Quote from: soxxx on October 30, 2019, 07:21:08 AM

Quote from: dyask on October 30, 2019, 07:12:09 AM

Quote from: soxxx on October 30, 2019, 07:06:04 AM

Quote from: JayJuanGee on October 30, 2019, 06:32:46 AM

Quote from: soxxx on October 30, 2019, 06:17:29 AM

Quote from: JayJuanGee on October 30, 2019, 04:33:36 AM

Quote from: Elwar on October 29, 2019, 09:09:37 PM

Please do not let this get out but if there is anything I fear as a capitalist, libertarian, anti government free radical is the possibility of all of the liberals and governments buying all of my bitcoins.

I wake up nightly fearing that this may happen. What if they get all of the bitcoin? Then we are all doomed and you all know it. Fiat will win. Game over.

Do not let "them" know this dark secret. It would devastate us all and they would walk away the victors. At that point I would surely need to admit that communism is the best and Karl Marx is a genius.

Governments attempting to buy all of the bitcoins remains the wetdream for anyone holding bitcoins.

There is no way that they can buy all of the bitcoins, and it would just cause the BTC price to go up exponentially and in an out of control manner.

When I have been reading about the supposed fears of the government buying all of the bitcoin as some kind of supposed meaningful threat vector, I just consider it as a kind of weak attempt at reverse psychology.

Governments are not going to buy anything that they can reasonably attempt to steal from us. So in that regard, each of us has a responsibility to take meaningful attempts at protecting both privacy and fungibility so that they do not rob us from our bitcoins in any kind of meaningful or systematic way

I agree with this but on the flip side, if Governments dont buy up Bitcoin then they can end up severely behind if other countries decided to do so.

All it will take is one country to decide that they are going to buy up all the bitcoin they possibly can, and just inflate their own currency to no end to accumulate Bitcoin.

Well, surely game theory suggests that countries will begin to do this at some point. It is just a matter of when and likely to be on the downlow.

Secretly buying up as many bitcoin as feasible and buying ALL of the bitcoin are two vastly differing scenarios.

Quote from: soxxx on October 30, 2019, 06:17:29 AM

This will force other countries to do the same.

Of course. Game theory suggests this is quite likely to happen. It's just a matter of when (and likely also a matter of bitcoin not breaking).

Quote from: soxxx on October 30, 2019, 06:17:29 AM

Now the first country to do it will be holding a lot of Bitcoin which will be a real threat to any other country who isn't accumulating Bitcoin. This first country could also then sell its Bitcoin to the other countries for their currency and could potentially enrich themselves by holding both Bitcoin and other fiat at a gain.

Agreed. All likely to happen.

Quote from: soxxx on October 30, 2019, 06:17:29 AM

This is why you must hold on for dear life, pat yourself on the back that you are investing in this perceived "risky" asset when the rest of the world is scared to do so.

Oh yeah, for sure. We are all likely way the fuck early to the game and we have been accumulating at relatively low prices, and that is part of the reason why there is NO real need for any of us to engage in irresponsible behavior by attempting to act too greedy and to put our own lil selfies in financial difficulties because we have over-leveraged into bitcoin.

In other words, bitcoin seems to remain to be such an asymmetrical bet that none of us have to kill our lil selfies in the way that we invest in order to profit stupendously on a personal level from our having had invested in bitcoin and continue to invest in bitcoin at whatever level is feasible and prudent for ourselves. In other words, mere normal, prudent and perhaps slightly aggressive (without gambling too much) levels of investment into bitcoin will likely pay off with considerable riches.

Quote from: soxxx on October 30, 2019, 06:17:29 AM

We are so lucky, Bitcoin is the endgame for all value, it is the black hole; fiat currencies have no chance against it and fiat will only be bitcoin rocket fuel. The more fiat that gets printed, the higher Bitcoin will continue to go.

No argument or elaboration from me there, except just acknowledging: Well said. Wink

I truly believe we will reach a point where ALL governments in the world will be printing off endless amounts of fiat in order to buy as much Bitcoin.......but guess what? at that point we will all know that Fiat is 100% dead (dead as in it will be a never ending hyper inflation, and all of the people of the world will finally realize that Fiat is just something that loses value, while Bitcoin will just gain value as more fiat is printed) and no one will be selling their Bitcoin for Fiat, it would be beyond stupid because the Bitcoin you sell for Fiat, might lost half of its value the next day if the government decided to print (Digitally print) off trillions more, which will push Bitcoin up to millions of dollars (5-50 million dollars). Perhaps A zillion dollar marketcap, and no im not saying this because I am delusional, I just think Bitcoin is the black hole and governments will end up printing off trillions upon trillions to get more Bitcoin, but people are not going to convert back, and of course at this point being a millionaire wont be anything special.

I would say at this point, if you hold at least .2 Bitcoin for the rest of your life, you will be living an easy life. Keep in mind to, when this does go down, governments useless fiat wont be able to pay anyone to go pursue people who have Bitcoin. No police officer, or government worker is going to want to get paid in fiat, they will want Bitcoin, which the government wont have enough of to even hold things together let alone go after Bitcoin HODLers (Arrest, confiscate, etc).

It didn't happen with gold, it won't happen with BTC. Governments might buy a chunk of BTC, but they won't create out of control fiat inflation to do so.

Thats because Gold can't be used as money (they tried and it ultimately didnt work), Bitcoin can. Gold will never be a threat to Fiat, Bitcoin is a direct treat to Fiat.

I can send Bitcoin to anyone in the world immediately, Gold cannot replicate that, ever. Just my opinion.

While I don't believe that gold has a long term future as a store of value, it really silly to claim that gold can't be used as money. It has been used for for money for thousands of years and even now it is easy to trade for any currency, it currently has value. There are forms of gold that are traded a lot faster than BTC can be transferred. While it is possible to seen bitcoin to anyone if they have the correct tools to access it and are set up for it, the transfer is far from immediate. Typically faster than a wire transfer but rarely less than an hour to get picked up by the network and get the six confirmations. Much better than a couple years ago, but not immediate.

Bitcoin isn't really even a threat to fiat currency. However in many cases it will probably be a better store of value than fiat.