Tag: Bitcoin

Bitcoin Crashed

Read my post on Bitcoin that I am extremely proud of and that gets no traffic…

So, the price of Bitcoin in dollars has crashed by 50% from its all time high not so long ago and no sits around $70k, and all of a sudden out of nowhere an army of self-appointed Bitcoin experts crawled out of the woods and began offering their opinions. I personally love these two:

  1. Bitcoin has no intrinsic value
  2. Bitcoin is a scam/Ponzi scheme

Bitcoins has an intrinsic value because it has a perceived value to its holders. Bitcoin is decentralized, it has no master, and there is a limited supply of it. So with time, despite these drastic falls in price, the purchasing power of Bitcoin rises. Now look at US dollar:

Bitcoin is a currency that actually increase in cost, and with time can buy you more stuff. People are saying that you cannot use Bitcoin for anything. True, its use is rather limited, the adoption is slow but this is because it is relatively new. Already today there are vendors, businesses, online apps that accept payments in Bitcoin. I literally buy electronics with it, I bought champagne for New Years with it, you can pay Rumble subscription with it. I heard that restaurants use this app for Bitcoin payments but I barely go out and have no social life so I didn’t try it yet.

And Bitcoin might have characteristics of a Ponzi scheme and Satoshi holds like a million Bitcoins, so he can cash out when the price gets high enough. But who gives a flying fuck? Just buy some and see for yourself how you like it. I personally don’t have all my money in BTC. It is a risky asset, the volatility is one thing but its future is uncertain in my opinion. Although, Bitcoin has so far weathered many crises, and in my opinion it will manage.

Another bullshit take about Bitcoin is lumping it with other cryptocurrencies or associating it with variety of scams that happened in the crypto industry. I get it that when some exchange goes bust and people lose their money, it doesn’t shine a good light on crypto. Same with the variety of rug pull scams. But there isn’t anyone who can rug pull your Bitcoin if you hold it on a cold storage. These exchanges can go bust, this industry is new and it is a Wild West out there.

To close this rant, buy the dip, this is what I did. This is what I will do in few days. And I really hope the price stays low for few months so I buy again and again. I know it’s going to grow.

Czech Central Bank Buys Bitcoin

Reuters

We became first!

The Czech Central bank bought $ 1 million in BTC and some stable coins (tokenized USD basically) for its testing lab. The governor, Aleš Michl earlier said that Czechia should establish a BTC reserve. But I guess then Christine Lagarde called and they all got spooked, and so they are now cautious like this. Better than nothing though, it might be expanded in the future.

Marathon Fusion

This is why I think BTC is a much superior asset than gold…

Every time I mention my passion for BTC online, there is always some individual, who is skeptical about digital money and extols the virtues of gold and other precious metals, muh physical, muh precious.

But gold is not money. You cannot go to a shop and pay with your gold bars. You cannot store your gold bars in a purse even unless they are very small. You can sell them for fiat but there is a problem with storage. You can have them in a safe at home but safer storage would be with a custodian like a bank or a specialized company. But in the latter case you are entrusting your treasure to somebody else.

BTC allows for self-custody with a hardware wallet. And BTC is already money albeit not universally accepted. There are shops that accept BTC, usually online businesses selling electronics that are run by enlightened bitcoiners. I have already bought stuff with BTC. So far mostly Bitcoin infrastructure but also stuff for the garden. You can actually get a Visa or Master Card payment card that converts your crypto into fiat and can be used in most stores. I don’t know of any such scheme for gold.

I am not sure if it is even ethical in our technological age to use gold as a store of value. Gold is used in electronics, and it would in my opinion be better if gold served the electrical and by its virtue the bitcoin infrastructure rather than remaining in a vault somewhere. Silver is an even better electrical conductor.

Gold has an inflation, around two percent per year. This is all the gold brought into the system mostly through mining. I was imagining a gold inflation caused by asteroid mining. But would you look at this…

This is pure alchemy. Gold is said to originate from exploding supernovae, and the alchemical sign for gold is the same as the astrological sign for the Sun. The stars are massive fusion reactors.

One only wonders if they can pull this off and make it commercially viable. They could at first make electricity and create gold, after 17 years, they could have the first batch of gold ready to sell, and then every year another batch. They could flood the economy with gold thus reducing its price. It seems like science fiction now but so does asteroid mining or even the universal adoption of Bitcoin.

Ukrainian Cryptofags Plug Bitcoin Mining Equipment to Systems at a Nuclear Power Plant

At the Southern Ukrainian Nuclear Power Plant, geeks have plugged in Bitcoin mining equipment to local systems…

According to Unian, because of this installation, reports of the physical safety of the station (which are a state secret) became public.

SBU discovered the installation during a sanctioned search on 10 July.

Mining bitcoin is more profitable than being a nuclear physicist, let that sink in.