Bitcoins - about to hit $5,000 per coin today!

[gib]

Dude - I am starting to wonder if you are the old Mr Anabolic, back form the grave. Which if you are is fine, as he provided plenty of opportunity to educate.

I told you that the bailout of banks was dilutive of the value of money (as more money will enviably e printed by the Treasury to cover the FDIC).

You in turn reverted that its not dilutive as the FDIC payments come from paid up insurance.

I replied that this was sort of right.

The reason this is sort of right is that the total amount of FDIC insurance funds is a touch more then 100Billion. SVB alone had deposits of 200+ Bellion. FDIC simply cannot cover even a single bank like this, let alone hundreds in the event of a run. The "solution" of course if to print money. And then give that money to the banks. And that in turn is where Bitcoin comes in (as a defense to theft by devaluation). And that in turn is why so much money has flowed into Bitcoin over the last week.

So, consider yourself now educated. Don't try to troll me, but if you ask legit or semi-intelligent questions I will attempt to answer.

I didn't really plan to get active on this thread again until a new AHT was reached but you kind of drew me in...

[gib]

Bitcoin is having a run now, but it will be Ethereum's turn in a bit. For the past 24 hours BTC is up around 7% and ETH 6.5%. However, 7 days and 30 days out is more favorable to BTC. ETH and BTC have lost about the same in 1 year, with BTC edging it out by 2%. In the past 3 years ETH is up 1,490% vs 424% for BTC. ETH outperformed BTC by an order of 3.5X the past 3 years. 

Obsidian - you are smart, and what you said here is not false, but it is misguided. Let me explain...

I could create an "alt" today, for $1 and sell it for $1000 (to myself or a friend) and then claim a 1000% return in a day (or an annualized return of 3,650,000. Do you see where I am going with this...?

Eth, with a smaller market cap and a more recent creation than Bitcoin, will for a period of time of course rise faster than Bitcoin. Any shit coin will. That is why people create them. And the number of shit coins which can be created is infinite, which is also why they will all eventually fail to compete with Bitcoin.

Rather than look at %rises over periods shorter than the life of Bitcoin, I suggest you look at how much funds have flowed into Bitcoin (given its larger market cap) vs the amount of funds which have flowed into [name your favorite alt]. Indeed, given BTC's much larger market cap, the recent outperformance of BTC over ETH is even more impressive. 

We need people like you on-side. United we will all benefit and succeed. Divided (with shit coins) and we collectively fail. Lets not give money to alt scammers promoting new "projects". Believe me- I know this scene intimately well, and have friends and associates who are deeply involved. Despite offers (and despite contemplating) I have always turned down offers to participate as a founder, both because I simply can't feel comfortable with scamming bright eyed crypto novices, and also because I do worry about the legal and reputational implications.

[loco]

Dude - I am starting to wonder if you are the old Mr Anabolic, back form the grave. Which if you are is fine, as he provided plenty of opportunity to educate.

I told you that the bailout of banks was dilutive of the value of money (as more money will enviably e printed by the Treasury to cover the FDIC).

You in turn reverted that its not dilutive as the FDIC payments come from paid up insurance.

I replied that this was sort of right.

The reason this is sort of right is that the total amount of FDIC insurance funds is a touch more then 100Billion. SVB alone had deposits of 200+ Bellion. FDIC simply cannot cover even a single bank like this, let alone hundreds in the event of a run. The "solution" of course if to print money. And then give that money to the banks. And that in turn is where Bitcoin comes in (as a defense to theft by devaluation). And that in turn is why so much money has flowed into Bitcoin over the last week.

So, consider yourself now educated. Don't try to troll me, but if you ask legit or semi-intelligent questions I will attempt to answer.

I didn't really plan to get active on this thread again until a new AHT was reached but you kind of drew me in...

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

Anyone here with half a brain knows there's no way Mr Anabolic and I could possibly be the same person.  Besides, I already told you that I own BTC and ETH.  I'm just not a member of your BTC cult.

[Griffith]

There are too many use cases for blockchains and one size does not fit all. Bitcoin is not designed to handle it all. Nor should it. Bitcoin is having a run now, but it will be Ethereum's turn in a bit. For the past 24 hours BTC is up around 7% and ETH 6.5%. However, 7 days and 30 days out is more favorable to BTC. ETH and BTC have lost about the same in 1 year, with BTC edging it out by 2%. In the past 3 years ETH is up 1,490% vs 424% for BTC. ETH outperformed BTC by an order of 3.5X the past 3 years. 

There is uncertainty about the upcoming Shanghai upgrade which will unlock staked ETH. People are sitting on the sidelines to see how that plays out and they are hedging that the price will initially fall as people sell their staked ETH. I plan to get my ETH off exchanges and into self-custody wallets to start solo-staking ETH.

Correct.

[Flexacon]

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

Anyone here with half a brain knows there's no way Mr Anabolic and I could possibly be the same person.  Besides, I already told you that I own BTC and ETH.  I'm just not a member of your BTC cult.

I agree with you about the cult mentality and those who are a part of it not realizing it. Poor gib bought some ETH and his fellow maxi revoked his cultist maxi card and he felt the need to defend himself. Very sad to see, but I gotta laugh at pointing this out.

I gave you a hard time and called you a cultist in the keto diet thread as your posts there started to read like a lot like maxi posts in here. And I said that as someone who often utilizes keto, just not a cult member 

[loco]

I agree with about the cult mentality and those who are a part of not realizing it. Poor gib bought some ETH and his fellow maxi revoked his cultist maxi card and he felt the need to defend himself. Very sad to see, but I gotta laugh at pointing this out.

I gave you a hard time and called you a cultist in the keto diet thread as your posts there started to read like a lot like maxi posts in here. And I said that as someone who often utilizes keto, just not a cult member 

If I remember correctly, it wasn't keto.  It was the carnivore diet thread, and I was trolling with those posts of other people who follow it.  Yes, keto, carnivore, vegan, vegetarian diets are cults too to some people, and so is crypto, gold, index investing, dividend investing, etc.

Ironically this Mr. Anabolic, who gib is now saying is the same person as me, gave me a hard time on a keto thread in this forum.

[OneMoreRep]

If I remember correctly, it wasn't keto.  It was the carnivore diet thread, and I was trolling with those posts of other people who follow it.  Yes, keto, carnivore, vegan, vegetarian diets are cults too to some people, and so is crypto, gold, index investing, dividend investing, etc.

Ironically this Mr. Anabolic, who gib is now saying is the same person as me, gave me a hard time on a keto thread in this forum.

If for some reason there are members truly considering this to be a possibility, know that after cross-referencing their entire IP address history that spams over the course of many years, there are no matches between loco and Mr. Anabolic. So for now, does not appear to be the same person.

"1"

[loco]

If for some reason there are members truly considering this to be a possibility, know that after cross-referencing their entire IP address history that spams over the course of many years, there are no matches between loco and Mr. Anabolic. So for now, does not appear to be the same person.

"1"

Thanks, OneMoreRep!

[obsidian]

Bitboy is of course spot on here. The crypto community needs to band together and forget tribalism. All these Bitcoin Maxi's cheering on the SEC are too naive to realize they will be next. They can come after Bitcoin with the energy angle and how mining is such a waste of resources. Just wait and see. The SEC loves the banking sector, not Bitcoin. Stop shitting on other coins and stand together, or divided you will fall.

[obsidian]

Obsidian - you are smart, and what you said here is not false, but it is misguided. Let me explain...

I could create an "alt" today, for $1 and sell it for $1000 (to myself or a friend) and then claim a 1000% return in a day (or an annualized return of 3,650,000. Do you see where I am going with this...?

Eth, with a smaller market cap and a more recent creation than Bitcoin, will for a period of time of course rise faster than Bitcoin. Any shit coin will. That is why people create them. And the number of shit coins which can be created is infinite, which is also why they will all eventually fail to compete with Bitcoin.

Rather than look at %rises over periods shorter than the life of Bitcoin, I suggest you look at how much funds have flowed into Bitcoin (given its larger market cap) vs the amount of funds which have flowed into [name your favorite alt]. Indeed, given BTC's much larger market cap, the recent outperformance of BTC over ETH is even more impressive. 

We need people like you on-side. United we will all benefit and succeed. Divided (with shit coins) and we collectively fail. Lets not give money to alt scammers promoting new "projects". Believe me- I know this scene intimately well, and have friends and associates who are deeply involved. Despite offers (and despite contemplating) I have always turned down offers to participate as a founder, both because I simply can't feel comfortable with scamming bright eyed crypto novices, and also because I do worry about the legal and reputational implications.

Only you can't. To be able to sell your $1 coin for $1000 you need a buyer. The only coins above $1000 are Bitcoin and Ethereum. Bitcoin also started out at $1. Feel free to create your $1 alt and try to get it to $1000. No asset thus far has succeeded except Bitcoin and Ethereum. Binance came close with their BNB.

Ethereum has value because it works, has utility, is a store of value, and provides security against attacks, just like Bitcoin. The "network effect" is at play. There are thousands of Ethereum developers. Do you really think that's not worth something? Are all these people misguided? And the whole argument that Ethereum changes and is therefore a security is moot because Bitcoin also changes. Developers modified Bitcoin fairly recently to enable smart contracts.

Bitcoin is getting a push from the SEC because that cockroach Gensler said it is a commodity. So all the SEC fud is what's holding back the alts at the moment.

I want to see Bitcoin succeed, and many other cryptos. This fight we are in requires that everyone stand together.

I think it would be a good strategy for all the blockchain projects and exchanges to band together and start a class-action lawsuit against the SEC. The SEC is harming investors, not protecting them. And Gensler should be forced to resign because of his dealings with SBF. He is totally corrupt. Time to go on the offensive against these corrupt "government employees".

[obsidian]

Here's a chart that maps the performance of ETH vs BTC. As you can see they are very similar, with BTC frontrunning on occasion. The "ETH is a security" and "Unstaking of ETH" FUD is what's putting a damper on Ethereum currently.

[obsidian]

That's only Americans. They don't want people leaving or losing their tax dollars.

Most non American dual citizens only pay tax in the country of their permanent/main residence. I will just move to country which doesn't tax crypto when I look to sell. Although I expect by 2025 they'll all be taxing crypto to some extent.

I believe the American equivalent to avoid the heavy crypto tax burden is to move to  Puerto Rico.

Thanks for that info. You and Mayday provide really valuable info in this thread. Interesting to see the viewpoints of people with financial knowledge.

[gib]

Here's a chart that maps the performance of ETH vs BTC. As you can see they are very similar, with BTC frontrunning on occasion. The "ETH is a security" and "Unstaking of ETH" FUD is what's putting a damper on Ethereum currently.

Yes, Eth obviously is the most successful alt or shit coin. And from thereon down  to any other [name you favorite alt] on the the shitcoin scale.

Bitcoin can only be invented once. The best way to measure the success of any Bitcoin affinity scam coin, is to take its current market cap and then scale its "growth" back to the day Bitcoin was invented. Even better if you want to add a liquidity into the mix. Then the illusion of shitcoinery will become far more obvious ...

[gib]

Only you can't. To be able to sell your $1 coin for $1000 you need a buyer. The only coins above $1000 are Bitcoin and Ethereum. Bitcoin also started out at $1. Feel free to create your $1 alt and try to get it to $1000. No asset thus far has succeeded except Bitcoin and Ethereum. Binance came close with their BNB.

This is correct, and this is exactly the point in thinking I wanted to get you to.

Now, think just one more step beyond this. Imagine shitcoins in a scale from least bad to worse, factoring in both market cap and liquidity. Eth is 1st on the list of least bad, and it gets worse from thereon onwards...

[gib]

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

Anyone here with half a brain knows there's no way Mr Anabolic and I could possibly be the same person.  Besides, I already told you that I own BTC and ETH.  I'm just not a member of your BTC cult.

Here is what I said:

"Bank deposits are insured for money (up to 250K), OF WHICH THE TREASURY CAN INFINITELY PRINT....

In other words, infinitely devalue.

Bitcoin is our protection against that..."

And what I said is of course 100% right.

As fort he emergency lending from the Treasury, if not made, the FDIC would not have sufficient funds even to cover SBV, let alone hundreds of other at risk banks.

I believe you, that you are not Mr Anabolic. Its just your obstinate style of posting and is eerily similar to his. All food though and through this discussion we educate each other, and others not to mention providing some entertainment to fellow Getbiggers with an interest in finance.

Noted that you own some BTC. Good to hear. Our interests are aligned there.

[Griffith]

Australian central bank launches project on Ethereum to explore CBDC use cases

The Reserve Bank of Australia (RBA) is looking to establish use cases for a central bank digital currency (CBDC) and determine the economic benefits it can have through a new research project over the coming months.

The project will be conducted in collaboration with the Digital Finance Cooperative Research Centre (DFCRC) and involve multiple Australia-based banks. It will also involve the use of the Ethereum-based CBDC developed by Australia called the eAUD.

One of the pilots in the project aims to develop a “trusted and reliable form of money” on the blockchain. It will explore how a CBDC can be tokenized on multiple blockchains, as well as how to ensure that only authorized parties can hold and redeem it. Authorized parties would be entities that are properly KYC’d and risk-assessed by licensed CBDC service providers.

Mastercard will serve as the “use-case provider” for the interoperability pilot.

https://cryptoslate.com/australian-central-bank-launches-project-to-explore-cbdc-use-cases/

[Mayday]

I can buy a plastic tub, pour in random protein powder and call it ‘Superbolic 100’.

I can then buy another plastic tub, pour in the same protein powder and call it ‘Gibs Muscle Mayhem’. There is no regulation stopping that.

Pharmaceuticals are mostly the exact same thing but different packaging and different prices.

90% of clothing is the same thing just a different label.


In other words you guys are barking down the wrong tree about shit coins. They can exist, just like everything else does. It boils down to whether or not people want to buy them. You can’t buy a BMW and then get angry when someone buys a Kia.

Bitcoin Maxis should be careful what they wish for as there are many who push BTC like madmen then claim nobody else is allowed to promote anything.

[Flexacon]

Bitcoin Maxis should be careful what they wish for as there are many who push BTC like madmen then claim nobody else is allowed to promote anything.

We should be grateful for maxis and I'm not saying that facetiously.

They hold the price of bitcoin up and in turn most alts. They make sure crypto as an asset class doesn't death spiral and go to zero. They don't sell when it's an obvious blow off top and the price is overextended, instead they actually provide additional liquidity for sellers.

Does anyone ever thank them  for this? Nope, they mostly trolled cos laser eyes. Now after years of being taken advantage of like this, maxis have basically had to evolve into some kinda emotional support group. You really can't blame them for being mad at and hating everything and everyone else in crypto.

I hope they continue to DCA, hold and never sell. Convincing them to do otherwise is entirely against my best interests.

[gib]

We should be grateful for maxis and I'm not saying that facetiously.

They hold the price of bitcoin up and in turn most alts. They make sure crypto as an asset class doesn't death spiral and go to zero. They don't sell when it's an obvious blow off top and the price is overextended, instead they actually provide additional liquidity for sellers.

Does anyone ever thank them  for this? Nope, they mostly trolled cos laser eyes. Now after years of being taken advantage of like this, maxis have basically had to evolve into some kinda emotional support group. You really can't blame them for being mad at and hating everything and everyone else in crypto.

I hope they continue to DCA, hold and never sell. Convincing them to do otherwise is entirely against my best interests.

I agree - maxies play an important role. Much like with any movement rehiring a mental mindset shift, you need extremists to push the message - whether is veganism, black rights, marijuana legalization, etc.

But further, if you think things just a step or two ahead, you will realize that it is in the collective interest of every Bitcoiner to both educate and advocate on Bitcoin, and to defend against any pretend Bitcoin.

[gib]

I can buy a plastic tub, pour in random protein powder and call it ‘Superbolic 100’.

I can then buy another plastic tub, pour in the same protein powder and call it ‘Gibs Muscle Mayhem’. There is no regulation stopping that.

Pharmaceuticals are mostly the exact same thing but different packaging and different prices.

90% of clothing is the same thing just a different label.

In other words you guys are barking down the wrong tree about shit coins. They can exist, just like everything else does. It boils down to whether or not people want to buy them. You can’t buy a BMW and then get angry when someone buys a Kia.

Bitcoin Maxis should be careful what they wish for as there are many who push BTC like madmen then claim nobody else is allowed to promote anything.

Of course there is nothing to prevent anyone from creating something promoted as being "better than Bitcoin" or "the next Bitcoin". Although there are laws in many countries which are increasingly enforce to prosecute the founders of such "projects" as issuers of illegal securities.

Bitcoin can only be invented once.

But to the fart powder example, yes anyone can put a label on a generic fart powder, and then tell the world that their version is better. This is the exact same thing we see with alt coin affinity scammers, only one difference. Bitcoin is backed by proof of work. And no coins are held as equity by any issuer. The digital energy represented by Bitcoin cannot be copied, duplicated, or stolen by any other coin.

Bitcoin maxies have thought things through the ultimate logical conclusion, which is either you have an infinite number of coins, and all are essentially valueless as a result, or we collectively agree to see shit coins for what they are, and all put our efforts into Bitcoin.

[loco]

Here is what I said:

"Bank deposits are insured for money (up to 250K), OF WHICH THE TREASURY CAN INFINITELY PRINT....

In other words, infinitely devalue.

Bitcoin is our protection against that..."

And what I said is of course 100% right.

As fort he emergency lending from the Treasury, if not made, the FDIC would not have sufficient funds even to cover SBV, let alone hundreds of other at risk banks.

I believe you, that you are not Mr Anabolic. Its just your obstinate style of posting and is eerily similar to his. All food though and through this discussion we educate each other, and others not to mention providing some entertainment to fellow Getbiggers with an interest in finance.

Noted that you own some BTC. Good to hear. Our interests are aligned there.

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

[gib]

Good clip here for those wondering if QE is back or not, what happened with SVB, and what the Fed is doing. Caitlin Long is one of the few women in finance and banking who is very clear, educated, and credible.

[gib]

And one more really good one on the outlook for both interest rates and money printing. Mayday - you will like this one.  And Loco there is something here for you too specifically related to the FDIC.

[gib]

No.  You claimed that the treasury would have to print money in order to reimburse FDIC-insured deposits, which is false.

Then you claimed that the emergency lending had to do with the FDIC-insured deposits, which is false too.

Not false - its exactly what happened with SVB. FDIC does not even have enough in funds to reimburse SVB, let along other banks. The solution is money printing, and lending that to the banks. Money printing is inherently dilutive of value of a currency. Bitcoin is our defense against that. And that is exactly why Bitcoin has risen during this period.

[loco]

Not false - its exactly what happened with SVB. FDIC does not even have enough in funds to reimburse SVB, let along other banks. The solution is money printing, and lending that to the banks. Money printing is inherently dilutive of value of a currency. Bitcoin is our defense against that. And that is exactly why Bitcoin has risen during this period.

False.