Yeah the problem for btc….which the btc etf approval hastens for an asset with no intrinsic value above and beyond its promise that it can be sold for higher in the future once the catalyst ‘roadmap’ has played out…..is when all the major tent pole promised positive catalysts are gone (and to be clear I think this is the last BIG one which the authorities know/knew) and has turned out to be disappointing based on price reaction…..
like what’s left?
The great killer of the BTC chainletter….isnt regulation per se although that is a negative contributor…it’s that the chain letters velocity (or this case cultural meme) slows down….and that the chain letter damages enough people financially that every person is one removed from someone who’s been burned financially.
Its that the chain letters future positive catalysts start to sound less compelling and logical as in the past. That BTC memes next catalyst sounds like sitcom writers who’ve “jumped the shark”…..that the story doesn’t quite sing to be people the way it did.
Sitting 45% off the 2021! ATH’s in real terms….is confirmatory for those who are skeptical of the new positive catalysts.
Very serious question @tecate whats left in the BTC catalyst roadmap outside of institutionalization which has just occurred and allocations from institutions play out rising over the next 12 months….is it simply the use case expansion into payments….which hilariously is incompatible with BTC ETF-ization….i can’t remember the last time I paid for my shopping with my vanguard exchange traded fund inside my brokerage account as the settlement mechanism.…..and imagine a situation where buying a bag of Tayto….triggered a capital gain tax event for the purchaser….see thats where we are now…..BTC is a commodity, its underlying trades on regulated exchanges…the acquisition of BTC for sure now triggers an IRS/revenue capital goods ‘cost basis’ event….the next time its sold or its ownership changes….like paying for tayto….you create a capital gain/loss event.
So if you’re gonna lean into payments as the catalyst….…please explain to me how you get around the friction created above vs. fiat currency….L2 solutions are not an explanation/solution…….L2 lightning payment solutions, secured on BTC, will simply be classed as BTC derivative products with the exact same capital gains/loss problem….underlying layer abstractions in financial markets like L2’s have been closed off by regulators (CDS’s, interest rate swaps, options etc.)
Look forward to your explanation which tackles fundamentally the above and gets around it.
like what’s left?
The great killer of the BTC chainletter….isnt regulation per se although that is a negative contributor…it’s that the chain letters velocity (or this case cultural meme) slows down….and that the chain letter damages enough people financially that every person is one removed from someone who’s been burned financially.
Its that the chain letters future positive catalysts start to sound less compelling and logical as in the past. That BTC memes next catalyst sounds like sitcom writers who’ve “jumped the shark”…..that the story doesn’t quite sing to be people the way it did.
Sitting 45% off the 2021! ATH’s in real terms….is confirmatory for those who are skeptical of the new positive catalysts.
Very serious question @tecate whats left in the BTC catalyst roadmap outside of institutionalization which has just occurred and allocations from institutions play out rising over the next 12 months….is it simply the use case expansion into payments….which hilariously is incompatible with BTC ETF-ization….i can’t remember the last time I paid for my shopping with my vanguard exchange traded fund inside my brokerage account as the settlement mechanism.…..and imagine a situation where buying a bag of Tayto….triggered a capital gain tax event for the purchaser….see thats where we are now…..BTC is a commodity, its underlying trades on regulated exchanges…the acquisition of BTC for sure now triggers an IRS/revenue capital goods ‘cost basis’ event….the next time its sold or its ownership changes….like paying for tayto….you create a capital gain/loss event.
So if you’re gonna lean into payments as the catalyst….…please explain to me how you get around the friction created above vs. fiat currency….L2 solutions are not an explanation/solution…….L2 lightning payment solutions, secured on BTC, will simply be classed as BTC derivative products with the exact same capital gains/loss problem….underlying layer abstractions in financial markets like L2’s have been closed off by regulators (CDS’s, interest rate swaps, options etc.)
Look forward to your explanation which tackles fundamentally the above and gets around it.