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03-06-2024, 08:25 AM
#61
Originally Posted By 4g64fiero⏩
Did you just skip the first sentence where I said "There is no asset in the history of civilization that has outperformed bitcoin."…please dispute it….I want to see your mental gymnastics.
Well that's just the problem. You're using your success with btc as justification as to why it is legitimate. There are thousands of examples of speculative investments that have failed, ie penny stocks. This one just so happens to declare itself a currency.
Can you make money off of speculation? Absolutely. Can you lose money, absolutely. Ponzi schemes work until they don't. In this case its easy to see that BTC has no intrinsic value. That is and always has been false.
Miners were eating the cost of transactions but once btc is solved then debits will cost money, so not even that will be free.
Can you make money off of speculation? Absolutely. Can you lose money, absolutely. Ponzi schemes work until they don't. In this case its easy to see that BTC has no intrinsic value. That is and always has been false.
Miners were eating the cost of transactions but once btc is solved then debits will cost money, so not even that will be free.
Imagine not understanding there is a microscopic % of the coin needed to transact it or move it. You must be a zoomer from the Biden gibs generation. I got a race in time and cost for you….go to your bank and ask them if they can instantly move 1 million in unlimited inflation paper and how much it costs kek….I reserve my time….you lose, every time.
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03-06-2024, 08:32 AM
#62
The people calling it a ponzi scheme are low iq, unable to adapt/understand something new and are subconsciously upset that they missed the boat to a generational opportunity because they're poor and scared.
These are the same people thinking they are getting ahead with their money earning 4% in CDs…just lol
These are the same people thinking they are getting ahead with their money earning 4% in CDs…just lol
03-06-2024, 08:33 AM
#63
I don’t know, maybe there is nothing wrong with not believing in and not investing in bitcoin, if you don’t understand how it works, or you simply disagree with how it works or whatever, then, yeah, don’t invest in it, nothing wrong with that, there’s plenty of opportunity to make money elsewhere,
Another example would be investing in a stock You don’t understand, take zim stock For example, they used to have a huge dividend, and it’s a legitimate big shipment company, but should you and I be investing in it? No, because we know Dick all about shipping rates, And what happened is that shipping rates went down and the stock went from $90-$10, nobody gave anybody any warning that this would happen, so the morale of the story is, don’t invest in anything that you don’t understand, I can think of several multimillionaire and billionaire investors who do not understand, and therefore do not invest in bitcoin.
If so, hopefully your other investment's make you a ton of money.
Another example would be investing in a stock You don’t understand, take zim stock For example, they used to have a huge dividend, and it’s a legitimate big shipment company, but should you and I be investing in it? No, because we know Dick all about shipping rates, And what happened is that shipping rates went down and the stock went from $90-$10, nobody gave anybody any warning that this would happen, so the morale of the story is, don’t invest in anything that you don’t understand, I can think of several multimillionaire and billionaire investors who do not understand, and therefore do not invest in bitcoin.
If so, hopefully your other investment's make you a ton of money.
03-06-2024, 08:34 AM
#64
Originally Posted By 4g64fiero⏩
the f are you on about. There is literally nothing fiat related to bitcoin other than its one of a million ways to buy it….lmao. It was literally created during the financial crisis to combat the chit that is fiat. You better get back on your askjeves and lookup definition on inflation…inflation describes the amount of total supply…and btc is fixed boyo. Adoption has zero correlation but since you brought it up it has only gone up since inception…from silk road and buying pizzas to world governments and global finance buying it and using it……but yea muh adoption rate. lol
doesn't larry fink often devise schemes to rip others off? Not exactly a great example.
BTC is a fiat currency. It is not commodity backed. It can still experience inflation through reduction in adoption rate. It solves none of the issues with fiat, thus is effectively no different.
BTC is a fiat currency. It is not commodity backed. It can still experience inflation through reduction in adoption rate. It solves none of the issues with fiat, thus is effectively no different.
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03-06-2024, 08:39 AM
#65
Originally Posted By gmenfan40⏩
This.
Bitcoin isn't going anywhere. If anything the USD collapses before bitcoin does. The USD is no longer backed by anything. (Super Ded fkn Srs)
Every dollar says "Federal Reserve Note " on the top.
People saying bitcoin is a ponzi don't realize the fiat USD they are holding is an IOU that will not only never be realized but devalued into oblivion. The banks can only service 30% of the money they hold. They are literally using your money to transact. They throw dust in your eyes with interest.
03-06-2024, 08:48 AM
#66
Gotta admit the thread title is lol, such stunning stubbornness and cope. Totally dug in ideologically.
Like that mad TV skit about fat loss, where the narrator says, move more, eat less, and the fat person watching still says: I don’t know, it still seems like a scam. In this case it’s even funnier, since OP has 12 years of history, where he can go back and check what bitcoin cost before versus now, that’s like if you showed a fat person before and after pictures of somebody who dieted, but they still refuse to believe it.
Like that mad TV skit about fat loss, where the narrator says, move more, eat less, and the fat person watching still says: I don’t know, it still seems like a scam. In this case it’s even funnier, since OP has 12 years of history, where he can go back and check what bitcoin cost before versus now, that’s like if you showed a fat person before and after pictures of somebody who dieted, but they still refuse to believe it.
03-06-2024, 08:58 AM
#67
Originally Posted By crupiea⏩
Yeah, it’s being used for all sorts of reasons. It’s extremely volatile, for a few reasons.
I dont think it will because criminals and politicians and such need it for money laundering purposes.
It will hang around as long as they have a need for it which will be a very long time most likely.
It will hang around as long as they have a need for it which will be a very long time most likely.
1. It’s not back by anything.
2. Powerful and rich people know how to manipulate it to make money
3. Criminals use it to launder money
4. It’s currently severely overvalued.
5. BTC is just an idea. It’s not a real currency.
I compare BTC to the dot com bubble. People were dumping money in to a digital idea. It had no returns, no assets, no commodities, and became overvalued. NFTs are yet another example of a similar concept.
So you might ask, why has BTC lasted so much longer? Well, because they called it currency, giving people the illusion of value. Understand that economically, currencies that aren’t backed by anything will always fail.
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03-06-2024, 08:59 AM
#68
Originally Posted By Kraken⏩
Lmao
Yeah, it’s being used for all sorts of reasons. It’s extremely volatile, for a few reasons.
1. It’s not back by anything.
2. Powerful and rich people know how to manipulate it to make money
3. Criminals use it to launder money
4. It’s currently severely overvalued.
5. BTC is just an idea. It’s not a real currency.
I compare BTC to the dot com bubble. People were dumping money in to a digital idea. It had no returns, no assets, no commodities, and became overvalued. NFTs are yet another example of a similar concept.
So you might ask, why has BTC lasted so much longer? Well, because they called it currency, giving people the illusion of value. Understand that economically, currencies that aren’t backed by anything will always fail.
1. It’s not back by anything.
2. Powerful and rich people know how to manipulate it to make money
3. Criminals use it to launder money
4. It’s currently severely overvalued.
5. BTC is just an idea. It’s not a real currency.
I compare BTC to the dot com bubble. People were dumping money in to a digital idea. It had no returns, no assets, no commodities, and became overvalued. NFTs are yet another example of a similar concept.
So you might ask, why has BTC lasted so much longer? Well, because they called it currency, giving people the illusion of value. Understand that economically, currencies that aren’t backed by anything will always fail.
03-06-2024, 09:53 AM
#69
Bitcoin is lines of code that you can 'own.' Its general use is as a medium of exchange. Its value is based on what its owners/users perceive it to be.
What value does any form of currency really have? You end up on a deserted island or in a society that has no perception of currency and only uses a barter system… What are dollar bills, gold, diamonds, pearls, etc. really worth? They aren't worth anything. No form of currency is. You can't eat them. You can't built a house out of them. You can't breed them for food/sustenance/resources like live-stock. They don't actually 'do' anything. They just exist and we use them as a medium of exchange because of a commonly perceived value.
A lot of people place value in Bitcoin as a medium of exchange. For various reasons.
I think a man should try to build up at least 500K in BTC in cold storage. A 'rainy day' fund if you will. If you end up in a divorce and lose a ton of assets or for any reason you need to pick up and move to a new country. You can land and have enough resources at your finger tips to get set up.
Divorce courts, governments, banks, etc. can seize money/assets/stocks. But they can't seize BTC in cold storage unless they get their hands on the storage device. Hiding/transporting a USB flash drive is significantly easier then your 401K or savings account.
People make the argument that you can't pay a mortgage or car note with bitcoin. Perhaps. But I can liquidate Bitcoin and transfer it into various forms of currency with the press of a button. Its price may remain volatile. But people will always see value in it.
What value does any form of currency really have? You end up on a deserted island or in a society that has no perception of currency and only uses a barter system… What are dollar bills, gold, diamonds, pearls, etc. really worth? They aren't worth anything. No form of currency is. You can't eat them. You can't built a house out of them. You can't breed them for food/sustenance/resources like live-stock. They don't actually 'do' anything. They just exist and we use them as a medium of exchange because of a commonly perceived value.
A lot of people place value in Bitcoin as a medium of exchange. For various reasons.
I think a man should try to build up at least 500K in BTC in cold storage. A 'rainy day' fund if you will. If you end up in a divorce and lose a ton of assets or for any reason you need to pick up and move to a new country. You can land and have enough resources at your finger tips to get set up.
Divorce courts, governments, banks, etc. can seize money/assets/stocks. But they can't seize BTC in cold storage unless they get their hands on the storage device. Hiding/transporting a USB flash drive is significantly easier then your 401K or savings account.
People make the argument that you can't pay a mortgage or car note with bitcoin. Perhaps. But I can liquidate Bitcoin and transfer it into various forms of currency with the press of a button. Its price may remain volatile. But people will always see value in it.
03-06-2024, 09:55 AM
#70
Originally Posted By kusok⏩
How can a person/country use it as currency when the value of it changes by the second, seems odd. It's obviously made a lot of coincels money. I wish I had gotten in at the beginning. I can remember when Glenn Beck was pimping it regularly on his show and I think it was around 8-9k.
In an entire country El Salvator, it’s actual currency.
It’s a store of value. To protect yourself against dollar debasement. Since bitcoin supply is limited.
BlackRock, biggest money runners on Earth, with trillions of dollars under management, would not offer an ETF if there was a chance of this going to zero. It has a long track record by now.
It’s a store of value. To protect yourself against dollar debasement. Since bitcoin supply is limited.
BlackRock, biggest money runners on Earth, with trillions of dollars under management, would not offer an ETF if there was a chance of this going to zero. It has a long track record by now.
03-06-2024, 10:01 AM
#71
Originally Posted By Horse86⏩
it adrrsses none of fiats issues. Thats all there is to be said
the f are you on about. There is literally nothing fiat related to bitcoin other than its one of a million ways to buy it….lmao. It was literally created during the financial crisis to combat the chit that is fiat. You better get back on your askjeves and lookup definition on inflation…inflation describes the amount of total supply…and btc is fixed boyo. Adoption has zero correlation but since you brought it up it has only gone up since inception…from silk road and buying pizzas to world governments and global finance buying it and using it……but yea muh adoption rate. lol
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03-06-2024, 10:05 AM
#72
Originally Posted By Horse86⏩
You may be right. But what is your point? Tulips went up 200x in the 1600s, does that mean they are a great asset/investment?
Did you just skip the first sentence where I said "There is no asset in the history of civilization that has outperformed bitcoin."…please dispute it….I want to see your mental gymnastics.
Imagine not understanding there is a microscopic % of the coin needed to transact it or move it. You must be a zoomer from the Biden gibs generation. I got a race in time and cost for you….go to your bank and ask them if they can instantly move 1 million in unlimited inflation paper and how much it costs kek….I reserve my time….you lose, every time.
Imagine not understanding there is a microscopic % of the coin needed to transact it or move it. You must be a zoomer from the Biden gibs generation. I got a race in time and cost for you….go to your bank and ask them if they can instantly move 1 million in unlimited inflation paper and how much it costs kek….I reserve my time….you lose, every time.
Originally Posted By truesteez⏩
Someone else already said it ITT, but yeah, both BTC and USD are not backed by hard assets. The USD is backed, however, by the largest military in the world, bigger than all other militaries combined, plus the full economic production of the United States. BTC is backed by farts on the internet.
This.
Every dollar says "Federal Reserve Note " on the top.
People saying bitcoin is a ponzi don't realize the fiat USD they are holding is an IOU that will not only never be realized but devalued into oblivion. The banks can only service 30% of the money they hold. They are literally using your money to transact. They throw dust in your eyes with interest.
Every dollar says "Federal Reserve Note " on the top.
People saying bitcoin is a ponzi don't realize the fiat USD they are holding is an IOU that will not only never be realized but devalued into oblivion. The banks can only service 30% of the money they hold. They are literally using your money to transact. They throw dust in your eyes with interest.
I mean wtf do you think the US spends so much on military lol?
DISCLAIMER: I am a BTC and chit coin holder. - about $55k as of right now. Will be dumping all of it immediately before the halving. Have fun holding my bags
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03-06-2024, 10:07 AM
#73
Originally Posted By Kraken⏩
i sincerely think its sad that the people that dont understand it are the people so ensnared by it. It is clearly a poisoning of the financial well of the right.
Yeah, it’s being used for all sorts of reasons. It’s extremely volatile, for a few reasons.
1. It’s not back by anything.
2. Powerful and rich people know how to manipulate it to make money
3. Criminals use it to launder money
4. It’s currently severely overvalued.
5. BTC is just an idea. It’s not a real currency.
I compare BTC to the dot com bubble. People were dumping money in to a digital idea. It had no returns, no assets, no commodities, and became overvalued. NFTs are yet another example of a similar concept.
So you might ask, why has BTC lasted so much longer? Well, because they called it currency, giving people the illusion of value. Understand that economically, currencies that aren’t backed by anything will always fail.
1. It’s not back by anything.
2. Powerful and rich people know how to manipulate it to make money
3. Criminals use it to launder money
4. It’s currently severely overvalued.
5. BTC is just an idea. It’s not a real currency.
I compare BTC to the dot com bubble. People were dumping money in to a digital idea. It had no returns, no assets, no commodities, and became overvalued. NFTs are yet another example of a similar concept.
So you might ask, why has BTC lasted so much longer? Well, because they called it currency, giving people the illusion of value. Understand that economically, currencies that aren’t backed by anything will always fail.
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03-06-2024, 10:07 AM
#74
How it started: "BTC will never go past all time high."
How it's going: "Still think BTC is going to 0."
Love nocoincel tears. They keep moving the goalpost. LMAO
How it's going: "Still think BTC is going to 0."
Love nocoincel tears. They keep moving the goalpost. LMAO
03-06-2024, 10:09 AM
#75
Originally Posted By guest89⏩
lol so now BTC is being pitched as a 17th century "bearer" bond/stock style instrument?
Bitcoin is lines of code that you can 'own.' Its general use is as a medium of exchange. Its value is based on what its owners/users perceive it to be.
What value does any form of currency really have? You end up on a deserted island or in a society that has no perception of currency and only uses a barter system… What are dollar bills, gold, diamonds, pearls, etc. really worth? They aren't worth anything. No form of currency is. You can't eat them. You can't built a house out of them. You can't breed them for food/sustenance/resources like live-stock. They don't actually 'do' anything. They just exist and we use them as a medium of exchange because of a commonly perceived value.
A lot of people place value in Bitcoin as a medium of exchange. For various reasons.
I think a man should try to build up at least 500K in BTC in cold storage. A 'rainy day' fund if you will. If you end up in a divorce and lose a ton of assets or for any reason you need to pick up and move to a new country. You can land and have enough resources at your finger tips to get set up.
Divorce courts, governments, banks, etc. can seize money/assets/stocks. But they can't seize BTC in cold storage unless they get their hands on the storage device. Hiding/transporting a USB flash drive is significantly easier then your 401K or savings account.
People make the argument that you can't pay a mortgage or car note with bitcoin. Perhaps. But I can liquidate Bitcoin and transfer it into various forms of currency with the press of a button. Its price may remain volatile. But people will always see value in it.
What value does any form of currency really have? You end up on a deserted island or in a society that has no perception of currency and only uses a barter system… What are dollar bills, gold, diamonds, pearls, etc. really worth? They aren't worth anything. No form of currency is. You can't eat them. You can't built a house out of them. You can't breed them for food/sustenance/resources like live-stock. They don't actually 'do' anything. They just exist and we use them as a medium of exchange because of a commonly perceived value.
A lot of people place value in Bitcoin as a medium of exchange. For various reasons.
I think a man should try to build up at least 500K in BTC in cold storage. A 'rainy day' fund if you will. If you end up in a divorce and lose a ton of assets or for any reason you need to pick up and move to a new country. You can land and have enough resources at your finger tips to get set up.
Divorce courts, governments, banks, etc. can seize money/assets/stocks. But they can't seize BTC in cold storage unless they get their hands on the storage device. Hiding/transporting a USB flash drive is significantly easier then your 401K or savings account.
People make the argument that you can't pay a mortgage or car note with bitcoin. Perhaps. But I can liquidate Bitcoin and transfer it into various forms of currency with the press of a button. Its price may remain volatile. But people will always see value in it.
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03-06-2024, 10:11 AM
#76
Originally Posted By guest89⏩
There is a lot more to currency than you realize.
Bitcoin is lines of code that you can 'own.' Its general use is as a medium of exchange. Its value is based on what its owners/users perceive it to be.
What value does any form of currency really have? You end up on a deserted island or in a society that has no perception of currency and only uses a barter system… What are dollar bills, gold, diamonds, pearls, etc. really worth? They aren't worth anything. No form of currency is. You can't eat them. You can't built a house out of them. You can't breed them for food/sustenance/resources like live-stock. They don't actually 'do' anything. They just exist and we use them as a medium of exchange because of a commonly perceived value.
A lot of people place value in Bitcoin as a medium of exchange. For various reasons.
What value does any form of currency really have? You end up on a deserted island or in a society that has no perception of currency and only uses a barter system… What are dollar bills, gold, diamonds, pearls, etc. really worth? They aren't worth anything. No form of currency is. You can't eat them. You can't built a house out of them. You can't breed them for food/sustenance/resources like live-stock. They don't actually 'do' anything. They just exist and we use them as a medium of exchange because of a commonly perceived value.
A lot of people place value in Bitcoin as a medium of exchange. For various reasons.
Scarcity and supply, demand, and yes, some currencies can be used for other things. For example, tobacco was used as a currency at one time. Salt was a currency at one time. Bartering is the exchange of goods and services which have use and value to another. For example, trading furs for firearms. Sea shells were used once too, but you have to understand the circumstances. Only large, perfect sea shells had great value, and perhaps it was a place where sea shells were not as common as other coastal regions.
The dollar was once backed by gold in order to keep its supply/scarcity in check. Once the gold standard was dropped, the Fed was let off its leash and was able to print money, decreasing the value of the dollar by decreasing its scarcity. We accepted it’s value because the government assured us it would back the dollar, which was a failure. 3 or 4 times in history the government defaulted, and the courts ruled the government wasn’t responsible for replacing the money lost, which is when economists realized that we should have never dropped the gold standard. Otherwise, everyone could have just received their gold as a replacement.
BTC is an experimental currency. Now that AI is being used, it’s difficult to say if that could be a threat. We have no idea if BTC could get lost, stolen, etc, and there is no fallback, like gold, or some other tangible commodity, something else that has value, to protect investors from unforeseen losses.
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03-06-2024, 10:12 AM
#77
Originally Posted By HarryDick⏩
Good one other day on here was "why are people celebrating it hitting the price it was years ago"??
How it started: "BTC will never go past all time high."
How it's going: "Still think BTC is going to 0."
Love nocoincel tears. They keep moving the goalpost. LMAO
How it's going: "Still think BTC is going to 0."
Love nocoincel tears. They keep moving the goalpost. LMAO
Nocoincel cope is some of the best there is
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03-06-2024, 10:13 AM
#78
Blackrock is buying more BTC per day than what is being minted, if you didn't get in pre 2023 you never will
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03-06-2024, 10:14 AM
#79
this would've been a cool post 10 years ago, now it's utterly low iq and tarded. embarrassing stuff from OP.
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03-06-2024, 10:38 AM
#80
Originally Posted By rectifryer⏩
fiat is flawed….bitcoin fixes that. /mic drop. Open a book boyo. Try reading what ppl with a brain are saying in here
it adrrsses none of fiats issues. Thats all there is to be said
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03-06-2024, 10:46 AM
#81
Originally Posted By mulletwarrior⏩
Tulips bro? Man lands on moon. FIXED SUPPLY. It's backed by itself. Fukin lol that the argument that before the spot ETF all the lenders that had an etf "oh ma gerd it's not backed by anything"….NOW the spot BTC ETF is literally BACKED by the BTC Larry Fink is buying. Are you all too stupid to comprehend this? That's why its going to 100k plus. That's why wall-street is buying it up like crack. Keep finding your next excuse. Keep moving the goal posts. Keep poor.
You may be right. But what is your point? Tulips went up 200x in the 1600s, does that mean they are a great asset/investment?
Someone else already said it ITT, but yeah, both BTC and USD are not backed by hard assets. The USD is backed, however, by the largest military in the world, bigger than all other militaries combined, plus the full economic production of the United States. BTC is backed by farts on the internet.
I mean wtf do you think the US spends so much on military lol?
DISCLAIMER: I am a BTC and chit coin holder. - about $55k as of right now. Will be dumping all of it immediately before the halving. Have fun holding my bags
Someone else already said it ITT, but yeah, both BTC and USD are not backed by hard assets. The USD is backed, however, by the largest military in the world, bigger than all other militaries combined, plus the full economic production of the United States. BTC is backed by farts on the internet.
I mean wtf do you think the US spends so much on military lol?
DISCLAIMER: I am a BTC and chit coin holder. - about $55k as of right now. Will be dumping all of it immediately before the halving. Have fun holding my bags
What is USD backed by? It's fn paper that is being printed until infinity. Military backs it? Bruh you're so lost in the matrix…there is no helping you.
Originally Posted By OffwhiteBrah⏩
this
Blackrock is buying more BTC per day than what is being minted, if you didn't get in pre 2023 you never will
Originally Posted By ghostfacedup⏩
this would've been a cool post 10 years ago, now it's utterly low iq and tarded. embarrassing stuff from OP.
and this
see ya at 100k copecells…..stay poor holding that depreciating paper and ground mineral in your hand that are getting mogged by btc
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03-06-2024, 10:50 AM
#82
Originally Posted By Berts⏩
What absolute crap
I think what people love about BTC is it has a cap on supply, and its worldwide. Its scarce and will scarce forever. Once BTC has 21 mil mined, that's it forever. Unlike the US Fiat Dollar that we keep printing and literally giving away trillions of it to random counties and people. Same with a CBDC, the government will be able to make more as they wish when they wish. Full control of your money.
I'm not a BTC homer, I do not have any. I like Alts because there are some insane ecosystems. Thousands of Dapps, tons of DEX's, etc. Blockchain tech is amazing and interesting.
People love they control it, its instant and the fees are crazy low for most Alts. Which is what currency should be. Why in 2024 does it take days to send money and on top of that you have to pay a bank a fee. It's insane. I'm talking real money, not $100.
I'm not a BTC homer, I do not have any. I like Alts because there are some insane ecosystems. Thousands of Dapps, tons of DEX's, etc. Blockchain tech is amazing and interesting.
People love they control it, its instant and the fees are crazy low for most Alts. Which is what currency should be. Why in 2024 does it take days to send money and on top of that you have to pay a bank a fee. It's insane. I'm talking real money, not $100.
I’ve transferred 6 figures instantly a few times with conventional banking, no blockchain. Just security/id checks.
Send 6 figures worth of crypto to goodness knows who in goodness knows where ?! Yeah great thinking
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03-06-2024, 10:51 AM
#83
Yeah you’re right OP it’s literally not even a thing
The quickest way to tell if someone is poor or not is to see if they talk about crypto lol
The quickest way to tell if someone is poor or not is to see if they talk about crypto lol
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03-06-2024, 10:56 AM
#84
Originally Posted By mulletwarrior⏩
No. It's just a medium of exchange. Its value is based on what its owners/users perceive it to be. Just like any other medium of exchange.
lol so now BTC is being pitched as a 17th century "bearer" bond/stock style instrument?
Millions of people around the globe, businesses and even governments believe Bitcoin has value. Right now, I can trade one bitcoin for $66,900.00. Does $66,900 have value?
You can argue that Bitcoin is volatile. So is gold. Just look at the charts over the last 100 years. There have been people that have loss their ass buying & holding gold as some kind of 'investment'.
Originally Posted By Kraken⏩
I understand the history of currency just fine. Modern currency only has value because in a civilized society we collectively agree on its value.
There is a lot more to currency than you realize.
Scarcity and supply, demand, and yes, some currencies can be used for other things. For example, tobacco was used as a currency at one time. Salt was a currency at one time. Bartering is the exchange of goods and services which have use and value to another. For example, trading furs for firearms. Sea shells were used once too, but you have to understand the circumstances. Only large, perfect sea shells had great value, and perhaps it was a place where sea shells were not as common as other coastal regions.
The dollar was once backed by gold in order to keep its supply/scarcity in check. Once the gold standard was dropped, the Fed was let off its leash and was able to print money, decreasing the value of the dollar by decreasing its scarcity. We accepted it’s value because the government assured us it would back the dollar, which was a failure. 3 or 4 times in history the government defaulted, and the courts ruled the government wasn’t responsible for replacing the money lost, which is when economists realized that we should have never dropped the gold standard. Otherwise, everyone could have just received their gold as a replacement.
BTC is an experimental currency. Now that AI is being used, it’s difficult to say if that could be a threat. We have no idea if BTC could get lost, stolen, etc, and there is no fallback, like gold, or some other tangible commodity, something else that has value, to protect investors from unforeseen losses.
Scarcity and supply, demand, and yes, some currencies can be used for other things. For example, tobacco was used as a currency at one time. Salt was a currency at one time. Bartering is the exchange of goods and services which have use and value to another. For example, trading furs for firearms. Sea shells were used once too, but you have to understand the circumstances. Only large, perfect sea shells had great value, and perhaps it was a place where sea shells were not as common as other coastal regions.
The dollar was once backed by gold in order to keep its supply/scarcity in check. Once the gold standard was dropped, the Fed was let off its leash and was able to print money, decreasing the value of the dollar by decreasing its scarcity. We accepted it’s value because the government assured us it would back the dollar, which was a failure. 3 or 4 times in history the government defaulted, and the courts ruled the government wasn’t responsible for replacing the money lost, which is when economists realized that we should have never dropped the gold standard. Otherwise, everyone could have just received their gold as a replacement.
BTC is an experimental currency. Now that AI is being used, it’s difficult to say if that could be a threat. We have no idea if BTC could get lost, stolen, etc, and there is no fallback, like gold, or some other tangible commodity, something else that has value, to protect investors from unforeseen losses.
Even gold itself is basically worthless. Unless you plan on melting it down and manufacturing electronics components with it. But really. What is it? What is it worth? Its just a mined/polished ore that humans like the look of. How is gold inherently more valuable then lines of code? In 1000 years will the concept of a paper dollar or a gold coin seem incredibly primitive when compared to lines of code? We really don't know.
At this time people see a value in the ability to use lines of code as a medium of exchange. We are entering the digital era man. Unless there is some kind of post-apacolytic event that destroys computers/electronics. Its only a matter of time before digital currency is the norm.
03-06-2024, 11:01 AM
#85
Originally Posted By samsbolton⏩
ah see you've made it out of the crypto thread where you liked to FUD and were mogged.
What absolute crap
I’ve transferred 6 figures instantly a few times with conventional banking, no blockchain. Just security/id checks.
Send 6 figures worth of crypto to goodness knows who in goodness knows where ?! Yeah great thinking
I’ve transferred 6 figures instantly a few times with conventional banking, no blockchain. Just security/id checks.
Send 6 figures worth of crypto to goodness knows who in goodness knows where ?! Yeah great thinking
And wrong, not instant, money of any large value almost always has to be done in person, costs wire fee, fee from receiver, fee after fee. Days later your money gets there….don't forget weekends don't count, or holidays, or the 16 hours out of the day that aren't bankers hours. just lmao
BTC "click"…."accept"….sent…delivered…done . 5 seconds max to execute. 10 min for blocks confirmation.
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03-06-2024, 11:06 AM
#86
Originally Posted By crupiea⏩
Its value doesn't matter much for that if everything is transacted around the same time
I dont think it will because criminals and politicians and such need it for money laundering purposes.
It will hang around as long as they have a need for it which will be a very long time most likely.
It will hang around as long as they have a need for it which will be a very long time most likely.
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03-06-2024, 01:06 PM
#87
Originally Posted By Horse86⏩
Wrong. Bought a property few years ago bank transfer, instant, free. Do lots of business in aus/nz instant, free. AND payment protected.
ah see you've made it out of the crypto thread where you liked to FUD and were mogged.
And wrong, not instant, money of any large value almost always has to be done in person, costs wire fee, fee from receiver, fee after fee. Days later your money gets there….don't forget weekends don't count, or holidays, or the 16 hours out of the day that aren't bankers hours. just lmao
BTC "click"…."accept"….sent…delivered…done . 5 seconds max to execute. 10 min for blocks confirmation.
And wrong, not instant, money of any large value almost always has to be done in person, costs wire fee, fee from receiver, fee after fee. Days later your money gets there….don't forget weekends don't count, or holidays, or the 16 hours out of the day that aren't bankers hours. just lmao
BTC "click"…."accept"….sent…delivered…done . 5 seconds max to execute. 10 min for blocks confirmation.
No one uses crypto for anything legal and/or substantial because there is no payment protection. None of it is a currency. Pure ponzi which is why it gets shilled
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03-06-2024, 01:08 PM
#88
Originally Posted By samsbolton⏩
The cryptocels been talkinga bout "adoption" for how long now? 15 years ?
Wrong. Bought a property few years ago bank transfer, instant, free. Do lots of business in aus/nz instant, free. AND payment protected.
No one uses crypto for anything legal and/or substantial because there is no payment protection. None of it is a currency. Pure ponzi which is why it gets shilled
No one uses crypto for anything legal and/or substantial because there is no payment protection. None of it is a currency. Pure ponzi which is why it gets shilled
It's not adopted because no one wants to use it.
It's a pure ponzi. Pump the price up. Sell it to the highest dumba$$ who wants to buy it. Ponzi 101.
Nothing but gambling.
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03-06-2024, 01:09 PM
#89
Originally Posted By samsbolton⏩
The government and banks have our back LMAO.
Wrong. Bought a property few years ago bank transfer, instant, free. Do lots of business in aus/nz instant, free. AND payment protected.
No one uses crypto for anything legal and/or substantial because there is no payment protection . None of it is a currency. Pure ponzi which is why it gets shilled
No one uses crypto for anything legal and/or substantial because there is no payment protection . None of it is a currency. Pure ponzi which is why it gets shilled
Hey, if you want me to take a dump in a box and mark it guaranteed, I will. I got spare time
03-06-2024, 01:26 PM
#90
Originally Posted By Horse86⏩
Honestly not sure if you are a sophisticated troll or an absolute drooling potato. Do you know what ETFs are? Do you know who funds them? No powerful entity is "backing" anything. In ETF is basically just an index fund. You put your money into it, they use that money to buy assets (in this case crypto), and you own a small slice of those assets indirectly through your ownership in the ETF.
Tulips bro? Man lands on moon. FIXED SUPPLY. It's backed by itself. Fukin lol that the argument that before the spot ETF all the lenders that had an etf "oh ma gerd it's not backed by anything"….
NOW the spot BTC ETF is literally BACKED by the BTC Larry Fink is buying. Are you all too stupid to comprehend this?
That's why its going to 100k plus. That's why wall-street is buying it up like crack. Keep finding your next excuse. Keep moving the goal posts. Keep poor.
What is USD backed by? It's fn paper that is being printed until infinity. Military backs it? Bruh you're so lost in the matrix…there is no helping you.
this
and this
see ya at 100k copecells…..stay poor holding that depreciating paper and ground mineral in your hand that are getting mogged by btc
What is USD backed by? It's fn paper that is being printed until infinity. Military backs it? Bruh you're so lost in the matrix…there is no helping you.
this
and this
see ya at 100k copecells…..stay poor holding that depreciating paper and ground mineral in your hand that are getting mogged by btc
JFL. If the ETF goes down to $0, noone is acting as a guarantor for your money, your value in the ETF just goes down to $0.
In other words, quite literally noone is backing anything in any ETF.
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