Bitcoins are officially donkdown

[BCR]

The mayor of Miami is pushing hard to become the bitcoin capital of the US. Putting up billboards in Silicon Valley and trying to woo bitcoin businesses to Miami.

The latest trends through the end of last year was the Sinaloa cartel was using bitcoin to launder money. All the Latin American cartels are getting into it.

I would hate all of this if I was a large BTC holder.

The intersection of Miami, the money laundering capital of the world and the cartel money, is a marriage made in heaven for corruption, but hell for some eventual action against bitcoin.

All you need is for one terrorism attack to be funneled through bitcoin, and money laundering to become more prevalent than it already is, and then you get some administration that wants to kill it, they’ll have reasons.

The banks and Musks of the world make it harder to kill with lobbyists and politicians, but I’m sure there are traditional powers that be that would like it killed.

[Dan Druff]

Yeah, BTC allows both easy money laundering and easy transfer of mass sums of money across borders.

Not something the US is going to feel comfortable with for long.

Of course, I said this 9 years ago, and nothing happened.

[sonatine]

Embedded Tweet

https://twitter.com/twt/status/1366788322094239747

probably just a coincidence.

Posting some random asshole from Twitter and noting that Lehman was a house of cards isn’t a coincidence at all.

i have plenty of derogatory takes about dr michael burry but 'random asshole from twitter' isnt honestly on that list.

[Sidewinder]

The naysayers missed the pivot point on the BTC use case:

It is undeniable we are devaluing the currency and causing massive REAL (not fake govt. measured) inflation with printing printing printing.

The argument is BTC is the harbor for this money printing as it is sound, hard currency.

Is this thesis correct? It looks like it - but the premise "the Federal reserve is inflating the money supply and debasing the currency" is proven. It is undeniable fact.

The only question is - does BTC become a sound money refuge as those holding fiat chase a way to preserve their wealth?

The premise is final. $10 gallon of milk is not too far away. It is the mortal nuts to happen.

[Daly]

When this thread was talking about how this was a bubble ~10 days ago it was a sign to buy.

I was half expecting to see a recent Kermit in here.

[TheXFactor]

$60,000 a Bitcoin.

How long until $75,000?, $100,000?

Looking forward to listening to Warren Buffett and other "experts" who say Bitcoin is a fade and will be worthless soon, while Buffett buys back his own stock to artificially enhance his stock price.

[garrett]

probably just a coincidence.

Years ago in my mid 20s when I bet on college sports all the time, a bookie I dealt with said do I know the teams mascot? I was betting on MAC schools trying to catch up, and he was actually trying to help me from getting in too deep. When I said I could not name the schools mascot, he refused to take the bet. I never forgot that. People betting crypto having no earthly idea of what it is, well, they need a book like I had to talk sense into them. Pure gambles rarely work, unless you get lucky a time or two. Hey, I'm Garrett now!

o.k. so since it's 4:30AM and im on coffee #3, ill talk out loud here a little....

I think what is surprising me actually is how sort of seemingly basic, and also with a lack of real understanding of well, everything Bitcoin. Maybe it's because you all had this feud with Druff and Micon years ago, and their was a totally different viewpoint toward the Bitcoin that Druff had vs. whats Micon had.

Now if it mattered actually. And it doesn't Micon would have to be deemed correct here. Bitcoin in ~11 years has gone from a few dollars to now 60k a piece. You'll never in your lifetime see or own a Stock on the stock market, or any investment that will do you as well as what Micron presumably did here with the Bitcoin. Bitcoins appreciation has been that of historic proportions obviously. Is it forever, I don't think so myself. Now could the bitcoin have now a permanent use case in Society, sure. And I think it will, but I do foresee some headwinds here. And to think everything or anything Market related that goes generally straight uphill, nothing ever does. So the regression should be factored in. For what, and why and when. No one truly knows yet but. Stay tuned =)


Now back to my point lol, im surprised at the general lack of even seemingly caring about Bitcoin and you all have known, heard all of it. And knew Micon what over a decade ago. And none of you are in like big time, well im sure a few actually are. But aside from that it just feels like you all are really late to the Bitcoin game, even just understanding wise. It's pretty confounding to me at times actually...


o.k. im done talking out loud now, carry on =)



(Micon the icon LOL...)

[gimmick]

Well Micon gave 10k to a man with a neck tattoo. He wasn't a visionary of any kind. He shoot off a lot of money to every direction.

While we're at it, to this day bitcoin doesn't do anything it was supposed to do. It's not cheaper, it's not faster and it's not even remotely anonymous. None of the hippy dream shit is real.

You can call it a speculative "asset". That's about the only thing it does. There's like dozen shades of gray swans in it's future. Two biggest are governments fucking over it or just tech/software going past it and breaking any semblance of safety it has.

[Dan Druff]

Well Micon gave 10k to a man with a neck tattoo. He wasn't a visionary of any kind. He shoot off a lot of money to every direction.

While we're at it, to this day bitcoin doesn't do anything it was supposed to do. It's not cheaper, it's not faster and it's not even remotely anonymous. None of the hippy dream shit is real.

You can call it a speculative "asset". That's about the only thing it does. There's like dozen shades of gray swans in it's future. Two biggest are governments fucking over it or just tech/software going past it and breaking any semblance of safety it has.

Correct!

Everything that was said about bitcoin and its advantage over fiat currency turned out not to be true, as time passed. Small transactions are expensive. It's not good for e-commerce (except gambling). As you said, it's not anonymous.

It's worth money because people say it's worth money, and then when people say it's not worth money, it won't be.

[gimmick]

Being the visionary Micon was, it does seem a bit silly that he was giving away literal millions promoting a site, he obviously had no stake in, just to rake in a few thousand a month.

Or he just happened to donkstrike his way to something worth something while trying to dodge DOJ. The dodging part didn't really work out.

But sure, about all the visionaries telling amazing tales of BTC, i'm kinda forgetting the ones pitching it as a Ponzi scheme that will see appreciation at times when there's just too much money floating around. You know like when the printers go brrrrrrrrrrrrr and every decent investment opportunity is already overappreciated. I missed that pitch.

Instead we got tall tales of everything that blockchain was supposed to do. To this day i can't think of anything it has done to increase the value of BTC. It's used to verify digital prints in the ETH network. And that's the problem, the underlying tech behind BTC isn't protected at all. If it's worth anything, it doesn't cost anything to adopt it.

[garrett]

Being the visionary Micon was, it does seem a bit silly that he was giving away literal millions promoting a site, he obviously had no stake in, just to rake in a few thousand a month.

Or he just happened to donkstrike his way to something worth something while trying to dodge DOJ. The dodging part didn't really work out.

But sure, about all the visionaries telling amazing tales of BTC, i'm kinda forgetting the ones pitching it as a Ponzi scheme that will see appreciation at times when there's just too much money floating around. You know like when the printers go brrrrrrrrrrrrr and every decent investment opportunity is already overappreciated. I missed that pitch.

Instead we got tall tales of everything that blockchain was supposed to do. To this day i can't think of anything it has done to increase the value of BTC. It's used to verify digital prints in the ETH network. And that's the problem, the underlying tech behind BTC isn't protected at all. If it's worth anything, it doesn't cost anything to adopt it.

You're actually smart and well thought out so.

In all seriousness I just give him credit because along the way he caught a lot of shit, but he always hung his hat in more ways then one on the Bitcoin lmao. Now was it an angle at times, to get some free scratch maybe. I wouldn't know but I wouldn't doubt along the way of course he maximized his own EV in some ways or another. But I think he deserves a little credit, whether he blew it all or not for being right about what Bitcoin would become that's all. And I don't care, I give him credit from the Contrarian Perspective more so then anything. When everyone said no no no, it now turns out he was right about Bitcoin. And regardless of how much, if any he has left id hope in some way shape or form his Bitcoin has in some way or another benefitted him and his family now. With him you cant really say, even if you disagree with his veiw points. He was never a bad guy, or a scammer, he was good for some lol's. And came along and made a deep run in the Main at the right time and it turned out good for him or so you hope now 20 years later.

I'm certain and i'll get lots of angst over this belief but. Its the United States Government as far as im concerned. That does check all the boxes. Even it's Timing tells a story. The white paper was published in the Middle of the Worst Economic Collapse, since the Great Depression. And voila the white paper is created published. And by someone who now, literally covered every single track never to be heard from again. lol if you think this is some human it's not. Its The Goverment......

[gimmick]

Being the visionary Micon was, it does seem a bit silly that he was giving away literal millions promoting a site, he obviously had no stake in, just to rake in a few thousand a month.

Or he just happened to donkstrike his way to something worth something while trying to dodge DOJ. The dodging part didn't really work out.

But sure, about all the visionaries telling amazing tales of BTC, i'm kinda forgetting the ones pitching it as a Ponzi scheme that will see appreciation at times when there's just too much money floating around. You know like when the printers go brrrrrrrrrrrrr and every decent investment opportunity is already overappreciated. I missed that pitch.

Instead we got tall tales of everything that blockchain was supposed to do. To this day i can't think of anything it has done to increase the value of BTC. It's used to verify digital prints in the ETH network. And that's the problem, the underlying tech behind BTC isn't protected at all. If it's worth anything, it doesn't cost anything to adopt it.

You're actually smart and well thought out so.

In all seriousness I just give him credit because along the way he caught a lot of shit, but he always hung his hat in more ways then one on the Bitcoin lmao. Now was it an angle at times, to get some free scratch maybe. I wouldn't know but I wouldn't doubt along the way of course he maximized his own EV in some ways or another. But I think he deserves a little credit, whether he blew it all or not for being right about what Bitcoin would become that's all. And I don't care, I give him credit from the Contrarian Perspective more so then anything. When everyone said no no no, it now turns out he was right about Bitcoin. And regardless of how much, if any he has left id hope in some way shape or form his Bitcoin has in some way or another benefitted him and his family now. With him you cant really say, even if you disagree with his veiw points. He was never a bad guy, or a scammer, he was good for some lol's. And came along and made a deep run in the Main at the right time and it turned out good for him or so you hope now 20 years later.

I'm certain and i'll get lots of angst over this belief but. Its the United States Government as far as im concerned. That does check all the boxes. Even it's Timing tells a story. The white paper was published in the Middle of the Worst Economic Collapse, since the Great Depression. And voila the white paper is created published. And by someone who now, literally covered every single track never to be heard from again. lol if you think this is some human it's not. Its The Goverment......

It was good windfall for him and it was enough to deal with his legal problems. And i have no doubt he had faith in it, just like he had faith in every project that fell through before that.

I honestly though that Micon System was a joke product for several years. I don't really know how serious he was when he released that. I'm hoping that he was just looking to cash in on his ESPN exposure. But i'm afraid he thought someone could pick some insight ofd those cd's to cover the cost. Making it just slightly scammy.

And you're giving too much credit to the government. They're are really happy to just be almost worth it.

[Daly]

Going to be fun when BTC runs to 74K over the next few weeks any then it drops back to 56K and everyone jumps in saying “I knew this was going to crash”.

[Walter Sobchak]

Well Micon gave 10k to a man with a neck tattoo. He wasn't a visionary of any kind. He shoot off a lot of money to every direction.

While we're at it, to this day bitcoin doesn't do anything it was supposed to do. It's not cheaper, it's not faster and it's not even remotely anonymous. None of the hippy dream shit is real.

You can call it a speculative "asset". That's about the only thing it does. There's like dozen shades of gray swans in it's future. Two biggest are governments fucking over it or just tech/software going past it and breaking any semblance of safety it has.

Correct!

Everything that was said about bitcoin and its advantage over fiat currency turned out not to be true, as time passed. Small transactions are expensive. It's not good for e-commerce (except gambling). As you said, it's not anonymous.

It's worth money because people say it's worth money, and then when people say it's not worth money, it won't be.

There were a lot of early adopters because people saw it as a futuristic thing. Most vendors won't take it anymore aside from gambling. It's too unstable. Why would you buy or sell in BTC when you don't know how much the things you buy will actually cost, or how much income you will make as a vendor, from one day to the next? Maybe it will become more widely adopted when it's more stable, but the people who love it don't want it to be stable. They want it to go on a heeb run.

It's not a currency in any meaningful sense of the word. It's illiquid, difficult to use, costly, unstable, not widely adopted, and not legal tender in any country. Turns out it's kind of hard to invent a new monetary system to replace one that has evolved over thousands of years, that works well and over which the government has a monopoly. Who could have seen that coming?

Go ahead and degen it up, but don't think that you're doing anything more than that.

[tgull]

I know nothing about Bitcoin, not a thing other than its a math algorithm that for whatever reason 1% of the world's population is fascinated with. The market cap is still less than Apple. Not going to end well for anyone, this reminds me of the late 90s where companies with no earnings went into the billions overnight. I take a chance on things every now and again, but this is truly absurd. Staying away from this one.

[Sidewinder]

Well Micon gave 10k to a man with a neck tattoo. He wasn't a visionary of any kind. He shoot off a lot of money to every direction.

While we're at it, to this day bitcoin doesn't do anything it was supposed to do. It's not cheaper, it's not faster and it's not even remotely anonymous. None of the hippy dream shit is real.

You can call it a speculative "asset". That's about the only thing it does. There's like dozen shades of gray swans in it's future. Two biggest are governments fucking over it or just tech/software going past it and breaking any semblance of safety it has.

They are devaluing the dollar.

Bitcoin may or may not be the safe haven. It's not final yet. The devaluing of the currency is final.

HFSP if you don't see this and take measures to protect whatever wealth you might have.

[Sidewinder]

Well Micon gave 10k to a man with a neck tattoo. He wasn't a visionary of any kind. He shoot off a lot of money to every direction.

While we're at it, to this day bitcoin doesn't do anything it was supposed to do. It's not cheaper, it's not faster and it's not even remotely anonymous. None of the hippy dream shit is real.

You can call it a speculative "asset". That's about the only thing it does. There's like dozen shades of gray swans in it's future. Two biggest are governments fucking over it or just tech/software going past it and breaking any semblance of safety it has.

Correct!

Everything that was said about bitcoin and its advantage over fiat currency turned out not to be true, as time passed. Small transactions are expensive. It's not good for e-commerce (except gambling). As you said, it's not anonymous.

It's worth money because people say it's worth money, and then when people say it's not worth money, it won't be.

The thesis/use case changed. It sucks for commerce but is it a hedge against the money machine printing dollars non stop?

Anyone whom believes it's not can win a lot of $$ betting against it.

I do not know if it is the safe harbor from the inescapable death of our fiat currency. What I do know is that all fiat currency dies and the new thesis is Bitcoin is sound money.

I am amazed at how many allegedly smart people can't break out of their info/thought bubble and at least consider this is a possibility, then argue for or against.

They are inflating the money supply. $10 gallon of milk is coming. Open your eyes. Maybe BTC is the proper way to store wealth and hedge against inflation, or maybe it's real estate and precious metals. But to act like this has already played out is pretty fucking ignorant and to be honest, really fucking expensive for anyone that didn't dip their beak.

There are at least 2 people crypto billionaires in poker. If might be time to consider they were right.

[Dan Druff]

Being the visionary Micon was, it does seem a bit silly that he was giving away literal millions promoting a site, he obviously had no stake in, just to rake in a few thousand a month.

Or he just happened to donkstrike his way to something worth something while trying to dodge DOJ. The dodging part didn't really work out.

But sure, about all the visionaries telling amazing tales of BTC, i'm kinda forgetting the ones pitching it as a Ponzi scheme that will see appreciation at times when there's just too much money floating around. You know like when the printers go brrrrrrrrrrrrr and every decent investment opportunity is already overappreciated. I missed that pitch.

Instead we got tall tales of everything that blockchain was supposed to do. To this day i can't think of anything it has done to increase the value of BTC. It's used to verify digital prints in the ETH network. And that's the problem, the underlying tech behind BTC isn't protected at all. If it's worth anything, it doesn't cost anything to adopt it.

By the time Micon got interested in bitcoin (2011), it was in the final days in our friendship, and things were already starting to get strained. By that point we weren't talking as much, so his mentions to me about bitcoin were only in passing. I understood what it was, and the tech behind it, but he never made a serious pitch to me to buy any.

However, by then I had also seen tons of other obsessions of his go nowhere, so I wasn't likely to take him seriously anyway. Everything to him in the 2000s was a get-rich-quick scheme, and he embraced nearly any online fad he ran into.

Even neverwinpoker was a get rich quick scheme. As I've stated many times before, Dustin ran it up quickly on Stars and became a source of public fascination during the then-exploding poker boom. This was in 2004. So Micon told Dustin they should quickly slap up a site to promote him, Micon didn't even have much of a plan. There were no affiliate deals -- just a horrible Cafepress store selling ugly shirts and hats -- and a forum which was supposed to be for "discussing neverwin's play" (lol). It only became notable because I showed up to mock the whole thing, and because there was incoming traffic due to people's curiosity about Dustin. Then we kinda just stumbled onto notoriety because we became the anti-2+2, due to being censorship-free.

Anyway, had Micon not been so flaky and prone to following online fads, I would have taken the BTC thing way more seriously, and probably bought some. However, I'm not going to pretend I'd have hung on until now and made a billion dollars. I likely would have dropped them when they hit $80 and thought I made a killing.

[Dan Druff]

I will say that Micon also embraced the bitcoin community because it was a chance to cultivate a new reputation. He decided he wanted respect, and no longer enjoyed being the clown everyone laughed at.

In poker, this was no longer possible. Between his longtime immature behavior and various enemies he had accumulated over the years, he was never going to be a highly respected figure in poker.

In bitcoin, he was an early adopter and also "ran" Seals, so he was able to posture as an expert. He was taken a lot more seriously in that world, and he dropped the "look at how outrageous I am" act. There were no more videos of him pissing in a cup in a hotel room. Presumably he wanted this changed image because he was getting older, and it was less appealing to be the class clown past age 30.

[Baron Von Strucker]