What are the implications of bitcoin going from being just some internet funny money into something bigger? Barring some quantum hack, it seems highly improbable it's going to go away. Every time it crashes, the prognosticators believe it's the end. Then it just breaks another ATH. It recently hit the market cap of Amazon and silver before it dumped again. JP Morgan, Vanguard, and Charles Schwab recently capitulated when it came to associating with it. Harvard's endowment has $500m in bitcoin. The whole thing has a cult-like following, stemming from the anonymity of Satoshi Nakamoto, it being the first digital, decentralized asset, to the inability to kill it.Economists are rewriting their models from this shit. They have no idea what the fuck is going on, but I don't think bitcoin shills do either. It's not a Ponzi, because those don't crash and recover several times. It's not tulips, because there's scarcity.The volatility of bitcoin means there's still ongoing price discovery, so we're nowhere near it becoming more stable similar to gold.Is this going to eventually peter out and become some niche internet collectible? Will it be a storage of value similar to gold? Or is it going to be the bedrock of value in the future, with stablecoins pegged to it, trading in layers above it? Are we going to one day wake up and institutions and nations are demanding payment in bitcoin instead of fiat due to the inability to control debt and spending?What's really going on? I'd like to hear some thoughts and answers, because any time someone mentions bitcoin anywhere, it's due to price action. But what are the implications of a piece of code becoming a part of the global financial system?
>>61436072If it was going to a million, it would have done so by now.
>>61436072>What is the Future of Bitcoin?crash to zero
>>61436072Institutional buy in is going to jack up the price, but at a slower rate than previous bull runs. It’s still gonna outperform the S&P 500 for a long time to come.
>>61436092Nope.It's digital dogshit now.
>>61436099Nope, it’s a serious investment device. Tradfi bent the knee. It’s not going anywhere.
>>61436082cope>>61436087cope>>61436099cope
>>61436072for now we need to wait until the ai garbage finally dies since it sucked up all liquidity from this cycle
>>61436072It's still a Ponzi. At this point there are no greater fools and the rate of return is not worth the risk. I don't think it'll have any more crazy rallies unless they can come up with a new way to manipulate it. First it was Willy bot then tether but that's run its course.
>>61436145cope
>>61436082I don't know what this means. All I know is that bears have been wrong, but also bulls when it comes to future pricing.>>61436087>>61436099This doesn't seem likely at all. It just keeps going back up. We've been through this a dozen times.>>61436145If bitcoin is a Ponzi and greater fool in action, then so is gold and trading cards. I also don't believe that financial institutions such as Vanguard would offer bitcoin and risk their reputation on something that can objectively be called a scam.
Bitcoin’s future is basically whatever the guy who can whip up Bart patterns on the chart whenever he wants decides it is.
>>61436072I can't really call myself an OG bitcoiner since I failed to get into it in the very early days despite knowing about it and wanting to be involved (family problems, mainly my batshit narcissistic mother).I wanted in because I believed in the idea of money without government involvement. I saw value in anyone and everyone being able to transact over the internet. Once I did manage to get into it, I found it useful for buying non-illegal goods and services, because in the shithole country I was forced to live in, the banking system refused to allow me a credit card. Americans don't understand just how shitty the rest of the world is in that regard -- in a lot of the world, you can't just hop on the internet and buy something from Amazon because Amazon doesn't take physical cash as payment; if you're not one of the elites with a credit card, you are stuck buying whatever garbage is available locally to you.I was barely allowed to open a bank account, and that only because my company required one to pay me and had their accounts at a bank for that purpose. So, that one bank said "ok, we'll allow this scumbag foreigner to open an account here -- just an account, no credit card, no other services, nothing else." For people in a shithole like that, Bitcoin can be a savings account as well as being an internationally usable credit card.So, I got a first-hand introduction to how BTC is a useful and valuable financial tool for something other than first-worlders who want to buy drugs off the darknet.Unfortunately, a lot of the payment utility died after 2017 because the hype bubble in 2017 drove fees and transaction times into the stratosphere, which meant that people were paying $50 for a transaction that might only happen after several days of delay.Since then, Lightning Network (LN) has solved some of that problem, but hasn't become accepted generally.(to be continued)
>>61436072>>61436567 continuedSo, Bitcoin's value proposition has morphed rather dramatically, from internet transactions to some sort of nebulous "number goes up" investment opportunity. I don't particularly like that, but that's our reality right now.And the odd thing is, businesses and governments are actually buying into that concept. There are at least a dozen public companies doing "Bitcoin treasuries", lots more private ones that may or may not have disclosed that, and now even government pension systems, sovereign wealth funds, and state treasuries are dabbling in it. Wisconsin, Michigan, and Pennsylvania have added it to their state retirement pension systems. Texas has added it to its state treasury and Florida is exploring the idea. The U.S. federal government has locked up 200,000+ BTC as the start of a national reserve fund. El Salvador set up a personal banking system on LN for anyone who wanted to download their wallet software. Luxembourg and one of the Arab countries, I forget which, have added it to their SWF.By its nature, Bitcoin slowly loses tokens to people's hard drives crashing, people dying, people sending to invalid addresses either stupidly or intentionally, etc. Satoshi (Len Sassaman) probably had 1M units and they are probably all locked up forever after his death.Overall, between economic stagnation, people's risk aversion, increasing acceptance, and corporate and government adoption, I think it will continue to rise, just more slowly than it has been to this point. Once you're talking about pension funds buying it, it's gone more or less mainstream. Short-term I see stagnation and even a drop -- China's economy is in the shitter, Europe's and LatAm's economies are stagnant, Australia is dependent on China, the U.S. economy isn't in great shape, and the rest of the world is a giant economic shithole. Long-term, Bitcoin's prospects are decent but will depend on it not being cast aside during the prolonged global recession.
>>61436567>>61436574>not an OGclass of '21 OG here, so let me explain where you went wrong. first of all too many words, secondly no one cares.
>>61436574I'm an OG bitcoiner if you count knowing about it since 2010 and having 15 bitcoins, only to sell them all before 2017. I know it had use cases in places with fucked economies, pretty sure Cyprus started the first bull run. The returns are definitely going to diminish from here, but I just have no idea what bitcoin is going to end up as. Most of the so-called experts still dismiss it. There's zero analysis when it comes to long-term implications, or at least I haven't found any.
>>61436186what do you want? no one knows. on one end, the price is dynamically bounded below by miner solvency, and above by liquidity.https://www.aniccaresearch.tech/blog/the-alchemy-of-hashpower-part-i
>>61436665What do I want? To discuss the implications of the rise (and rise) of bitcoin. For bitcoin itself? I don't believe the government should be able to control and manipulate the supply of money, so there you go. Thanks for the link, I'll take a look.
>>61436608Your in-depth analysis has convinced me, I will now stack silver like all true retards do.
its going to 0.
>>61436087This, as transaction fees will become too high. It will freeze.
>>61436698>Thanks for the link, I'll take a look.yeah, you better.>>61436820for me, it's tungstenite cubes.
>>61436087>>61436099>>61436836bots
>>61436072It'll be no different to options trading: largely just a vehicle for gambling with some niche edge cases exclusive to the largest of institutions, but the average person will no nothing of it, which is where its at already.
The tulip analogy always annoys me. It was like 6 months of mania over rare bulbs before a crash, but the Dutch tulip industry is now worth at least a billion pa now.
>>61437589It pisses me off, too. People don't really know what's going on, so they sort of grasp at straws by comparing it to something wholly different.
bump
>>61436072$0
