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At Bitcoin Asia Everything Was Upside Down (Bitcoin Magazine, JB)bitcoinmagazine.com/markets/bitcoin-asia-everything-upside-down-price
770 sats \ 19 comments \ @denlillaapan 31 Aug econ
Market prices are truth, and the more the treasury company reps sorry, retail delivery systems, talk, the more the bitcoin price falls.
Also, check out $Naka in response to the announcement of a massive share issuance program. LOVE. IT

Financial gravity is re-asserting itself

We, the nerdy outsiders who were once dead-set on building a new and improved world have become cheerleaders for regulated, permissioned securities — neatly levered up and financially engineered for maximum bitcoin-per-share. The laws of financial gravity rudely shoved aside, even the staunchest rebellious hacker has given up most of their principles now that Wall Street is paying $2, $3, or $5 for a dollar of bitcoin. (#984224)
(Y'alls happy about that SN backlink?!)
The dissonance couldn’t have been greater between the bullish words said on stage, the impressive and plausible-sounding gospel from the dozen or so treasury companies present, and the harsh reality of an ever-decreasing price. It’s almost like the more David Bailey et al. talk and pump their bitcoin-acquisition vehicle stocks, the worse our market becomes and the lower the price goes.

"We’re out here on the latest stop of the Bitcoin festival tour, astonished to see how all that was once sacred has been profaned: Everything is upside down."

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104 sats \ 4 replies \ @Undisciplined 31 Aug
Appreciate the backlink, but am more happy to see you cranking out so much product (edit: I don't mean in ~econ).
the harsh reality of an ever-decreasing price
This feels wildly myopic. I haven't been in bitcoin for very long and we're at about 4x from when I started paying attention.
I know you're talking about recent trends, but there's a ton going on in global capital markets that makes me skeptical of taking lessons from bitcoin price movements.
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42 sats \ 3 replies \ @denlillaapan OP 31 Aug
I know, I know... but apparently price is ALL that people click on, and we're in the click-y business so there you go.
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9 sats \ 2 replies \ @Undisciplined 31 Aug
Prices are super interesting. It's too bad we usually know so little about what's driving them.
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42 sats \ 1 reply \ @denlillaapan OP 31 Aug
...or really good?
Hayek's knowledge thing... informationally efficient; no need to know why tin is now more scarce, just that it is prices still coordinate activity accordingly
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19 sats \ 0 replies \ @Undisciplined 31 Aug
No need, but nerds like us want to know
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48 sats \ 1 reply \ @OT 31 Aug
I can picture a drone designer saying the 21 looks better on top.
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0 sats \ 0 replies \ @denlillaapan OP 1 Sep
Fuckers.
That's probably exactly it, some retard having no idea
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33 sats \ 0 replies \ @optimism 31 Aug
even the staunchest rebellious hacker has given up most of their principles
Lmao.
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12 sats \ 6 replies \ @spiderman 1 Sep
I am living in Hong Kong (moved here a few months back) and see absolutely no point of holding this conference here, apart from the fact that it is considered a trad-fi hub, and hence can get a lot of suits to attend.
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0 sats \ 5 replies \ @denlillaapan OP 1 Sep
How so? What is it that you see/don't see?
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33 sats \ 4 replies \ @spiderman 2 Sep
Well, first off, Hong Kong is part of China, which sees Bitcoin as a threat to its capital control. So Hong Kong will never really embrace Bitcoin, no matter how much lip service it pays.
And then, for some weird reason (may be marketing game), places like Hong Kong, Singapore, Dubai etc. are oft touted as so called Bitcoin hub or leading in adoption etc. when a look at BTC Map would show you nothing could be further from the truth.
Their governments are all in for Bitcoin (and crypto, shitcoin or whatever) to attract exchanges or other financial institutions in order to create job, draw foreign investment, get more tax revenue etc., you know, the usual political talking points, and nothing necessarily wrong with that.
But these governments will never encourage, or make it easy to achieve self-custody or an organic Bitcoin eco-system with merchant adoption, with people using sovereign money, held outside the system, which are the true ethos of Bitcoin. In fact, they will try everything to resist individual adoption. To these government, Bitcoinery (and shitcoinery) is a job creation and taxation game for convenience. And that goes very well with the typical Asian authoritarian culture where the state and the collective reigns supreme over the individual. The individual exists to comply with and reinforce the system, not to try to be independent from it.
That is why Hong Kong will never become like Lugano or Zug (both in Switzerland), because Asians cannot wrap their head around the concept of separation of money and state.
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33 sats \ 0 replies \ @SimpleStacker 2 Sep
I was with you until the last sentence. I think Asians can certainly wrap their minds around it, but I'll admit that libertarian tendencies are much more rare in the asian countries
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0 sats \ 2 replies \ @denlillaapan OP 2 Sep
Nice! Thanks for explaining how you were thinking about this... What, tho, makes you think having big events there not very useful?
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33 sats \ 1 reply \ @spiderman 3 Sep
Sorry, I may have been more assertive than I intended it to be. Hosting it in HK is probably useful from a bottom-line point of view, as in, getting enough attendees and sponsorships to cover the cost and keep a healthy profit. (Someone who has access to the numbers may confirm one way or another.)
But if the goal is to orange pill private individuals or institutions, promoting merchant adoption and telling people to adopt Bitcoin as money, then I doubt hosting in HK serves any purpose at all, as it does not have the right ethos for Bitcoin.
May be that is the point, and since real adoption is nearly non-existent in HK, that is why it makes sense to attempt orange pilling, to raise adoption. But the establishment and entire society is so deeply entrenched in traditional finance and banking (may be half of HK's GDP comes from the industry), that the resistance from every corner will be nearly insurmountable, and people here are well-programmed to follow the establishment narrative. Hence...
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0 sats \ 0 replies \ @denlillaapan OP 7 Sep
I dont have access to the numbers... And even if I did, I'm not sure I'm allowed to share them lol
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21 sats \ 1 reply \ @denlillaapan OP 31 Aug
also nice to see that Knut approved!
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0 sats \ 0 replies \ @nitter 31 Aug
https://xcancel.com/knutsvanholm/status/1962218403524923848
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10 sats \ 0 replies \ @justin_shocknet 1 Sep
We've now reached a phase where an ordinary run-of-the-mill dip, just after new ATH, is used by status-seeking hipster bloggers to fuel Treasury Derangement Syndrome...
This cope article might be the bottom signal we've been waiting for...
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5 sats \ 0 replies \ @siggy47 31 Aug
Cypherpunks, morphed into suitcoiners, have found their ultimate expression as stonkcoiners.
Nice!
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