Replying to Avatar π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯)

Did you know the ratio of Paper Gold to real metal is 100 to 1? Governments are selling gold futures contracts to keep the gold price down. Most precious metal futures are cash settled, so they never have to deliver the real gold.

Since central banks have access to infinite money, they can literally print any amount of fiat and use that to depress the price of gold.

This is the same playbook they will use to depress #bitcoin’s price
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nobody 2y ago

What is the ratio of BTC to paper BTC today? I think it pretty high as well.

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π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

Probably as high as gold’s

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nobody 2y ago

We’re on the same wavelength my friend. Blackrock pushed me over the edge.

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π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

FTX created 80,000 paper #bitcoin, that’s roughly 25% of all mined #bitcoin in a year. Who knows how much Binance and other exchanges printed? πŸ€·πŸ»β€β™‚οΈ

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nobody 2y ago

So many places people can β€œbuy BTC” as well but never be able to actually take ownership. Sofi is one example. What’s the fractional reserve percentage those places are using? Do they even need to own the underlying asset? I don’t know the answer but I’m sure it’s not 1-1. Investors own the BTC price to β€œtrade”; that’s it. Confusing for many.

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nobody 2y ago

Also, we only found out about the paper BTC at FTX once the tide went out and people started withdrawing. FTX & exchanges at least allow people to own the asset if they’re lucky enough to avoid the eventual rug & run on the bank. The door narrows quickly once the bluff gets called. I’m looking at you Coinbase & BinanceπŸ‘€