Two things can be true at once.

[Anonymous No.57166854]

It's important to remember that two things can be true at once.

It's true that SEC is probably going to approve BTC ETFs, and the price of BTC will likely go up. It wouldn't surprise me at all to see it eclipse $50k. If you're a gambling man, the time to get in is right now. I won't blame you for taking this opportunity to turn a quick profit, so long as you understand the risks.

It's also true that Bitcoin has not become more useful, intrinsically valuable or more widely adopted by virtue of its price going up. In fact, there is absolutely no correlation between the two.

The thing that that Butters don't quite seem to understand about this sub is that, at least among the more reasonable of us, we don't believe that it's impossible to make money on crypto. The line might go up, and you might make a lot of money. But our criticisms of Bitcoin exist independent of the price. The fact that Butters come in here and expect us to "repent" because the price went up shows that they are not actually in it for the tech at all. The tech hasn't changed whatsoever, nor has the level of adoption. If your "belief" in BTC wavers with the charts, it means you have a completely unprincipled and meritless position. Likewise if you would expect us to change our position based on the charts.

If you think Bitcoin is a neat concept, that's fine. If you think Bitcoin can be used on a small scale as a digital currency for drug dealers, tech nerds and cyber criminals, I will totally agree with you. If you want to gamble on Bitcoin to make money, godspeed. But no matter how badly you want it to be true, Bitcoin will never be the two things you claim it is: a store of value or a global payment network. This is not a belief or a prediction, it's just the logical conclusion reached when assessing Bitcoin at face value.

[Anonymous No.57166865]

>>57166854
2/3
As an investment vehicle, Bitcoin can only ever be a Ponzi scheme. It has no customers, no product, no revenue, and no intrinsic value. It is not consumed like a commodity or backed by some financial agreement like a security. Even when it's used for crime, gambling, or money laundering, someone is cashing out into fiat at the tail end eventually. There is ultimately no money flowing into the ecosystem that will not eventually look to flow back out. In short, your gains can only ever come from another investor. On top of that, miners will always be extracting money out of the system and burning it into the atmosphere, and I'm not even factoring in market manipulation or the systemic risks posed by Tether and unregulated exchanges.

As a currency, Bitcoin is a really bad one with very narrow use cases. Butters might have valid criticisms of our monetary policy, banks, and financial institutions. I don't know - I'm not an expert on the subject, and neither are 99% of them. What I DO know, however, is that a network that can only facilitate 7 tps is not the future. A network that relies on self-custody with no fraud protection is not the future. A network that can take DAYS to settle a transaction is not the future. What I also know is that my debit card, credit card, and Venmo "just work". I also don't spend any time thinking about recording capital gains after buying a pack of gum. Regardless of the shortcomings of existing systems, the solution presented by Bitcoin is clearly worse and has been soundly rejected. It doesn't take long for useful technology to be adopted, and it's not happening. It's been over a decade, and you're not early. I'm sorry.

[Anonymous No.57166872]

>>57166865
3/3
If you are a cynic who's here to shill your bags, you're "in on it", and you're ready to cash out at a moment's notice, kind of sleazy but good luck and enjoy the gains. If you're a true believer, someone who sincerely intends to hold out until the second coming global adoption, you're eventually going to have to address the elephants in the room or become exit liquidity for the aforementioned cynic. The price going up does not affirm your belief in Bitcoin, nor does it change the merit of our criticisms.

In summary, two things can be true:

1) The price of Bitcoin has gone up and will likely continue to do so.

2) Bitcoin continues to be a wasteful and inefficient Ponzi scheme and completely non-viable as a currency.

TLDR: /BIZ/ BTFO.

[Anonymous No.57167813]

>>57166854
>>57166865
>>57166872
Incredibly based.

[Anonymous No.57167824]

lmao how will Butters ever recover?

[Anonymous No.57167852]

Imagine the sort of person that hacks or thousands of words of cope on reddit lmao

[Anonymous No.57167869]

>>57166865
>It has no customers, no product, no revenue, and no intrinsic value.
Very very first-world viewpoint here, also ordinals/inscriptions have btfo this thesis.

[Anonymous No.57167954]

>currency
BTC is Money (unit of account), not currency (transactional media), it doesn't need to scale, it doesn't need to be used transactionally. All of global finance will be Bitcoin's L2.

Core to Money is the store of value, but of course you can't actually store value. So how does money accomplish this function? By being a difficult thing. If I only trade my goods and labor for something I know is difficult to produce/procure, I stand a good chance of being able to trade that thing for roughly what I paid for that thing in goods/labor. I am storing the value dispersed within the economy. It should be obvious that while any difficult thing can be money, only some will be well suited and very importantly, have the network effect, to develop significant monetary value (premium over it's difficulty cost). Bitcoin is simply better Money than what we're had available, gold & equities (Equity Premium "Puzzle" is the product of partial monetization of equities post-gold standard). Network effect guarantees BTC will be The Money as it's the oldest, most compute intensive, and largest. BTC will continue to grow because economic calculation is enhanced by having a good Money (price carries information, fixed unit of account reduces variables, increasing effectively by deceasing the necessary iterations to arrive at fair market price) and a good Money needs a large capitalization.

This halving will be the beginning of hyperbitcoinization, as it marks the inflection point where BTC's inflation rate permanently falls well below that of gold's mining inflation (2%). BTC will stand alone as the hardest Money, at all points after this halving BTC will only ever be a better and better fixed unit of account.
>but it doesn't do anything!
Neither does gold, neither does the 3x (monetary) premium AAPL carries over it's rational value. Something will be used to store value, BTC fulfills this function better than the alternatives.

[Anonymous No.57167960]

>>57166854
>>57166865
>>57166872
what a clueless hack. bitcoin doesnt exist in a vacuum.

[Anonymous No.57168007]

>>57166854
>>57166865
>>57166872
Cryptocels will seethe but there's nothing incorrect here.

[Anonymous No.57168042]

>>57166854
You didn't negate the concept that Bitcoin is a store of value at all. Bitcoin is not only a store of value, but the most perfect store of value ever created that far exceeds anything humans had access to in eternity.

The only competitor is god's currency aka gold, and the Jews have completely subverted and destroyed that entire market.

With every passing decade, as btc keeps going up (despite it's short term volatilities), the fact Fiat KEEPS debasing and inflating to zero, and the face BTC just does not die but rather hash power only goes exponential higher, proves you are a fucking moron. Stay poor.

[Anonymous No.57168066]

>>57166865
>I also don't spend any time thinking about recording capital gains after buying a pack of gum
kek btc maxis btfo

[Anonymous No.57168079]

>>57168042
let me just store my value in a ponzi scheme that regularly loses 50% of its value in 1 day

[Anonymous No.57168108]

>>57168079
Let you store your value in something that firmly holds it's value rather than losing 99% of it's value over a hundred years

[Anonymous No.57168121]

>>57166854
>intrinsically valuable
MIDWIT ALERT

[Anonymous No.57168128]

>>57166854
>store of value
>>57167954
>store of value
>>57168042
>store of value
>>57168079
>store my value
>>57168108
>store your value

HOLY SHIT RED ALERT FOR MIDWITS
HAHAHAHAHAHAHAAHHAHAHAHAHHA
YOU CAN'T STORE VALUE YOU RETARD MONKEYS