Pledditor

[Pledditor @Pledditor]

WAIT... so you're telling me @Nic_carter doesn't hold any bitcoin UTXOs, only owns BTC exposure through ETFs, yet he's been the loudest voice pushing quantum forks that freeze other people's UTXOs?

Dude can fuck off.

[Andrew M. Bailey @resistancemoney]

Excellent essay from @nic_carter on bitcoin maximalism as an unfalsifiable apocalyptic cult. Bitcoin is still king, but the accreted cultural and religious nonsense is embarrassing and discardable. Discard it.

https://t.co/tBc85dGWCM

[Pledditor @Pledditor]

idk man. much of this reads like strawmanning the most extreme sensationalist rhetoric. If you grade bitcoin adoption against Pomp's CNBC statements or against Pete Rizzo's all caps tweets, then yeah it's been disappointing. But most people know those people are carnival barkers and con artists. As long as you developed your own realistic expectations for how bitcoin adoption was going to play out, you'd be okay.

A few notes:

When I say "fiat currencies will collapse", I generally mean over the course of my lifetime. I don't mean in 90 days like Balaji said a few years ago. When Balaji said that crap, most of us on BT mocked him.

-"Stablecoins as a transient phenomenon"
-"SoV -> MoE -> UoA"
-"Hyperbitcoinization"

All the above ☝️ are different ways of rephrasing the same thing, which also suffers the same timeframe fallacy. Nic claims that they failed, but when people said those things, they were referring to timespans of decades.

"Total Altcoin Collapse" is charged language that only produces a binary answer. Could be reframed as "Bitcoin Remains the Dominant Cryptocurrency" and I'd give that a letter grade of A. The amount of cryptocurrency projects since 2017 grew from 20,000 to 60,000,000, and bitcoin's marketshare over them grew from 40% to 60%.

"Nation-state adoption" at D- is dishonest. The United States has an SBR, El Salvador is still buying 1 BTC per day + mines it, Bhutan mines it, Abu Dhabi owns ETF shares and Iran accepts BTC for tolls. Nation state adoption is not as high as it could be but still impressive. I think a B grade is more appropriate.

[Pledditor @Pledditor]

https://t.co/OPQ89u3Qit

They now only have 163 BTC left

[Pledditor @Pledditor]

Sequans using the pump to liquidate the last bit of BTC they had left.

[Sani | TimechainIndex.com @SaniExp]

@Pledditor 100 btc sent to coinbase prime

https://t.co/ORrP0EKpCX

[Pledditor @Pledditor]

@Vikingobitcoin9 remember when rumors of "nation state adoption" actually moved the price

[Pledditor @Pledditor]

me showing matt kratter the BTCUSD chart after BIP-110 failed to activate

[Pledditor @Pledditor]

$2.4bn worth of short liquidations on BTCUSD over the last 3 days

Truly unprecedented.

[Pledditor @Pledditor]

@NEEDcreations FWIW I don't think 4 year cycle repeats forever. I also don't think it's tied to the halving. It's just a memetic self fulfilling prophecy

It's okay to admit being wrong. I'm wrong sometimes too. Joe doesn't admit being wrong, he distorts reality to make himself seem correct

[Pledditor @Pledditor]

@NEEDcreations I've lost respect for Joe for this, he's been intellectually dishonest. For the past 3 years, he's been making similar "see!!! the four year cycle broke!!" posts, but any objective 3rd party observer would clearly see a very similarly shaped 4 year cycle repeated again

[Pledditor @Pledditor]

ahem
https://t.co/xW9Y5v2vts

[Pledditor @Pledditor]

IMO if you wrote "fake CSAM FUD" at the end of that arrow, it'd be far more accurate.

Most of the FUD recently hasn't came from governments or nocoiners, it's come from people trying to propagate a fake emergency narrative to justify activating their "emergency" software changes

[Adam Simecka @AdamSimecka]

Tried to warn you.

[Pledditor @Pledditor]

@whits23 Nope. Most PIPEs were seeded at 0.95x-1x mNAV. That sounded giga-brained smart in the brief moment in time when valuations in the public markets were 10x mNAV. But PIPE shares had a timelock on them, and by the time shares unlocked valuations already collapsed.

[Pledditor @Pledditor]

@btc_jefferson Yep. ETFs and publicly traded companies combined only own ~12% of BTC supply. We talk so much about what that small 12% does with their coins, and not enough about what the other 88% does with their coins.

[Pledditor @Pledditor]

Bull markets are typically over when good news no long pumps the price

Bear markets are typically over when bad news no longer dumps the price

[Pledditor @Pledditor]

Coldcard, Saylor selling, multiple minority chainsplits, CLARITY Act stalling.

The news has been about as bad as it gets and the BTCUSD price stayed flat. That was your tell.

[Pledditor @Pledditor]

@inthepixels I did. I respected him for being a pioneer and a visionary. He put bitcoin on his balance sheet when no one else did. His 2020 thesis of MicroStrategy where the US dollar is a melting icecube and bitcoin being the better money for corporations was bold and fundamentally sound.

[Pledditor @Pledditor]

As another man, I don't respect Saylor anymore. The way he's carried himself this past year exposed him as a real piece of shit of a human being. The convenient framings turned into lies, the confidence turned into narcissism, and the power he wields turned into manipulation

[Pledditor @Pledditor]

@NEEDcreations Hmmm... I don't think it's accurate to say pokemon speculation "died and came back". 30 years ago parents bought them for their kids to play the actual trading card game

Those kids grew up, got jobs, earned disposal income and started speculating on them out of nostalgia.

[Pledditor @Pledditor]

@brian_armstrong That's not what the prediction markets are saying.

[Pledditor @Pledditor]

@brian_trollz I agree but Coinkite is a dead company with no future. I would support them selling the Coldcard IP/brand (I think @MagicalTux was interested?) and let someone else continue to manufacture these devices under a new name.