patrick.net

FJB
Just a bit of clarification to my approach in consideration of the crypto market.
CBDC are coming and regulation as well. The legacy system of SWIFT is like
using a 1929 stock model T in a race with Tesla's Model S EV car and why 1 of
my largest holdings is XRP as the premiere fast, cheap, ODL cross boarder pmt sys.

CBDCs depending on who gets to create and govern is the big question and concern.
However XRP maybe 1 of the most important cogs in the metrics of CBDC regardless
of the creator and governance. Definitely speculation at this time, but in my opinion is well
with in my risk appetite. XRP can be used exchange from them all.

DooDahMan says

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

Thanks for sharing the article, many in the US have led a privileged life with little exposure to the hardships civilians have to put
up with in other third world, developing and emerging markets. Americans in many ways have become of the mind they are so important they are entitled which we all see or experience this most every day rather from family members or out in public. I dont know about anyone else but I clearly see a different global monetary system on tract and on it's way for this year or very early next year and it will be a massive shock to the majority, changes in the SWIFT system sched. for Nov. 2022 alone should make things very interesting.

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!
https://www.fool.ca/2022/03/24/ripple-banks-go-all-in/?source=patrick.net

Cash says

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?

https://watcher.guru/news/goldman-sachs-to-offer-crypto-services-for-private-wealthy-clients?source=patrick.net
“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop
over the past year has certainly played into that,” Rich said.

Just a word of warning if you hold your crypto with the banksters you might as well hold cash.
If your crypto is not under your control as the saying goes if they are not your keys they are not your crypto.

Big banks no longer able to ignore crypto demand
https://www.axios.com/big-banks-wall-street-cryptocurrencies-attention-fb5fecf0-ed21-4ef8-8692-9eeb83622ca1.html?source=patrick.net

As Wall Street banks embrace crypto, high-flying start-ups look to lure top finance talent
https://www.msn.com/en-us/money/markets/as-wall-street-banks-embrace-crypto-high-flying-start-ups-look-to-lure-top-finance-talent/ar-AAVLUYU?source=patrick.net

Factbox: How U.S. banks are dipping their toes in the crypto water
https://www.reuters.com/business/finance/how-us-banks-are-dipping-their-toes-crypto-water-2022-04-05/?rpc=401&source=patrick.net
April 5 (Reuters) - Last week, a top U.S. banking regulator warned of growing risks as banks start to capitalize on the popularity
of cryptocurrencies to offer related services to clients.
Here is how some of the biggest banks operating in the United States have gotten involved in crypto:

Zak says

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?

1st I could not care less about your opinions you are welcome to them, everyone has them right or wrong nor do I care if you get anything from whats shared
on this post or get the point whats so ever, it matters not to me.

With that being said there is a global "Currency War" and all that money leaving the money changers hands (legacy monetary systems) which at peak was 2.9+trillion
with far superior technology in many ways is definitely concerning to governments and their institution.

DooDahMan says

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.

Awesome share...
You can lead a horse to____

2022 Global State of Crypt
https://www.gemini.com/state-of-crypto?source=patrick.net
Download the report it's free and full of stats and graphs..

WATCH: Dr. Malone Says He Will Expose 4,000 World Economic Forum Names Via Blockchain
https://welovetrump.com/2022/04/04/watch-dr-malone-says-he-will-expose-4000-world-economic-forum-names-via-blockchain/?source=patrick.net
In a recent speech, given in front of a crowd of freedom truckers, Dr. Malone announced that he has a spreadsheet of 4,000 individuals
connected to the World Economic Forum.

https://patrick.net/post/1344030?120#comment-1831934

Cash says

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

Is the bitcoin blithe tulip statute of limitations up yet so that hate boys can show up again?

I love a well planned scheme coming together, getting me some more coins to stash .
https://patrick.net/post/1344030?120#comment-1831934

I'm starting my test buys at BTC 39k_ish

"Oscar-Nominated Ridley Scott To Produce Ethereum Movie 'The Infinite Machine'"

https://www.benzinga.com/markets/cryptocurrency/22/04/26755761/oscar-nominated-ridley-scott-to-produce-ethereum-movie-the-infinite-machine?source=patrick.net

Pretty cool. I am investor in Ethereum coins. My avg cost is about 700 and I sold some holdings between 3500-4000.
I believe Ethereum can hit 20,000 USD within the next few years.

DooDahMan says

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

Freaking awesome news!! Importance piece to the mass adoption narrative.

https://entrepreneurshandbook.co/the-doom-loop-161a42bbcd50?source=patrick.net

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.

Patrick says

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

Sounds like a pump and dump scheme,

PeopleUnited says

Patrick says

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

Sounds like a pump and dump scheme,

Then stocks and cash would be a pump and dump scheme too.

The Bitcoin haters never really come up with a reason why Bitcoin is bad. They are simple unwilling to learn technology. Hence most of the Bitcoin haters still use landlines and flip phones.

Bitcoin says

a reason why Bitcoin is bad

Transaction speed is slow.

PeopleUnited says

Bitcoin says

a reason why Bitcoin is bad

Transaction speed is slow.

Its digital gold. Why do you need the transaction to be fast? You miss the intention. Maybe this chart helps:

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).

Bitcoin says

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).

Why don't you take some gains though? I say that to people who are sitting on large stock gains as well. Once you make a double sell 25% at the minimum, of course these numbers can be adapted to individual strategies but at least for stocks buy and hold is done and won't see return. I expect similar for bitcorn

mell says

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

Wait, you are saying for stocks, buying and holding long term is not a strategy anymore?
My strategy for stocks is dollar cost avg. basically buy into the dumps/falling knife.....but have a long term outlook, 2+ years

Patrick says

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

Bitcoin says

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

You miss the criticism because you are a fanboy, transactions Are necessary per the article Patrick linked. It is just one of many problems with “digital gold”.

If people can’t make quick transactions in the digital age, then it is not the digital age. It is the Stone Age,

Bitcoin says

mell says

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

Wait, you are saying for stocks, buying and holding long term is not a strategy anymore?
My strategy for stocks is dollar cost avg. basically buy into the dumps/falling knife.....but have a long term outlook, 2+ years

Yes. You can buy into dips but only if you sell into runs to create "freeriding" shares to hold. You can't just indiscriminately buy dips, some stocks may never recover to previous levels or even go bk or get bought out in distress for pennies on the dollar. Look at tech and what a wreck it is. Big tech is done for many years. Buy and hold is not a good strategy, it was from 2009-2019 or maybe 2021 due to the fed money bazooka, but it's over, the fed is unwinding rather aggressively to combat inflation. For the next few years buy select stocks only and sell into rallies to create freerides. I doubt the market will be any better in 2+ years.

mell says

. Big tech is done for many years. Buy and hold is not a good strategy,

get your point. What about index funds? you are specifically talking about individual stocks but DCA, buy and hold for index funds. do you think that strategy wont work either?

PeopleUnited says

If people can’t make quick transactions in the digital age, then it is not the digital age. It is the Stone Age,

Could not disagree more. That mindset would lead to zero innovation.

You are like:
If you create a flip phone that doesnt allow you to take pictures and send email, its the stone age. So dont start and innovate
If your car doesnt drive by itself its the stone age. so dont start building a car and innovate.
If your tv wont allow you to connect to the internet its the stone age, dont start developing tv's.

Bitcoin was the first of its kind. it started a revolution. Now fortune 500 companies buy and hold Bitcoin. Not only that. Country after country adopts bitcoin as legal tender
https://www.cnbc.com/2022/04/28/central-african-republic-adopts-bitcoin-as-legal-tender.html?source=patrick.net

not only that. Now you can buy bitcoin and hold it in your retirement accounts. That means main stream adoption. We already have Bitcoin ETFs.

Bitcoin is not meant to buy a coffee with it. some people sit on millions of bitcoin holdings. If they sell, they might buy multifamily complexes or lambos with it.
The transaction speed on Bitcoin is never mentioned because nobody cares. Transaction speed on layer 3 cryptos is signficantly faster. Blockchain tech is evolving day by day.

Bitcoin was layer one
Ethereum and similar cryptos were layer two
Now we have layer 3

maybe it takes layer 10 to have a crypto that could be used for buying a coffee. Who knows and who cares. Being part of this revolution is exciting and freaking profitable. I love the times we live in.

haters will laways make up stuff to why tech shouldnt be adopted. Remember when people said bad things about the internet or microwave? Or smart phones?

Bitcoin says

mell says

. Big tech is done for many years. Buy and hold is not a good strategy,

get your point. What about index funds? you are specifically talking about individual stocks but DCA, buy and hold for index funds. do you think that strategy wont work either?

Not an expert on index funds but I would assume anything Dow/defensive would work for a 2+ years strategy, i.e. energy, agriculture, defense, healthcare, precious metals. You can also buy aggressive growth index funds when nasdaq/tech is beaten down but that is probably a 5+ years strategy. Market will def stay volatile with lots of short term opportunities on both sides.

PeopleUnited says

Bitcoin says

a reason why Bitcoin is bad

Transaction speed is slow.

Clearly you need to go back and read the bitcoin is for stupids thread. All of it. Why haven't you done so yet?

Scalable, Instant Bitcoin/Blockchain Transactions:

https://lightning.network/?source=patrick.net

This is only layer-2.

PeopleUnited says

transactions Are necessary per the article Patrick linked.

Which is a FUD article. Adoption is happening (still) at a far rapid pace than the internet was. Once a billion people are reached (and probably well before) there will always be enough transactions to create the churn necessary to keep enough miners happy to secure the network. It does not take that much. We can drop it by 75% already and there will be no problems.

mell says

Why don't you take some gains though? I say that to people who are sitting on large stock gains as well. Once you make a double sell 25% at the minimum, of course these numbers can be adapted to individual strategies but at least for stocks buy and hold is done and won't see return. I expect similar for bitcorn

Bitcorn has become highly correlated with tech stocks and/or the strength of the dollar and dollar flow. Hopefully it decouples again although it may have always been correlated with quant easing etc., or at least leveraged by it.

I suspect it will still go down quite a bit this year(s) making for a great re-entry point eventually.