BTC in the PP

[Don]

It's just a matter of time before Putin steals everyone's bitcoin. Get out now.

[I Shrugged]

It's just a matter of time before Putin steals everyone's bitcoin….

That would be self defeating, though.

[Don]

It's just a matter of time before Putin steals everyone's bitcoin….

That would be self defeating, though.

How so?

[bitcoininthevp]

Assuming Moore's law,

Nah, Moores law's creator notes 2025 the law will end. https://en.wikipedia.org/wiki/Moore%27s ... d_roadmaps

But lets suspend disbelief of reality and assume you can compute infinitely,

Btc has perhaps another 10 years at most before copies of its earlier 'secure' ledger entries may be as good as being clear-text and trust/faith is totally lost.

You still have the energy concern as well, just enumerating the set of (78-digit number) keys would consume more than the total energy output of the sun for 32 years.

So if we believe that the creator of Moore's law is wrong about his own law and also that we can harness the entire output of the suns energy for 32 years, I guess Bitcoin is at risk!

(I now await your pivot to quantum concern trolling)

At least with money or grocery store reward credits they're backed by a physical entity. Physical gold is a tangible asset. Btc is neither.

All value is subjective regardless of if it is something digital or something physical.

[seajay]

Yawn! Time will tell.

[I Shrugged]

It's just a matter of time before Putin steals everyone's bitcoin….

That would be self defeating, though.

How so?

I was being a little funny, but if ever one person got all the bitcoins, they’d no longer be worth anything.

[ppnewbie]

It’s possible that a third of the bitcoin suppply is in 10000 wallets and those wallets could be controlled by fewer than 10000 people. Ofcourse this is disputed but who knows what to believe anymore.

Maybe two other entities could each acquire third of the remaining supply and they could buy each other Bitcoin pizzas.

[Jack Jones]

Stocks: 25%
Bonds: 20%
Gold: 20%
Cash: 20%
Bitcoin: 15%

I figured there would be some action to take in the model portfolio, but everything is still within range. -11.44% since thread inception.

[Kbg]

BTC-USD YTD -38.9%

GLDM YTD 2.19%

Not much of a track record...but during the 2020 stock market tank...BTC was off 50% from June 2019 to March 2020

Hmmm...BTC thus far is not digital gold. Gold remains gold.

[ppnewbie]

I think one or two percent in a portfolio for pure speculation is not bad. You know your downside.

[Jack Jones]

BTC-USD YTD -38.9%

GLDM YTD 2.19%

Not much of a track record...but during the 2020 stock market tank...BTC was off 50% from June 2019 to March 2020

Hmmm...BTC thus far is not digital gold. Gold remains gold.

When people say that Bitcoin is digital gold, do you think that means their price should move in tandem?

The only assets I own that are truly mine and unencumbered are gold and Bitcoin. Everything else can be taken, taxed, and otherwise exploited by the system.

[boglerdude]

When the blockchain hype dies it'll settle into being a digital gold. But at what price...

[ppnewbie]

BTC-USD YTD -38.9%

GLDM YTD 2.19%

Not much of a track record...but during the 2020 stock market tank...BTC was off 50% from June 2019 to March 2020

Hmmm...BTC thus far is not digital gold. Gold remains gold.

When people say that Bitcoin is digital gold, do you think that means their price should move in tandem?

The only assets I own that are truly mine and unencumbered are gold and Bitcoin. Everything else can be taken, taxed, and otherwise exploited by the system.

One thing I grapple with is gold gains getting taxed away.

[Jack Jones]

One thing I grapple with is gold gains getting taxed away.

I’ve never sold gold. Can’t you just sell a coin for cash from time to time?

[ppnewbie]

One thing I grapple with is gold gains getting taxed away.

I’ve never sold gold. Can’t you just sell a coin for cash from time to time?

Not sure what the reporting requirements are at the coin shops. I think its 5k or less does not need to be reported. But, there has to be record of this transaction. The only way I see it as untaxed is if it is completely under the table cash transaction between private parties.

[Kbg]

A continued...ah, no.

https://www.pragcap.com/three-things-i- ... ngs-break/

3) Not Your Keys, Not Your Coins.

Here’s an alarming disclosure from CoinBase in which they explain that the Bitcoin they custody could be considered firm assets in case of bankruptcy. In other words, customers would be considered unsecured creditors and their crypto assets would not be considered theirs, but part of the firm’s assets. This seems to be a legal unknown at this point because there isn’t precedent for establishing how a BK court would treat the assets. This is essentially a version of the popular crypto mantra “not your keys, not your coins”. In other words, if you don’t personally custody your coins they’re not really yours.

This is wild. Imagine if Schwab came out one day and said “if we go bankrupt your personal assets will be subject to the bankruptcy settlement”. They’d lose all their assets overnight. I don’t know the legal aspects of this and so I am not in a position to have a strong opinion, but this seems like a very, very important matter that needs to be sorted and I certainly wouldn’t want to wait around for a bankruptcy court to settle it.

In any case, things are breaking all over the place. Have a nice day.

[ppnewbie]

A continued...ah, no.

https://www.pragcap.com/three-things-i- ... ngs-break/

3) Not Your Keys, Not Your Coins.

Here’s an alarming disclosure from CoinBase in which they explain that the Bitcoin they custody could be considered firm assets in case of bankruptcy. In other words, customers would be considered unsecured creditors and their crypto assets would not be considered theirs, but part of the firm’s assets. This seems to be a legal unknown at this point because there isn’t precedent for establishing how a BK court would treat the assets. This is essentially a version of the popular crypto mantra “not your keys, not your coins”. In other words, if you don’t personally custody your coins they’re not really yours.

This is wild. Imagine if Schwab came out one day and said “if we go bankrupt your personal assets will be subject to the bankruptcy settlement”. They’d lose all their assets overnight. I don’t know the legal aspects of this and so I am not in a position to have a strong opinion, but this seems like a very, very important matter that needs to be sorted and I certainly wouldn’t want to wait around for a bankruptcy court to settle it.

In any case, things are breaking all over the place. Have a nice day.

I think this is a common ethos in the centralized world of decentralization. When you are taking a cut of everyone's desperate FOMO activity you can also make off with the users of your platforms assets. It's called "socializing losses".

[Kbg]

LOL!

[ppnewbie]

IMHO - Decentralized databases (blockchain) and computing (smart contracts) are pretty momentous new developments in the world, but at the moment it is complete Mad Max territory.

[Kbg]

Completely on board with the tech and what it can be used for...just not as a replacement for good ole fashioned government fiat currency.

Just not gonna happen at scale unless governments get more stupid than they've ever been...and thus far I'm not aware of a government who isn't or hasn't been aware of the associated power.

[Jack Jones]

BTC at 11% of model portfolio, so getting close to rebalancing range.

Portfolio down 15% since inception, BTC down 40%.

[Jack Jones]

Bitcoin hit <10% of the model portfolio, so I performed a rebalance:

-cash
-gold
-stocks
+bonds
+BTC

The portfolio now owns 56% more Bitcoin.

Portfolio down 16% since inception (Bitcoin -38%).

[joypog]

Bitcoin hit <10% of the model portfolio, so I performed a rebalance:

-cash
-gold
-stocks
+bonds
+BTC

The portfolio now owns 56% more Bitcoin.

Portfolio down 16% since inception (Bitcoin -38%).

I'm sorry if I missed it, what's your overall asset allocation, with the BTC?

[Jack Jones]

Stocks: 25%
Bonds: 20%
Gold: 20%
Cash: 20%
Bitcoin: 15%

[DominicKm]

Indeed, investment in BTC would be the solution in such situations as inflation and not only bitcoin. And I encourage you to do it because you can achieve excellent results and have a significant income. I can say this from my own experience. I have already been investing in BTC for a long time, and I am not doing wrong. I faced the most difficult situations that could happen. Now with the help of moonbitcoins.com, I also deal with bitcoin mining, and my financial situation is much better. And anyone can do this if they approach the correct tactics. So don't hesitate to do it.