Haven't been keeping up with your articles lately but recently I had a long interaction with ChatGPT about the current BitCoin status.
I started by asking it if HODLers like Sayer were buying just to keep BitCoin from falling. Initially it spouted all the gobbledygook that you as BitCoin evangelist put out there for so many years. I had to explicitly cut through that to get it to analyze the current situation. One things for sure, all the gobblegook you published has certainly influenced the default that the AI engines spout when asked about BitCoin. Shows how AIs get trained on concepts based on the amount of writing that is out there versus whether its real. You as a BitCoin evangelist don't even endorse the previous positions but the AIs still spout them.
Regardless, once I got ChatGPT to focus on the fundamental reality of what BItCoin is, it acknowledged that the future looks iffy for BitCoin. There isn't a clear amount of cash floating around anymore for investment in BitCoin. Gold has reconfirmed its position as a store of value.
The indexes are on the side of BitCoin or Sayer. Even it they maintain, there is not enough cash in the indexes to bring BitCoin back up. ChatGPT agrees that BitCoin is largely emotionally driven. Given what happened in the last 3 months, the emotion is not positive for BitCoin. Also, its not clear that their is a cash pot out there that could prop up BitCoin.
Even the cash washing use of BitCoin is moving to stable coins. BitCoin is no longer clearly a way to move Cash anonymously. The public wallets are a liability.
Bottom line, as far as I can tell, BitCoin is in purgatory. HODLers are buying enough to to keep it from dropping but its not clear that there are enough buyers for them to be able to ever cash out their HODL. Without the enthusiasm of BitCoin as a quick way to get rich, what else does BitCoin provide? Gold is the best store of wealth. Stablecoins look to be the best way to move off the institutional financial system.
I'd be interested in your take on what AI says about BitCoin, NFTs, etc especially when you push it beyond the marketing that has been put out there to focus on financial fundamentals.
The ISM framework is criminaly underrated in crypto circles. Most folks are still overlay 200-day MAs while ignoring that Bitcoin basically trades like a leveraged play on business conditions. I ran into this last cycle when everyone was calling for 6-figure BTC based on technicals, but the ISM was trending downward and liqudity was tightening. Once you see oil at 5-year lows plus dollar weakness, it becomes pretty obvious where the asymetry is.
My crypto guru using “tryna”? 😆
😂🙌🏻
Haven't been keeping up with your articles lately but recently I had a long interaction with ChatGPT about the current BitCoin status.
I started by asking it if HODLers like Sayer were buying just to keep BitCoin from falling. Initially it spouted all the gobbledygook that you as BitCoin evangelist put out there for so many years. I had to explicitly cut through that to get it to analyze the current situation. One things for sure, all the gobblegook you published has certainly influenced the default that the AI engines spout when asked about BitCoin. Shows how AIs get trained on concepts based on the amount of writing that is out there versus whether its real. You as a BitCoin evangelist don't even endorse the previous positions but the AIs still spout them.
Regardless, once I got ChatGPT to focus on the fundamental reality of what BItCoin is, it acknowledged that the future looks iffy for BitCoin. There isn't a clear amount of cash floating around anymore for investment in BitCoin. Gold has reconfirmed its position as a store of value.
The indexes are on the side of BitCoin or Sayer. Even it they maintain, there is not enough cash in the indexes to bring BitCoin back up. ChatGPT agrees that BitCoin is largely emotionally driven. Given what happened in the last 3 months, the emotion is not positive for BitCoin. Also, its not clear that their is a cash pot out there that could prop up BitCoin.
Even the cash washing use of BitCoin is moving to stable coins. BitCoin is no longer clearly a way to move Cash anonymously. The public wallets are a liability.
Bottom line, as far as I can tell, BitCoin is in purgatory. HODLers are buying enough to to keep it from dropping but its not clear that there are enough buyers for them to be able to ever cash out their HODL. Without the enthusiasm of BitCoin as a quick way to get rich, what else does BitCoin provide? Gold is the best store of wealth. Stablecoins look to be the best way to move off the institutional financial system.
I'd be interested in your take on what AI says about BitCoin, NFTs, etc especially when you push it beyond the marketing that has been put out there to focus on financial fundamentals.
You must stop shaking your fists at the sky sir. This has very much become the thing.
I don’t understand what you mean?
I’m all for stable coins! Hope stable coins totally replace the banking system.
Good stuff as always 👍
Thank you Bryon 🤝
The ISM framework is criminaly underrated in crypto circles. Most folks are still overlay 200-day MAs while ignoring that Bitcoin basically trades like a leveraged play on business conditions. I ran into this last cycle when everyone was calling for 6-figure BTC based on technicals, but the ISM was trending downward and liqudity was tightening. Once you see oil at 5-year lows plus dollar weakness, it becomes pretty obvious where the asymetry is.