Somehow I think bitcoin has become a "meme". #Silversqueeze may also be a meme, but I'm never in silver because of wanting to defeat the bankers or stuff like that. I buy silver because the supply is gradually tightening in the last couple of years, and future demand in solar panels, yes, that's my idea back in 2018, and also as a hedge for currency reset if it happens. A lot has changed in the last year but my strategy remains the same, buy cheap and avoid expensive.
Welcome to the forum. So I take it you have good reason to believe Craig Wright is Satoshi Nakamoto? How would the removal of the Bitcoin white paper from the exchanges "collapse the entire crypto ecosystem"? Just interested in the logic behind your argument. Like Hillary Clinton blurted (and infuriatingly, got away with), "What difference, at this point, does it make?" (Here's what I got googling.. https://news.bitcoin.com/crypto-patent-alliance-questions-craig-wrights-white-paper-copyright-claim/ https://cryptoslate.com/crypto-fund-which-says-craig-wright-is-satoshi-gives-update-on-legal-battle/ https://craigwright.net/blog/bitcoin-blockchain-tech/bitcoin-white-paper-statement-of-jan-29-2021/ https://www.lexology.com/library/detail.aspx?g=b8dfb344-ba0c-4f85-ad18-0dfe620066fa)
@heartastack thanks for the welcome. I created the acc as I love metals and have enjoyed this community and have been inspired by you all so thank you all. So I saw some BTC posts and wanted to share some thoughts as there are many bad actors in the game. @sgbuyer yes agree with you BTC is riskier than Tesla although both are. Great research @jultorsk. Regarding your research - This week will be enlightening to all. It’s information publicly available. I’m looking forward to sharing, learning and contributing on the forum. Thank you all
Today, I was wondering about the news that bitcoin exceeded $1 trillion market cap. The question, is what is the market cap of paper or investment gold? While the total amount of gold mined is in the trillions, a lot of it is in temples (in india), in central bank reserves that is usually never sold, in the form of jewellery kept by the wife that will usually also never be sold in normal circumstances. So, the amount of investment gold is way much less than the amount mined. The same logic applies to silver where investment silver is about 3-4 billion ounces or less. For gold, GLD has a mkt cap of $66 billion, so even if you consider gold bullion hoarded by private investors, yes, these are not paper gold, the total amount hoarded and probably will never be sold, is not more than $500 billion. In this sense, the market cap of bitcoin has probably already exceeded investment and paper gold. With such a large market cap, and because it is paper, bitcoin has become a security, a stock, same like tesla, a bubble so to speak. It has already exceeded the market cap of a store of value. A bubble has no limits to the value, since it's a bubble.
^ Bitcoin is absurd. It's worthless. The Fed should buy a lot of Bitcoin to pump up the market cap, then pay off the 28 trillion national debt with Bitcoin If only Jim Jong Un knew this - he could have bought up a half of the Bitcoin market, then he would have gotten North Korea out of the economic mess by transforming it over night into a Singapore by selling the overvalued Bitcoin. Yes, I'm joking
Musk pumping bitcoin and then buying 1.5bil reminds me of the companies that bought bond containing their own name risk. At the point at which the asset was needed to prevent insolvency it was worthless because the bond values only existed while the was no credit default. Bitcoin is now linked to Tesla. What he does will move it up and down.if it’s clear Musk needs to sell bitcoin. That will reduce the value of bitcoin.
You need to get your facts right. BTC is not linked to Tesla, Tesla's position equals about 1/1000 of the total market cap of BTC at the moment. If Musk needs to sell BTC he won't do it on an exchange. He'll go through a broker and arrange an agreed price. The sale of Tesla's BTC will unlikely have any effect on the price of BTC because as I said he owns about 1/1000 of the total current market cap. So there's still all the other players who own the other 999/1000ths. Not that he will sell any of them because these companies are buying them to protect their treasuries, not to flip them for a profit. And Musk is likely using the revenue from the sale of government credits to fund them.
Of course Tesla is now linked to BTC. Anyone that has ever owned or thought about owning BTC knows he bought $1.5bil. His purchase pushed the price up significantly. But yeah I better get my facts straight and I better remember that BTC will only ever being going up especially if it’s needed by Tesla as a reserve asset. And of course Tesla would never need a reserve asset anyway the BTC is just there for giggles. @mmm....shiney!
