WTF is now wrong, all cryptos down?

[369]

the bitcoin standard by ammous.
https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861


if this would be the case, why did it not happen in 16 years and counting? Lindy effect at play here as S curve model of adoption.
Also liquidity is becoming more fragmented outside bitcoin. So less likely for anything new to succeed.

We have by now a gazillion of these new shiny fast super hyper tangle hyperloop unlimited transaction staking blockchain projects. None of it delivers anything significant.
We are left with stablecoins (and generating yield from them, aka lending/borrowing), gambling and Bitcoin.

no you have BRICS implementing a virtual currency backed by gold and western countries implementing virtual money backed by nothing including BTC.
Guess who will win the battle ?People don't understand what it means for western countries having to pay the surplus of export from BRICS via physical gold.

 

[369]

Can you name a few of these superior tech projects your implying here?

new shiny tech is moot as its not a predictor of successful adoption by any means.
Theres countless example in adoption history having inferior tech winning.

A truly decentralized currency can only be invented once, and it has been done in the form of bitcoin.
No other project can ever replicate this decentralized organic slow growth ever, no matter what is being claimed. It would be instantly killed, coopted etc.
Its like with the wheel, it can only be invented one time only.

Next future form of money might be coming way later down the road maybe 100s of years after our time, when humans are an interplanetary species etc.

what a bunch of nonsense.

 

[369]

Price of gold in BTC.

View attachment 8677

nice chart and the main winner against BTC in next round will be silver

 

[TheCryptoAnt]

 

[thomasparra]

no you have BRICS implementing a virtual currency backed by gold and western countries implementing virtual money backed by nothing including BTC.
Guess who will win the battle ?People don't understand what it means for western countries having to pay the surplus of export from BRICS via physical gold.

According to official data, US alone holds almost 2x more gold than China and Russia combined. The West (or Europe alone) as a bloc holds way more gold reserves than Russia and China.

I am sure China and Russia have much more reserves than disclosed, besides it does not not account for individual gold ownership and we know that Asians are heavy gold holders but at the end of the day I highly doubt that the the balance is in the favor of the BRICS.

 

[cherry]

Can you name a few of these superior tech projects your implying here?

new shiny tech is moot as its not a predictor of successful adoption by any means.
Theres countless example in adoption history having inferior tech winning.

A truly decentralized currency can only be invented once, and it has been done in the form of bitcoin.
No other project can ever replicate this decentralized organic slow growth ever, no matter what is being claimed. It would be instantly killed, coopted etc.
Its like with the wheel, it can only be invented one time only.

Next future form of money might be coming way later down the road maybe 100s of years after our time, when humans are an interplanetary species etc.

Lots of them, not a few. Ethereum, Cardano, Solana, Cosmos, Monero. In fact, many shitcoins are technologically better than BTC.

Adoption is not a solid premise to call BTC a hard currency or digital gold, because a new angle or gimmick can make people drop BTC and adopt the next shiny thing.

Say Amazon starts accepting cryptocurrencies for payment. But they only accept Solana. Well a lot of Amazon buyers will then get Solana for the first time, the speculators would watch SOL moon and they'll jump on the new bandwagon. So that's one possible scenario where BTC is usurped. But it can happen in all sorts of ways.

Unlike gold, which is a natural resource found across the universe for 7 billion years*, not a piece of code written by a human that will be old fashioned like the radio in no time. BTC code already looks old and it's only been a dozen years or so. Technology is a bad platform to use as a store of value. And a store of value is not what BTC was designed to be.

Yes a truly decentralized currency can only be invented once, but that doesn't mean the BTC as the first can't be usurped. Social media can only be invented once, but where is MySpace now? Even Facebook looks vulnerable to getting surpassed by competitors these days.

*Even gold looks precarious, lab grown diamonds have caused the price of diamonds to drop in value, and there is talk of lab-grown gold coming. Something to watch out for.

 

[JackAlabama]

Lots of them, not a few. Ethereum, Cardano, Solana, Cosmos, Monero. In fact, many shitcoins are technologically better than BTC.

the market doesnt agree so far and most likely wont in the future.
You claim "technologically better" but in what areas? ex monero, all are in search of a problem and have a bad product market fit. Monero has a use case but its use case being integrated into bitcoin (lightning, fedi, cashu) etc etc.
again circling back to the layer thing akin the internet layer.

Adoption is not a solid premise to call BTC a hard currency or digital gold, because a new angle or gimmick can make people drop BTC and adopt the next shiny thing.

No, its as strong as ever. The lindy effect confirms it to stay.

Say Amazon starts accepting cryptocurrencies for payment. But they only accept Solana. Well a lot of Amazon buyers will then get Solana for the first time, the speculators would watch SOL moon and they'll jump on the new bandwagon. So that's one possible scenario where BTC is usurped. But it can happen in all sorts of ways.

they accept all kind of shitcoin (local fiat currency by cards).
But theyd be braindead to accept a non-working chain like solana.

Unlike gold, which is a natural resource found across the universe for 7 billion years*, not a piece of code written by a human that will be old fashioned like the radio in no time. BTC code already looks old and it's only been a dozen years or so. Technology is a bad platform to use as a store of value. And a store of value is not what BTC was designed to be.

its not in a digital (prison) world, in which we are moving into.

Yes a truly decentralized currency can only be invented once, but that doesn't mean the BTC as the first can't be usurped. Social media can only be invented once, but where is MySpace now? Even Facebook looks vulnerable to getting surpassed by competitors these days.

These are products. Bitcoin is the base layer of money and more akin to smtp, https and such.

*Even gold looks precarious, lab grown diamonds have caused the price of diamonds to drop in value, and there is talk of lab-grown gold coming. Something to watch out for.

diamonds are a bad thing anyway, its not good money at all it has serious shortcomings being fungible, recognizable. Debeers might disagree. They should point on durability tho, also they are not rare so much either.

 

[JackAlabama]

According to official data, US alone holds almost 2x more gold than China and Russia combined. The West (or Europe alone) as a bloc holds way more gold reserves than Russia and China.

I am sure China and Russia have much more reserves than disclosed, besides it does not not account for individual gold ownership and we know that Asians are heavy gold holders but at the end of the day I highly doubt that the the balance is in the favor of the BRICS.

View attachment 8681

we cant know if thats true at all. Theres no way to verify this.
So id say they are just bluffin.

Another use case where bitcoin shines. Its very easy for everyone to see and verify holdings. (an underappreciated use case as of today).

 

[369]

According to official data, US alone holds almost 2x more gold than China and Russia combined. The West (or Europe alone) as a bloc holds way more gold reserves than Russia and China.

I am sure China and Russia have much more reserves than disclosed, besides it does not not account for individual gold ownership and we know that Asians are heavy gold holders but at the end of the day I highly doubt that the the balance is in the favor of the BRICS.

View attachment 8681

Correct and.......
Trump already proposed selling US gold (to BRICS) for buying BTC into their reserve.
And secondly which i already mentioned western countries import way more from BRICS then they export.There is a surplus of arround 2 trillion USD per year.
Once BRICS implements the gold backed currency the west will have to pay the gap via physical gold which means
to avoid losing all their gold within 2 years to BRICS because of the export surplus of BRICS the west needs to
1.Decrease heavily import from BRICS
2.Increase the value of gold massivly (high inflation)
3.Decrease demand (strong recession)



which is going to lead to a very high inflation on commodities food and energy and a big economic recession which is a stagflation the worst of all scenarios making citizens lose wealth quickly and a killer to RE prices.

 

[cryptofriendly]

Correct and.......
Trump already proposed selling US gold (to BRICS) for buying BTC into their reserve.

First of all, I agree with you regarding the continuous transfer of gold to brics in case of the real adoption a gold backed currency by them for payments by western countries. I don't remember it clearly, but one of the analysis stated that doing so it would cause a transfer of 2% of the western countries' gold reserves yearly to the bricks, which would be not sustainable and would cause the whole system to break in the end.

But don't you contradict your own prediction (BTC dropping hard end of March), when you state that Trumps gonna sell gold and buy BTC?

Wouldn't that cause the exact opposite in the short term?

Personally, I expect a drop of 30% in btc end of March as well (128K->89K),
but only as a short term low, before heading much higher till October (>174K).

 

[JackAlabama]

Correct and.......
Trump already proposed selling US gold (to BRICS) for buying BTC into their reserve.
And secondly which i already mentioned western countries import way more from BRICS then they export.There is a surplus of arround 2 trillion USD per year.
Once BRICS implements the gold backed currency the west will have to pay the gap via physical gold which means
to avoid losing all their gold within 2 years to BRICS because of the export surplus of BRICS the west needs to
1.Decrease heavily import from BRICS
2.Increase the value of gold massivly (high inflation)
3.Decrease demand (strong recession)



which is going to lead to a very high inflation on commodities food and energy and a big economic recession which is a stagflation the worst of all scenarios making citizens lose wealth quickly and a killer to RE prices.

brics wont use a gold anything as no one trusts one another for good reason i may add.
They can only use a bitcoin based system as its holdings is easy to verify for all, with gold its just trust me bro.

 

[jorge]

did you notice that every joe called for sell the news before? It did not happen, Bitcoin did not "crash" 50%.

Peter schiff denied this, so it will happen.

yeah I see, okay, thanks.

 

[polonieth]

According to official data, US alone holds almost 2x more gold than China and Russia combined. The West (or Europe alone) as a bloc holds way more gold reserves than Russia and China.

I am sure China and Russia have much more reserves than disclosed, besides it does not not account for individual gold ownership and we know that Asians are heavy gold holders but at the end of the day I highly doubt that the the balance is in the favor of the BRICS.

View attachment 8681

Has anyone actually audited how much physical gold the USA actually has? Nobody seems to have checked.

There' 's also word the UK doesn't have as much as it claims.

 

[JackAlabama]

Has anyone actually audited how much physical gold the USA actually has? Nobody seems to have checked.

There' 's also word the UK doesn't have as much as it claims.

its hard to audit. Id say its impossible on a practical basis.

 

[cryptofriendly]

Has anyone actually audited how much physical gold the USA actually has? Nobody seems to have checked.

There' 's also word the UK doesn't have as much as it claims.

Which gold?

https://www.soundmoneydefense.org/audit-americas-gold-reserves

 

[wellington]

Looking over the most recent data (charted automatically at https://tinyurl.com/ye59aexh) this part of the cycle is run, DCA'ing is probably worthwhile though.

 

[wellington]

Ethereum

People also seem to forget ETH is now the 'bond' side of your portfolio, sure it will rise (in time) but it's a yield bearing asset with elastic supply based on demand.

So risk is no longer in ETH (sure can rise dramatically) as currency is debased by 8% PA and it tracks that with a 94% correlation but with much more x movement, but actually mad gains are in new entries (in real-tech) or in memes etc, it will never provide the same sort of growth potential, and shouldn't provide the same sort of downward potential either.

 

[wellington]

brics wont use a gold anything as no one trusts one another for good reason i may add.
They can only use a bitcoin based system as its holdings is easy to verify for all, with gold its just trust me bro.

Plus most BRIC nations can actually print BTC via their energy side...

 

[polonieth]

its hard to audit. Id say its impossible on a practical basis.

Why?

Which gold?

https://www.soundmoneydefense.org/audit-americas-gold-reserves

Yup, DOGE has a new task.

 

[JackAlabama]

Why?

how can you prove to me you own x amount of gold? I wont trust pictures, nor some "independent" big 4 company.
Basically youd need to let me fumble it as I wish, similarity to like the old man did on camera many times .