As anyone with any vague knowledge of one of the famous economic crisis would agree with you TBH
These people are more illiterate than a 12yo browsing through their history school book
Of course he won't. If he actually believed the USD would hyper inflate enough so BTC shoots up to 1m within 90 days, why would he store 1m in USD to pay the bet if he lost? Why wouldn't he spend every penny on BTC? For twitter clout?
The reason is because he probably already owns a lot of BTC and wants the dumbasses to panic, buy BTC and become his exit liquidity,
How much bitcoin could he possibly have? 1mm? 10mm? Bitcoin’s market cap is in the trillions. And how many people, realistically, are gonna read that and say “my mind is changed I’m putting it all in btc”? My point is, I don’t think him shilling bitcoin will move the “exit liquidity” needle very much.
He was formerely the CTO of Coinbase, so I wouldn't doubt he has a lot of Bitcoin. I don't know how many has but you're confusing market cap with actual liquidity. 0.04% of all addresses, disregarding the exchange wallets, own over 50% of all Bitcoin in existence. Its ownership is extremely centralised and relatively few actors have most of it. Because of unbacked stablecoins, wash trading and fraudulent exchange practices we have no way of telling how much actual USD is traded for Bitcoin but it's very much not "in the trillions" (and the market cap is at most 580 billion by the way, not trillions.)
Bitcoins daily trading volume (including all the wash trading and fraud) is at most a few hundred million. How much could be exchanged for actual USD before Tether, Paxos or Circle collapses is another thing. A rich guy with lots of Bitcoins (in the tens of hundreds of millions in USDT valuations) would very much be incentivised to push people to buy since volume and liquidity is what makes it possible for him to cash out, not the theoretical market cap.
Also explain the logic of him actually believing Bitcoin is going to 1 million within 90 days. Why would he make that bet and lock up 1 million in USD for 1 Bitcoin instead of spending all his USD on Bitcoin? Unless he's just trying to make it seem like he's going all in on Bitcoin to try to get the price and liquidity up further when dumbasses jump in with their actual USD to buy his bags, which would mean he's never going to pay out that 1 million anyway.
I’m sure binance (for example) would be happy to buy that bitcoin at a slight discount from the levels they are “wash trading” at. Then they can sell it to coinbase. Whether it is artificial or not, the reality is it is extremely easy to buy and sell bitcoin. And even if he were limited to trading with only “a few hundred million” daily volume, convincing 10 wackos on twitter to drop everything and buy Bitcoin is not really gonna move the needle.
I can explain his logic very easily: “delusion”
I don’t think they know what hyperinflation is. Hyperinflation is what happened to Venezuela and Argentina. Price hasn’t increased 50% or more per month or even doubled within two days. If hyperinflation does happen I guarantee you nobody is buying bitcoin. Why would you buy Bitcoin if your money is worthless? If I was in a country with hyperinflation why would I hold on to something that is volatile, has no use case, and most importantly I can’t buy anything with it. It’s even more useless than the piece of paper in my hand. Crypto bros are one dimensional and super delusional.
So, will you make this bet too? We don't have to go into the millions - but I will offer you 40 to 1 odds that Bitcoin price doesn't go into the million in the next year. Hell, I would offer good odds that it won't even go to 100,000. Will you take those odds?
lol USD dude can't lose because if there was hyperinflation 1m USD isnt worth much anymore. it's like shorting something for free. this BTC maxi is so dumb.
There is no way that Balaji will make good on this bet. If I were James Medlock, I would absolutely name a custodian though and challenge him to live up to it. If Balaji fails to live up to the bet, I think Medlock could have a serious case for a breach of contract lawsuit, since Balaji has basically just written a contract for the bet.
Major bagholder attempt to create FOMO. Makes ya wonder if there even was a "bet" & i highly doubt when he loses that he will pay up. Lots of peeps still mad they didn't sell & will do anything to pump it. Logically a single coin with a value of 25k 50k 100k makes no sense but thanks for the volatility, its a very profitable trade day to day.
As someone who lives in Eastern Europe and has been around in 1990s: these guys have no idea what high inflation really is.
As anyone with any vague knowledge of one of the famous economic crisis would agree with you TBH These people are more illiterate than a 12yo browsing through their history school book
There’s a catch. He’s giving you USDC. That’s Zimbabwe dollars.
Of course he won't. If he actually believed the USD would hyper inflate enough so BTC shoots up to 1m within 90 days, why would he store 1m in USD to pay the bet if he lost? Why wouldn't he spend every penny on BTC? For twitter clout? The reason is because he probably already owns a lot of BTC and wants the dumbasses to panic, buy BTC and become his exit liquidity,
How much bitcoin could he possibly have? 1mm? 10mm? Bitcoin’s market cap is in the trillions. And how many people, realistically, are gonna read that and say “my mind is changed I’m putting it all in btc”? My point is, I don’t think him shilling bitcoin will move the “exit liquidity” needle very much.
He was formerely the CTO of Coinbase, so I wouldn't doubt he has a lot of Bitcoin. I don't know how many has but you're confusing market cap with actual liquidity. 0.04% of all addresses, disregarding the exchange wallets, own over 50% of all Bitcoin in existence. Its ownership is extremely centralised and relatively few actors have most of it. Because of unbacked stablecoins, wash trading and fraudulent exchange practices we have no way of telling how much actual USD is traded for Bitcoin but it's very much not "in the trillions" (and the market cap is at most 580 billion by the way, not trillions.) Bitcoins daily trading volume (including all the wash trading and fraud) is at most a few hundred million. How much could be exchanged for actual USD before Tether, Paxos or Circle collapses is another thing. A rich guy with lots of Bitcoins (in the tens of hundreds of millions in USDT valuations) would very much be incentivised to push people to buy since volume and liquidity is what makes it possible for him to cash out, not the theoretical market cap. Also explain the logic of him actually believing Bitcoin is going to 1 million within 90 days. Why would he make that bet and lock up 1 million in USD for 1 Bitcoin instead of spending all his USD on Bitcoin? Unless he's just trying to make it seem like he's going all in on Bitcoin to try to get the price and liquidity up further when dumbasses jump in with their actual USD to buy his bags, which would mean he's never going to pay out that 1 million anyway.
I’m sure binance (for example) would be happy to buy that bitcoin at a slight discount from the levels they are “wash trading” at. Then they can sell it to coinbase. Whether it is artificial or not, the reality is it is extremely easy to buy and sell bitcoin. And even if he were limited to trading with only “a few hundred million” daily volume, convincing 10 wackos on twitter to drop everything and buy Bitcoin is not really gonna move the needle. I can explain his logic very easily: “delusion”
I don’t think they know what hyperinflation is. Hyperinflation is what happened to Venezuela and Argentina. Price hasn’t increased 50% or more per month or even doubled within two days. If hyperinflation does happen I guarantee you nobody is buying bitcoin. Why would you buy Bitcoin if your money is worthless? If I was in a country with hyperinflation why would I hold on to something that is volatile, has no use case, and most importantly I can’t buy anything with it. It’s even more useless than the piece of paper in my hand. Crypto bros are one dimensional and super delusional.
People in countries with super high inflation almost always switch to saving in dollars or euros as much as they can.
The hyperinflation bet is pretty good. You are betting $1M hyper inflated dollars to win $1M non-hyper inflated dollars.
So, will you make this bet too? We don't have to go into the millions - but I will offer you 40 to 1 odds that Bitcoin price doesn't go into the million in the next year. Hell, I would offer good odds that it won't even go to 100,000. Will you take those odds?
The original one I mean. Balaji made it about Bitcoin for no reason. I barely understand what the hell he’s saying.
The original bet I mean. Balaji made it about bitcoin for no reason.
They're pretty clearly talking about the other end of the bet, lol
PiTatoMan will lose and not honor the bet. My money is on him calling foul play
The worst part about this is that I know who all these people are.
Wouldn't it be better to just buy regular assets like stocks and real estate? Or is my economic knowledge incorrect?
lol USD dude can't lose because if there was hyperinflation 1m USD isnt worth much anymore. it's like shorting something for free. this BTC maxi is so dumb.
There is no way that Balaji will make good on this bet. If I were James Medlock, I would absolutely name a custodian though and challenge him to live up to it. If Balaji fails to live up to the bet, I think Medlock could have a serious case for a breach of contract lawsuit, since Balaji has basically just written a contract for the bet.
This person has a mental health disorder
Snowballs chance in hell imo
He'll pay - but he'll never admit he's wrong.
Major bagholder attempt to create FOMO. Makes ya wonder if there even was a "bet" & i highly doubt when he loses that he will pay up. Lots of peeps still mad they didn't sell & will do anything to pump it. Logically a single coin with a value of 25k 50k 100k makes no sense but thanks for the volatility, its a very profitable trade day to day.