Oh yeah a crypto reserve made up of 75% pp coins, right as the crypto market was begging for a hit of adrenaline! Yeah no global rug pull coming from my trumpcoin himself. Good luck suckers.
I get the appeal of a decentralized currency that is not subject to any one bank or nationstate's whims, but the biggest turn off for Bitcoin (and all the other derivatives) are its loudest evangelists. It goes from looking like a currency or even a long term asset, to a scam real quick.
today, on Trump's annointed National Sales Tax Day, which points to inflation and recession the stock markets, through out the globe, are down BIGLY the US dollar is slumping bitcoin and other cryptos are also down significantly once again, Gold has proven to be a hedge, after reaching all-time high, the price has come down a bit
Golds tends to be a leading indicator. It sniffs out market volatility before almost anything, and while it moves with the money supply, it responds a lot less violently than BTC does. Over the past 10 years or so, the pattern has developed that once gold moves, BTC follows about 3-6 months later. I don't recall anyone saying BTC is a hedge against volatility. That makes no sense given BTC is one of the most volatile assets you can own. What you own BTC for is to hedge against money supply growth (which is a common response to market instability).
gold is a safe haven to go to when the stock market tanks. "stock market" volatility; that Bitcoin will do well when the stock market tanks
A big reason normie middle curvers miss out on bitcoin is their brain is only capable of comparing the current price to the blow off top all time high (rather than say, a long term moving average or 4+ year return) and seeing a "huge" drawdown Bitcoin has spent most of it's life in a 40% or more drawdown from the previous all time high, and yet it still performs better than anything else. That seeming contradiction is why most people miss out on it.
China started it during Biden, but now everyone else is buying gold uhh brics to derisk the dollar. Who would've thought (the other) Donny freaking out over debt isn't inspiring nor confidence inducing.
Honestly. I just don't care much for the volatility. I have concerns about picking the "right" Cryptocoin - so many different ones What the conversion rate between bitcoin and dogecoin and trumpcoin and what is that number based one? Where all can I spend it? How easy is it to use? What if I lose my "key" - Story of the dude losing millions cause he couldn't remember his password was wild So many unknown unknowns At this big age I prefer something stable I guess. . .or something I at least more comfortable with Rocket River
It all comes down to time preference. This is obvious when you see people like @Ubiquitin posting 6 month price snapshots. If you have a high time preference, Bitcoin is awful. If you have a low time preference, Bitcoin is unbeatable.
Any money you plan to sit on for more than 4-5 years is safest (and best performing) in Bitcoin. It's really that simple. Buying, owning, and holding Bitcoin is not as difficult as you may think. https://www.thebitcoinway.com/ The trick to remember is that Bitcoin is a commodity. It's not controlled by anyone. It has no issuer, no founder, no governor, no counter-party. There is no other digital asset that can say this about itself. Once you realize why this is important, the choice about who the "winner" is becomes self-evident. Everything is valued in USD because that is the current primary method of exchange and unit of account. The point of BTC isn't to spend it. It's to retain and accrue value. The on-ramp for buying and setting up self custody is fairly low now, but I would highly recommend a consultant service like I linked above if you're a newb. There are services to help you with security as well as on-boarding. But really it's as simple as stamping your seed phrase onto a metal plate and putting it somewhere safe. Unknown unknowns are a concern for literally everything. Once you realize that the black swan necessary to kill Bitcoin would be a civilization ending event, you stop caring so much about the 'what if' because every other asset you own would be toast too.
I don't know if I've expressed before that I actually like the concept of bitcoin/cryptocurrency. A stateless digital currency that no bank or individual can manipulate, that is free of fraud, and that allows individuals to transact without fee or tax. But I don't think Bitcoin in its current iteration achieves those goals. edit: I am both illiterate and have the memory of a gold fish. I just rehashed what I posted in the post you quoted.
If your goalpost is "digital currency with complete sovereignty" then you're going to be waiting a while. It's inevitable, but that's a fair ways off. If you ignore it in the meantime you're going to miss out on outrageous wealth accrual and preservation, because it's already pristine property in digital format.
I agree. BTC to BTC transactions should not be taxed. BTC is a poor use of medium of exchange. I would be very wealthy if this stupid narrative was never pushed. Debt(credit) is one of the most sophisticated concepts with humans. Credit is not a feature of Bitcoin, however it makes for great collateral. It is a great use as a bond and it allows anyone with an internet connection to participate.
