Quote from: death_wish on June 20, 2022, 10:11:20 PM

Quote from: Edward Snowden

Gold is just bitcoin that can’t be sent over the internet.

Quote from: Biodom on June 28, 2022, 11:18:08 PM

Quote from: heslo on June 28, 2022, 11:04:07 PM

Quote from: Biodom on June 28, 2022, 11:01:43 PM

Almost every little 'shithead' on youtube/twitter/tradingview keeps blabbering about 10K-14K bottom.
To me it says that it won't be THAT.
My preference (and it looks like the WO on average) is that the bottom was "already", but the whole cycle is messed up so much that it is difficult to be certain.

One thing is for sure: I believe in btc as a medium of exchange much more than the 'store of value' story at this point. It could change, though.

The fact that there will only ever be 21 million makes this pretty much a forgone conclusion that over time BTC is and will be a store of value

it could be, eventually, but it does not feel this way if you consider the period since late 2017.
No value stored vs inflation whatsoever, objectively. A negative 20% (vs inflation) vs gold's +25% vs inflation, and I dislike gold.
imho, the involvement of financial institutions 'messed' bitcoin up, albeit maybe only temporarily.
If financial types could pledge bitcoin en masse (and they did), then the 'store of value' and "clean collateral" stories could be affected.

TL;DR a new 'story' for bitcoin is needed (or it could be the "old" story of the medium of exchange). The 'store of value' story is in deep hibernation for now.

LOL, you are making an inferior imitation of me ten days later. I called the below with BTC around $18k. I identified the problem, I diagnosed the cause, and I offered a solution. My superior wisdom received no appreciation from thoughtless cheerleaders who are accustomed to sneering at gold—a bad habit that I always detested. Anyone who dislikes gold is a fool: I say that as a lifelong goldbug at heart, who came to Bitcoin for the same reasons.

Now, Biodom, your complaint about Bitcoin is classic weak-hands. This is why I pointed out, as quoted below, that gold had an extreme bear market. If gold could have an extreme and irrational bear-market, in which it did not seem to be acting as a store of value, then so can Bitcoin. Bitcoin’s “story” about a store of value is fine. Only the narratives of faith-based TA astrology need to die—to begone ASAP.

I will quote myself instead of wasting time repeating myself, when I am backed up on other posts drafted and not finished.

Aside: What retard ignored the message on the “report to moderator” page, and reported a fair shot I took at Biodom’s nonsense? My post broke no forum rules, generally—let alone WO special rules. The image source was linked on Wikimedia, as seen in the archive. Not asking if a few of the staff here have exceedingly poor judgment. Asking which retard thinks it’s funny to report WO posts that don’t break any rules.

Quote from: death_wish on June 19, 2022, 02:03:35 AM

Economically, the Bitcoin narrative is dead. It is already.^* That does not mean that Bitcoin is dead (LOL), but only that savvier Bitcoiners need to get out in front of foreseeable developments—lest they be perceived as deluding themselves with a Reality Distortion Field.

Some parts of the Bitcoin economic narrative are best discarded. (I never believed in PlanB; and I always took four-year cycle theories with a grain of salt, beyond the obvious supply-side effect of the Halvings.) Others are sound in the abstract, but need concrete discussions adjusted to fit reality. For only one example, Bitcoin as a store of wealth is fundamentally sound—if and only if Bitcoin is treated as money, and we burn to the ground every foolish notion that treats Bitcoin as “like a stock”. I have been saying for years that we need to get decoupled from stocks, and coupled to PMs ASAP. (“I told you so.”) That is largely a matter of narratives, and of making the narratives fit reality rather than living in fantasyland: Bitcoin’s nature is not to be a stock. Treating a fundamentally non-stock-like thing as “like a stock” must bring disastrous results, both for individual investors and for the whole Bitcoin market!

People obviously are not generally using Bitcoin as a hedge against inflation. Because they see dollars as “money”, and Bitcoin as a stock-like thing that you trade for money. Anyone who wants to brand me overly theoretical or idealistic: I am the realistic one! Your ideas have been demolished by reality.^*

Quote from: death_wish on June 19, 2022, 03:15:38 AM

Now, I need to ask you: Do you believe in your heart of hearts that you hodl something desirable?

Quote from: death_wish on June 19, 2022, 09:44:44 AM

Gold had a two-decade extreme bear market. Anyone who bought gold at the wrong time had to wait an awful lot longer than four years to be not underwater. I also think that was a politically motivated economic attack, though I don’t want to get into off-topic discussion here that will derail into other matters. (I have mentioned this in some prior post, a few weeks ago... Something about gold-producing countries under international sanctions.)

Only fools declared gold dead. Smart people bought gold as low as ~$260, not so very long ago.

Quote from: death_wish on June 19, 2022, 10:18:53 AM

In gold’s extreme, extended bear market, after it started crashing, was it smart to sell at $800? $700? $600? Selling for $600 and later re-buying for $300, you could have doubled your gold holding.

...$500? $300? $260? Whoops! Selling for ~$260 (IIRC^*) would have been mindrusting gold.

Quote from: death_wish on June 19, 2022, 06:52:08 PM

I do think we can declare TA dead. Declare 200 WMA dead as a reliable Bitcoin Bottom. [...]

That’s better for Bitcoin, in the long run. Let’s stop with the juju, and refocus on long-term value fundamentals.

Quote from: death_wish on June 19, 2022, 10:11:33 PM

Do we call this “digital gold”? Well, let’s treat it as “like gold”!

Thereupon, I do NOT urge to “HODL as an act of pure faith”. No way!

Some of my recent posts have mentioned refocusing on Bitcoin’s fundamental value. In lieu of an in-depth exploration, here are a few points of cold realism, not “pure faith”:

[...substantial summary of some long-term Bitcoin value fundamentals...]

Echo... echo...

Quote from: death_wish on June 25, 2022, 06:38:04 PM

Quote from: death_wish on June 25, 2022, 03:09:38 PM

About a week ago, when Bitcoin was struggling around $18k–$19k, I showed my posts here to the shark who told me to deleverage at $35k. (Who also freaking told me not to rely on 200 WMA as a bottom—LOL.) He took a glance through WO, and told me to stop wasting my time hanging out with the weak hands here. “Why are people so scared? This is fine. The price is fine. The market is fine. Bitcoin is fine. Stop worrying.”

Quote from: LFC_Bitcoin on June 25, 2022, 04:29:48 PM

Don’t get too upset about short term price movements. 1BTC = 1BTC, if you have a time preference longer than 2 years you will be fine.

That’s the spirit! Bitcoin is fine. Only weak hands and leveraged longs will wind up in a world of hurt.