patrick.net

It's getting interesting:



Could go either way. I'm still hoping for a serious crash.

https://www.ibtimes.com/nearly-half-crypto-owners-first-bought-digital-assets-2021-survey-3460247?source=patrick.net

Ripple – Banks Go All-in!
Top banks like the Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) are using XRP (CRYPTO:XRP) for payments!

WTF do banks care. If their gamble doesn't pay off, they just cry they are a societal necessity and get a bail out. Of course they are taking any and every moral hazard and risk. WTF is your point?

See comment #2 on this: https://patrick.net/post/1344461/2022-04-05-profits-soar-as-u-s-corporations-have-b

A recent report has also shown that Bitcoin mining revenue rose 206% in 2021 despite many countries cracking down on crypto mining and China even banning it. The US has become the nation with the most Bitcoin miners.

To be fair, at around that time, behemoths like Global Crossing, WorldCom, Lucent Technologies, etc, went into the toilet. The fact of the matter was the hi-speed access was too expensive as T3 lines were only affordable for big corporations.

Sure, some of today's mainstays have survived and even prospered, but do you want to be this person who bought Cisco at its peak ...

https://patrick.net/post/1341757?40#comment-1794348

Fidelity will reportedly start offering investors to add Bitcoin to their retirement 401(k) accounts later in 2022.

Why do the acolytes of Lord Satoshi preach the gospel with such passion? Because we know that in order to create circular self-sustaining pockets of economic action that use Bitcoin as the sole payment method, we must infect as many minds as possible with our memetic narrative.

This is especially important because of how successful Bitcoin has been from a price appreciation standpoint. The meteoric rise of Bitcoin from nothing to a $1 trillion dollar plus asset in the span of a decade created the HODL culture. HODLers will not sell their Bitcoin at any price. And these folks, myself included, spend fiat and save Bitcoin. Fiat depreciates in real terms year after year, while Bitcoin is the best performing asset EVER created.

However, Bitcoin– unlike gold– must be used to have value. Miners spend energy to maintain the Bitcoin network. To cover their costs, miners must receive payment in a token that is socially valuable. Bitcoin therefore must move, and movement between parties is the antithesis of HODL culture. HODL culture taken to its f(x): maxima would result in the complete destruction of Bitcoin. Once all bitcoin has been minted and miners no longer receive sufficient income from network rewards in the form of newly minted Bitcoin, they must rely on transaction fees instead. If no Bitcoin changes hands because we all sit smugly clutching our USB sticks, then there will be no hashpower supporting the network. No network … no value.

Therefore, as a loyal subject of Lord Satoshi, I must do my part to evangelise the good word, and hopefully they can influence their domestic policy makers to create a fertile environment that promotes a farm-to-table Bitcoin economy.

However, Bitcoin– unlike gold– must be used to have value

Patrick says

However, Bitcoin– unlike gold– must be used to have value

Sounds like a pump and dump scheme,

a reason why Bitcoin is bad

Bitcoin says

a reason why Bitcoin is bad

Transaction speed is slow.

notice how the chart doesnt have anything on transaction speed? cause it doesnt matter. I bought Bitcoin for 15k.....now its worth close to 40k.....i never transacted it once except when I moved it from the exchange to the cold storage (hardware wallet).

but at least for stocks buy and hold is done and won't see return. I expect similar for bitcorn

However, Bitcoin– unlike gold– must be used to have value.

Its digital gold. Why do you need the transaction to be fast?