The Bitcoin Standard

[philostam]

It's starting. It's probably the right move at this point (unless we want the most vulnerable of our society to starve).

But no one can tell me that handing out money at the record debt levels + record inflation will not lead to currency collapse.

That's why Bitcoin is not dead.

 

[Sidis Coruscatis]

So again, the question is: does Bitcoin have utility?

Some really good arguments here If you haven't seen this.

Not only is it a storage of value, it's a way to redistribute localized cheap electrical energy into the global market without the need for logistics.

 

[philostam]

Some really good arguments here If you haven't seen this.

Not only is it a storage of value, it's a way to redistribute localized cheap electrical energy into the global market without the need for logistics.

Of course, I watched this within 1 hour it was published lol. Peterson and Saifedean are one of my favorite writers/thinker alive.

Saifadean was even better on Lex Friedman recently. It's 4 hours long but it really gave him space to lay it all out.

 

[philostam]

Hadn’t Bitcoin gone tits up?
Oh yeah, I was another INFJ talking rubbish lol

Just one more thing: Even if Bitcoin does go tits up, I will give you no credit. You obviously didn't do research on basics concepts of economics such as supply-demand, scarcity, value theory...let alone Bitcoin. So your prediction is as good as toss of a coin.

I studied economics at university level and researched about it ever since. I am not saying I am correct, but my views are at least backed by some research and time grappling with these concepts.

You, it seems like, decided in advance in what camp you stand and don't even want to hear the other side. I went into this with no bias; in fact, my original bias was anti-Bitcoin and it remained so until few years back when I changed my mind. I was your typical inflationista, reading NYT left/woke propaganda and treating Keynes as gospel.

 

[David Nelson]

Of course, I watched this within 1 hour it was published lol. Peterson and Saifedean are one of my favorite writers/thinker alive.

Saifadean was even better on Lex Friedman recently. It's 4 hours long but it really gave him space to lay it all out.

You like Peterson?! Haha he’s nearly as right wing as Atilla the Hun. This shows the weakness of Ti in an INTP. He knows his psychology but politically he’s a fool. He talks utter tosh a lot of the time because he’s not knowledgable or probably clever enough to be a complete life guru. He’s the intellectual the people deserve.

Also, your criticising me about being skeptics of crypto shows you don’t understand Ti child with Ni. You can understand the overview of something without knowing all the details.

 

[philostam]

Lol complete bullshit. When people say this they are just too lazy to educate themselves. Or too intellectually dishonest.

You cannot grasp any important and complex topic with your Ni and 10 mins of research.

@Sidis Coruscatis has Ni as well and it looks like he came around on the topic of Bitcoin. And I'm willing to bet he had to research more than 10 mins to understand it.

 

[David Nelson]

Lol complete bullshit. When people say this they are just too lazy to educate themselves. Or too intellectually dishonest.

You cannot grasp any important and complex topic with your Ni and 10 mins of research.

INTP misunderstanding INFJ mindset. INTP good at technical details, INFJ good at overall picture.

 

[philostam]

INTP misunderstanding INFJ mindset. INTP good at technical details, INFJ good at overall picture.

No. You overestimate Ni and taken to the extreme, you seem to think Ni users don't need any schooling and rigorous intellectual practice. They can just go trough life with their intuition and will judge all things correctly.

Maybe in a primitive society, but not in ours.

 

[David Nelson]

I’m not talking about how it works technically. I don’t give a crap about that. I don’t believe in gambling, so I don’t study how to gamble. It’s a similar thing. I also don’t believe any currency dealing is 100% safe. It might be the safest at present I don’t know.

 

[David Nelson]

No. You overestimate Ni and taken to the extreme, you seem to think Ni users don't need any schooling and rigorous intellectual practice. They can just go trough life with their intuition and will judge all things correctly.

Maybe in a primitive society, but not in ours.

That’s not what I am saying at all. I read books and online info. But only topics I need to or am interested in. But info and understanding is not just linear.

 

[philostam]

I'm not talking about technical details too, but about your initial presuppositions. You seem like you didn't question those in quite a long time.

Anyway...

 

[philostam]

That’s not what I am saying at all. I read books and online info. But only topics I need to or am interested in. But info and understanding is not just linear.

OK. Not having an interest in Bitcoin is fine, but then you have to accept that your predictions have no predictive power. You're literally guessing.

You probably fitted in Bitcoin under your pre-existing framework into "rightist ideology" box so you don't think it's gonna work. Well, maybe it's your framework that's the problem, and Bitcoin will work.

 

[David Nelson]

I hadn’t ever put Bitcoin as right wing. It was just a punt based of Hayek quote in the link you posted. But currency trading does general fit in with right wing ideology.

 

[philostam]

Look...Right and left are all just labels and the goalposts are constantly shifting anyway. What was considered reasonable 30 years ago is now probably extremely radical.

I try to evaluate everyone based on their ideas, not where the fit in the right-left spectrum. I have my biases of course and my axiomatic beliefs, in this case that money printing is bad.

Just like communists can say that "real communism" hasn't been tried, I can say that we are not living in "real capitalism" ever since the establishment of central banks and money printers back in cca 1914. Who is right? The communists want something radical, and the classical liberals want to go back to try and tested ways of hard money...I tend to err more to the side of classical liberals, just based on the things I observed and read about. I happen to believe that private property, small state, free speech, hard money and free markets are the best solution to organize a society.

Not statism, central planning, soft money, high taxes, government regulation and interventions on every step, police terror, Covid passports etc.

Bitcoin is just an extension of classical liberal tradition.

 

[philostam]

When the tide goes out, we finally see who was swimming naked.

Bitcoin is being dragged down by worthless copypasta crypto ponzi businesses. Those are now getting insolvent and are triggering contagion, force-selling their pristine assets (Bitcoin). The sooner Bitcoin decouples from the rest of "crypto", the better. I am willing to stomach low prices of Bitcoin so that we can flush out all the garbage.

Looks like we are going to at least 300W MA, so cca 16k. Maybe lower, who knows. On the other hand, Bitcoin is really cheap now so we see a lot of buy volume coming in.

I've learned a lot in the past 6 months. Not about Bitcoin (which is the same as always), but about financial markets in general. Some things surprised me, but next time they won't.