Bitcoin is a Ponzi

[karim]

Inflation started rising before energy prices spiked. And mass money printing on the Covid-scale would lead to higher interest rates, which would push up prices as it costs businesses more to borrow.

Yes, it started rising because of supply chain disruption caused by covid. Then Russia invaded Ukraine and energy prices went through the roof.

 

[Red]

Financial hawks and conservatives claim that the stimulus caused inflation. But in reality, what's causing inflation is supply chain disruption, high energy prices and companies using the opportunity to raise prices under the cover of inflation. One is a simple explanation, the other is more complex. As is most often the case, the simple answer is the one that stuck and dominates the discussion. As a result, even though the stimulus isn't the main driver of inflation, it has become politically impossible to counter the narrative that it is. Hence, for the forseeable future, every time somebody will propose a stimulus, it will get slapped down with the argument that it would cause devastating inflation as happened in 2022.

This doesn't even make sense you absolute fukking idiot. You don't know what you're talking about. Sellotape a plastic bag over your head and do us all a favour this new year. dikkhead.

 

[the bossman]

You're discounting the scale of new money that took crypto to it's new heights. That new money isn't coming back any time soon (best-case scenario) or never at all (most likely scenario). The Fed pivoting will be a slow down or stop in interest rate hikes, not near-zero rates. The internet was way more useful and mass adoption much more predictable yet it took 10+ years for Nasdaq to regain it's dot-com bubble peak.

crypto has hit "new heights" every bull run. again, even before covid. you struggle to understand this for whatever reason. it's still a small market with room to grow when compared to other financial markets. you can definitely say the covid stimulus added a lot more juice to the last bull run. regardless, the long term trend is growing. the charts easily show you this. so you can keep panicking and focusing on the short term 70% drop in a year or you can zoom out and look at the long term.

there was nothing predictable about the adoption of the Internet. there were huge skeptics in the early days. few people saw the point of using e-mail or shopping online. and if you're trying to compare this market with the Internet then there's plenty of reports that have been done on that too:

The chart above, as published in the report, compares the global adoption rate of the internet beginning in 1993 and crypto users beginning in 2014.


“Based on this comparison alone, it appears that cryptocurrency use today may even be a little ahead of the mid-to-late 1990s internet,” the bank said.

“Precise numbers aside, there is no doubt that global cryptocurrency adoption is rising, and could soon hit a hyper-inflection point.”

Wells Fargo: Cryptos Like Internet in Late '90s, Nearing 'Hyper Adoption Phase'

Wells Fargo is drawing similarities to the adoption rate of the internet calling crypto “early, but not too early.”

blockworks.co

 

[the bossman]

Completely different era's though you can't compare the 1990's to now in terms of the investing landscape, the ease of access for retail investors/traders (including for shyt like options) along with the amount of educational content/ social media hype never existed in the 1990's, nobody was buying shyt from their smart phones with these incredibly user friendly apps so naturally it took a while for things to recover with such a limited amount of participators in the markets at that time.

I'm not saying there's a guarantee for all time highs to be reached anytime soon but there's no way you can compare any historic performance for any asset to crypto given how far tech has come since any of the previous assets.

the comparison is a joke really. you couldn't find out about the Internet unless you saw it in some newspaper or magazine. Now at the swipe of a finger on your smartphone you could learn as much as you want about bitcoin with ease. not to mention the financial incentive involved which didn't exist with the Internet from the start. then the global economic uncertainty. The adoption rate is just setup to be way faster

 

[lib123]

crypto has hit "new heights" every bull run. again, even before covid. you struggle to understand this for whatever reason. it's still a small market with room to grow when compared to other financial markets. you can definitely say the covid stimulus added a lot more juice to the last bull run. regardless, the long term trend is growing. the charts easily show you this. so you can keep panicking and focusing on the short term 70% drop in a year or you can zoom out and look at the long term.

there was nothing predictable about the adoption of the Internet. there were huge skeptics in the early days. few people saw the point of using e-mail or shopping online. and if you're trying to compare this market with the Internet then there's plenty of reports that have been done on that too:

Wells Fargo: Cryptos Like Internet in Late '90s, Nearing 'Hyper Adoption Phase'

Wells Fargo is drawing similarities to the adoption rate of the internet calling crypto “early, but not too early.”

blockworks.co

You struggle to understand that crypto's rise correlated with all-time low interest rates and monetary stimulus. Do you have any evidence that crypto will thrive in a high interest-rate environment? No. Yes, there were skeptics of the early internet. But by the late 90s/early 2000s, most ordinary people understood that the internet was going mainstream even after the dot-com bubble burst. Most people are still very skeptical of crypto. And that chart is comical, there is nothing to suggest that crypto will gain widespread adoption on nearly the same scale as the internet unless the government steps in and offers central bank digital currencies. People don't lose money by adopting the internet into their everyday lives and it made their lives more convenient. Most people have lost money in crypto and it hasn't made their lives more convenient.

 

[Tres Leches]

Another year it survives next year it will go to 0 though




They will raise interest rates the entire decade

 

[ogc163]

there was nothing predictable about the adoption of the Internet. there were huge skeptics in the early days. few people saw the point of using e-mail or shopping online. and if you're trying to compare this market with the Internet then there's plenty of reports that have been done on that too:

 

[Black smoke and cac jokes]

But saying “in reality” doesn’t make something real. Inflation was caused by the following factors, in order of impact:

1. Incredibly low interest rates surpressing the cost of borrowing, causing access to cheap capital and as such, increasing the money supply, and increasing demand causing commodity and housing prices to rise perpetually for years.

- the interest rates have been incredibly low for multiple years, it is definitely not the cause of inflation.

1. The rise in commodity prices and business owners’ commitment to profitability, passing increases in COGS to consumers.

- this is what he said, companies maximizing prices to take advantage of the market we are in. Definitely contributing factor and the raise in prices do no correlate with increase in cost for any of these companies.

1. Stimulus in past few years increasing the money supply, increasing demand, also raising commodity and housing prices

- why do you keep repeating this non-economic factor, increase in supply does not always lead to increase in demand and lowers prices not increases them. Basic economy is higher demand = lower price so I don’t even know where you get your shyt from. Raising commodity prices is directly related to companies increasing the cost of their product so it’s, again, caused by corporations.

1. Disruption in supply chain lowering supply (at the consistent rate we’re used to), causing prices to go up as a result, as well as business’ commitment to revenue growth despite a lack of consistency in inventory or raw goods.

- supply chain issue, again something that was raised earlier. The last sentence sounds like a mid-level CFO trying to explain why they are greedy as fukk.

The inflation we’re facing now is because all 4 of these are happening at once. Hand-waiving stimulus’ impact like its just a scapegoat isn’t very fair imo. I think the face of inflation is the fed and monetary policy, not stimulus. Stimulus would got slapped down because it is a legitimate cause as listed above and is actually preventable.

 

[In The Zone '98]

Everyone interested should be purchasing cold storage this year. As soon as possible.

It's gonna be a great year of DCA until the bull run in 2024.

I pray we all succeed in this space and add a coma to our bank accounts when the time is right.

 

[Skooby]

Everyone interested should be purchasing cold storage this year. As soon as possible.

It's gonna be a great year of DCA until the bull run in 2024.

I pray we all succeed in this space and add a coma to our bank accounts when the time is right.

Cold storage? Like a nano ledger?

I'm not getting any more crypto, but the few I do have are in Coinbase exchange...which they say is insured.

 

[ORDER_66]

Cold storage? Like a nano ledger?

I'm not getting any more crypto, but the few I do have are in Coinbase exchange...which they say is insured.

Coinbase exchange is cool but it's something to have them stored away from any hackers or hacking... These wolves are ruthless I would do cold storage on paper if it was easy to do so... but that's just me.

 

[the bossman]

thats lib123 who introduced that comparison not me. Carry on

Happy New Years tho

 

[mannyrs13]

Cold storage? Like a nano ledger?

I'm not getting any more crypto, but the few I do have are in Coinbase exchange...which they say is insured.

yes get a nano and see if you can get an account with binance or elsewhere as well. if Coinbase goes down or has issues, you can use the alternate exchange if need be. but definitely get a nano if you have a big amount of crypto.

 

[ogc163]

 

[BushidoBrown]