but i have reallocated the percentage of these "classes" over the years too, and bitcoin has been much more prominent of late. both from a sound money point of view and a ridiculously preforming asset/investment. if push comes to shove, bitcoin will be the last thing to sell if it comes to that.
Sounds like a crude and real world description of Gresham's law combined with reallocation motivations.
pretty much. only its done my way in my head. end result is the same(ish); get rid of the crap and convert to something that stands a chance of surviving.
interestingly enough when i was talking to the financial peeps the other day, one of them brought bitcoin up for a quick opinion on how i think its doing. we always discuss it even though he always recommends selling some off.. and thats what i pay him for, his honest opinion. he acknowledges its been the best investment hes ever seen. but its still unproven when you get right down to it. another said that cash in banks or any form is not a good place to be going forward. even the stock market is not really a safe place anymore in the timelines we discussed (as if it ever was IMO), inflation will be a killer and she cant see anyway around that. of course thats obvious to us but when financial people are getting the drift you know somethings up.
this is a very simplified version of the discussions though.
I understand. Traditional financial people have been really having a hard time getting their mind around various aspects of bitcoin, even if they can appreciate the sound money aspects of it.
They also have some biasness to both think in terms of fee driven products, and they would not want any of their clients to go more than 1% or perhaps slightly more in some kinds of investments that do not fit within their bailiwick to manage.
I suppose that the more that they are exposed to the idea, they might be willing to accept that clients invest more than 1% into such a product and they might even begin to have exposure to some traditional vehicles, such as GBTC or some other products that are allowing them (or what they have available to them) to get involved. We know that behind the scenes there are some well respected financial institutions , such as fidelity, that are getting deeper and deeper into bitcoin, and so credibility is coming to bitcoin through some of those earlier players who are also likely profiting more because they are figuring out some way to get into bitcoin within their traditional investment mindset (that also includes some of the encumbrances of such traditional investment systems).. whether reputation or even liabilities if something goes really wrong with custody.
Of course, with bitcoin it was designed in a way to limit the needs of various kinds of middlemen, whether we are talking banks or financial advisors.... so likely there are difficulties for even smart (and attempting to be unbiased) financial advisors to direct anyone towards a product that is somewhat intended to put them out of business (or to minimize the need for them)
however as much as i believe bitcoin is the future of money/wealth/store of value/whatever you want to call it i do live in the present. and i do realize that my "plan," while it has worked in the past, may need drastic revision at any point.
never stop learning.
Fair enough. If all of a sudden, some very large and unanticipated expense rolled into your door.. you might have to say fuck. And, you might have liquidate a decently large portion of your bitcoin's even though it was either last or towards the end of you liquidation list.
Nice for us to have those kinds of options, even though they do not necessarily resolve all issues that might end up coming in our direction.. including some major issues that could undermine our bitcoin stash, too..
yeah, we have discussed "fuck you" amounts of money here before. however i can easily see a "no, fuck YOU" looming on the horizon.
hahaahahha
You don't have to outrun the bear. You just have to outrun your friend.
Yes... I can see.. vapourminer that you are becoming somewhat scaredy cat by this virus and the economic macro situation... and sure I don't want to deny that we likely don't want to reach bitcoin richness or fuck you status in the midst of Armageddon, so it would be much preferable to reach such status under more normal circumstances in which the whole world is not burning down around us.
Of course, each of us has to plan accordingly, in terms of how much guns, bullets and food we need to put in storage and whether we need a bunker, based on our location including if we have options to remain a kind of obscure rich (and not a target), but also there is no real indication that the various BTC price prediction models such as 1) stock to flow, 2) four year fractal and/or 3) s-curve exponential adoption based on metcalfe and networking principles is NOT still playing out.
Sure, the price prediction models might need to be tweaked, but what the hell else are we going to invest in? Bitcoin remains the best investment on the block, even if more Armageddon-like circumstances end up playing out way more than we would have wished them to be.. and yeah there could be some shutting down of the internet and communications, too but is that really going to bring down the value of bitcoin and our ability to store it and perhaps transmit value from time to time, as needed in it? Yeah, sure, buy yourself some guns, bullets and maybe even a bunker, and hopefully that does not take up too much of your current resources that you cannot keep a decent amount of your value in bitcoin a the same time.. because even if our concept of "fuck you" might have changed in some ways, the concept still has not gone away, relatively speaking, when we are considering the better ways to allocate in order to maintain as many options as we can, which is still a kind of "fuck you" status, even if we might not be saying it with as much arrogance because we are afraid that the masses might otherwise attack us.. .. so yeah, during Armageddon-like circumstances, the deployment of our "fuck you" resources may likely need to be exercised with both a certain amount of covertness in order that we do not unreasonably cause ourselves to be a target through our own inabilities to hide that we might have more resources (you can hide bitcoin, by the way) than the vast majority of others.
