The Crypto Thread

[anon29622970]

[anon29622970]

[beetlejuice]

@econophile

You know how there are machines at the drug store where you can bring in your VHS tapes and transfer them to digital? I wonder if in 30 years (or sooner) current technologies will be so obsolete that you will have to do something like that to view your NFTs.

[econophile]

Today on one of the TVs in the subway, there was an ad with a picture of virtual real estate that said “This is an NFT. Scan here to buy.”

No way am I scanning a crypto QR code in the subway. I’m pretty sure that’s how you get your ape stolen.

[suzzer99]

Yeah but you get into the ultra-exclusive stolen ape club.

[anon29622970]

Do you want to hang out with Seth Green or not?

[Formula72]

@clovis8

Care to wager on the price of bitcoin in 12 months. I’ll take the over todays price you take the under?

You seem convinced this is the end. Should be easy bet.

Are you offering this to anyone or was it just RM? odds/stakes? You can pm me if you want.

[Xiaolongbao]

Crypto goes up: We tried telling you that $1m BTC is inevitable but you wouldn’t listen.

Crypto goes down: This is actually bullish long term for crypto.

I’m winning any motherfucking way. I can’t lose. Yeah, you can shoot me, but you can’t kill me

[mukdukaluk]

Definitely true of a lot of talking heads but this is also just modern discourse in so many fields. Politics, tradfi, sports etc. Nothing ever fails, nobody’s ever really wrong.

[danby]

To say “my thesis was wrong” is too painful because it requires changing your paradigm and prior beliefs.

Just like mearsheimer can’t say he is wrong.

[6ix]

@danby

To say “my thesis was wrong” is too painful because it requires changing your paradigm and prior beliefs.

what thesis is wrong now?

[Formula72]

Well that was the only sign … you get all other signs.

[beetlejuice]

@Xiaolongbao

Crypto goes up: We tried telling you that $1m BTC is inevitable but you wouldn’t listen.

Crypto goes down: This is actually bullish long term for crypto.

I’m winning any motherfucking way. I can’t lose. Yeah, you can shoot me, but you can’t kill me

[suzzer99]

[Lawnmower_Man]

Mmmm taser that’s hot.

[danby]

Some thesis:

1. bitcoin will be used as a widespread currency - it became a widespread store of value when people became hodlers.

2. bitcoin is a hedge against inflation - that turns out to be untrue when it goes -65% in an 8% inflation environment within 7 months.

3. bitcoin is a great store of value - that ends up being untrue since it is underperforming other stores of value in an asset correction downturn.

4. bitcoin’s fixed 21M supply means price always goes up - this is untrue since we see people liquidate cryptos at the first sign of trouble.

People held on to these thesis in order to rationalize a $100k or 500k bitcoin. When those ideas are no longer true, what next?

People will end up liquidating the “asset” they hold that helps them the least during a downturn.

If normal middle class person owns a house, a car, some stocks in his 401k, some crypto. What is he selling in a downturn for money?

He is liquidating crypto first, stocks or car 2nd, and house last.

[beetlejuice]

I think you do car last otherwise you can’t get into work anymore and things unspool even more quickly

[zikzak]

How can I escape the grim realities of a downturn if I don’t have some crypto to buy drugs?

[danby]

You sell house last because the sex with wife or GF will dry up very fast if you move her from a house into a rental.

[bigt2k4]

You must be American where public transit is designed to keep those who use it from ever moving up in the business world.