Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
[One sentence cherry-picked by Jay out of a longer post, in which death_wish persuasively argued based on a gold-market analogy that Bitcoin is fine.]
I'll start out by stating that my proposition is: Fuck gold. It's a shitcoin. Stop talking about shitcoins here.
I question why you are being deliberately obtuse—why for the past week or two, you have consistently (and clumsily) tried to shoot down my gold-analogy arguments that Bitcoin is fine.
1,000x better than gold
That’s just moonboy talk. You obviously do not understand what gold is, or why anyone would buy it.
Gold is not for poor people who want to get rich: Gold is for rich people who want to stay that way, in any conceivable circumstance whatsoever.
I would not even call it a hedge: It is absolutely the most conservative, most reliable ultra-long-term store of value. Any contradiction of that would be so dumb as to fall beneath reply: Gold antedated this current civilization, it will survive this civilization’s inevitable death, and meanwhile, it is an important part of intergenerational wealth-building. A long-term holding of gold is not for those who think only on 4–10 year timelines, like adolescents or like politicians looking to the next election cycle.
I would not recommend gold to anyone a portfolio of less than $100k–$250k at the minimum—notionally right now, let’s say 10 BTC. Maybe $1 million/50 BTC. Less than that, and you are undercapitalized for acquiring nontrivial amounts. Maybe buy a few 1 oz. coins or bars, for the emotional value of holding some gold in your hands; that is not a meaningful investment in gold.
What really irritates me is the stupid anti-gold memes I sometimes see in WO/crypto-Twitter, which tend to be culturally equal on this particular point.
What is your allocation to gold?
None of your business. Except that I have already leaked enough about my finances for a good guess that I am currently a nocoiner as to gold. Zero. Before I just wrecked myself, my long-term investment plans had gold on the roadmap. Now that I am re-restarting, all plans are up in the air except rebuilding BTC. I will not even think about how to re-plan such things, until after I have >1 BTC again.
In principle, I have been a goldbug since I was a teenager. Certain species of goldbug inevitably evolve into goldbug-Bitcoiners—for example, a goldbug who is also a cypherpunk with prior knowledge of cryptography.
Here's approximately how my various allocations in various assets have changed through time (from since I got into bitcoin until present.. These are approximate.. and might even be partially (or totally) fictional.. you fucks).
LOL, stocks. With 0% allocated to gold. You hold stocks, you are allergic to gold—what are you, Jay, a Warren Buffet who happened to wander into Bitcoin?
