Long @RayDalio & #Bitcoin Thread
Yesterday Ray one of the world's most respected investors made some negative, but unfortunately uneducated comments about Bitcoin. He did however say he may be wrong and he’s open to being educated, which is what we need to do, educate on Bitcoin
Yesterday Ray one of the world's most respected investors made some negative, but unfortunately uneducated comments about Bitcoin. He did however say he may be wrong and he’s open to being educated, which is what we need to do, educate on Bitcoin
1.
For 10 years arguments against Bitcoin have been the same, yet Bitcoin has continued to grow its user base, infrastructure and value, despite the naysayers.
I feel we’re almost at the point where the requirement for proof is on the skeptics as to why Bitcoin won't work...
For 10 years arguments against Bitcoin have been the same, yet Bitcoin has continued to grow its user base, infrastructure and value, despite the naysayers.
I feel we’re almost at the point where the requirement for proof is on the skeptics as to why Bitcoin won't work...
2.
..rather than throw empty uneducated arguments out.
Ray: “I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple...”
Before I get to addressing Ray’s concerns, we should highlight...
..rather than throw empty uneducated arguments out.
Ray: “I might be missing something about Bitcoin so I’d love to be corrected. My problems with Bitcoin being an effective currency are simple...”
Before I get to addressing Ray’s concerns, we should highlight...
3.
..his first mistake, Bitcoin is not just a “currency” it’s many things to many people, the decentralised nature of Bitcoin has allowed this.
Think of it like the internet, just because it was created to share research information for academics around the world, does not mean..
..his first mistake, Bitcoin is not just a “currency” it’s many things to many people, the decentralised nature of Bitcoin has allowed this.
Think of it like the internet, just because it was created to share research information for academics around the world, does not mean..
4.
..it’s only being used for this purpose. We have Netflix, gaming, social media, mobile apps, finance, the list goes on...
..it’s only being used for this purpose. We have Netflix, gaming, social media, mobile apps, finance, the list goes on...
5.
Ray: “They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)...”
Now volatility for merchants is such a misconception we hear...
Ray: “They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)...”
Now volatility for merchants is such a misconception we hear...
6.
..over and over again. Merchants that accept Bitcoin mostly use a service like CoinCorner that allows them to accept Bitcoin but instantly convert it to fiat. If the merchant wishes to hold some for exposure they can choose to just convert a specific percentage to fiat and...
..over and over again. Merchants that accept Bitcoin mostly use a service like CoinCorner that allows them to accept Bitcoin but instantly convert it to fiat. If the merchant wishes to hold some for exposure they can choose to just convert a specific percentage to fiat and...
7.
..hold the rest as Bitcoin. This is a common argument over the last 10 years, that has actually been solved since 2011.
He is correct that at the minute you cannot spend Bitcoin at too many merchants, this however does not mean Bitcoin is a failure or doomed to fail.
..hold the rest as Bitcoin. This is a common argument over the last 10 years, that has actually been solved since 2011.
He is correct that at the minute you cannot spend Bitcoin at too many merchants, this however does not mean Bitcoin is a failure or doomed to fail.
8.
..This is new technology, businesses take time to add new functionality and especially cutting edge technology, this is slowly coming now, but will speed up over the next 5 years.
This also only takes into account you're thinking of Bitcoin as one thing, a payment tool...
..This is new technology, businesses take time to add new functionality and especially cutting edge technology, this is slowly coming now, but will speed up over the next 5 years.
This also only takes into account you're thinking of Bitcoin as one thing, a payment tool...
9.
..Ray: “2) it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power, and... (3/5)”
Bitcoin this year has been the best performing asset, ...
..Ray: “2) it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power, and... (3/5)”
Bitcoin this year has been the best performing asset, ...
10.
..not to mention the best performing asset of the last decade, stats speak louder than words here. This is just plain wrong, there’s not much more to it. The volatility argument is getting old, we’ve seen stocks this year (tech stocks in particular) be more volatile than...
..not to mention the best performing asset of the last decade, stats speak louder than words here. This is just plain wrong, there’s not much more to it. The volatility argument is getting old, we’ve seen stocks this year (tech stocks in particular) be more volatile than...
11.
..Bitcoin and in a negative manner rather than Bitcoins positive.
Ray: “3) if it becomes successful enough to compete and be threatening enough to currencies that governments control, the governments will outlaw it and make it too dangerous to use. (4/5)”
This is true...
..Bitcoin and in a negative manner rather than Bitcoins positive.
Ray: “3) if it becomes successful enough to compete and be threatening enough to currencies that governments control, the governments will outlaw it and make it too dangerous to use. (4/5)”
This is true...
12.
..some governments will attempt to ban Bitcoin, they’ve already done this, China has flip flopped so many times I’ve lost count and don’t even know where their stance is today. It had slight price impacts 5+ years ago, but Bitcoin is still here and stronger than ever....
..some governments will attempt to ban Bitcoin, they’ve already done this, China has flip flopped so many times I’ve lost count and don’t even know where their stance is today. It had slight price impacts 5+ years ago, but Bitcoin is still here and stronger than ever....
13.
..It’s likely we’ll see a strong correlation with governments that implement capital controls.
However it’s very unlikely we’ll see a global ban of Bitcoin, countries can barely agree on the smallest of things, if one country bans it, other countries will see this as an...
..It’s likely we’ll see a strong correlation with governments that implement capital controls.
However it’s very unlikely we’ll see a global ban of Bitcoin, countries can barely agree on the smallest of things, if one country bans it, other countries will see this as an...
14.
..opportunity. In countries like the US, Bitcoin regulation is well defined and becoming more so globally, it will take something special to make every country do a u-turn. It’s an extreme hypothetical argument, that’s almost along the lines of arguing some governments may...
..opportunity. In countries like the US, Bitcoin regulation is well defined and becoming more so globally, it will take something special to make every country do a u-turn. It’s an extreme hypothetical argument, that’s almost along the lines of arguing some governments may...
15.
..ban the internet.
Ray: “Also, unlike gold which is the third highest reserve assets that central banks own, I can’t imagine central banks, big Institutional investors, businesses or multinational companies using it. If I’m wrong about these things I would love to be...
..ban the internet.
Ray: “Also, unlike gold which is the third highest reserve assets that central banks own, I can’t imagine central banks, big Institutional investors, businesses or multinational companies using it. If I’m wrong about these things I would love to be...
16.
..corrected. Thank you. (5/5)”
With all due respect, I’m not sure what news Ray has been watching, but he’s obviously just missed MicroStrategy’s $450 million balance sheet purchase, followed by Squares $50 million balance sheet exposure, a number of banks such as...
..corrected. Thank you. (5/5)”
With all due respect, I’m not sure what news Ray has been watching, but he’s obviously just missed MicroStrategy’s $450 million balance sheet purchase, followed by Squares $50 million balance sheet exposure, a number of banks such as...
17.
..Fidelity and DBS bank Singapore, bullish Billionaires Jack Dorsey, Stan Drukenmiller, Paul Tudor Jones, Bill Miller and the recently announced Mexico’s 3rd richest Billionaire holding 10% of his liquid portfolio in Bitcoin.
Not to mention the recent global bank U-turns...
..Fidelity and DBS bank Singapore, bullish Billionaires Jack Dorsey, Stan Drukenmiller, Paul Tudor Jones, Bill Miller and the recently announced Mexico’s 3rd richest Billionaire holding 10% of his liquid portfolio in Bitcoin.
Not to mention the recent global bank U-turns...
18.
..on Bitcoin from JPMorgan, and Citibank with their recent bullish comments.
Unfortunately we’re likely to see more respected investors and billionaires come out as naysayers of Bitcoin, but just know every single time this happens it’s due to the lack of knowledge...
..on Bitcoin from JPMorgan, and Citibank with their recent bullish comments.
Unfortunately we’re likely to see more respected investors and billionaires come out as naysayers of Bitcoin, but just know every single time this happens it’s due to the lack of knowledge...
19.
..and education, not because Bitcoin is doomed to fail.
It gives us the opportunity to stack more sats while they fail to understand 🚀
..and education, not because Bitcoin is doomed to fail.
It gives us the opportunity to stack more sats while they fail to understand 🚀
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