[3:52:18 PM] christopher mayer: anyone have any thoughts to where btc is headed?Bearish af. Just listened to a Peter Schiff interview with Stefan Molyneux.

Aren't all these new coins getting ridiculous? Call me paranoid but I don't see the proliferation of new coins coming from increased demand for crypto. The "technology"/code isn't hard to implement. So I perceive these ICOs as vampires hoping to profiteer off the over speculation in the crypto domain.

Ofcourse if our goal here is to max short term profit then who cares. Long term it feels like crypto is standing on shaky economics and the blowback will be ugly.
[4:00:23 PM] christopher mayer: I hear a lot of arguments in favor for crypto that FIAT is toilet paper and is about to explode because of the federal reserve. Probably correct on both arguments, my problem is the leap that crypto is the way to protect your assets over real commodities.
[4:01:08 PM | Edited 4:01:20 PM] christopher mayer: Still unconvinced why BTC would be worth anything in a post-FIAT world over a gold backed crypto.
[4:02:49 PM] John Dayton: is that a quote or your thoughts
[4:03:05 PM] christopher mayer: My thoughts
[4:03:32 PM] John Dayton: what gold backed crypto
[4:04:30 PM] John Dayton: i think ur incorrect, yes the technology isn't hard to implement, but to implement if fairly, and securely is very tough
[4:06:10 PM] John Dayton: Schiff has been a hater since day 1, his opinion just isn't worth all that much, hes been wrong b/c were at 3600 right now
[4:07:02 PM] christopher mayer: Yeah opinions don't matter. It's more I can't refute his arguments
[4:07:41 PM] christopher mayer: Gold will be useful in a post-FIAT world, no matter what. I don't have that much assurance with a bitcoin
[4:07:57 PM] christopher mayer: If the USD is worthless, who cares if a BTC is worth $1,000,000,000
[4:08:00 PM] John Dayton: im less on th edoom and gloom doller going to zero train
[4:08:05 PM | Edited 4:08:08 PM] christopher mayer: I can still trade gold for something real though
[4:08:09 PM] John Dayton: that's just not true
[4:08:18 PM] John Dayton: u could trade btc for anything
[4:08:46 PM] John Dayton: i mean post aplocolyptic style yeah its possible
[4:09:02 PM] John Dayton: i don't see btc as strictly a hedge though
[4:09:48 PM] John Dayton: Anybody else get in Kyber?i think my ico days are over for the time being, see how things mature
[4:10:25 PM] christopher mayer: Yeah it's important to define our scope
[4:10:40 PM] christopher mayer: If we're talking short term, obv what I just said is irrelevant
[4:10:53 PM] John Dayton: btc is way better then gold
[4:10:54 PM] John Dayton: and its real
[4:11:21 PM] John Dayton: so well just have to disagree on those then
[4:18:21 PM] John Dayton: look how burned all the gold bugs have gotten last few years
[4:18:31 PM] John Dayton: been saying the same shit all along
[4:18:41 PM] christopher mayer: I'm not talking about gold in particular
[4:18:43 PM] christopher mayer: One sec got tables
[4:24:52 PM | Edited 4:29:58 PM] christopher mayer: Point is commodities have value. A currency is just a vehicle to facilitate exchange. If we were in ancient Rome I'd rather own land over holding my wealth in coins because a coin's value is local to that time/area. Today a copper can buy milk but once the empire falls it can't buy anything.

So it's strange to me to suggest currency as a means to preserve value when intrinsically it isn't worth anything
[4:26:15 PM] John Dayton: it is worth soemthing
[4:26:23 PM] christopher mayer: I'm not hating, there's likely a huge edge in trading crypto right now but the economics don't make sense to me
[4:26:26 PM] John Dayton: try to make a unique secure digital asset yourself
[4:26:37 PM] John Dayton: yeah i know its cool
[4:27:12 PM] John Dayton: id also rather hold my value in land then coins that wernt sought after metals
[4:34:31 PM] John Dayton: the security and scarcity of btc trumps the shiny allure of gold
[4:34:42 PM] John Dayton: could you tell me why btc is not worth anything and gold is worth something
[4:35:30 PM] John Dayton: the security and scarcity of btc trumps the shiny allure of goldin my opinion, and i think more people are starting to think like this
[4:36:02 PM] christopher mayer: Yeah it's important to define our scope
[4:36:25 PM] John Dayton: right now
[4:36:36 PM] christopher mayer: BTC is worth something right now tho
[4:36:52 PM] John Dayton: so you think it becomes worthless if the usd is worthless?
[4:36:58 PM] John Dayton: why cant you trade it directly for a boat
[4:37:34 PM | Edited 4:37:45 PM] christopher mayer: That boat is not worth a bitcoin, it's worth what that bitcoin's purchase power represents
[4:38:02 PM] John Dayton: hmm i see what your saying
[4:38:13 PM] John Dayton: still you can figure it out
[4:38:19 PM] John Dayton: 1 btc is worth 1 really nice boat
[4:38:20 PM] John Dayton: ez game
[4:38:48 PM] John Dayton: 15 pigs 2 goats and 500 tomatoe seeds