After all the the conversions are done. Is there an exchange rate and who makes real money off of that?

The only money the exchange made was the purchase of the bitcoin. The card comes with the exchange. It has rewards. Right now it's 1% on purchases. It used to be 4%. I don't have a whole bitcoin anymore because I've been using the card for about a year and a half(that's when they first started offering it, no annual fee, so I took it). Now if you lock the bitcoin in a wallet like JORR, you can't use it unless you transfer it to the exchange and they will take a cut again.

It used to be free money for about 6 months, now it's just sucks. But I keep using it. I'll use it right down to what I paid for it and then I'm out.

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Wattabout Kodak Black?

GBTC really taking it on the chin with this FTX shit. If you trust that they are actually holding the amount of Bitcoin and ETH that they are supposed to be, this is the bargain of the century.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

im just gonna buy more Amazon stock

I've been buying GBTC and ETHE in my rothIRA for a few years now and yeah its getting beat up pretty good.

I would not recommend holding it in a taxable brokerage account if you do your own taxes as it sells every week to pay expenses so you have a bunch of micro transactions you have to figure out yourself and greyscale doesn't have a calculator on its website to help you figure it out.

BlockFi into Chapter 11, as expected.

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Hawaii (fuck) You

When are these shitbags going to be held accountable?

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The problem for GBTC is that if Genesis goes Grayscale could go with them. There will be a fight about GBTC assets.

Genesis is the "lending partner" of Gemini. I've got some money- not a lot- stuck with Gemini in the lending program that has paused withdrawals. If Gemini wants to stay in business, they're probably going to have to make good if Genesis fails. I'm not sure if that's feasible.

Keep your Bitcoin on your own wallet. You'll be fine in the long run.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

I would say that's good advice, temporarily. But for BC to succeed, it has to be used as currency, not as a security.

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Wattabout Kodak Black?

So much of what's going on in the world right now, from Ukraine to the freedom of/apologizing for SBF, is related to the struggle to maintain the U.S. Dollar as the world's reserve currency.

That is one of the reasons that DRUMPF could not and cannot be allowed another term. His unilateral approach and bullying is seen as a threat to the status of the Dollar. These other countries will only put up with so much.

Bitcoin will always have value, but it will most likely be driven underground. We've discussed CBDCs in this thread and the likelihood of a digital Dollar.

But one possibility for Bitcoin is that the Davos crowd cannot agree on a reserve CBDC and settles on Bitcoin as a compromise/default. Obviously, the United States is not just going to roll over for that and they'd have to be dragged kicking and screaming, but there are worse possible outcomes and threats to U.S. hegemony.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

0% chance. They can't allow the third world the chance to control their own shit.

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Wattabout Kodak Black?

Like I said, the U.S. will have to be dragged kicking and screaming, but at some point other countries will get tired of sanctions and constant U.S. money printing. If the option is between the Yuan and Bitcoin, I think we know that the U.S. will acquiesce to Bitcoin.

And anyone who cares about humanity rather than wanting the U.S. or China to continue bullying the entire world should prefer a neutral reserve currency.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

The true neutral currency is gold. But profligate governments and trade deficit economies do not allow for hard currency to be used.

Bitcoin has promise because its growth is fixed without political interference, but it is hard to classify it as a store of value given its incredible levels of price movement. If it had been a true hedge on inflation over the past year, my interest would be higher.

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Hawaii (fuck) You

It is strange that Bitcoin has pretty much tracked with the market. I've heard the explanation that Bitcoin is sold to cover short positions. That doesn't seem right though.

I think people not understanding Bitcoin or its potential is closer to the truth.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Hasta la vista BitFront. We hardly knew ye.

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Hawaii (fuck) You

I would have become a believer if it had moved counter to inflation. It scares me that it did not. I am sure it is misunderstood.

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Hawaii (fuck) You

It's $16,000. It's been a terrific hedge on inflation for me. It used to mind blowing. Maybe it will get back to that, maybe it won't.

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Wattabout Kodak Black?

Since its inception Bitcoin has outperformed Berkshire Hathaway. No wonder Munger and Buffett hate it.

_________________
Anybody here seen my old friend Bobby?
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I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

When it moved from hundreds to tens of thousands of dollars there was no inflation. When it moved from $60k or whatever to $16k, that lined up with large increases in inflation.

It has not been a hedge for inflation at all.

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Hawaii (fuck) You

I was buying stuff for free, basically. I consider that a personal hedge on inflation.

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Wattabout Kodak Black?

Berkshire’s stock has returned 3,641,613% since inception in 1965 for a 20.1% compounded annual return. The S&P has had a 30,209%/10.5% return over that period.

I think Warren knows what he is doing.

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Hawaii (fuck) You

Now do Bitcoin from 2008 to present and Berkshire and the S&P over that same period.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Bad comparison. We all know early stage companies can grow like mad but then eventually get too big to sustain such growth rates. There is something to be said for such sustained outperformance of Berkshire against a relevant benchmark.

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Hawaii (fuck) You

Bitcoin isn't a company though.

Charlie Munger doesn't understand Bitcoin and he's too arrogant to admit it. Like Dylan said, "Don't criticize what you can't understand."

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

SBF about to speak live on CNBC….

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Hawaii (fuck) You

He's speaking live on television rather than being held in a jail cell. What's wrong with this picture?

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

Due process Jorr…

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Hawaii (fuck) You

I'm not trying to deny him due process, but he should be under arrest.

_________________
Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

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