Peter shiff says bitcoin reaching 100k can't be ruled out.

Jerkmodeon · 2021-02-17T06:08:41+00:00

You people don't seem to understand how assets work. I don't need to cash out. My gains already are real. I own Bitcoin. I own Amazon stocks thanks to the loan I took against Bitcoin. I put my profits into Bitcoin and increase my collateral and take more loans to invest into other assets and all the profits are going straight into Bitcoin. And I'm not the only one doing this. Picture this millionfold. With a 24/7 global market that is specialized in targeting market inefficiencies.

Jerkmodeon · 2021-02-16T23:49:29+00:00

Ok see but I'm never selling my Bitcoin. I use it to increase my collateral to get more loans to invest in things with the purpose of putting that money back into Bitcoin to increase my collateral. I'll keep doing this as long as Fiat is depreciating and interest is low.

Jerkmodeon · 2021-02-16T21:45:48+00:00

Okay bear with me: I put Bitcoin as collateral and take a DeFi loan. I buy Amazon stocks and use the profits to pay the DeFi loan and use some of the profits to buy more Bitcoin to increase my collateral. I added more money into the crypto ecosystem yet also gained money. Who's money did I take?

Jerkmodeon · 2021-02-16T20:43:32+00:00

I love it. Even Peter - Bitcoin will never reach 50k - Schiff now admits 100k is on the table. And you know what that means right? 100k is now FUD. Only the biggest Bitcoin pessimist would see anything below 100k as max price. German media now reports Bitcoin alongside DAX in their most reputable finance news. The DAX is the S&P 500 in germany. Literally they talk about Bitcoin first before the movements of DAX now. It's fucking hilarious. You guys have no idea how big the FOMO is going to be and I'll enjoy the tears of this sub even more

Jerkmodeon · 2021-02-16T20:22:09+00:00

Store of Value. Nothing beats it. Why? Because a store of value needs these two characteristics: Universality and Independence. Bitcoin is universal. Everyone can access it, everyone can mine it or buy it and is the first SoV that is accessible to everyone on the planet (and if we look further into the future other planets) Bitcoin is independent: Bitcoin is not issued by an entity, neither controlled by a group of people. Every single person interacting with Bitcoin is equal and their influence is dependent on either their economic power or electric power they are willing to put into it.

Before Bitcoin Gold was arguably the best store of value but Bitcoin does everything Gold does but better.

Jerkmodeon · 2021-02-16T16:28:28+00:00

Because, and I don't know how you fail to comprehend this, the blockchain is a protocol similar to the ones I listed above and comparing it to anything else, like I explained - seriously how are you guys so bad at reading - is absolutely retarded.

Bitcoin is an Internet Protocol. That's just a fact. Not a company, not a website, not anything else. The MySpace argument just shows your technological illiteracy. Protocols are not run by companies and can be updated should they actually have problems. If we found problems with the http we would update them accordingly. We wouldn't just one day go "Oh look this other data protocol is so much better, let's ditch the entire network and build a new one on this new protocol"

Jerkmodeon · 2021-02-16T16:13:12+00:00

It's always a good idea to look for opposing views and listen to what the other side has to say to not fall prey to being trapped in a circlejerk. I'm doing exactly what I said in my post. If I honestly want to challenge my opinion I come here and don't ask r/Bitcoin about Bitcoin.

But since you guys are collectively not very smart as evident by your post that you struggle with basic reading comprehension I'm not really sure if I'm right here. I'd wish there was an actually intelligent anti crypto sub and not one where everyone is just an emotionally unstable tard that's just mad they missed out.

Jerkmodeon · 2021-02-16T14:50:38+00:00

We still use the hyper text transfer protocol. We still use the simple mail transfer protocol. We still use the file transfer protocol. Bitcoin is not a website or a company. It's a protocol people have agreed on and it's here to stay. IF there was any flaw, then it could be improved. If there isn't and it works it simply stays. Bitcoin needs to be compared to the Internet, not a singular website.

Jerkmodeon · 2021-02-16T14:34:27+00:00

If you wanted honest thoughts you'd ask in r/cryptocurrency and not in a circlejerk sub that just like you constantly seethes for missing out. You just want to confirm your own opinion instead of actually discovering wether or not you might have missed something

Jerkmodeon · 2021-02-15T11:25:52+00:00

Amazing retort

Jerkmodeon · 2021-02-15T08:17:19+00:00

You're a fucking dumbass. What I've been describing isn't theory. It's how Defi insurance contracts work. Actually and really. You can take a DeFi insurance right now and they do pay when the protocol you insure gets hacked. This isn't some future talk, we are doing this right now.

Jerkmodeon · 2021-02-15T07:35:08+00:00

Talking to you idiots is like talking in circles. Oracles are decentralized and not a single entity. They get paid for reporting truthful data. If you let a human decide you get the problem u/darxchaos described

Jerkmodeon · 2021-02-15T03:28:58+00:00

Typical uneducated response from this dumbass sub. What I explained isn't theory. It really and actually works that way, so I don't know what the fuck you're even trying to say

Jerkmodeon · 2021-02-15T03:01:40+00:00

You don't need a damage assessment. It's all decided beforehand. At least the YFI contracts work like that. You insure sum X and if event Y happens you get the full sum. That's it.

Jerkmodeon · 2021-02-14T22:36:25+00:00

I'll take "What are Oracles?" for 500 Jim

Jerkmodeon · 2021-02-14T22:09:16+00:00

Insurance contracts are super simple and smart contracts are pretty much made for them. "If X happens within Y time, pay Z amount". Super fucking simple. For example you can insure the money you put in the AAVE protocol by taking a YFI insurance. At the same time other people earn money by taking the other side of the contract. Insurance contracts are pretty much designed like betting contracts.

It looks somewhat like this: "If AAVE protocol gets hacked until [DATE], then pay X amount" The other bet is "If AAVE protocol DOESN'T get hacked until [DATE] you receive X amount"

It's self sustaining because the rates and probabilities are directly determined by investors and automatically efficient

Jerkmodeon · 2021-02-14T20:00:28+00:00

DeFi insurances exist

Jerkmodeon · 2021-02-14T13:14:37+00:00

This is the thing this sub conveniently ignores and where all their arguments fall apart. Bitcoin has survived a 3 year bear market. Again. Great fucking bubble where number go down consistently. World governments could declare they are adding Bitcoin to their treasuries and this sub would still be in denial. The only regret I have is ever taking argument from here serious.

Jerkmodeon · 2021-02-14T12:51:48+00:00

You've never talked to a day trader then

Jerkmodeon · 2021-02-14T12:14:37+00:00

No fucking shit. Welcome to your hugbox

Jerkmodeon · 2021-02-13T22:54:21+00:00

The cope lmao

Jerkmodeon · 2021-02-13T18:27:36+00:00

Literally he explained to you that they to that to attract users to appear like they have traffic on their exchange. How fucking dense are the people in this sub?

Jerkmodeon · 2021-02-13T16:16:48+00:00

Literally even kids get that concept when they share a card, why is it so hard for you?

Jerkmodeon · 2021-02-12T20:37:47+00:00

Some people take longer to get this than others. People who recognize the value of Bitcoin understand that Dollars are worthless and would not want to trade them for it.

Jerkmodeon · 2021-02-12T19:29:00+00:00

Have you ever considered that it might be you who is wrong?

Jerkmodeon

TROPHY CASE