patrick.net

Secretary of Commerce Howard Lutnick's Cantor Fitzgerald's 21 Capital went public today.

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https://finance.yahoo.com/news/twenty-one-capital-goes-live-212013737.html

A Bitcoin Giant’s Wall Street Debut
Trading under the ticker XXI, the company enters the market with more than 43,500 Bitcoin on its balance sheet.

That holding, worth about $3.9 billion, makes Twenty One Capital one of the largest corporate holders of the asset. Jack Mallers, who co-founded the firm, framed the listing as a bid to give Bitcoin a defined place in traditional markets. He argued that investors deserve access to a company built entirely on Bitcoin’s monetary logic.

AD says

ts supply is capped at 21 million

Wanna bet ????

Since the Exchanges allow you to short it, that allows the supply to expand. A person doesn't know if his Bitcoin is real unless it is secured in his own personal wallet. Nobody knows how much fiated Bitcoin there is.

I'm sure it is multiples of the 21 million. I dunno if it is as bad as the precious metals.

AD says

Bitcoin is “less fiat” because it resists the inflationary and political dynamics of fiat.

Or maybe bitcoin's a scheme for the same people that control the fiat currencies. Not only is it a simple method to transfer large amounts of cash, it also soaks up some of the dollars that would otherwise be invested in real things like stocks, bonds, real estate, and precious metals.

Bitcoin is fragile.

The whole thing depends on no one figuring out how to reverse the hash function it uses.

If someone figures that out, it's over.

Patrick says

The whole thing depends on no one figuring out how to reverse the hash function it uses.

The original white paper suggested using SHA-256 but I don't know if that's what was actually implemented.

It's good to go back and re-read that white paper from time to time. Satoshi was more script kiddie than genius - the paper simply repackaged other peoples innovations and added an NTP server to create a time stamps on a dynamic list of transactions (similar to a single array database?) To a non-coder it seems pretty fragile to me. It basically admits it's security is based on the expense to hackers being greater than the expense of honest participation in the chain. Which I think is true right now.

I agree with @Patrick - it's only a matter of time. Wouldn't it be trivial for a real quantum computer to crack the encryption and re-write the block chain? Or is quantum computer just another bullshit invention meant to dazzle us neophytes?

right now it is not worthwhile to sell covered calls for Fidelity Bitcoin ETF (ticker FBTC) as my rule is the probability of expiring out of the money added to the annualized gain from the call premium should equal at least 100%

for this call option contract, that is 80% + 9.87% or 89.87%

IDK, but I’ve made a lot of money on BItcoin through Grayscale, bailed and now only trade etherium through 2 etfs.
Makes more sense to an idjit like me.

SharkyP says

I’ve made a lot of money on BItcoin

so Bitcoin is not going to return at least 20% a year on average for next 10 years ?