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The Bitcoin Rally (Financial Times Unhedged, Robert Armstrong)www.ft.com/content/cf2a71bf-aa20-4f33-a54a-9fa5b4edb9ea
798 sats \ 13 comments \ @denlillaapan 11h econ
Yes, yes, rally short-squeeze (#1040602)
...except Armstrong didn't get the memo, and still thinks it's a Trump coin:
The rally, by all accounts, has a lot to do with various bits of crypto-friendly legislation that are expected to become US law soon.
The most important piece for bitcoin specifically is the Digital Asset Market Clarity Act, which will specify when a crypto asset is a commodity in the eyes of the law and when it is a security, and (correspondingly) when it is regulated by the Commodity Futures Trading Commission and when by the Securities and Exchange Commission. 
OK, fine, we got some of that recently (#1042115)
And then we get the most curious type of counterargument: if it's all legislation-driven, once they run out of legislative ink, what is going to make bitcoin rise then?!
More transparent regulation clears the way for great institutional demand for bitcoin. So, given finite supply, the bitcoin price should rise. A tidy explanation, but what happens when the last regulatory roadblock has been removed? What makes bitcoin rise then?
Maybe your premise is wrong, sir; but even if not, who cares? It already has, and will continue to, outperformed your tradfi shitcoin stuff.
That's OK, we don't care that you are "a bit sceptical" -- we want people like you to get bitcoin absolutely last!
Also, nice volatility chart
Then we get an even stranger counterargument:
I can't see the logic here. Yes, aaaand?
This newsletter has been sceptical of crypto as its price has risen, so humbleness is in order. But the store-of-value argument for Bitcoin’s value doesn’t quite add up, and the recent rally doesn’t help.  
Translation: We have been consistently wrong about this before, and since we can't see our error, we are going to keep being wrong
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126 sats \ 5 replies \ @Aardvark 10h
A tidy explanation, but what happens when the last regulatory roadblock has been removed? What makes bitcoin rise then?
The same thing that made it rise before the regulatory roadblocks began being removed?
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66 sats \ 3 replies \ @Undisciplined 8h
Also, even in his dumb framework, maybe something like legislation that increases bitcoin reserve requirements or makes bitcoin legal tender.
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60 sats \ 2 replies \ @Aardvark 8h
Or literally any favorable policy change elsewhere on the planet? There's still a ban in China last time I checked.
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60 sats \ 1 reply \ @Undisciplined 8h
Exactly. There are still lots of legislative bodies that can do stuff.
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84 sats \ 0 replies \ @denlillaapan OP 8h
obviously, it can't be because bitcoin has some intrinsic superior virtue
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42 sats \ 0 replies \ @denlillaapan OP 8h
NOE! U fin retard
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33 sats \ 1 reply \ @Scoresby 7h
Translation: We have been consistently wrong about this before, and since we can't see our error, we are going to keep being wrong
Chuckled out loud at this. I rarely chuckle while reading. Thank you.
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102 sats \ 0 replies \ @denlillaapan OP 2h
THANK YOU, sir!
was kind of happy with that snarky phrasing myself!
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33 sats \ 2 replies \ @0xbitcoiner 11h
I've had this doubt for a long time. Why do people always feel the need to come up with reasons for prices going up or down? Isn't supply being higher than demand, or the other way around, enough?
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32 sats \ 1 reply \ @denlillaapan OP 10h
well, I emotionally like it too. Urge to have an explanation for things happening... even though in financial markets it's always "nobody knows."
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46 sats \ 0 replies \ @0xbitcoiner 10h
You nailed it, nobody knows! I used to be like that years ago, when I first got into markets. But after a while, I realized it’s just a waste of time. Even if you figure out the reason, it doesn’t matter, the move already happened. What’d be cool is knowing before things go down! Hahaha. One of the big lessons I learned from Bitcoin is: don’t pay attention to what people say. All that day-to-day noise ain't for me, just brings unnecessary stress.
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33 sats \ 0 replies \ @Undisciplined 8h
We have been consistently wrong about this before, and since we can't see our error, we are going to keep being wrong
To be fair, I think that's how people should behave. Just don't be so dense about seeing why you're wrong.
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14 sats \ 0 replies \ @Solomonsatoshi 10h
Salty no coiners just keep digging.
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