Whitney Webb on WBD recently really took me and my bitcoin optimism to a dark place. I feel like bitcoin destroys all current business models but the whole idea that somehow legacy finance can / will co-opt bitcoin is incredibly disappointing.
Also, Fred the finance boomer you had on recently also just made me mad … his apathy and entitlement … as I have learned bitcoin it feels like bitcoin is set to just expose so much about the legacy system(s) but Fred was pretty bearish outside of any value beyond ETFs.
(Also, a caveat, I only listened to WBD because nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m linked out WW on NOSTR … PM is insufferable.)
Bitcoin gonna obsolete investment advisors, investment advisors in disbelief.
lnbc10u1pjcn6s0sp5upr2md3lhmh9l92xfp0rh5ma2t9qpn8ks8z6vlc3qfgrmj2m4f2spp5a4zlu8nvym8qn65m3g8xrv2kvjylyfead52ehdwzdz29t7hfrnksdqqnp4qwh05slmksqfkgdyz2wst9fewjmah2amldg3jg2pqzqgvr723mslqxqrrsxcqzzn9qyysgqj7mx3s090wwyfwlnraqu86ytrzsd7gf07jq8h0kn3c0s3h456skq498ekvqrkn845r62dm6qxzwuzwz7grd9d44tvdmxecjvqjcqhmcqx7j37j
Watching The Miracle on 34th Street (1994) … it is sad to see what the central banks and political class have stolen from our culture and national identity over the last 3+ decades.
Fix the money, fix the world. #bitcoin
☑️ Hashrate 📈🔥🚀
Tone deaf articles like this make a mockery of people struggling to make ends meet.
(1) The measurement basket isn’t representative of real life and therefore “inflation” isn’t really 2%
(2) Even if we’re back at 2% “targets” we’re still dealing with the shock of +15% (minimum) price increases the last 3 years. We’re growing off of a much higher base.
Spare me the condescending explanation articles, WSJ. I might cancel my subscription if y’all keep this propaganda up.
https://www.wsj.com/economy/central-banking/inflation-2024-outlook-economy-98defce9
What was the number including energy, shelter, and food? I didn’t see it in this article.
WSJ: “The number [prices] went down!! [excluding all the most important things people MUST buy] by 0.1% (!!) …the Federal Reserve is victorious!”
… What a ridiculous system we live in. How corrupt and/or ignorant are our institutions …
#bitcoin
//
Prices Fell in November for the First Time Since 2020. Inflation Is Approaching Fed Target. https://www.wsj.com/economy/what-to-watch-in-fridays-spending-report-inflation-closing-in-on-feds-target-0778037d?reflink=integratedwebview_share
It might take a decade or more of institutional adoption but #bitcoin fixes this.
Yep, the ETF rug(s) will make FTX look small.
Also, to the extent someone is using Bitcoin ETFs … I am planning to recommend Fidelity. They’ve been in the game for a long-time, understand Bitcoin, and are providing their own custody solution for the ETF. To the extent one of the ETFs will “do it right” they have the longest track record in the space.
Without fail!! Thanks, for the reminder that “price (purchasing power) of Bitcoin doesn’t matter.”
Your message is always the important one…however it isn’t the only one.
This $43-45k resistance feels a lot like the $33-35k resistance a couple months back. We keep charging it and then there is a steep sell-off…who is selling and why? Also, given the frequency AND the volatility around these levels, I don’t think they’ll last long, either.
(And for the “Price doesn’t matter” peeps … it absolutely matters to the class of 2020/21 plebs who stacked our hearts out this cycle. I can get on board with that message when we’re $500k in 2025 back down to $100k in 2026/27 but for now we need the validation that bitcoin is good for our family and future via NGU)
When bitcoin inevitably humbles Elon, it will be a great victory. nostr:note1gqxnfm95f72kra86evzts7z0dnwmnx9jjh24uvs79kvz9ywpz9hq3gl5e4
Media: “this year has been crushing for [bitcoin]…”
Me: (checks stack, up 150+% YTD) “Well, that was a lie.”
There will be an ETF rug …what that looks like and who is the perpetrator, who knows. But there always are bad actors and there always are wipeouts and this wipeout will go from $500k to $100k…those who are convicted will benefit from the opportunity to stack at $100k when the fair market price of bitcoin is $10M+ (current USD purchasing power)/btc
Someone will still be able to move them, that’s the beautiful thing. Free markets work.
As soon as BlackRock takes their (hard) forked btc-derivative shitcoin business elsewhere, the mempools will clean up and bitcoiners with a long time horizon will benefit from the credibility afforded by the ETFs. NGU over time.
Everything is good for bitcoin as long as NGU structurally (at least some) every halving cycle.
NGU is measured in purchasing power, which happens to be compared to fiat since it is the most liquid money technology in use today. If bitcoin’s purchasing power does not increase over time (4+ years), it is failing in its primary value proposition - a money tech that is superior in its ability to transmit value over space (instantaneous, permissionless) and store value over time (inflation-resistant).
NGU is the only thing that matters. The only reason bitcoin matters is because NGU. All the other benefits derive from that simple function. NGU and I get to voluntarily participate in NGU and no one can stop NGU and no one can take NGU from me and my family.
If NGD (structurally), the incentives break down.
Why do Elizabeth Warren and Jamie Dimon hate me? What did I ever do to them?
Who is willing to move to the jurisdictions that don’t outlaw self-custody? That’s the key variable that dictates the time duration of the custody ban in your game theory analysis. Whether El Salvador, Qatar (??), UAE, or TEXAS (!!) somewhere else (N. Americans and Europeans might have to move to some obscure spots in order to really pressure this situation in the way you’re describing.
Also, miners in these jurisdictions must win a large share of block rewards & fees. Need everyone to get richer in these jurisdictions, not poorer, so they can withstand the economic pressures sure to be levied on them through macro policy.