To all bitcoiners who have been looking bored during this phase for half a year: when we had a phase of high inflation in the 70s, gold increased more than 20-fold. I don't think I need to say any more. Hang in there, stay liquid, be diligent and honorable!
64 sats \ 2 replies \ @JesseJames 29 Aug
just say when :-)
reply
21 sats \ 0 replies \ @TomK OP 29 Aug
Weeeeelllllll..... I'll ask my goddamn charts that never work
reply
0 sats \ 0 replies \ @jp305 30 Aug
wait, wait, wait…
reply
157 sats \ 0 replies \ @thebullishbitcoiner 29 Aug
https://m.stacker.news/48845
reply
32 sats \ 0 replies \ @BitcoinAbhi 30 Aug
I actually don't look at chart. I just think Bitcoin will outclass everything.
reply
81 sats \ 1 reply \ @Coinsreporter 29 Aug
There's been no boring times in Bitcoin for me, or I just couldn't see one* because I've kept it simple to stack sats and don't gloom myself with other things!
reply
11 sats \ 0 replies \ @TomK OP 29 Aug
Bitcoin itself never can be boring.
reply
47 sats \ 2 replies \ @Satosora 30 Aug
I do think it is unusual that the price hasnt moved much, even though etfs are buying btc like crazy.
reply
20 sats \ 1 reply \ @TomK OP 30 Aug
The fact that the decoupling of the Nasdaq from the tech sector has not yet succeeded is astonishing to me
reply
47 sats \ 0 replies \ @Satosora 30 Aug
Right.
Im a bit worried about all these etfs buying btc.
reply
80 sats \ 6 replies \ @79c9095526 29 Aug
Agreed, we are pretty close to on track to where historical cycles say "we should be".
My one concern this cycle is if the ETFs decide to fractionally reserve bitcoin and essentially issue 'fake' bitcoin. That could be a way to absorb a large amount of demand without having any effect on the limited supply of bitcoin. We saw FTX do this and absorb iirc ~1 million btc worth of demand without actually buying/holding that bitcoin. It is illegal for the ETFs to do so, but I also don't think anyone who follows gold believes the gold ETFs actually hold the gold they are legally obligated to hold based on the number of shares they have issued. Not to mention the countless times the big boys (JP Morgan, etc...) have been caught spoofing the price of precious metals markets.
Unfortunately, similar to gold ETFs, very few people (if anyone) can actually demand redemption of their paper IOU bitcoin certificates for real bitcoin. Not to mention none of the ETF providers AFAIK have proof of reserves so who knows what they hold.
With all of that said, I'm bullish and look forward to seeing where this next bull cycle takes us!
reply
47 sats \ 5 replies \ @standardcrypto 29 Aug
"very few people (if anyone) can actually demand redemption of their paper IOU bitcoin certificates for real bitcoin."
sell ETF, transfer to trad bitcoin exchange, buy bitcoin, withdraw to cold wallet.
This can be done in a week, even large quantities.
Much easier than with gold in the GLD etf.
So I don't think we're apples to apples with this comparison.
Invest Accordingly :)
reply
25 sats \ 0 replies \ @79c9095526 29 Aug
Yes, and what you describe can also be done with gold ETFs and while it sounds nice, in practice it does not happen.
Large investment firms, RIAs, sovereign wealth funds, pension funds and the like often cannot hold a physical commodity (per their own rules) or do not want to do so even if they legally could. They purchase into these ETFs and cannot/will not/do not redeem to purchase underlying.
But yes, it is easier for a pleb like you and me to do this with the ETF, but I imagine we already hold real bitcoin and not ETFs in any meaningful qty. For example, the Wisconsin Pension Fund that holds over $160M in bitcoin ETFs is not going to be holding spot bitcoin anytime soon :)
reply
47 sats \ 0 replies \ @Solomonsatoshi 30 Aug
reply
56 sats \ 2 replies \ @TomK OP 29 Aug
my point was to show how quickly people react when they become aware of inflation. obviously the first round of inflation wasn't enough. in the second, bitcoin will most likely react differently too, no matter what the ETFs do
reply
47 sats \ 1 reply \ @79c9095526 29 Aug
Fair enough. I think a quote from Jameson Lopp is probably applicable here as well:
"Unless you're a professional trader, you're likely wasting your time looking at the BTC price chart, trying to understand it.
In 2013 everyone thought bitcoin was mooning due to the Cyprus crisis. Years later we learned it was Wences orange pilling his Silicon Valley buddies."
reply
10 sats \ 0 replies \ @TomK OP 29 Aug
Charting btc really is sth. special
reply
47 sats \ 1 reply \ @mdominicorobin24 30 Aug
If the price action of gold is coupled with the price action of Bitcoin maybe this is a foreshadowing but then again if the price of gold tumbles a bit then the same will happen to Bitcoin. I like the concept that they are separate entities when it comes to price movements since the fans of both asset class is unique.
reply
1 sat \ 0 replies \ @TomK OP 30 Aug
I am curious to see how this Bitcoin cycle will develop. so here where I am in Europe there is no interest in the media or among the people after this asset. it is absolute dead silence, just like after the crash in 2021.I think that the liquidity cycle must gain massive momentum in order to free Bitcoin from this rigor mortis.
reply
47 sats \ 0 replies \ @jddska 29 Aug
Never too late to sell a kidney.
reply
47 sats \ 2 replies \ @Solomonsatoshi 29 Aug
Only invest in Bitcoin if you want to be part of the revolution building an alternative to the fiat debt slavery bankers cartel that owns your government.
There is no guarantee of fiat denominated speculative gains - holding your hard earned savings in a currency free of parasitic rentseeking bankers should be enough.
If being part of the Bitcoin P2P monetary revolution that treats all people equally without fear of favour while not imposing itself upon anyone is your motivation than you have already won.
reply
0 sats \ 1 reply \ @TomK OP 29 Aug
Yes, father. That's the way
reply
0 sats \ 0 replies \ @Solomonsatoshi 30 Aug
reply
47 sats \ 1 reply \ @Taft 29 Aug
Agreed!
Great advice!
reply
0 sats \ 0 replies \ @TomK OP 29 Aug
and I had forgotten: try to ignore the good advice from relatives and friends to invest everything in real estate now.
reply
47 sats \ 1 reply \ @AD_ 29 Aug
I hope it stays boring! We’re never gonna see prices this low again so be grateful and stack sats. We will miss these times
https://m.stacker.news/48843
reply
25 sats \ 0 replies \ @TomK OP 29 Aug
But I am nearly 95 years old....
reply