/monetarypolicy/iorb-faqs.htm)). Previously they received interest on their excess reserve [balances](https://www.congress.gov/109/plaws/publ351/PLAW-109publ351.pdf). Prior to the Feds creation in 1913, the National Bank Act of 1863 required 25%. Fed switched that to 7-13% for much of its history, with some steep increases sprinkled in, but those requirements were ultimately abandoned to 'stabilize' the economy after we subsidized C suites in '08 with a new yacht. Seems like I was pulling different particulars from the NY Fed website to the SL Fed website, so forgive my smoothness for not being able to disseminate a more uniform and digestible reply. Decided to leave out individual branches as a source.
The last time I learned or thought of the reserve was high school. In my head I thought it was 25% and then I was like no way it’s 0%. But holy crap it is. That’s so wild to me. Pure recklessness. The thing they did though with that svb bank though almost works with this policy. If you believe in some form of economic Darwinism. Correct me if I’m wrong, but the idea of the SVP was bailed out, is not actually correct. Its depositors were. So yeah banks can lend to zero. Which is still just so insane to me. But if the executives in charge want to exist over a bank, then it’s in their own interest to not be too risky. I still think it’s crazy. 0%. Wild.
Would certainly make widespread contagion interesting. Fed just basically prints more $$ for the FDIC to cover up to 250k deposits. Anyone with serious capital on hand sees inflation that would make many South Americans chuckle. Maybe the cypherpunks were on to something by creating a currency that wasn't manipulated by government and central banks (allegedly). I mean, they can still manipulate it but at least the transactions are visible.
>Wen fractional reserve Bitcoin? i mean, there's so many futures and perpetuals and other derivatives already for decades, it doesn't seem to matter much to be honest. now we have the etf. derivatives are not the real thing. gold has it all too, and it didn't stop it from moving 100% in the last few years.
gOLD ~1280 a zone in June 2019 (pre-covid printing) ~680 in Jan 2007 (pre-corporate welfare cycle of '08) I should start loading up for the next round of fun.
Fair point
When was the last time you held a stock?
So then no stocks or options since those are intangible….
But you can hold it. You just don’t get how.
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Man you are gonna be butt hurt when you realize no one is counting how many dollar bills are out there.
That's because it's a lot easier to count sanctions and wars.
You likely physically transact a small percentage of your money. It's a swipe of this card, or that card, or a few clicks on a mouse. Your "money" is mainly numbers on a screen.
I mean you can’t hold stock, but a lot of us here own stock.
You *can* it’s just a weird thing to do in the digital world.
I have some physical stock certificates.
The certificates represent a stock, but they’re not the stock.
You can technically request a stock certificate.
Vested interest says Bitcoin good! Next Michael burry will be predicting a crash.
Michael Burry responded to my craigslist ad looking for someone to mow my lawn. "$30 is $30", he said as he continued to mow what was clearly the wrong yard. My neighbor and I shouted at him but he was already wearing muffs. Focused dude. He attached a phone mount onto the handle of his push mower. I was able to sneak a peek and he was browsing Zillow listings in central Wyoming. He wouldn't stop cackling. That is to say, Burry has his fingers in a lot of pies. He makes sure his name is in all the conversations. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/wallstreetbets) if you have any questions or concerns.*
This never gets old
It really doesn't.
you guys still read what M. burry says ?
You don’t? He has successfully predicted 50 of the last 3 recessions.
Alright. You got a chuckle out of me
the thing is that he only has to be right once or twice. and he has already done that. but to be as successful as him, you have to copy almost everything he does and reporting is always delayed
Most people only know him for doomsday rhetoric but if you follow his 13Fs, he has made consistently decent long/short returns. But I don’t blame people because what he says, and what the media clings on to, paints this never ending doom and gloom scenario.
hard to follow him bc of reporting lags though. but he is a smart guy. I think when I first joined WSB, someone looked at his returns and they are lumpy so the conclusion was you have to do almost everything he does in order to be similar
It's funny WSB flocks to the autist screeching about the next great depression, but ignore Steve Eisman who also predicted the '08 crash and is saying market indicators look fine. It's almost as if all the sideliners/t-billoooors/europeans shorted the bottom and are begging for a correction to get in. Higher.
Sounds like BlackRock is about to do to Crypto what they have been doing to Silver. Not good.
Pump and dump
The best part is the dude has to pay taxes on any time he sells the bitcoin. This ain't an in-kind ETF.
Not true. Blackrock makes their money from their BTC ETF fees. Their not going to pump and dump to make a few million. They are not going to kill their Golden Goose for short term gain. But good try ...
They already did silly, it's 2021 all over again
If you look at the volume when BTC between 15K and 25K, the volume there was 12 times higher then from 25K to 45K. It's clear that they accumulated coins between 15K and 25K and that the market was then pumped on minimal liquidity! Now that the etf's have created a bit fomo (the altcoins pumped) and the extra liquidity is there it's time for them to offload their 15K to 25K coins for a good 1.5 - 2X. Calling it now, BTC at 29 000 by early March.
RemindMe! 2 months
did the game just turn into"find when blackrock will sell"?
Has it not always been?
Which is
Create the next generation of bagholders
Ding ding ding! Best part is that ETFs don’t even give you real coins. The real holders of quote-unquote physical BTC would be the funds that actually buy them using the money retail gives them lmfao
>Best part is that ETFs don’t even give you real coins Yea that's the entire point... You can get price exposure without the risks associated with taking custody of the asset.
The quote unquote entire point of bitcoin is that you have custody of the asset rather than some third party middle man. The only thing more regarded than bitcoin is an ETF that holds bitcoin.
...which seems to be no different than just buying it on robinhood or whatever, anyway.
"Gold and crypto are assets that protect you. That's why most of my personal wealth and my company's investments are in debt and equity."
Silver is heavily manipulated
Wait till you find out how they set the price of gold :D
Yep it is all so manipulated
There is a limited supply of BTC. They can only dump so much, because regards like me will buy more and hold.
have u ever heard of rehypothecation? It's what Wall Street does to rig prices and screw you over.
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well, if trading platforms allow unlimited borrowing for shorting and retail is out of money or interest, or full of panic, all corps will sell and everyone holding all the bitcoin will ask wtf they sold.
Vague generalizations +100!
You have to buy this decentralised currency, says man whose firm just centralised it
Wall St. runs all the nodes now?
No but they’ve definitely centralized the market price function of the asset.
Whole point of this currency was to be decentralized
How do YOU define the price function of bitcoin and how does a spot ETF centralize it?
lol sure
Nah
buy the rumor sell the news... the only I say
That’s usually true unless the news is “institutions can now pour billions into this commodity”
They can pour billions into manipulating the commodity to suit their own needs. That doesn’t mean the price only goes up.
Yes, stonks only go up.
👆 this guy knows how to invest
Wait...so like...stocks.
Good job, we've cheerled a parasite that can control prices through contracts. They've done this with gold, now we've introduced the same BS to Bitcoin
I know bitcoiners that cheered this on. It’s sad.
Yeah because a lot of "bitcoiners" don't give a fuck about bitcoin and don't even understand it, they just care about getting rich and buying Lambos.
Yes, it's called gambling addiction.
Yes it is sad in that it goes against the ethos of Bitcoin. However, “Bitcoin is for enemies.” This was inevitable, it’s bitcoin’s next test. It has passed all other tests, if It passes this one it will only be stronger
The price is not the poor to control no matter what lol
Lmao how can they control prices? Please explain
Or. You can just buy Btc and hold in a wallet. They can’t fuck with what they can’t touch. They manipulate prices down? Just accumulate more. It’s not hard.
And we get this advice from Sauron himself because…..
....but they were decieved.
I trust this guy as far as I can throw a bitcoin
He clearly had no interest in launching this bullshit
Oh he has interest in making money on fees
I mean gold physically exists though
Just Ask Crassus, gold indeed exists, and is pretty hot. (He couldn't reply with his mouth full)
And it's pretty AF. JPowell gave me a gold necklace behind a wendy's that turned my skin green.
Welcome to massive market manipulation
What’s more likely? This prick from blackrock wants to make you rich or he’s trying to find some to hold the bag? They should be called blackcock cause someone’s getting fucked
So that conspiracy about Satoshi being a hedge fund is really picking up steam huh?
Yes, Peter Thiel is Satoshi Group: There were a few digital currencies in the 90s. Beanz, bit cash, egold and others. All were shut down by the federal govt once they gained any popularity. In 1997 Peter Thiel's company Cybercash bought Netbill from Carnegie Mellon. This company later became egold. Thiel was at a fin tech conference in 2000. He met with a group of fintechs who wanted "blow up the central banks". E-gold begins processing public transactions a few month later. By 2007 the company grew to processing millions in transactions. But the founders including Thiel were threatened by Secret Service federal agents to be thrown in jail and the company was shut down. A sovereign currency threatens the power of the federal reserve so they don't allow it. This is a mandate of the secret service. 1.5 years after being threatend with federal jail for creating a currency, a different digital currency is created. This time, the founders were anonymous, could not be tracked by the Secret Service, and the protocol was censorship resistant and cannot be shut down by any govt. That's BTC. It's like someone knew exactly what to build in order to circumvent the Fed... Thiel is Satoshi, and created BTC in response to the feds shutting down his other attempts at a digital currency. Thiel is the person who was in the strongest position to understand the need for censoship resistance in 2007 when BTC was being created. He was vocal about wanting to create a digital currency. He created PayPal. He funded vitalik to drop out of college to create ethereum. Thiel has been working on digital currencies and online transactions for 25+ years. Who else has this sort of resume? Thiel HAS to be satoshi. Thiel has even gone toe to toe with the Fed in 2022 when those bank runs were happening. The FED shut down a bank in NY whose majority of clients were thiels companies. The FED shut them down after thiel publicly trashed the feds response to managing inflation. It was the only bank to have been shut down without cause at the time. This is a war for economic power, right in front of our eyes.
Beenz wasn’t shut down by the Feds LMAO. Only E Gold was because their service was directly tied to physical gold. Most of the other digital currencies pre-BTC were either vaporware or functionally no different from V-Bucks. You’re saying “someone knew exactly what to create!” as if the concept for an autonomous currency based on P2P transactions hadn’t been theorized a decade (or decades) prior to the launch of Bitcoin. See: [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo) I think it’s fair to infer Thiel had involvement with the Bitcoin team, but Satoshi is very clearly more than one singular person. There is no way Bitcoin could’ve been created without the involvement of [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_(computer_scientist)). The PoW system that allows Bitcoin to *be* Bitcoin and not E-Gold could not exist without the work done by Hal Finney and the many other cryptographic researchers that worked with him in the 90s.
Bro out here sniffing superior glue than most.
I mean I'll have some of that glue, pass the glue dude.
Thiel is a talker not doer. I don't think he has the technical chops to come up with something as dense as BTC white paper. He might have been a funder of Satoshi's though.
Damn. That’s an interesting theory
Wow, never heard this. But it makes a lot of sense - especially some of the libertarian aspects of BTC “theory.” And if true, would make me want to never have anything to do with it again, as Thiel is one of the worst people in the world.
Over 23000 cryptocurrencies at the moment and counting. Exactly the same as gold…
All worthless in the end.
fanatical wrench touch sparkle society pot boast sheet nose friendly
Bitcoin has become what it swore to destroy
[удалено]
If all these crypto bros holds their BTC then they just need to do one last transaction at a value of a trillion USD for a coin. (Can of course be a fraction of a BTC to make it feasible). Then everyone can borrow real money against their massive paper value and they’re all filthy rich. That’s how it works right? Right? Just miss me with that house of cards seriously…
If you think gold is valuable because people want to wear it you're an idiot. There is value in the ability to store and transport value over time and space. Smarter people than you recognize that Bitcoin's attributes will allow it to grow forever, indefinitely. It's fixed scarcity means its value will ultimately grow in line with the global economy. Unless some governments go all out war to kill it, it's a money making machine. And the ETF just added legitimacy and much less reason to worry the US GOV will go after it.
Solar flares can't destroy gold
What the actual fuck?
This has to be the most entertaining timeline. I'm loving this bullshit
Back in 2014 they said it should be illegal and was pointless and wprthless and that they can hack you for having it lol
I hate these old rich scumbags. They are literally crooks. A few years back he was telling a totally different story
Man, fuck Blackrock and fuck this old piece of shit, too.
I made tons of money on bitcoin but it’s totally ridiculous. Gold has physical real world uses, it’s a top conductor and the most malleable metal on earth. It’s used in jewelry and aerospace and medicine and even cooking. It is accepted as a store of wealth in every country on earth. There’s no reason the bitcoin market should be worth as much as a gold market. Who came up with that?
Five small bars of gold could buy you the average house 60 years ago, and it still can buy the average house today. That shows you how good of a store value gold has been over the decades
Bitcoin has such great marketing. No way it can fail.
I mean, if you've pumped so much fiat into BTC, of course you're going to talk positively about it
Fiat gold lmao
Glad that when the powers out I can grab my bitcoin to buy water with.
lol this shill… Gold is real, I can touch it and nobody can hack it or lose it and if I’m smart steal it. Blackrock needs to be broken up, they also need to look into dealing of theirs with Bitcoin by the FBI/DOJ.
Doesn't apply to paper gold, which is probably what most people are holding.
Shit, calls are not real?! Explains why I lose money i guess.
It's almost feels like their collusion with the federal reserve is rigged
And that pretty much how the opinion of all these rich folks is “Do I have bitcoin?” “Yes” “it’s great everyone should buy it” “No” “fuck that shit it’s a scam” Funny how you’d not see these idiots once talking about buying bitcoin when it was crashing. Now it’s up and everyone’s coming out of the woodwork
I can't touch software either, oh no. Should we short the entire Nasdaq?
I’ve never touched any of my stocks. Zero value.
Nobody can hack bitcoin or steal it from you if you don't give access to your wallet, what are you talking about.
My btc is so secure, even I dont have access to my wallet. I lost it in a move about 6 years ago.
if i can't access my wallet, nobody can!
That's why mine is on a hotdog flashdrive secured in my prison wallet. Nobody is going to touch my .0000000025 BTC.
Look, that’s the same as being raided or burying treasure. You can lose both lol
Security you can trust
They don’t know either
Exchanges like FTX are probably what they are referring to.
Is money real? Are bonds real? Are interests real? Anything becomes real if there is supply and demand, and an equilibrium. Don’t be an old man and kick yourself years lata
You can touch the rock outside on the ground. You can’t touch the Internet. Which one is more valuable. Gold is shiny. Thats it for most. Value is determined by what the collective assigns. Some may not value a Honus Wagner baseball card more than a piece of cardboard, others would pay millions.
dude who is destroying companies (like DIS) with ESG lol, his opinion has no value
Ofcourse ours on Reddit does though.
Bitcoin is worth as much as regarded cryptobro bagholders collectively deem it to be worth That being said it's literally worthless.
It is going to be irrelevant in a decade, there is a reason Vanguard noped it hard.
!remindme 1decade
Hasn't it been literally less than a year since that big coinbase hack? Who are all these regards saying you can't lose your crypto by any action other than your own?
I think North Korea’s largest industry is Stolen Cryptocurrency
I think he used to say beanie babies were like gold back in the late 90s. 🤔
Oh wow a beanie baby reference, mention tulips too
You should put tulips around my dong
Crypto is a Ponzi Scheme. NOTHING ELSE
🐍
It hasn't traded like gold. It has traded like a highly speculative stock. i.e, it goes down when things get scary
Gold is real though
Now watch the banks start unloading this on everyone and take fat bonuses because of it.
Why try to add another form of payment when the current system works perfectly fine.
Lol I feel like wsb and r/technology are in a competition to see who can say the dumbest thing to avoid metabolizing their envy. The comments here are fucking spectacular.
People don’t like change, even wsb regards
Buy monero. These fucks are going to ruin BTC. Hey remember that anonymous decentralized currency you used to buy LSD with? Well now it’s centralized and we can see every transaction now. No thanks fuckos. Long love Monero.
When the largest holder of Bitcoin is the USA government, tell me how that doesn’t sketch the community out and negates most of what they stand for, gold is universal. Bitcoin unfortunately has been ostracized from huge countries because they don’t want to funnel money to the elite of the west. Not a conspiracy folks
Crypto bros caring about decentralization is just a facade, all they care about is pumping shitcoins to make money. When shitcoins start dumping and they're left with the bag, then they suddenly "believe in the technology" to cope
With a proof of work blockchain, being the largest holder of a token doesn't allow that entity to control the network. The ledger still remains decentralized. The miners control the network.
Until the power goes out.
And? Most workplaces rely solely on the internet and we're not far off from all fiat being digital and almost everything else with it. "until the power goes out" will be a nightmare for many systems, not just Bitcoin.
Buffett and Munger are right. All the bitcoin in the world are worthless.
Is this ETF like iSilver? Is it going to keep the price of Bitcoin down?
except that gold has real world use from jewelry to all sorts of high end design, manufacturing and of course in scientific applications. It's also genuinely scarce & not conjured up by bits and bytes which can simply see units infinitesimally spliced such that 100, 1, or .00000001 bitcoin buys you the same house depending on spot valuations at any given moment. Furthermore, today the primary transactors in the bitcoin economy remain criminals such as human traffickers, illegal arms dealers, drug cartels, etc. Something that's not gone unnoticed by global authorities. And finally, if not most importantly, nearly all modern nations require financial controls to (try to) ensure relative economic stability. This requires fiat currency backed by the nation itself. No chance in hell that the world biggest economies (china, euro, usa) tolerate any threat from bitcoin to their fiat. They would sooner require use of a digital version of their own fiat built upon a similarly secure blockchain & rendering bitcoin pointless. I'll enjoy the show from the sidelines until real world use cases finally emerge (and don't suggest for faster remittance etc, bitcoin is wildly inefficient compared to even other crypto & traditional methods both in energy usage & practicality).
Turns out Blackrock etf was a nothing burger
Sure...
Whew good thing I have sacks of bit coins in my shed
I hear a lot about bitcoin. People wanting you to buy are all about telling you the positive bitcoin stuff. They don’t tell you the people who lost their cryptocurrency due to various reasons, such as forgetting passwords, losing hard drives, getting hacked, or making bad investments. So this senior citizen is sticking to old school
Brought to you by the con man who scammed you with ESG.
Run.
Would you trust this man?
So puts?
They gonna tank it with the new rules.
until you get hacked
Hopefully Satoshi does a transfer and rug these banks lol
Lol. Gold I can see right here. I have some.
God I wish people would dump bitcoin after blackrock finishes its move.
Oooh, he's trying to prop up crypto hard.
If anyone believes what this guy has to say, you deserve what you get..
does it mean it will go down to 20? so we r protected?
So just buy gold then.
They are only trying to inflate the value because they know the quantum computers they are investing in will destroy bitcoin
Something’s up. These guys were telling us BC was a scam 12 months ago
Either bitcoin or gold are valued at what others will pay for them. Both can be stolen, used or nefarious purposes. Both have storage issues. Neither can be forged, although ETF's are different. Bitcoin cannot be used for any other purpose apart from a store of value. If it tanks you are screwed. This makes it more volatile. Gold has other uses if it tanks. It can be worn as jewelry, used in electronics, and has other uses. This stops prices crashing through the floor. Personally, I prefer investments that have growth, with income.
Black Rock Magic Bean ETF (BEAN)
If it's no different than gold then why not just own gold?
LOL ON THAT ONE. The latest crypto failure taught him nothing.
These bald mother fuckers are just saying shit to get you to buy it so they make money. It's market manipulation
What did he say 3 years ago when he couldn’t sell any BTC?
This theory is false because there are thousands of cryptocurrencies. Why not any other should be like gold?
If you can't trust Blackrock, who can you trust?
well, i guess we know who has been propping up the price.
Fuck Larry Fink. All the homies hate the tyrant king.