S&P 500 down 38.55% YTD
- Thread starter Quincy A. Wagstaff
- Start date
Hey Wagstaff....u need to hire u a new “staff”...to “wag” your stock market stats around correctly.
Bitcoin down 34% YTD compared to 2 x 4's. Should have taken all that Bitcoin and bought some lumber futures.
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You wanna quote that source? So I can block it from all of my devices?
Try this one:
https://www.cnbc.com/2020/08/17/stock-market-futures-open-to-close-news.html
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He's using Bitcoin as the currency instead of dollars... So if Bitcoin is up 48% and the S&P is up 9%... There's your spread.
What he doesn't realize is we all compare our Bitcoin to our Zoom stock and thus Bitcoin is down 220% YTD.
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Vying to get his pic next to DAWG61 in Webster's under "insufferable"...
Gotcha. It has to be absolutely mentally exhausting to sit and run manipulative comparisons to find ways to attempt to make yourself and other people think things are terrible when they are not.
I just don’t get some people. And I never will.
As an engineer I can tell you those people are insufferable. I know this as an engineer.
You can add vegan to that list.
Could you imagine a vegan crossfitter who worked for Primerica? Dear God....
Could you imagine a vegan crossfitter who worked for Primerica? Dear God....
Tell hell with Vegans... Those CrossFit tools on Paleo are just as bad if not worse... With the added benefit of breath that smells like they chew **** like grandpa chewed Levi Garrett.
I'm sorry this post triggered everyone. I promise to only post an S&P 500 update if/when it hits a new low for the year.
The interesting thing I just learned about Bitcoin was how little of it exists. If everyone in the world added up all their Bitcoin it would not be enough market cap to make it in to the top 20 of the S&P 500 ($221 billion estimated.) PayPal has a bigger market cap.
If Bezos had not lost $60 billion in the divorce, he would have enough personal wealth to buy all the Bitcoin and some other ****. Like Ford and an Airline or two.
If Bezos had not lost $60 billion in the divorce, he would have enough personal wealth to buy all the Bitcoin and some other ****. Like Ford and an Airline or two.
That's what I thought, but apparently I hurt people's feelings. I honestly wasn't trying to.
1. "how little of it exists" ... interesting. So bitcoin is a scarce digital asset?
2. Only $221 billion market cap?
| 8/18/2019 | $185 billion |
| 8/18/2018 | $110.6 billion |
| 8/18/2017 | $68.7 billion |
| 8/18/2016 | $9.1 billion |
| 8/18/2015 | $3.1 billion |
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3. No, Bezos couldn't buy all the bitcoin, even if you give him an extra $60 billion. If he tried to buy even 1% of all bitcoin (over $2.2 billion) it would bid the price up and the market cap even further outside of his reach. 66% of all bitcoin hasn't moved in over a year. Those people aren't going to sell at the current price just because he's Jeff Bezos.
Your post is such an argument for bitcoin: It's scarce, it's grown from nothing to $221 billion in 11 years, and if a billionaire decides to buy even 1% the price will take off. I love it!
Honest questions here, what's to stop bitcoin from losing its value, i.e. what is its intrinsic value (like, e.g., gold, though I'm not suggesting the current price of gold reflects its intrinsic value)? So, what happens if blockchain technology is appropriated by big banks? Is there a law suit out there to stop them from doing that? When will bitcoin become a currency with widespread acceptance and how? Isnt its value intrinsically tied up with the dollar or whatever currency it is exchanged with? Not trying to be an *******, just trying to understand. I have a coin base account and bought litecoin back in the day and sold it when it was above $300 per, but I dont understand the appeal past speculation and what exactly are we speculating will happen?
For the advanced user:
Next level play is to tokenize bitcoin to ethereum chain using ren bridge https://bridge.renproject.io/
Then deposit the renBTC it spits out into the sbtc liquidity pool on curve.fi (currently over 1 billion usd in assets on curve).
Then sell the CRV tokens you get as interest/rewards for a nice ~100% apr right now all why keeping your bitcoin exposure.
Next level play is to tokenize bitcoin to ethereum chain using ren bridge https://bridge.renproject.io/
Then deposit the renBTC it spits out into the sbtc liquidity pool on curve.fi (currently over 1 billion usd in assets on curve).
Then sell the CRV tokens you get as interest/rewards for a nice ~100% apr right now all why keeping your bitcoin exposure.
Lot of good questions. I have thoughts.
So if intrinsic value is defined as value apart from someone else demanding it, bitcoin doesn't have intrinsic value. It is money. And money is a believe system. The USD doesn't have intrinsic value, but to the extent that people demand USD it has market value. The other side of price is supply. This is where bitcoin is far superior to the USD: bitcoin has a finite supply, fiat currencies have infinite supply.
As far as traditional banks adopting blockchain technology, I won't be surprised if that happens. It might be a technical upgrade, but the primary distinction between fiat and bitcoin will remain: monetary policy. So even if governments/central banks utilize blockchain technology, they won't give up the ability to expand the money supply, and that is why fiat currencies are losing value.
As far as adoption, it's hard to predict what that will look like in 10 years. Will it be used for payments? Maybe. It already is on a very small scale. Will it be used primarily as a store of value? That is my prediction. I think it is analogous to gold. Percentage wise, very few people own gold, but it's market cap is around $8 trillion. So bitcoin can have a pretty big market cap without the majority of people owning any. And it is a better store of value than gold: more finite, cheaper/easier to transfer/transport, more difficult to confiscate, more difficult to counterfeit, etc.
And congrats on selling litecoin at $300! It is $65 today lol.
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What do you mean by failure of fiat currency? But the answer is Yes. I would argue that we are already seeing the failure of fiat currency, even if not every fiat currency becomes the Zimbabwe dollar. Even at the Fed's 2% target inflation rate your money loses over 60% of its value over your working life. I consider that failure. But obviously it can get a lot worse. This is why bitcoin was created. As far as bitcoin's worth in various scenarios, I'm not good at price/market cap predictions. I just look at fundamentals and the attributes of good money and am convinced that bitcoin > USD.
Not arguing against anything you say. Just pointing out how little of it still exists... As much as you hear about it worldwide I figured a few trillion at least.... But...
Bitcoin is still basically a high growth high vol position and should be allocated as such. Exposure... Yep. More than single digits percentage? Nope. Tons of long-term risk.
The risks remind me a little of online/offshore gambling, as governments realize they can't control, manipulate, or print it... They will take a harder line against. I'm not sure if they can completely wipe it out, but if it becomes criminalized... It will be relegated to the shadow economy and emerging markets.... And this will kill the value.
It's also eerily similar to gold during the Depression in a lot of ways... To keep gold from being traded in the shadows and protect the currency of the United States, FDR passed the Gold Reserve Act of 1933. It became illegal for private ownership of gold. It also set the price at $35/, Oz.... Where it stayed virtually unchanged for 35 years. BTC could face a similar fate.
The decentralized nature of BTC is it's blessing and curse. What makes it attractive to some makes it a threat to governments that like to control money (Which is all of them.).
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