4 ms·

So just wait for it to come back up. You're not looking to withdraw it now, just eventually. Tap one of your other asset stores until Bitcoin climbs back. The

So just wait for it to come back up. You're not looking to withdraw it now, just eventually. Tap one of your other asset stores until Bitcoin climbs back. The perspective of wealthy people is not ours. They have to weigh risk differently than we do. To them, if a bank fails or if the state seizes their wealth, it's the same thing as Bitcoin falling. Only it's not, because Bitcoin can climb back, while the people that stole their wealth are never going to give it back. Bitcoin being a market entity that can remain outside government regulation and enforcement reach makes it the ultimate asset store. Nothing else in the world offers that.

deleted 9y ago
[deleted]
ckastner 9y ago
> So just wait for it to come back up Some assets do not come back up.
- vinceguidry 9y ago
  If the global elite start parking wealth in Bitcoin, then there's literally no ceiling on the price. You see this in any market that gets targeted by them. Prices go up, and they don't come back down until governments start paying attention and figure out how to control access and regulate. Then they come back down some. But unless a governing entity can figure out how to completely shut global money out of a market, then that asset price might not be being held up by God Himself, but by a force almost as strong.
  - JumpCrisscross 9y ago
    > If the global elite start parking wealth in Bitcoin, then there's literally no ceiling on the price That's a big if.
    - ThomPete 9y ago
      Don't think it really is. There is a need for a store of value of the digital space and anyone who wants to invest in the digital space in the future will have to be able to access some of the deals through cryptocurrency or token means. I would rather bet on that, than the US government in the long run.
      - JumpCrisscross 9y ago
        > There is a need for a store of value of the digital space Something like 90% of U.S. dollars are held digitally. Most American stock and bonds are held digitally. Cryptocurrencies aren't novel in being digital. They're novel in being de-centralised. They're pitched in being de-centralised away from the very system the global elite have built and profited from. If the blockchain proves resilient, it will be adopted by central banks. There is no good reason for those banks adopting Bitcoin over something they design.
        ThomPete 9y ago
        That's not the point. It's not about whether it's digital it's about how it can be used in the digital space. Bitcoin is not just decentralized and thus isn't subject to any political opinion, it's non-inflatory and it's built in a way that both the current elite plus those with less political power can access it furthermore it's actually tracable and not possible to launder. Those are all things that anyone from government to elite to the working class can get behind. Whether blockchain is adopted by banks does not have any bearing on the value of bitcoin and how it can be used. If anything it will only improve cryptos value and thus be a good investment target for the elite. Only if blockchain proves to have no backing and no utility will this trend be inversed. My bet is that it does have backing and does have plenty of utility which will just take some time to manifest itself to everyone.
    - deleted 9y ago
      [deleted]
ceejayoz 9y ago
> Bitcoin being a market entity that can remain outside government regulation and enforcement reach makes it the ultimate asset store. Any major world government could muster up the resources to do a 51% attack on Bitcoin. China could go after the major miners, the US could shut down Coinbase, etc. Many ways for them to stagger the currency, potentially shaking confidence enough on it for people to cash out. That's not even counting the non-governmental shenanigans of things like Tether that are going on that could do that on their own.
- vinceguidry 9y ago
  The global market place is an order of magnitude bigger than all the governments in the world. They maintain order through force, not through economic size. If governments had to resort to using muscle to crush Bitcoin, the next cryptocurrency won't be so easy to target.
  - ceejayoz 9y ago
    > They maintain order through force, not through economic size. Force goes a long way. > If governments had to resort to using muscle to crush Bitcoin, the next cryptocurrency won't be so easy to target. That's pretty handwavey. "We will jail/execute you if we find out you're using cryptocurrencies" is an option readily available to nation states, and I seriously question the willingness of the "global elite" to risk that sort of penalty.
    - vinceguidry 9y ago
      > Force goes a long way. It really doesn't. It only goes as far as your resources. Once they run out, then you can literally no longer enforce your will. When dealing with an amorphous entity with an order of magnitude more resources than you do, then deploying force is a game of whack-a-mole that you can't win. Your only option is to fight a rearguard action trying to stay on top while the new world order emerges. > "We will jail/execute you if we find out you're using cryptocurrencies" is an option readily available to nation states, and I seriously question the willingness of the "global elite" to risk that sort of penalty. That is already the operative environment under which much of this wealth was created.

deleted 9y ago

[deleted]

ckastner 9y ago

> So just wait for it to come back up Some assets do not come back up.

vinceguidry 9y ago
If the global elite start parking wealth in Bitcoin, then there's literally no ceiling on the price. You see this in any market that gets targeted by them. Prices go up, and they don't come back down until governments start paying attention and figure out how to control access and regulate. Then they come back down some. But unless a governing entity can figure out how to completely shut global money out of a market, then that asset price might not be being held up by God Himself, but by a force almost as strong.
- JumpCrisscross 9y ago
  > If the global elite start parking wealth in Bitcoin, then there's literally no ceiling on the price That's a big if.
  - ThomPete 9y ago
    Don't think it really is. There is a need for a store of value of the digital space and anyone who wants to invest in the digital space in the future will have to be able to access some of the deals through cryptocurrency or token means. I would rather bet on that, than the US government in the long run.
    - JumpCrisscross 9y ago
      > There is a need for a store of value of the digital space Something like 90% of U.S. dollars are held digitally. Most American stock and bonds are held digitally. Cryptocurrencies aren't novel in being digital. They're novel in being de-centralised. They're pitched in being de-centralised away from the very system the global elite have built and profited from. If the blockchain proves resilient, it will be adopted by central banks. There is no good reason for those banks adopting Bitcoin over something they design.
      - ThomPete 9y ago
        That's not the point. It's not about whether it's digital it's about how it can be used in the digital space. Bitcoin is not just decentralized and thus isn't subject to any political opinion, it's non-inflatory and it's built in a way that both the current elite plus those with less political power can access it furthermore it's actually tracable and not possible to launder. Those are all things that anyone from government to elite to the working class can get behind. Whether blockchain is adopted by banks does not have any bearing on the value of bitcoin and how it can be used. If anything it will only improve cryptos value and thus be a good investment target for the elite. Only if blockchain proves to have no backing and no utility will this trend be inversed. My bet is that it does have backing and does have plenty of utility which will just take some time to manifest itself to everyone.
  - deleted 9y ago
    [deleted]

ceejayoz 9y ago

> Bitcoin being a market entity that can remain outside government regulation and enforcement reach makes it the ultimate asset store. Any major world government could muster up the resources to do a 51% attack on Bitcoin. China could go after the major miners, the US could shut down Coinbase, etc. Many ways for them to stagger the currency, potentially shaking confidence enough on it for people to cash out. That's not even counting the non-governmental shenanigans of things like Tether that are going on that could do that on their own.

vinceguidry 9y ago
The global market place is an order of magnitude bigger than all the governments in the world. They maintain order through force, not through economic size. If governments had to resort to using muscle to crush Bitcoin, the next cryptocurrency won't be so easy to target.
- ceejayoz 9y ago
  > They maintain order through force, not through economic size. Force goes a long way. > If governments had to resort to using muscle to crush Bitcoin, the next cryptocurrency won't be so easy to target. That's pretty handwavey. "We will jail/execute you if we find out you're using cryptocurrencies" is an option readily available to nation states, and I seriously question the willingness of the "global elite" to risk that sort of penalty.
  - vinceguidry 9y ago
    > Force goes a long way. It really doesn't. It only goes as far as your resources. Once they run out, then you can literally no longer enforce your will. When dealing with an amorphous entity with an order of magnitude more resources than you do, then deploying force is a game of whack-a-mole that you can't win. Your only option is to fight a rearguard action trying to stay on top while the new world order emerges. > "We will jail/execute you if we find out you're using cryptocurrencies" is an option readily available to nation states, and I seriously question the willingness of the "global elite" to risk that sort of penalty. That is already the operative environment under which much of this wealth was created.