David McWilliams: "Bitcoin Betrayal"?

jigsaw said:
I myself have treated it as an investment, I started buying it in 2014 and continue to buy every single week and it's turned out to be an outstanding investment. I remember telling all of my family and friends to buy it when it was under €800 and they all laughed at me. They are not laughing now and they are all saddled with crippling mortgages / car loans and debt, meanwhile I'm debt free and very "comfortable"

I don't see myself using it anytime soon as a payment network anytime soon (The lightning network)

But as @tecate said, payments is only 1 string in bitcoins bow

The vast majority of people trust cental governments? I agree with you there. More fool them.

I never compared it to the Internet by the way
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@tecate convinces himself that the economic establishment are incapable of being objective on btc because of their personal experience
Fair play to you for making yourself financially independent on btc. Clearly some people, a very few, have been similarly fortunate, like the lotto winners.
But be objective, like the lotto winners, and do not convince yourself or others that this is now a valid career path.
Interested to know what percentage of your wealth you still have invested in btc.
 
Duke of Marmalade said:
@tecate convinces himself that the economic establishment are incapable of being objective on btc because of their personal experience
Fair play to you for making yourself financially independent on btc. Clearly some people, a very few, have been similarly fortunate, like the lotto winners.
But be objective, like the lotto winners, and do not convince yourself or others that this is now a valid career path.
Interested to know what percentage of your wealth you still have invested in btc.
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tecate convinces himself that tulips are infinite, so what tecate thinks is not a very reliable yardstick for sound analysis.
 
Duke of Marmalade said:
@tecate convinces himself that the economic establishment are incapable of being objective on btc because of their personal experience
Fair play to you for making yourself financially independent on btc. Clearly some people, a very few, have been similarly fortunate, like the lotto winners.
But be objective, like the lotto winners, and do not convince yourself or others that this is now a valid career path.
Interested to know what percentage of your wealth you still have invested in btc.
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I agree fully with @tecate that the establishment are incapable of being ojective on btc.

I never said it's a valid career path, where did you get that from?
 
jigsaw said:
I agree fully with @tecate that the establishment are incapable of being ojective on btc.

I never said it's a valid career path, where did you get that from?
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Never said you said. Just cautioning against any suggestion that your experience is any guide to the future. Just as Amazon's price is totally irrelevant to its future prospects.
 
Duke of Marmalade said:
Never said you said. Just cautioning against any suggestion that your experience is any guide to the future. Just as Amazon's price is totally irrelevant to its future prospects.
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I gave up talking to people about bitcoin, most people I know are happy to hold their "wealth" in the form of a melting ice cube (Euros)

Best of luck to you lads, I won't be engaging anymore.
 
jigsaw said:
Here's an interesting Bitcoin report from Fidelity from just last month if anyone is interested.
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:eek:Such pompous hubris and baloney. But first an element of agreement. BTC is the daddy of them all. Once it fails they all will fail. Also hats off to its network. But its not a monetary network like fiat or even PayPal, where people join coz that's the best way to buy or sell something including their labour. It is a network of folk who dream that one day they too may do a jigsaw. Paradoxically the fact it is standing at <40% of a recent ATH is acting as a form price support but how long will that last. I hope you have handed in your lotto ticket and are not rolling it over.:cool:
 
Duke of Marmalade said:
:eek:Such pompous hubris and baloney. But first an element of agreement. BTC is the daddy of them all. Once it fails they all will fail. Also hats off to its network. But its not a monetary network like fiat or even PayPal, where people join coz that's the best way to buy or sell something including their labour. It is a network of folk who dream that one day they too may do a jigsaw. Paradoxically the fact it is standing at <40% of a recent ATH is acting as a form price support but how long will that last. I hope you have handed in your lotto ticket and are not rolling it over.:cool:
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Not just the best way to buy or sell something, but the best way to price something, if it is to stand as a currency.
 
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jigsaw said:
Are you still banging on about tulips?
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He is a Tulip and apparently I'm living in his head rent-free. :cool:
jigsaw said:
Best of luck to you lads, I won't be engaging anymore.
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Was it the Duke or the Tulip guy? Don't leave me here with this bloomin' Tulip - he's cre-cre.
Duke of Marmalade said:
:eek:Such pompous hubris and baloney.
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Duke's default review for anything that might be mildly positive about bitcoin. I've seen this movie before.
.
Duke of Marmalade said:
Paradoxically the fact it is standing at <40% of a recent ATH is acting as a form price support but how long will that last.
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Wait ...I get confused. Which ATH are you talking about? It's just that you spent a couple of years lamenting the $20K ATH and how awful sad it was.
 
time to plan said:
That is certainly consistent with the Tecate Infinite Tulips Fallacy.
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That is certainly consistent with your endeavor to sidetrack discussion of the actual subject in favor of indulging in more obtuse nonsense, Tulip. ;)
 
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tecate said:
He is a Tulip and apparently I'm living in his head rent-free. :cool:

Was it the Duke or the Tulip guy? Don't leave me here with this bloomin' Tulip - he's cre-cre.

Duke's default review for anything that might be mildly positive about bitcoin. I've seen this movie before.
.

Wait ...I get confused. Which ATH are you talking about? It's just that you spent a couple of years lamenting the $20K ATH and how awful sad it was.
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99% have bought above current price
 
Fidelity said:
One of the most confusing concepts for those who are new to bitcoin is understanding that the word “bitcoin”can refer to two related, but distinctly different things. There is Bitcoin the network or payment system, and then there is bitcoin the token or asset.
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Let me paraphrase.
One of the most confusing concepts for those who are new to AAM is understanding that it refers to two related, but distinctly different things. There is AAM the social network, and then there are the pearls of wisdom in posts like mine.
Fidelity said:
The invention of the wheel represented an entirely new technology that, once invented, could never be reinvented. Similarly, never in human history had the problem of digital scarcity and true peer-to-peer electronic CASH been solved until Bitcoin was invented.
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"never in human history" Wow! Such hubris.
dictionary said:
cash
noun
1.money in coins or notes, as distinct from cheques, money orders, or credit:
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This is not cash, even Satoshi baulked at calling it that. They are digital entries on an electronic ledger or "tokens" if you prefer a bit of hubris.
 
Duke of Marmalade said:
Let me paraphrase.
One of the most confusing concepts for those who are new to AAM is understanding that it refers to two related, but distinctly different things. There is AAM the social network, and then there are the pearls of wisdom in posts like mine.
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Has your brain gone to mush entirely Duke? You now dispute the distinction they make between a blockchain network and the token that resides on it? Sweet jehovah. :eek:

Duke of Marmalade said:
"never in human history" Wow! Such hubris.
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And yet their statement is true. If not, prove otherwise. I'll wait.

Duke of Marmalade said:
This is not cash, even Satoshi baulked at calling it that. They are digital entries on an electronic ledger or "tokens" if you prefer bit of hubris.
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They said "electronic cash" ( "A purely peer-to-peer version of electronic cash" no less).
 
jigsaw said:
I myself have treated it as an investment, I started buying it in 2014 and continue to buy every single week and it's turned out to be an outstanding investment. I remember telling all of my family and friends to buy it when it was under €800 and they all laughed at me. They are not laughing now and they are all saddled with crippling mortgages / car loans and debt, meanwhile I'm debt free and very "comfortable"

I don't see myself using it as a payment network anytime soon (The lightning network)

But as @tecate said, payments is only 1 string in bitcoins bow

The vast majority of people trust cental governments? I agree with you there. More fool them.

I never compared it to the Internet by the way
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Congratulations.

Hindsight is 20:20 I still regret looking at buying so little when it was $300, but at the time I was looking at the rise from $1 to $300.

I think now in part the challenge is for a lot of participants they are reeling from the 2021 mania where most have lost money. I think the market is showing this with low volatility and exchange volumes down.

As an investment right now there are probably better options out there.
 
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