If 1 BTC = 1 BTC, then does bull-run mean anything to us! Any articles appreciated.
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110 sats \ 2 replies \ @kepford 27 Sep 2023
It can mean many things. First one that comes to mind is more people realizing the value of bitcoin. The market if you will. We truly don't know what the market value of bitcoin is in fiat because the vast majority of people do not yet understand it.
1 sat = 1 sat but we dont know what the exchange rate will be with other assets.
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0 sats \ 1 reply \ @kepford 27 Sep 2023
I should add that in bull markets you get many new bitcoiners as well. Some will stick and others will not. What I've learned about bull markets is that be prepared for a big pull back. Stay humble and stack sats. Don't kid yourself. Don't get FOMO. Now is the time to stack hard before the bull. People will FOMO in and they won't really get bitcoin. They will sell at the first sign of a market turn. I believe this process will repeat until a critical mass begins to understand bitcoin's utility.
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0 sats \ 0 replies \ @NeuroNinja OP 27 Sep 2023
Yes, I agree since most people use bitcoin as a way to invest (like they invest in land, gold, business etc.) and convert to fiat as soon as they see profit.
Also, I always had this basic question-
If we think in fiat terms, whose money are people/we really earning in bull run?
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10 sats \ 5 replies \ @nerd2ninja 27 Sep 2023
It means everything is getting crazy cheap all of a sudden at unsustainable rates and we should expect a return to normal later on where prices aren't back where they were, still cheaper than before, but not as cheap as the discount mania
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0 sats \ 4 replies \ @NeuroNinja OP 27 Sep 2023
Quite interesting take, so cheap and expensive depends on fiat to BTC conversion. Does it mean that bitcoin will always need fiat to determine its value ?
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0 sats \ 3 replies \ @nerd2ninja 27 Sep 2023
What? No. Who said anything about FIAT? I said everything gets cheaper. Everything you're trying to buy. If you're selling things and suddenly people are saying your stuff is too expensive compared to the other merchants, you gotta lower your prices to stay competitive right?
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0 sats \ 2 replies \ @NeuroNinja OP 27 Sep 2023
I still can't wrap my brain around this. How would things will get cheaper?
If I understood correctly, then it would be because similar amt. of BTC is suddenly more valuable as compared to (when converted to) FIAT.
Please correct me if I am misunderstood.
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10 sats \ 1 reply \ @nerd2ninja 27 Sep 2023
Okay, to start, Bitcoin is your money. Bitcoin is your reference point. So these prices:
https://www.pricedinbitcoin21.com/landing
Those lines would drop down dramatically all at once. Yes, that means that Bitcoin is more valuable, the same way that when prices all rise at the same time against FIAT, that this means FIAT is getting less valuable.
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50 sats \ 0 replies \ @NeuroNinja OP 27 Sep 2023
ahhhh, I got it now. Thanks for making it easier for me.
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