We haven't had a good president since Eisenhower.
Exciting that we're creating a new global economy with reserves to be held in gold, bitcoin, & SDRs [1]; perhaps bankers will stop the past decades fighting against Keynes' true economic miracle proposal: issuance of the global Bancor [2], instead of this [always silly to me] petrodollar hegemony.
[0] disclosure: I HODL small amounts of each
[1] IMF's "Special Drawing Rights," which cannot be citizen-owned
[2] wikipedia.org/wiki/Bancor
I wrote an article on this topic here https://stacker.news/items/887222/r/nout
Further, if you believe that bitcoin is going to be used as a currency at some point, you may as well start using it already.
And finally, since bitcoin is so liquid (you can literally buy or sell in seconds with custodial wallets/accounts like Strike, or in minutes with self-custodial/private solutions), it doesn't really make sense to "sell the worse currencty (fiat) first" you can just buy whatever is your target amount of bitcoin today. You don't need to wait. This is not physical gold that takes hours up to days to buy or sell (you have to go to a special place, etc...).
Some people do "spend-and-replace", where they spend bitcoin for products/services and immediately buy the same amount of bitcoin for fiat. That's a nice way to start, but it's sort of unnecessary.
ur-whale•8mo ago
ProllyInfamous•8mo ago
To which I informed him "that's only moving the decimal place just one more position — I've already seen it happen five times!"
This simple revelation shocked us both (both: me saying it, him hearing it).
I'm excited for what the post-Dollar world will allow (albeit with a long period of "readjustment," particularly for US citizens [of which I am, still]).
Triffin's Dilemma... just got even more interesting =P
mckirk•8mo ago
(Of course that was under the previous 'house rules'; who knows what announcement will come out of the White House tomorrow.)
npoc•8mo ago
mckirk•8mo ago
npoc•8mo ago
Reality is that the market cap of gold is now around $25T. If bitcoin matched that, it would put it at $1.5M/BTC, based on estimated 4M BTC lost forever. And bitcoin has way better monetary fundamentals than gold...
Additionally, adoption of new technology generally follows an S-curve.
ProllyInfamous•8mo ago
Market cap of gold is ~$22T. If bitcoin matched that, it would put it at 1.05M/BTC
>based on estimated 4M BTC lost forever
This is irrelevant to the conversation — even "lost" bitcoin are still included in the marketcap calculation of an asset.
>adoption of new technology generally follows an S-curve
I accept your premise, but IMHO bitcoin is still just getting started.
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Based on my bitcoin usage (since 2012), bitcoin seems to have doubled approximately every eighteen months. Under this anecdotal observation, it could be just five years to $1M [0]
[0] but of course past performance doesn't predict future [1]
[1] Time IN the market beats timING the market — excited to keep waiting =P
npoc•8mo ago
If assets are destroyed or forever lost, they essentially no longer exist and so have no effect on the market cap.
If all but 1 bitcoin were lost, the total supply would then be 1 bitcoin. From then on, the 21M figure would just be an arbitrary number with no relevance to real world supply and demand. The world would be fighting over 100M sats.
> I accept your premise, but IMHO bitcoin is still just getting started.
Agree completely. It's clear from this website alone (filled with people of above-average technical knowledge and intelligence) that most of the world has no idea what it really is yet (they think they know). People who understand both the inherent flaws of Keynesian economics and the technological aspects of bitcoin are few and far between. But both are becoming increasingly obvious as each year passes, along with bitcoin's robustness for which time is only true test.
ProllyInfamous•8mo ago
Yes I've spent over a decade placing lines of best fit, usually in log-land; it all still seems early-phase of the S-curve (which I agree: you're correct about new adoption timelines; it's just not now) [0].
Governments are in early implementations of Bitcoin Strategic Reserves — which I will predict should increase the slope of the aforementioned log_line (i.e. BTC growth becomes even faster) as citizen access increases.
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Honestly: I'm surprised my above bitcoin comment hasn't been further-downvoted... simply because HN-folks have "blasted" me for years on my lived experiences within bitcoin ecosystem. At present, I too am (still) anti-alt-coins =D
[Harrelson_wipes_tears_with_hundies.GIF]
[0] https://imgur.com/Yw9a8Pu
tempera•8mo ago