I remember when CounterParty came out and the Overstock.com CEO seemed to be a big fan I believe. I never was impressed or felt like we saw would could be done with that tech possibly because the Bitcoin blockchain quickly ran into congestion issues.
Personally I feel like Bitcoin will just be owned mainly by institutional players and retail people will mainly just have them on custody services and it will basically be unusable to really send around without getting kicked in the teeth constantly with fees. That is why personally I don't plan on interact with Bitcoin off of other networks like the Binance Smart Chain.
Posted Using LeoFinance Beta
I can see why they ran into issues yeah, it was set up with too much focus on final settlement via Bitcoin and I think it's actually a better product to run on lightning than the main-chain.
You're probably not wrong institutions will own a lot of BTC because early retail holders will cave for a few million in printed paper and that's just the nature of the beast. However, to think that any of these other chains that were backed or VC funded aren't well and truly corporatised is a bit silly.
At least when corporates want to own Bitcoin we get to kick them in the teeth and command a good price with these alts they've already got positions or pre-mines stash
I feel you about people caving for a few million in printed paper. I think if a person gets to other hard assets they will be ok though.
That is why I want to buy some land as an investment with the money and invest in my other businesses that are more ever green.
Also I like the depreciated supercars that are actually retaining or going up in value.
I don't want to trade numbers in a crypto wallet for numbers in a bank account. Makes no sense.
I'm more about the travel and experiences and then always retaining value in assets that will at least provide some sort of hedge against inflation.
I think in the US we are headed for 10% inflation a year basically so I figure if I get the value of the crypto holdings up enough to where I'm able to earn a solid return through the valley and just live off the earnings I'm hopeful it can be somewhat of a magic money printer no matter if we are in a bull are bear market with crypto.
I get you, I am on the same buzz, not sure what I want to own yet, real estate is stupidly overpriced so getting a good deal takes some work. I do like the idea of owning stocks with a decent PE ratio, probably things in FMCG or commodities once the crypto yields normalise again.
Not much of a collector involves having storage space, or buying space and insurance, appreciation versus the cost of holding puts me off the supercar trade, but I guess when you factor in the tax savings it can work but I need to do the math.
In SA, we have 4.2% inflation as stated by the government, but the money supply before COVID was 12% annualised growth over the last 15 and GDP hasn't exactly boomed in that time, so take your pick between 4.2% and 12% on how hard we're getting fucked.
As a Bitcoiner though shits getting stupid cheap when I measure in sats, 1 BTC is almost at 1 million Rand/ZAR now so our paper money is crumbling below satoshi value. So if your house is worth a 1-2 million which is like an average ass house here, soon its worth less than a BTC lol and people still think they're getting rich with their annual hosing appreciation lol
You are a smart dude. You think of every angle like I do. With luxury car / supercar purchases it is more about going fast and not losing near as much as someone loses just buying a new Honda or something. The insurance on a lot of the cars isn't as expensive as you think but if you get a high end supercar that is still valued at over $200,000 that is when companies don't want to insure it and all that.
What I have noticed is a lot of people don't know the prices or model variations with some of these Audi, Mercedes, BMWs....etc and they can lose so much value in the first 5 to 7 years it is unreal but the tech that was inside them was ahead of the American products at the time and takes about 3 or 4 years for the American manufacturers to copy those features essentially.
So there are some good values out there. A lot of people will say it is a maitenence nightmare .....etc and it certainly could be but in my mind if the car gets down to be worth $10,000 or $15,000 that retailed at an insane $130,000 than just keep going and if something major happens make the decision if it is worth fixing or selling to someone who can fix it themselves if they are tooled up to do so. Some of these Audi models will have the air ride go out and other various major issues.
So I think the big thing in my mind is there is a balance between thugging it out and not spending any money to grind it out and actually enjoying things and living the dream while you are young.
You don't want it to become all about what you can't have. My parents are more in that mindset of always saving and they actually cut themselves off from good returns and being able to do anything. It can get weird. During the bear market I really tried to keep my spending low and I still am to some respect but really want to flex on some McBitches when the time is right. The subtle flex driving down Main Street with the scissor doors up playing songs like this.
I never thought about that, but you make some good arguments, I will add it to my considerations, here the second-hand market is pretty big, many people bring in supercars from US/EUR/JPN and because the currency is so bad they do tend to hold their value, but I am not expert on cars. You sound like you know whats a bargain and what is a clunker and I am sure you could even flip them if you build up a good network in the super car community.
What I've also seen are trucks the older ones also tend to hit a point where they start to hold their value and as people migrate out of cities, they're going to want to swap their car for a truck so it could be a good place to hedge in over the next few years.
I wont say I am there where I want to cash in my chips for lifestyle tokens but I get you man, thats what we do this for so we can live a life we feel we deserve, I just want it to be at a level where I have no fear that it can be taken from me. If i start flexing I want to flex for life, not a here today broke tomorrow
For sure..... we want to flex for life!
I have some thoughts that the next crypto bear market will be worse than the last one because of more and more people getting on leverage platforms and also DeFi lending platforms. The temptation for people to get on stuff like Compound, Venus, JustLend....etc and borrow against their existing crypto is so tempting and easier to access compared to traditional credit lines.
That in turn will cause a chain reaction so insane on a level we have never seen before when the tide goes out with people getting torched who extended too far.
People took out credit lines from the traditional market and borrowed against their existing credit as well.
What will start the fall? Likely the big institutions dumping their coins. They can't sell on the open market because big buyers won't buy at those level so they have to dump on the n00bs getting in buying tops.
I'm going to turn this into a full post!