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I think the "run" to bitcoin can be mostly attributed to people bailing on stablecoins as there's no guarantee they can be converted to dollars. If your stablec

I think the "run" to bitcoin can be mostly attributed to people bailing on stablecoins as there's no guarantee they can be converted to dollars. If your stablecoin can't be cashed, but can be converted to BTC, then BTC looks better by comparison. What's the point of converting BTC to dollars anything? I thought bitcoin was the future. I mean you don't see a lot of people fretting that we can't convert dollars to Zimbabwe bucks. Why are crypto people so hung up on convertibility to the fiat dollar?

lamontcg 4y ago
And the people who comment "BTC is up 30% since SVB" are making their argument centered around $USD value of BTC. Whatever happened to "1 BTC = 1 BTC" do they not teach that to kids these days?
- lordfrito 4y ago
  My theory is that BTC and "the crypto space" are mostly about dollars. They use FOMO talk (future of finance) to disguise that they really just want to sell you garbage and collect USD. I remember several years ago someone in finance posted here about how they were looking into ways BTC could be packaged into a traditional security that could be bought/sold in TradFi. After spending a year on it, he and his team came to two conclusions. 1) KYC made it really hard to do and 2) everyone they talked to was more interested in getting USD than holding onto BTC Point 2 stuck out to me. No one wants BTC. It's about get-rick-quick and cash out to USD. That's why everyone talks about the price of BTC relative to dollars. It's all that really matters to them. If my theory is correct, then the shuttering of the major on/off ramps between USD and BTC will force crypto into an endgame followed by a crash.
  - lamontcg 4y ago
    The endgame is probably when people need to raise capital because their business ventures in the real world are crashing and burning, and they actually take the available exits and drain the cash out of the system. Blocking offramps may actually do the ecosystem a favor (similar to coinbase always suspending withdrawals whenever crypto goes down).
    - lordfrito 4y ago
      Agreed. When that happens we're going to finally see what a bitcoin is truly worth. In some ways answering that question is the very favor the ecosystem has needed all along.

lamontcg 4y ago

And the people who comment "BTC is up 30% since SVB" are making their argument centered around $USD value of BTC. Whatever happened to "1 BTC = 1 BTC" do they not teach that to kids these days?

lordfrito 4y ago
My theory is that BTC and "the crypto space" are mostly about dollars. They use FOMO talk (future of finance) to disguise that they really just want to sell you garbage and collect USD. I remember several years ago someone in finance posted here about how they were looking into ways BTC could be packaged into a traditional security that could be bought/sold in TradFi. After spending a year on it, he and his team came to two conclusions. 1) KYC made it really hard to do and 2) everyone they talked to was more interested in getting USD than holding onto BTC Point 2 stuck out to me. No one wants BTC. It's about get-rick-quick and cash out to USD. That's why everyone talks about the price of BTC relative to dollars. It's all that really matters to them. If my theory is correct, then the shuttering of the major on/off ramps between USD and BTC will force crypto into an endgame followed by a crash.
- lamontcg 4y ago
  The endgame is probably when people need to raise capital because their business ventures in the real world are crashing and burning, and they actually take the available exits and drain the cash out of the system. Blocking offramps may actually do the ecosystem a favor (similar to coinbase always suspending withdrawals whenever crypto goes down).
  - lordfrito 4y ago
    Agreed. When that happens we're going to finally see what a bitcoin is truly worth. In some ways answering that question is the very favor the ecosystem has needed all along.