Post
Topic
Board Bitcoin Discussion
Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
by
JayJuanGee
on 20/01/2025, 10:10:53 UTC
You live and die by what governments do now.
Yes.. governmental decisions have effects on the lives of people in a variety of ways.
I agree, but every day here in these forums there's at least a hundred posts that insist that "Bitcoin cannot be controlled by any government" LOL.

Instead of making some kind of blanket statement regarding what people think governments can do or cannot do, or proclaiming that there is some kind of a spokesperson for bitcoin, maybe you should attempt to be more specific.  

In other words, people say all kinds of shit, and some of the shit makes more sense than other shit, and it seems like if you want to argue about what governments can do or cannot do or what they try to do or not, then those kinds of assertions are going to be all over the place.

I imagine that anything connected to people can be regulated since people can be put in jail and fined.  I suppose if so many people are doing the same thing, then it becomes more difficult to stop them, which we likely know that there are scoff laws when it becomes impractical to enforce certain kinds of behaviors.

With bitcoin and crypto, there are on ramps and off ramps that can be regulated, and of course, there can be governmental attempts to regulate miners and nodes, but then since bitcoin is a world-wide phenomena, then it may well cause the movement of valid businesses to other jurisdictions which have its own cost and benefits.

When you are talking about control, then maybe you need to be more specific in regards to what you mean, and what people say (or how they insist) and whether or not what people say has any kind of legitimacy or credibility.. Remember even you say all kinds of bullshit stuff, and you hardly back anything up with actual facts and logic, and from time to time, you expect that what you are saying might carry some weight.

Do you want to argue also about what I might have said in the past and the extent to which my opinion might matter or if I might have said something within some kind of a specific context and do you want to argue about if it matters?

I doubt that folks were  really saying the kinds of things that you are proclaiming them to have said in terms of blanket statements that governments cannot do anything about bitcoin.  I know that frequently I talk about what governments may or may not attempt to do in regards to incentives, yet I doubt that there would be very many contexts in which I might say that governments cannot do certain things, yet in some ways we likely realize that bitcoin creates certain kinds of incentives, and if we talk about money printing or responsibility of governments in regards to  finances, it would seem that sound money like bitcoin contributes towards incentives in regards to the money and bitcoin's scarcity, yet even in recent times in regards to Trump there may well be all kinds of chaos that might relate to the pumping or dumping of various shitcoins and may or may not have implications on bitcoin even if many times you will hear people say things like, "I love bitcoin.  Buy my shitcoin," and those seem to be affinity scams, and affinity scams can be tough to sort through, especially while we might be in the midst of witnessing various kinds of hype and chaos around various shitcoins and/or affinity scams, including Trump seeming to contribute toward such pumping, dumping, chaos and/or hype.  It may well be too soon  to really sort through what is happening and how markets might be reacting during short time horizons.. and so we may well have quite a bit of chaos in the coming weeks.  Hopefully many of us survive through whatever ongoing chaos and hype seems to be happening, including hanging onto our coins (meaning our bitcoins, not getting involved in shitcoins.. though people do all kinds of shit) if that might be something that could be vulnerable towards us losing track of it (or losing possession of it, if we have them on exchanges, that could also be problematic to the extent that exchanges could become vulnerable through some of the high chaos periods).

Inventing "some kind of bitcoin plan" is not going to change its basic nature, which is slow and expensive by design.
If you know about bitcoin, then you figure out whether you are going to invest into it and how much.  If you choose not to invest into bitcoin, that is your choice, and it likely will have negative consequences.. but sure, I don't know the future, so it is possible that you will end up being better off by not investing into bitcoin as compared to the ones who choose to invest in bitcoin. 
Yes, maxis gonna maxi Smiley. Bitcoin is only imaginable asset than any human being should invest in right now. You're not saying that because your entire net worth is based on your Bitcoin holdings of course Smiley.

Just because you are pumping your bag does not mean that everyone else it motivated to pump their bags.  Surely over the years, bitcoin has become a higher percentage of my wealth due to both bitcoin's going up way more than other assets that I hold, and also  due to my own conversion into believing that many folks in traditional assets end up in underperforming practices when they redistribute their portfolios out of winners and into losers.. so since about 2017, I have come to a practice of largely letting my bitcoin ride rather than engaging in reallocation practices.. so in that regard, bitcoin has become a larger and larger portion of my overall networth based on bitcoin's price appreciation relative to other assets that I hold and not because I am continuing to add to it or to engage in various risky behaviors around bitcoin.  When I came to bitcoin, largely all my non-bitcoin investments could largely support me and my standard of living, which continues to be the case, yet bitcoin ended up exploding.. so in that regard, I suppose that my standard of living went up since there becomes dilemmas about having extra wealth and/or income off of the extra wealth that had built up.. so for example, if I largely came into bitcoin and expecting somewhere around similar performance of my various other assets (which had been a CAGR of around 6% per year),. and surely when I first got involved in bitcoin, bitcoin was underwater and underperforming the rest of my investments, so bitcoin was not really coming close to 6% per year (even by late 2016), yet then by the time we get to 2017 and beyond, bitcoin's CAGR had largely shot out into the stratosphere, relatively speaking..

....so then in 2021, I had considered the bitcoin CAGR to averaged out (for me) around 75%, yet my recent measurements put my own bitcoin CAGR somewhere in the ballpark of 60%.. which is still kind of outrageous and around 10x what I had expected to be acceptable of around 6%.. and so yeah, bitcoin has done pretty good relative to other places that I have held value...and so the extra wealth seems to mostly be icing on the cake, rather than anything that causes me any motivation to pump my bags and things like that.. yet surely in recent times, we have all kinds of folks, governments, insitutions, rich people.. pumping the hell out of my bags, whether I like it or not. ..   I hardly give too many shits, even though surely from time to time there can evolve some wealth management issues.. ..like for example, if a guy might have had some value that he was holding on in some location, and then the value goes shooting up 4-5x, then there could be an issue.. and I think that I had mentioned that I  had some variation  of that issue in 2020 and 2021 when suddenly I had something like 8x more value in one of my wallets, and I had to figure out a way to deal with that situation, since I had kind of forgotten about that wallet, and when BTC went from about $6,500 in late 2020 to $64k-ish in early, 2021, there were some potential issues that seemed to have sprung up quickly.  Surely guys could have similar situations today with some folks who might have had some wallets that were last looked at in 2022 when BTC prices were below $20k, and then now those wallets have close to 6x more value in there (in terms of the dollar value).

There are lobbies in all kinds of sectors.  You believe that if I own bitcoin, then I am supporting the bitcoin lobbyist through my having had bought some bitcoin?  Or are you wanting to make some other point?  Are you suggesting that I need to act in some kind of way in response to what some bitcoin lobbyists may or may not be doing?
I didn't mean to ascribe any of these sentiments directly to your actual person--if I gave that impression that was a mistake on my part. Clearly the broader community has gotten into bed with the US government now, but that's not an individual judgement.

I doubt that it is even accurate to say that the "broader" community has gotten in bed with the USA govt, even though sure there are some folks who consider potentials for less hostility towards bitcoin (and crypto) to be a good thing, yet I still find it difficult to proclaim that bitcoiners are going to be overly excited about Trump and some of his folks seeming to be involved in pumping shitcoins...so who knows what they are going to do.

I have other investments besides bitcoin.   
Wait, WHAT??
You said that investing in anything else besides Bitcoin is stupid. It's "shit" as you keep calling it, over and over and over again. Why, believing what you say you believe, would you invest in any other instrument besides Bitcoin?

You are likely mixing up my words to just make shit up.  I came to bitcoin with a whole investment portfolio of various traditional assets, and at first I aimed to get bitcoin to around 10%, but then over 2015-ish my BTC allocation ended up going up to around 13.5%, so I considered myself over allocated to bitcoin, so my overallocation to bitcoin got worse through 2017 and into present based on bitcoin's higher growth relative to other assets that I held, continue to hold and from time to time, I buy some other things that might be considered investments or just related to living.. .. so yeah, various other  investments tend to be inferior to bitcoin and they also have a kind of cash component (tied to the problems of the cash debt system), and some ways of holding other assets (such as properties) are not very liquid even though there can be some utility and practical value to have some value in inferior assets... at least, I have never shied away from having various traditional assets even though they have been inferior to bitcoin and likely going to continue to be inferior to bitcoin.

My various shitcoins have tended to be less than 1% of the size of my bitcoin value, and I largely hold various shitcoins for mere shits and giggles and perhaps to have other transacting options.. even though I don't tend to mess with any of my shitcoins, except from time to time there might be some issue regarding how I might be storing one or more than them or they might sometimes contribute towards my having to figure out some way of moving them or other management kinds of considerations regarding that mostly crap..

Are you trying to tell me that there's some kind of remote chance that Bitcoin might... not pay off as an investment? How... UNmaxi of you Smiley.

I never specifically said that, and I was not trying to tell you that.  I have frequently asserted that bitcoin's upside performance is not guaranteed, so everyone (including yours truly) should be engaged in practices in which they understand that bitcoin is not guaranteed.. and yeah, odds of bitcoin going to zero are quite low. .yet odds of bitcoin crashing 70% to 80% or even more in a short period of time are far from zero, so any of us should be financially and psychologically prepared for great levels of bitcoin volatility and even scenarios in which transactions in bitcoin might be clogged up for significant periods of time (or costing high fees, which does not exactly mean clogged up).. yet there could be various other scenarios in which it could become difficult to transact through bitcoin.. so there likely needs to be some appreciation for various extreme scenarios that could happen and whether those scenarios would be temporary or lasting should be something that any of us should have some financial and/or psychological preparation for shit that could happen... even if not too likely..

Next you'll be telling me that maybe, just maybe there's an actual valid reason why El Salvador might look at other digital currencies besides Bitcoin... We're through the looking glass now, so why not?  Cheesy

El Salvador seems to have largely been bitcoin focused, yet they have some legislation that attempts to incentivize technological innovation and also wants to attract capital, so surely sometimes ideas about shitcoins could end up being tolerated, yet that would not necessarily mean that they are promoting shitcoins. Governments get involved in a lot of various kinds of activities that promote industries and sometimes allow people to do things that they choose to do, so there can be differences in regards to what the government does or what they allow or the extent to which some governments might be considered to be overly restrictive or even friendly towards some projects and/or ideas that also might end up having some shitcoin components that are also related, whether exchanges operate or even various kinds of stable coins (like Tether) that might be alleged to be a shitcoin, even though it is also one of the avenues in which dollars might onramp and off ramp into bitcoin (or into shitcoins).