Prepare your finances accordingly

[indusurb]

"Bitcoin surges to new highs above $118,000 as investors go risk-on
snip
"At the heart of this rally lies sustained structural inflows from institutional players," wrote Dilin Wu, research strategist at Pepperstone.

"Corporates are also ramping up participation," he added. The analyst noted companies like Strategy (MSTR) and GameStop (GME) have continued to add bitcoin to their balance sheets. Trump Media & Technology Group (DJT) this week also filed for approval to launch a “Crypto Blue Chip ETF”, which would include about 70% of its holdings in bitcoin.

The timing of bitcoin's breakout also comes days before Congress kicks off its highly anticipated "Crypto Week" on July 14. Lawmakers will debate a series of bills that could define the industry's regulatory framework.

"A favorable outcome could accelerate institutional inflows, reinforcing Bitcoin's role as a macro asset and strengthening confidence in compliant crypto platforms," said Jesse Jarvis, CEO of Kaiko AI."
https://www.yahoo.com/finance/news/bitcoin-surges-to-new-highs-above-118000-as-investors-go-risk-on-182648233.html

At the heart of any cryptocurrency is nothing, not state backing, not even the value of metal or paper traditional currencies are made from. It's mostly useful to criminals and such and is promoted among the tech bro circles as a nihilistic way to help our democracy crash and burn. However I think at some point relatively soon it will crash and burn from its sheer instability. When that happens it's going to take a lot of people, corporate and otherwise, with it. Make sure you're not one of them.

[AZJonnie]

1. AND the way that it is produced is to burn absolutely massive amounts of electricity for NO productive purpose

It's damn near the single stupidest fucking enterprise humanity has ever engaged in, esp. now that climate change threatens the entirety of humanity, and we KNOW that is happening through burning fossil fuels.

The only clearly dumber thing humanity has ever done is the build-up of nuclear weapon stockpiles.

Producing crypto currency should absolutely be criminalized IMHO.

[indusurb]

2. I agree with all that you said. n/t

[Xavier Breath]

3. Wouldn't know how to invest if I wanted to.

And I definitely don't want to.

[modrepub]

4. If Institutional "Investors" Are Buying Into This

Then there's probably nowhere safe TBH. Best bet is to keep your debts to a minimum and keep a stash of $, gold and silver on hand. If we start having massive bank failures then the all bets are off.

Rest assured if this comes to pass, the powers that be will try and pin the blame on anyone but themselves.

[Fiendish Thingy]

5. The Cryptobros have already bought enough democrats to ensure passage of whatever they want

Gallego alone got $10 million.

16 Dem senators voted for the last crypto bill, so not even a filibuster could stop it (one more reason to kill the filibuster)

[Pinback]

6. Massive scam intended to escape regulatory oversight

The less exposure to these pseudo-investments the better, but I fear the inevitable crash will impact all of us.

[central scrutinizer]

7. Heard this tune before

Get big, so big that failure will ripple through the economy. Then you’re free to take huge risks. Either you will score big and keep all the profit or you’ll fail and the taxpayers will pick up the tab. Privatize profits, socialize losses.

[bucolic_frolic]

8. I had a long chat with AI about bitcoin.

AI is programmed with the traditional talking points of Bitcoin. Only 21 million coins, no more after 2140. I said that's not a realistic contract, it will change many times.

AI told me Bitcoin is an "anti-money-multiplier" because it's not fractional reserve. I pointed out you can use traditional currency to buy bitcoin, so you've just moved the multiplier from one ledger to another and hidden it. AI agreed.

SO to me Bitcoin is smoke and mirrors. They're trying to sell it as safe, sounder currency than Central Bank issue. I think it's just a barter system using computers. A convenience, and cheaper fees than banks, but still just an accounting system for economic activity.

The Bitcoin themselves will appreciate as measured by US dollar value, but it's still measured in currency! They keep telling me it's like gold. But it's not gold. It's probably as safe as the best 100 banks in the world, but less safe than a political system of laws (how's that working out for you?), or silver, or hard assets. You can't cook with it, you can't eat it, you can't build a house on it. It not an annuity, it's not Social Security, it's not a pension. It creates no cash flows. Accepting it as collateral for a traditional currency valued loan has been slow. I don't think it's any better than the "asset-backed securities" that create the Great Financial Crisis.

It's a delusional asset. A con game. I don't know if it's a Ponzi scheme. Too early to tell.