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this isn't why people buy Bitcoin. they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets. It's the equivalent of

this isn't why people buy Bitcoin. they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets. It's the equivalent of gold, that is people turn to it when they think shit may hit the fan but it doesn't have the downsides of physically holding gold.

hanniabu 2y ago
Except that Bitcoin isn't long term sustainable due to its security budget crisis that will rear its head in ~8-10 years.
jsheard 2y ago
> don't have confidence in the power of the US dollar Whenever the US stock market slumps, doesn't Bitcoins price usually slump too in almost perfect lockstep?
- jcfrei 2y ago
  Yes, bitcoin effectively trades like the 3x leveraged nasdaq indices (TQQQ).
  - hparadiz 2y ago
    Eh the USA hasn't defaulted on its debt. Yet. Once it does BTC will stop shadowing the USD.
    - jcfrei 2y ago
      The companies in the Nasdaq don't care much about the US defaulting: The cash (and cash equivalents in treasuries, etc.) don't make up a large part of their market valuation. If US defaults USD will tank and equity prices of public companies will soar (just like every other price including oil, gold, groceries, and probably also btc).
      - hparadiz 2y ago
        If that happens those companies will likely see an asset sell off as owners seek cash to buy basic commodities which will perpetuate a great depression. Sufficiently sized multinationals will relist themselves on different exchanges with other more stable currencies but the general panic will cause a downward spiral for most securities.
kmeisthax 2y ago
No, people buy Bitcoin because line go up.
insane_dreamer 2y ago
> they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets no; they buy it b/c they're attracted by the fantasy of a 100x return like some people got in the past. there are no solid correlation patterns with the USD or other currencies/ stocks, unlike, say, gold
t0bia_s 2y ago
BTC ignores inflation. Thats enough for saving for retirement.

hanniabu 2y ago

Except that Bitcoin isn't long term sustainable due to its security budget crisis that will rear its head in ~8-10 years.

jsheard 2y ago

> don't have confidence in the power of the US dollar Whenever the US stock market slumps, doesn't Bitcoins price usually slump too in almost perfect lockstep?

jcfrei 2y ago
Yes, bitcoin effectively trades like the 3x leveraged nasdaq indices (TQQQ).
- hparadiz 2y ago
  Eh the USA hasn't defaulted on its debt. Yet. Once it does BTC will stop shadowing the USD.
  - jcfrei 2y ago
    The companies in the Nasdaq don't care much about the US defaulting: The cash (and cash equivalents in treasuries, etc.) don't make up a large part of their market valuation. If US defaults USD will tank and equity prices of public companies will soar (just like every other price including oil, gold, groceries, and probably also btc).
    - hparadiz 2y ago
      If that happens those companies will likely see an asset sell off as owners seek cash to buy basic commodities which will perpetuate a great depression. Sufficiently sized multinationals will relist themselves on different exchanges with other more stable currencies but the general panic will cause a downward spiral for most securities.

kmeisthax 2y ago

No, people buy Bitcoin because line go up.

insane_dreamer 2y ago

> they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets no; they buy it b/c they're attracted by the fantasy of a 100x return like some people got in the past. there are no solid correlation patterns with the USD or other currencies/ stocks, unlike, say, gold

t0bia_s 2y ago

BTC ignores inflation. Thats enough for saving for retirement.