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Bitcoin
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The transfer is fast — 10 min to a few hours or even longer. It depends on the transaction fee you assign it. It is not free. There have been 9 figure transactions for $11. That’s not the norm but it shows you the power of bitcoin in transferring value over time & space.
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OK, so 1 valuable or at least competitive service for overseas transfer of $.
But the value increase of a single Bitcoin from $0.0009 to todays price is explained how? So now I can purchase a fractional Bitcoin? And that is better than the Fed’s control of $ in US as 1 example, how?-
Bitcoin is hard money, unlike fiat. BTC has programmed digital scarcity — only 21M coins will ever be mined. When it was a fraction of a cent, there was very low demand (it was unknown). Now the demand is insane and the supply is quite low. People like to hold onto scarce assets such as coastal real estate, fine art, sports collectibles, etc. Now there is a scarce asset that is a new form of censorship-resistant, non-state controlled money. Bitcoin has already reached 10% of gold’s market cap. Think of it as digital gold, the most comparable asset (only 10% of gold has industrial use case, 90% is used as a store of value).
The Fed controls the supply of the USD and has an infinite supply of it. 35% of the dollars in circulation were printed the past year, it is being debased at much greater rates of inflation than CPI. Look at charts of the M1 money supply by FRED (Federal Reserve Economic Data). it is a slight ascending slope and then it has become nearly vertical over the past couple of years. FRED has announced it will no longer be providing information about the M1 supply. A debased currency will lose value over time to that of hard assets. Thankfully USD is still probably one of the best fiat available. Currencies of other sovereigns will lose value faster over time vs BTC.
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OK, but Bitcoin, like any other commodity grows as demand increases. But it’s grown 6.6(10[sup]7[/sup]) in value? Based on demand? What other currency has grown like that? And no more than 21 million “coins.” Or in todays value of $60k/coin, there have been almost 19 million coins mined and a bit more than 2 million to be mined. But the value of such has no limit, yes?
So again, how is value better than the value of a Dollar or Pound or Euro? The dollar would be better if the Fed agreed to print/mint no more than x-number of paper/coins?
OK, so I can understand the lure of open-source monetary system but so far it has far to go to deliver the goods proving it to be a better competitive product, IMHO. It’s real and only value in my view is purely speculative investment. The overseas xfer of money isn’t all that as far as I can see. It’s primary value still seems to be trying to hide money from governments and their respective taxation.-
If the government stop the nasty habit of minting new money that frequently, then the dollar is much more reliable. But how? Voters reward politicians who rob the federal reserve and give out money indiscriminately.
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Quote from MRItech
If the government stop the nasty habit of minting new money that frquently, then the dollar is much more reliable. But how? Voters reward politicians who rob the federal reserves and give out money indiscriminately.
What is wrong with printing money and the concept of the money supply? Should we have the Gold Standard back then where a dollar is backed up by a specific value like gold? Is that the problem?
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Yes I actually prefer some sort of standard. BTW, the Richard Nixon who abolished the gold standard is republican. This bitcoin is a liberal, democratic thing.
Quote from Frumious
Quote from MRItech
If the government stop the nasty habit of minting new money that frquently, then the dollar is much more reliable. But how? Voters reward politicians who rob the federal reserves and give out money indiscriminately.
What is wrong with printing money and the concept of the money supply? Should we have the Gold Standard back then where a dollar is backed up by a specific value like gold? Is that the problem?
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In today’s world, Nixon was a flaming Librul.
As for Bitcoin being Librul, I don’t see that, I see more Libertarian anti-government.-
Bitcoin is not conservative, libertarian, liberal or of any political leaning. It is a decentralized monetary network for everybody. It is owned by brilliant intellectuals and crazies alike. No one person owns or controls the network.
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With Bitcoin and limiting it to 21 million “coins,” that brings to mind the original meaning of “pieces of 8.”
Everyone gets a 1/2 a piece. -
You are actually correct in using quotes for “coins.” There are not really any coins, but a series of UTXOs (unspent transaction outputs) in the code. These display as “coins” in your bitcoin wallet.
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The recent surge in Bitcoin is directly related to the transfer of an issue
Election Day 2020 BTC was around 15000
The big lie was exposed
During the next few weeks as the Q-Anon anti government types were waiting for the big event the value of the BTC tripled
After that the gamers antigovernment and Q-Anon anti government types and others jumped on board to pump it
If you cant see this as a bubble well then you deserved to get burned
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Quote from Chirorad84
The recent surge in Bitcoin is directly related to the transfer of an issue
Election Day 2020 BTC was around 15000
The big lie was exposed
During the next few weeks as the Q-Anon anti government types were waiting for the big event the value of the BTC tripled
After that the gamers antigovernment and Q-Anon anti government types and others jumped on board to pump it
If you cant see this as a bubble well then you deserved to get burned
You never paid me on our BTC bet, you’re total fraud.
Another all time high for BTC, ho hum
see you at 80k, then 100, then 200
thank you idiot American leaders – tata for now, gotta go count my stacks and buy more, so easy -
A meme internet coin with a dog now has a higher market cap than the GDP of Luxemberg
But this is totally not a bubble
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Quote from MRItech
Yes I actually prefer some sort of standard. BTW, the Richard Nixon who abolished the gold standard is republican. This bitcoin is a liberal, democratic thing.
Quote from Frumious
Quote from MRItech
If the government stop the nasty habit of minting new money that frquently, then the dollar is much more reliable. But how? Voters reward politicians who rob the federal reserves and give out money indiscriminately.
What is wrong with printing money and the concept of the money supply? Should we have the Gold Standard back then where a dollar is backed up by a specific value like gold? Is that the problem?
Haha, the old Nixon as “Republican” schtick. Haven’t we learned yet about monikers? Nice try, though.
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That’s not true…through chain analysis techniques, it’s not hard for those interested to track/trace money. In fact, the FBI agents that went rogue during the Silk Road investigation stole thousands of bitcoin. The only way the FBI was able to catch those rogue agents was because all transactions are forever stored on the blockchain. The lead investigator has said she wouldn’t have been able to trace them if not for the blockchain. Bitcoin is for criminals is a 2012, debunked argument. More crime on a % basis is committed using cash.
If the Fed used wise fiscal policy and stopped printing money nonstop out of thin air, then that would probably be the biggest threat to bitcoin. However, the government has not shown it has the ability to exercise any kind of spending restraint.
As for the value, yes of course there will be a limit. Nothing goes to infinity. I think we have a long ways to go until price discovery. I don’t have a crystal ball but I think we are still an order of magnitude or 2 away.-
So Bitcoin is an order or magnitude or 2 away. So 10x to 100x its present value of ~$60k in exchange rate would be $600k to $6M per coin. So $126 Trillion max value for 21 million coins.
Again, like the Gold Standard, I do not see how that cures all our ills.-
Quote from Frumious
So Bitcoin is an order or magnitude or 2 away. So 10x to 100x its present value of ~$60k in exchange rate would be $600k to $6M per coin. So $126 Trillion max value for 21 million coins.
Again, like the Gold Standard, I do not see how that cures all our ills.
it will not cure all ills, but it has and will change the world. From an economic viewpoint, it is a way to preserve capital and a chance at financial freedom. Obviously it is highly volatile. It could go to 80k, drop back down to 40k just as easily. But the long term chart, if you zoom out, shows CAGR of 196.7% over the past decade.
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Its actually quite easy to wire money
And many banks wave the fee if you have an account with them
I find this thread hilarious many people who bash someone buying a house for 1 million plus (now understand a house is an actual hard asset, you have to live somewhere and interest rates are an all time low) are same people who back a cryptocurrency backed up by absolutely nothing
Its totally nutz
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Rumor has it JFK jr is backing Bitcoin
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When you deposit some money in a bank, say a grand, the bank tries to lend that money out as fast as possible, or worse invest it on high risk, high return assets, leaving only a small amount to maintain liquidity. Bad things rarely happen, but once in a while, typically during a contraction, a bank might run into liquidity issues and forced into bankruptcy. Then you lose that money. Not going to happen to a bitcoin if you store it yourself.
In a way, cryptocurrency is a better storage of value.-
Lending money out for investment is how economics works. That $1,000 potentially invests in many things.
How does this work for cryptocurrency? Is cryptocurrency being used the same way, “spreading around the money?” Does it contribute to the economy in any way or similar way? How is its concept different from the money supply?
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You can’t. I didn’t say there’s no trade-offs.
Think of bitcoin like gold. You own a gold nugget, store it in a safe… you can’t really use it for anything else. But when you need it, its always there. -
Yes all the big banks that are involved are in cahoots with the Qanon folk.
Again why are you in the conversation , you say the same wrong thing over and over.
Gamers and Qanon idiots in the basements dont move the market. Institutions do. The price has shot up because corporations and big banks are basically snatching it up.
If you really think a kid in his basement with 100 bucks buying slivers of a Bitcoin is what is moving the market, yikes.
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You have corporations investing billions of dollars in reserves and you act like its a 16 yr old kid in their basement who is being fooled ? You realize a lot of the people getting in are just a little more sophisticated right ?
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Gamers and Qanon idiots in the basements dont move the market. Institutions do.
Did you not see the game stop fiasco
And AMC
Seriously?
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My wifes opioid addicted cousin is a gamer and now a Bitcoin miner
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That wasn’t individual investors moving the market, they own like 6 % of the shares. That was hedge funds screwing over other hedge funds. Retail essentially never moves the market, they don’t have enough money. The scales we are talking about here are enormous.
The question you should be asking is, why are these banks/corporations with billions of dollars of assets interested in BTC? If it has no value and is so obviously a scam to you, why do they see it differently? They’re not in the business of losing money.-
No you are wrong
In fact total BS
Game stop
Is a 5-15$ companya group of gamers that taught a lesson to hedge fund groups in manipulation
They were trying to short the stock to death
Then got squeezed because the computer geeks pumped up price
Today at closed at 140 because everyone is afraid of a few gamers
And the stock is worth 10$ a share
When the thrill is gone the stock will be about 10$ a share
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And to your question why banks are looking at BTC
Transaction fees
Pretty simple
No risk in selling it
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Do you really think a group of gamers taught hedge funds a lesson in manipulation? The naivety is cute. Again, they own a miniscule amount of shares in the grand scheme of things. People love the david vs goliath narrative but that’s not actually what happened or is happening. It’s goliath 1 vs goliath 2 and david is helping goliath 1 and hitting at the ankles of goliath 2, like little mosquito bites.
Transaction fees are low compared to literally every other medium of exchanging value in the world so that also makes no sense. Again we were talking about transferring hundreds of millions of dollars for 10 bucks. The bank isn’t needed to transfer it anyway it just gets transferred from person to person and verified by miners. Show me a wire transfer or any other means of sending money that I can send that much cash that fast for essentially no fee (10 bucks on these sums is a rounding error)
Please continue to show us how little you understand these things.-
Truth is, Im just a poor guy who hasnt hundreds of millions of $ to transfer to or from anyone much less enjoy seeing it on some statement. So that perk is totally lost on me.
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Ok but that doesn’t mean you can’t see the value. It’s basically disruptive in that aspect that current paradigms for sending money, the time associated and their fees are being completely wrecked by crypto in general.
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Do you really think a group of gamers taught hedge funds a lesson in manipulation?
Again do you understand what happened
Do you know what a short squeeze is?
Why did the hedge fund guys put pressure on Robinhood
Again I dont have your vast knowledge in finance but this is shorts for dummies 101
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Approximately 140 percent of GameStop’s public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even farther. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit
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[link=https://amp.hothardware.com/news/gamestop-stock-gme-shorts-wild-gambit]https://amp.hothardware.c…gme-shorts-wild-gambit[/link]
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First of all there are lots of competing narratives regarding if the squeeze actually happened and RH didn’t have pressure put on them, they had simple liquidity issues. This is a huge common misconception. They don’t have the ability to sell or access infinite amounts of stock so as they get into more volatile positions with more demand, they run into situations where they don’t have enough liquidity and have to restrict trading. This doesn’t really happen in traditional situations. Imagine you have 10 bananas out of 100 in the world and everyone in the world wants bananas. At some point you sell your 10 and it’s prohibitively hard for you to get more because of huge global demand. This was the RH problem. They didn’t have the ability to get more shares to sell as doing so would basically eat up the liquidity that assures them to be stable and operational. That’s not you hording bananas or listening to the banana overlords, its keeping your business solvent.
The float being sold short doesn’t mean the shares were bought by retail. Again, I told you they were bought by other hedge funds. Do you understand how much money that would take to buy all those shares? The current market cap is the company is like 10 billion. There is data from bloomberg terminals which show the retail ownership is single digits.
I guess it depends on how you define trigger. I think the original reddit guy may have been the first or one of the first to discover it and possibly hedge funds noticed but they were the ones who actually put the rubber to the road and bought the stock in massive quantities, ie hundreds of millions to billions of dollars in total which forced the other hedge funds to cover and drive up the price to the high 400s. -
Its not a narrative
And there are not a lot of competing theories
Thats what happened
The big hedge funds tried to short GameStop into oblivion
They got called on it
Leverage is a beatchhhhh
Its how you use 10lbs of force to lift 10000lbs
But again Im no financial guru so you are probably right
(Yawn)
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Im not so sure those same hedge funds werent responsible for GameStops second bounce
I heard a lot of GameStop noise before the initial surge, the second came seemingly out of nowhere
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I just heard my first ever ad for retail bitcoin sales… “Coin Flip”
[link]https://coinflip.tech/[/link]
“call now and get 20% off fees!”
immediately following the bitcoin ad…. an ad for gold.
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Quote from IR27
You have corporations investing billions of dollars in reserves and you act like its a 16 yr old kid in their basement who is being fooled ? You realize a lot of the people getting in are just a little more sophisticated right ?
It’s funny you bother responding to that clown, he’s easily the dumbest person on the board. I don’t even give Frumi “person” status anymore. Dungfly, not even gadfly level stuff-
No one takes you seriously
You have no money
If you did you would pay your bets that you lose
And if you were smart you wouldnt make stupid bets you ou cant afford to pay
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What exactly is the point of Bitcoin?
[link=https://www.washingtonpost.com/opinions/2021/04/19/after-eight-years-question-remains-whats-point-bitcoin/]https://www.washingtonpos…s-whats-point-bitcoin/[/link]Bitcoin has been around for more than a decade, yet it remains an [link=https://www.nytimes.com/2021/02/03/style/what-can-you-actually-buy-with-bitcoin.html]inconvenient way to pay for things[/link], inferior to dollars or credit cards in almost every way. Most merchants dont take it, so in the United States, its mostly used by devoted hobbyists, though firms such as Tesla are trying to make it a bit more mainstream.
Those issues are somewhat related to a larger problem: For technical reasons, transactions are slow to clear, and that decentralized network uses a lot of processing power, making it [link=https://news.bitcoin.com/no-visa-doesnt-handle-24000-tps-and-neither-does-your-pet-blockchain/]challenging to scale[/link] beyond a devoted fanbase. Some of these problems can be worked around by creating another layer on top of the bitcoin network but at that point, its unclear why anyone would prefer a third party denominating transactions in bitcoin rather than a stable, spend-anywhere currency such as the U.S. dollar.
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Quote from Frumious
What exactly is the point of Bitcoin?
[link=https://www.washingtonpost.com/opinions/2021/04/19/after-eight-years-question-remains-whats-point-bitcoin/]https://www.washingtonpos…s-whats-point-bitcoin/[/link]
Bitcoin has been around for more than a decade, yet it remains an [link=https://www.nytimes.com/2021/02/03/style/what-can-you-actually-buy-with-bitcoin.html]inconvenient way to pay for things[/link], inferior to dollars or credit cards in almost every way. Most merchants dont take it, so in the United States, its mostly used by devoted hobbyists, though firms such as Tesla are trying to make it a bit more mainstream.
Those issues are somewhat related to a larger problem: For technical reasons, transactions are slow to clear, and that decentralized network uses a lot of processing power, making it [link=https://news.bitcoin.com/no-visa-doesnt-handle-24000-tps-and-neither-does-your-pet-blockchain/]challenging to scale[/link] beyond a devoted fanbase. Some of these problems can be worked around by creating another layer on top of the bitcoin network but at that point, its unclear why anyone would prefer a third party denominating transactions in bitcoin rather than a stable, spend-anywhere currency such as the U.S. dollar.
Does anyone use gold to pay for anything? BTC is an asset better than gold, for many reasons.
We can always use shtty fiat for transacting, that’s why btc isn’t a currency.
Do your homework for once, man this is getting old.-
What is the point of the internet, phones are pretty good. The internet is pointless.
Ill take nonsensical analogies for 100, Alex (RIP)
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Its not nonsensical. Don’t you think there were people saying ” why do I need the internet” and doubting it when it was becoming widely adopted?
Obviously in hindsight it is easy to see why it was beneficial but you’re out of your mind naive if you think people weren’t fighting it at the time or didn’t see it.-
Quote from IR27
Its not nonsensical. Don’t you think there were people saying ” why do I need the internet” and doubting it when it was becoming widely adopted?
Obviously in hindsight it is easy to see why it was beneficial but you’re out of your mind naive if you think people weren’t fighting it at the time or didn’t see it.
This. it will eventually be a part of everybody’s portfolio when the ETF comes out. When the ignorant financial advisors tell the masses it is okay — probably when the price is 2x or 3x what it is now, if not more.-
Chuckl…
Shhh. Im still accumulating.
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This whole forum is like the CNBC of radiology.
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So because it has potential as currency and an investment…its the same as the internet?
Even in a world where Bitcoin was the global currency I wouldnt even go that far. At the end of the day, its just digital money
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Ok so don’t buy any? I don’t understand. like I’m not interested in ballet, so I don’t really talk about ballet and don’t know enough to critique ballet. I also don’t disparage other people who are interested in ballet because they have their own interests and probably think some of the stuff I’m into isn’t for them.
I still haven’t heard criticism from people who have actually looked into it and have specific criticism they don’t understand or like. It’s just like ” this has no purpose,” or ” this is stupid,”
Ok then don’t worry about it and move on. That’s fine, your call. But there’s this weird like fake desire to talk about it when you don’t even understand enough to have the conversation and just refute everything that’s said. It’s pointless.
I’m sure a trillion dollars has amassed into something which is just totally worthless and everyone is just pissing money down the drain… excellent then you can save your dough and be ahead of all of the neanderthals involved. -
Lol dont gaslight me.
I was pointing out the dumb analogy. That is all
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I don’t think that internet analogy is that dumb. But if you dislike the hyperbole, a more apt analogy is personal computing on the cloud. You still see people resisting the direction of doing things on the cloud today- “One must own individual software licenses for everything”. Yet, when you step into a high school classroom, every student is comfortable using a chromebook and working on a document that is not physically stored on their machine. These students will grow up and take cloud computing mainstream. Its one of the most underrated modern inventions. The best computer games are being streamed on the cloud these days.
Bitcoin is like money on the cloud. There are two types of competing products.
1) Administered by some central entity like Venmo, Visa
2) Decentralized. Cannot be corrupted.
I happened to like the second option better.
Quote from AngryBirds
Lol dont gaslight me.
I was pointing out the dumb analogy. That is all
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I don’t know what gaslight means.
I just don’t understand the need for people to criticize. If you think it’s a scam or a hoax then either don’t take part or short it. There are certainly mechanisms in place to do so. -
So the only difference between Bitcoin and the Venmo/visa is that its decentralized
The end result effectively the same for 99.999999% of transactions
Id say a more apt analogy would be the potential of the internet without AWS monopolizing the internet cloud server marketplace.
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I’ll take your analogy. Noone owns the internet, not even amazon. There’s Google, Ebay, Microsoft, IBM, some others in China that share the space. People have tried to buy the entire internet in the past but fell short when they realized if someone truly owned www in its entirety, then people would just create www2. We’ve come a long way learning to value the decentralization of the internet. One day, we’ll all appreciate decentralization of money too.
Look beyond Bitcoin version 1. I had said the pitfalls of bitcoin are its high transaction costs and non-immediate electronic transactions but made up for them with high security. Smart people are working on this problem. Cryptocurrency Sidechains are going to solve some of them. It’ll continue to get better. -
The best analogy for BTC is TCP/IP of the Internet. It is essentially the base layer, at the protocol level. It is most likely going to be a winner-take-all market with most other cryptos eventually trending to zero.
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Quote from ChuckI
The best analogy for BTC is TCP/IP of the Internet. It is essentially the base layer, at the protocol level. It is most likely going to be a winner-take-all market with most other cryptos eventually trending to zero.
The Chuckster [i][b]really [/b][/i]gets it. Good for you, boss. -
23% Bitcoin slide in one week
Thats totally normal behavior for a currency
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Lol I swear some of you guys jump for joy every time price goes down and say yay I get to post about it on my anonymous radiology forum
Short it
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Oh, NOW were not supposed to discuss this on our anonymous radiology forum?
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Which is why big institutions are interested in this.
It made no sense for one to buy groceries and pay $10 worth of fees. But it makes total sense for bank to bank transactions, with a security unrivaled by any more traditional methods. And thats the the use case. I think thats the reason why big banks are into it. Transaction fees? Ppff…
Owners of bitcoin merely see this demand and hold some because we are confident of its real value. Every satoshi of it.
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Would say doge is for sure a bubble and admit it gives me pause about the whole crypto market in general.
Doge is basically like a penny stock.
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Dogecoin is totally a bubble.
But not all cryptocurrency is created equal. A few differences between bitcoin and others.
First, creators of cryptocurrencies often made a killing at their initial coin offering (ICOs). They are motivated to create as many coins as possible. Bitcoin does not have an ICO. The result- total supply of bitcoin is capped at 21 million, while billions of dogecoin has been mined in the meantime.
Second, the creators of most cryptocurrencies are known. As the founders maintained some influence over their followings, the cryptocurrencies they create are not truly decentralized. Some of them have been capable of doing some slippery deeds. One example is ethereum founder Vitalik who was pressured to fork his crypto when large amount was stolen due to a security breach in 2015. He rolled back the ledger which defeated the purpose of an immutable ledger purported by cryptocurrencies. In contrast, the founder of bitcoin is just a pseudonym. Noone can pressure him/her/it/they to do anything even when something is too big to fail. In a way, a system without a founding father is more decentralized, secure.
Just because some cryptocurrencies are bubbles doesnt mean bitcoin is in one.
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I recommend this video cryptopia: bitcoin, blockchains and the future of the internet. It is available on Amazon prime video. Explains everything in layman terms and do so quite evenhandedly.
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Meh
That video is all of the same talking points.
All of the inefficiencies of fiat currency can be achieved with same technology. Those things are not exclusive to Bitcoin.
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luxembourg only has like 600k people so it’s not really that impressive to have a higher market cap than their GDP although they have a great GDP/capita. Smaller than lots of cities worldwide.
Would frame it more like its crazy it has a similar market cap to Ford or Honda.
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Quote from MRItech
Dogecoin is totally a bubble.
But not all cryptocurrency is created equal. A few differences between bitcoin and others.
First, creators of cryptocurrencies often made a killing at their initial coin offering (ICOs). They are motivated to create as many coins as possible. Bitcoin does not have an ICO. The result- total supply of bitcoin is capped at 21 million, while billions of dogecoin has been mined in the meantime.
Second, the creators of most cryptocurrencies are known. As the founders maintained some influence over their followings, the cryptocurrencies they create are not truly decentralized. Some of them have been capable of doing some slippery deeds. One example is ethereum founder Vitalik who was pressured to fork his crypto when large amount was stolen due to a security breach in 2015. He rolled back the ledger which defeated the purpose of an immutable ledger purported by cryptocurrencies. In contrast, the founder of bitcoin is just a pseudonym. Noone can pressure him/her/it/they to do anything even when something is too big to fail. In a way, a system without a founding father is more decentralized, secure.
Just because some cryptocurrencies are bubbles doesnt mean bitcoin is in one.
Solid post. Truth here.
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What is the point of the internet, phones are pretty good. The internet is pointless.
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You can use bitcoin to hire a hitman or buy heroin on the dark web. So there’s plenty of intrinsic value.
Also China wants Bitcoin to keep growing as a means of displacing USD.
So not a purely speculative tool.
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No but I’m not sitting here jumping for glee when it hits all time highs and posting about it.
After a large slide it still is above it’s all time high from any time period outside of the last two months. Hardly sky falling stuff. Yes it is volatile.
Again if its a scam or BS, then short it.-
Right. So it acts like a speculative stock rather than a currency.
That was all I was pointing out.
I own several thousand of crypto. Its just in the same investment category for me as my barstool Sportsbook account and powerball tickets
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Crypto isn’t a monolith. Stablecoins really aren’t speculative and different ones behave in different ways (though there is a high degree of correlation with most of top market cap coins). But yes I agree there is a large amount of speculation involved.
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Look
Something based on nothing that goes up 600% in 5 months
Uhhhhhm is probably a bubble
You can bloviate and repeat all the BS internet mantra that you want but if you put money into this pig lately you are stupid and deserve to lose it
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Its cooling down after an extremely bullish period. Behaving normally if you ask me.
As i said in my earlier post- Bitcoin is getting too expensive. Itll drop, at least to the 30s. Historically it always cool down after a year long bitcoin halving rally. But the long term trend is still upwards. Im waiting for it to drop further before buying more.
Also observe another long term trend that bitcoin is less volatile over time.
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Yes absolutely and perfectly normal to lose 25% of its value in a week
Totally normal
You have blinders on and deserve to lose your arse
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I didn’t lose my arse.
I bought before the halving event. Even if Bitcoin dropped to $30k, its still the single best performing asset class in my portfolio. I’m in for the long game. I’m quite sure bitcoin will touch the $150 range by the next halving rally in 2024-25.
Actually, I’m not quite the fanatic. Bitcoin is a single digit percentage of what I own. My portfolio is quite diverse, include reliable, less risky holdings like Microsoft, which your in-law recommended you to buy.-
Buy the dip?
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Yes buy the dip. You cant go wrong if bitcoin is estimated to be worth at least $150k.
But if history is any guide, bitcoin price follows a 4 year cycle. What we are seeing now is close to the end of the halving rally. Most likely it will come down some and be somewhat stable for two years or so. I think it might come down to 30-40k range. Theoretically, when you choose to buy during the inter-rally lull is not as important. I say this with a caveat that as more people embraces bitcoin and as BTC becomes more accessible through better exchanges or ETF, the overwhelming demand may drown out any patterns we can draw from the halving trigger. This might be reason enough for you to buy now rather than later. Me personally, I choose to wait.
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Its estimated at 150k or 0 cents, depending on the author
History would also say that an energy inefficient commodity whose value is based entirely on the speculation of collapse of the global financial system will fail
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Quote from IR27
No but I’m not sitting here jumping for glee when it hits all time highs and posting about it.
After a large slide it still is above it’s all time high from any time period outside of the last two months. Hardly sky falling stuff. Yes it is volatile.
Again if its a scam or BS, then short it.
Yeah, it’s bizarre, this is the whole thing. We answer in good faith what is going on. “It’s a bubble” is brainless nobody speak. Anyone can say that who doesn’t understand something. By definition, such a person could never have called anything that had a network effect or meteoric rise, because hammer/nail phenomenon. No discernment. I’m with IR, if you don’t believe in it, just short it. If it’s so obvious, you make infinite amounts of money.
The onus is on you to explain why it is going up, because that is objective, and it is clear that it is desired to a great degree. We can and have explained it. Your stupid responses and fascination with trying to bring it down is odd, as IR suggests.
It is the soundest money of all time. It is ideal in many ways. We don’t know precisely what the future will be, but we know that manipulation [b]of what BTC is[/b] is impossible, unlike fiat.
Fiat will always be with us. That’s why BTC doesn’t need to be a currency. It is already a better form of money than gold is, for the reasons we’ve stated. It may be sad that those who had the foresight are the new winners in the digital world of fighting against centralized government monetary (and freedom) repression, and others are the losers, but that’s the point of life in many ways.
Understand the new ways, adapt, or get left behind.
That’s what we are doing.
Have fun (you can fill in this blank).-
Do your homework
Isnt that one of the big Q-Anon lines
I knew this goofball was a Q type
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You have a weird association with calling everything you disagree with related to qanon.
Telling someone to do research is related to weird conspiracies now? You can’t make this up.
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^^ how about gold? Its survived. Takes energy to mine it, has no cash flows, and more gets discovered every year.
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Gold has a 2.5 millennia head start of being the centerpiece the financial system
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Gold has a 2.5 millennia head start of being the centerpiece the financial system
And once gold is mined, it can used as currency for no greater cost the transportation cost.
Once Bitcoin is mined, it take the energy consumption of a moderately sized country to continue to process the transactions.
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Gold has a 2.5 millennia head start of being the centerpiece the financial system
And once gold is mined, it can used as currency for no greater cost than the transportation cost.
Once Bitcoin is mined, it takes the energy consumption of a moderately sized country to continue to process the transactions.
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Gold has a 2.5 millennia head start of being the centerpiece the financial system. If someone gave me a bar of gold today, I would be fully confident that my great grandkids could use it as currency. Can you say the same about Bitcoin?
And once gold is mined, it can used as currency for no greater cost than the transportation cost.
Once Bitcoin is mined, it takes the energy consumption of a moderately sized country to continue to process the transactions
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Thats a disingenuous comparison.
You’re talking about the transportation cost of 1 unit of gold (whatever it is) and comparing to the entire bitcoin ecosystem energy consumption.
Also essentially no one is physically trading gold. A single bitcoin transaction incurs very little energy consumption.
I also think it’s interesting people bring up the energy angle when so much of our lives are energy inefficient. People fly around on jets and drive cars by themselves, but bitcoin is where we’re going to put our foots in the ground and say “this is too wasteful.”
We also could increasingly develop nuclear power and essentially completely eliminate any concerns about power production.
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Legit question — not snark —
If I am to think of bitcoin as a gold equivalent or pseudo-gold, why would it be appreciating so much in value when gold is only seeing modest gains? And why would we expect to see the value triple when we don’t expect similar changes in inflation hedge assets?
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Network effect
You are your own bank, essentially no carrying costs
International, instant transactions
deflationary
Look at stock to flow
People, do your homework-
Hahahaha
Wait the guy who predicted
Gold 3500$ by 2014 is now predicting Bitcoin to be the best investment of our lifetime
The guy who predicted the DOW would be 12,000 by 2016 is now predicting bitoto be the best investment of our lifetime
I can go on and on
Yes people do you homework. This guy has earned the nickname Nostradumbarse for a reason
Everything he touches turns to sheet
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Quote from kpack123
Hahahaha
Wait the guy who predicted
Gold 3500$ by 2014 is now predicting Bitcoin to be the best investment of our lifetime
The guy who predicted the DOW would be 12,000 by 2016 is now predicting bitoto be the best investment of our lifetime
I can go on and on
Yes people do you homework. This guy has earned the nickname Nostradumbarse for a reason
Everything he touches turns to sheet
I seem to remember I told you to buy BTC and then it went to the moon by the end of the year (2017), then you tried to yuck it up and lie more, that was January 2018. I won that bet. Even if you held from that time, you’d be up ANOTHER 3x since then, and that’s just right now.
It’s funny how you can’t even admit that implicitly you agree that all of these recommendations have outdone every stock you have ever picked and it’s not even close, even your good ones.
When it is 100k, you’ll of course not bring that up because a single BTC investor will have destroyed all of your claims of knowing the best stocks and investments.
I left those in the rearview mirror years ago. BTC already IS the best investment of our lifetime.
Try telling the truth one day, it might make you less schizophrenic.-
You said buy Bitcoin when it was 30,000 then you hid for a few years when it fell to 3,500
You lost your arse and hid for a year ……..probably bought high and sold low
Now your pumping this trash again
You are to stupid to make money
Too emotional and too stubborn
Thats why you dont have sheet
And thats why we call you Nostradumbarse
Weird little creep that you are
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The reason it is appreciating so much is because the cryptocurrency market share as currency is growing exponentially.
[link=https://qz.com/1954555/all-the-worlds-crypto-is-now-worth-more-than-1-trillion.]https://qz.com/1954555/al…-more-than-1-trillion.[/link] The same happened when when compaq and HP gained market share of the PC market, google overtook yahoo in the search engine market, when blockbuster took over neighborhood video rentals (during the early growth phase).
Bitcoin is designed to be like gold. Scarce. It even has inertia (expensive to move around). Yet it does not have the clumsiness of gold. You don’t lose gold chips when moving Bitcoin. You can quickly move large amounts of Bitcoin across large distances. It can be divided to very very small units.
Quote from dergon
Legit question — not snark —
If I am to think of bitcoin as a gold equivalent or pseudo-gold, why would it be appreciating so much in value when gold is only seeing modest gains? And why would we expect to see the value triple when we don’t expect similar changes in inflation hedge assets?
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Quote from dergon
Legit question — not snark —
If I am to think of bitcoin as a gold equivalent or pseudo-gold, why would it be appreciating so much in value when gold is only seeing modest gains? And why would we expect to see the value triple when we don’t expect similar changes in inflation hedge assets?
BTC is new tech, undergoing price discovery. It has been and will continue to be HIGHLY volatile it reaches its eventual price — think of a log curve, and it will gradually flatten. BTC has a long way to go until we find out what that price (in USD terms) will be. That’s why when critics denounce it as a store of value are disingenuous. Nothing goes from 0 to $50k or $100k or $1M in one day or one decade. They want it to reach its homeostasis ASAP, simply ludicrous. It will take time.
Gold has been around for thousands of years and has long ago reached its level of stability. Imagine if we just discovered gold today, nobody would know how to price it. It would take decades, if not centuries until the entire mining, use case, monetary use, etc were teased out.
The variable here is that BTC is probably demonetizing gold — this is the trend since August 2020. Obviously, the sample size (of time) is too small to make this conclusion, but the metrics and the indications appear as such.
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You are your own bank, essentially no carrying costs
You just gonna ignore the fact that the average transaction fee using Bitcoin is 60 dollars at the moment? Every time it spikes in use, the transaction fees skyrocket. What do you think is gonna happen when Bitcoin is fully mined in 2100 and all thats left for miners is the transaction fees? Either the transaction fees are so low that its not worth anyones time and Bitcoin fails. Or the transaction fees rise so high that people stop using it as currency.
Maybe Im not the one who needs to do homework
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Its transaction fees are why I’ve said it is bad as day to day medium of exchange at the moment. It is not bad as a settlement layer between large banking institutions (for moving millions of dollars, $60 is no longer that unreasonable, but you’ll sure appreciate the security of the transaction).
Also, I’m looking at the developers and many smart computer scientists to continue work on a solution. Side chains are one of them. Idea is you took some BTC and start a sidechain, issuing equivalent coins that require less transaction coins. Each coin is still backed by bitcoin, you gain transaction speed and cost at the expense of some security. Works well as currency, now then it is on equal footing to compete with fiat.
Quote from AngryBirds
You are your own bank, essentially no carrying costs
You just gonna ignore the fact that the average transaction fee using Bitcoin is 60 dollars at the moment? Every time it spikes in use, the transaction fees skyrocket. What do you think is gonna happen when Bitcoin is fully mined in 2100 and all thats left for miners is the transaction fees? Either the transaction fees are so low that its not worth anyones time and Bitcoin fails. Or the transaction fees rise so high that people stop using it as currency.
Maybe Im not the one who needs to do homework
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Collapse of government financial systems, worldwide ability to drastically lower the cost of electricity despite increasing use, development of side coins that somehow undo the incentive to process the ledger which was the whole point of this technology…
Just seems like a lot of huge mental hurdles to jump through to believe this is actually viable as a worldwide currency standard
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I don’t see the collapse of government financial systems as a requisite for bitcoin to be successful. I see a stronger and fairer economy from the gradual shift to using cryptocurrency. Remember the lessons of Lehman Brothers. With cryptocurrency, there is pseudonymity for individuals, but for large institutions, there is transparency- every transaction can be traced.
On the topic of crypto sidechains, here is the white paper in case you are curious. [link]https://blockstream.com/sidechains.pdf[/link]
The idea of sidechains is not to undermine the main bitcoin blockchain where security is the holy grail. It is expensive to conduct transaction on the main chain but for good reasons. There will be some high level transactions that will still benefit from that level security. But most transactions are of smaller types where fees need to be competitive against other alternatives at the cost of lesser security. One way to think about this- when I buy coffee from starbucks, I don’t really want to have to go through the dual identity authentication every step along the way as I do now when wiring money between bank accounts.
Quote from AngryBirds
Collapse of government financial systems, worldwide ability to drastically lower the cost of electricity despite increasing use, development of side coins that somehow undo the incentive to process the ledger which was the whole point of this technology…
Just seems like a lot of huge mental hurdles to jump through to believe this is actually viable as a worldwide currency standard
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Quote from AngryBirds
You are your own bank, essentially no carrying costs
You just gonna ignore the fact that the average transaction fee using Bitcoin is 60 dollars at the moment? Every time it spikes in use, the transaction fees skyrocket. What do you think is gonna happen when Bitcoin is fully mined in 2100 and all thats left for miners is the transaction fees? Either the transaction fees are so low that its not worth anyones time and Bitcoin fails. Or the transaction fees rise so high that people stop using it as currency.
Maybe Im not the one who needs to do homework
It’s not a currency, stop calling it that, no one is making the claims you project. It is an asset and currently the most desired asset in the world, relatively. How else do you explain its historic rise (over 10 years).
You haven’t done your homework. Every time you post it’s more proof. If you are honest about what it is or what it isn’t, we’d give you our best guesses about how we think of it, or what we are doing to offset its “risks”. The major problem is that most of us who have posted here are not worried at all since like MRI says, it is the best performer and has crushed all of your investments too, so we don’t need to worry, to be frank.
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It may be weird
But Im right
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So cryptocurrency isnt currency?
Then wtf is it? Do your homework isnt an answer
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Pretty much anyone who no agrees with this Qasino Royale has absolutely no credibility
He is a whacky guy with insane thoughts that are really vague amounting to nothing but utter BS
I should take my own advice and just ignore
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Let’s define currency. Medium of exchange for goods and services. Generally accepted as a method of payment.
Also, make the distinction for different cryptocurrencies. They have different strengths/weakness profiles.
Bitcoin is great for a specific market segment. Among cryptocurrencies its most scarce and most secure. Its value crosses international boundaries, social strata, wealth divide. But transactions are expensive and may take time to complete. Great for movement of large amount of money. Generally good between large institutions, settle debts. Well, also acceptable for large purchases such as cars I guess. Not so great for small purchases. Don’t buy milk and eggs with Bitcoin. So the answer to your question… It is good as currency for a specific market segment.
Other cryptocurrencies generally work much better for small purchases- groceries, coffee, transportation, restaurants. But, one would argue that this is something fiat currencies do well already. When you receive fiat currency from a friend for a shared restaurant bill, you are not likely to worry that the amount of cash you receive might be inflated the next month. When you receive large amounts of money for a property you just sold, those questions suddenly become important. I think we’ll all agree you are not likely to just keep that money in your checking account.
Which is why some posters narrowed the focus on bitcoin on this thread even though there are other cryptocurrencies. In the future when sidechain made Bitcoin a possible solution for even small purchases, then its just Bitcoin.
Quote from AngryBirds
So cryptocurrency isnt currency?
Then wtf is it? Do your homework isnt an answer
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“Worse, every time it hits another all time high, they want it to fail even more.
The higher it goes the more the deniers get caught between a rock and a hard place, where they both a) believe it’s a giant speculative bubble that’s going to pop and go to zero any day now and b) get increasingly nervous that maybe it’s not going away they missed out and might actually need to buy some.
Believing b) makes them think, maybe they should buy a little in case they’re wrong and missing something big, but believing a) makes them super nervous that if they buy in now, they’ll be the sucker who buys at the top and gets left holding the bag.
Increasingly frantic anger is the result of this cognitive dissonance.”
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If you make what we make you dont need to take unnecessary risk to build wealth quickly
Apple and Microsoft have more than tripled in 4 yrs since I bought them
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Quote from Chirorad84
If you make what we make you dont need to take unnecessary risk to build wealth quickly
Apple and Microsoft have more than tripled in 4 yrs since I bought them
I’ll respond to these bizarre statements if you at least promise to just stop making stuff up. You pick so much stuff back from your behind and then just throw it out on posts it’s obscene. It would be funny if you at least had a sense of humor, but even that isn’t your forte.-
Casino, I made it through 3 pages of this thread, and I couldnt find a single coherent thought beyond ad hominem attacks, appeal to ignorance and circular logic .
To paraphrase what Ive learned from your gems of wisdom
Bitcoin is good because its risen in value so much. Why do you think Bitcoin has risen so much? Because its da bomb. Its more like money than anything else in the world. But also its not trying to be money. Youre an idiot, do your homework
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Again if you make what we make its not real hard to attain financial security with minimal risk
Why ride the roller coaster when the walking path gets you farther faster and with less stress
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I have. The vast majority of the videos say Bitcoin is 1)currency, and 2) list examples of its benefits, almost all of which are not exclusive to Bitcoin and can easily be applied to fiat currency and 3) ignore its massive problems with inefficiency and scalability
Ive done my homeworkand yet Bitcoin fanboys have only responded that I dont know what Im talking about.
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1) True statement.
2) Fiat is not decentralized. That is exclusive to cryptocurrency. If you dont think that decentralization is a big deal, then fine. Agree to disagree. I gain nothing from convincing you.
3) Newer technologies are going to solve all that. Segwit already did that to some extent. Now Im looking at sidechains to go the rest of the way. -
Right now BTC is not a good currency. It has evolved into digital gold and is more of a settlement layer.
As noted above, currency use case will be done by layers built on top of BTC lightning and liquid. If youre query is serious, I suggest you read about Strike, founded by Jack Mallers. Strike uses lightning and basically one can have super low fee transactions. It recently went live and is being used for remittances, especially between USA & El Salvador. 30% total fees reduced to pennies. Strike really could disrupt western Union, and in some ways Venmo & cashapp.
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The only thing I consistently hear about Bitcoin is that it is a popular amongst those who believe the world governments fiscal policies are so bad that there is a looming economic collapse
Now I find this quite amusing
They think that all currency is junk because of the governments that back the currency are junk
So they create something based on nothing backed by nothing to compete against it
Its like a parody from the onion
People will be talking about Bitcoin in 20 years like they talk about Enron MCI Worldcom, Tyco and Bernie Madoff
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And furthermore its all about greed
Its been very easy to make money since 2012
You can buy apple or Microsoft in 2017 and triple your money in 4 years but noooooooooo. Thats not good entough. You got to really swing for the fences
A lot of you geniuses are going to lose your backsides in this pig
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Quote from AngryBirds
So cryptocurrency isnt currency?
Then wtf is it? Do your homework isnt an answer
Did you read any of my posts? If not, why not. If so, why are you acting like I haven’t posted many details about this and reasons to think differently?
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Casino, I made it through 3 pages of this thread, and I couldnt find a single coherent thought beyond ad hominem attacks, appeal to ignorance and circular logic .
To paraphrase what Ive learned from your gems of wisdom
Bitcoin is good because its risen in value so much. Why do you think Bitcoin has risen so much? Because its da bomb. Youre an idiot, do your homework
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The internet WAS overrated in 1994
With infrastructure improvements and high speed internet capabilities, it evolved into the current state
Bitcoins technology is what it is. There is nothing coming down the line to improve its efficiency and energy requirements
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If you want to equate Bitcoin with the internet OK
Personally I equate it with Bernie Madoff
We will see who is right in a few years
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This thread reminds me of the hydroxychloroquine threads last year this time
There were 10,000 reasons why to take it for Covid
Except all 10,000 reasons didnt work
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A few years is meaningless nobody is saying that you cant make money off it.
A bubble can last decades. Nobody knows when it will burst
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I was skeptical about cryptocurrency but have to admit that I have come around to it. Cryptocurrency is way more than Bitcoin. The TL; DR version is cryptocurrency has created an environment that can make a ton of people a ton of money, so it will be around for the foreseeable future (e.g at least our entire lifetimes).
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Until it isnt
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Got to have a long chat with a friend of mine last night. He is the CFO / Investment Officer for a major charitable foundation.
We got to talking about bitcoin. Summary:
He doesn’t hold any personally, nor does he have any of the foundation’s money in it.
He wants to wait to wait a while for it to settle to see exactly what it is as an asset class and how it behaves.
He is worried that Musk might cash out and take the value down with him as he goes.
He wouldn’t have any problem with a person taking 5% of their portfolio to speculate on bitcoin, but it *is* speculative.
Final direct quote: “But I do hold a lot of Tesla … and that’s almost like holding Bitcoin”
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Quote from dergon
Got to have a long chat with a friend of mine last night. He is the CFO / Investment Officer for a major charitable foundation.
We got to talking about bitcoin. Summary:
He doesn’t hold any personally, nor does he have any of the foundation’s money in it.
He wants to wait to wait a while for it to settle to see exactly what it is as an asset class and how it behaves.
He is worried that Musk might cash out and take the value down with him as he goes.
He wouldn’t have any problem with a person taking 5% of their portfolio to speculate on bitcoin, but it *is* speculative.
Final direct quote: “But I do hold a lot of Tesla … and that’s almost like holding Bitcoin”
It’s so “speculative” that Mass Mutual and Northwestern Mutual have millions in value of it. Yeah, those high reg insurance companies know nothing about actuarial stats, at all.
But yeah, I’m the one just making stuff up. More evidence for the dream world here. The Chiro kpack crowd never counter facts.-
Getting back to the article on Bitcoin and the 2008 financial crisis
How exactly would Bitcoin have averted the crisis?
People could still defaulted on loans?
The article makes no sense. Basically it says you cant print more money so your money is safe
What does that mean???????
You cant borrow???
If institutions do get into trouble they can no longer be bailed out???
I have no idea how the article connects Bitcoin to the prevention of the financial crisis
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To put mass mutuals holdings in perspective:
It would be the same proportion as somebody worth 10 million dollars having 1500 invested in Bitcoin. I would wager they have far more invested in highly speculative junk bonds
Using your same logic, I would argue thats pretty a damning indicator of the faith that the highest up have in this
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Alright, two reasons.
Since your brought up subprime mortgages, let’s start there. Banks suck up these problematic assets, why? Because banks are greedy, and will be risky with clients’ money for most returns. Why not? If they bet right, they’ll make a quick buck. If they are wrong, the government will bail them out. Because the government can. When we allow the government to print money (without the gold standard), we basically give them the blank checks. When Bitcoin becomes the currency of the world, Banks with bad practices will not be allowed to survive, leaving only ones with good fiscal responsibility. If you remembered the first few headlines in 2007 crisis- Bailout of Bear Sterns? They were so quick to start asking for bailouts too. What is nonsensical to me is how can banks whose investment strategy includes government bailouts be allowed to thrive?
Subprime mortgages is specific to the 2007 crisis. But examine it closely, the root of the problem is deeper. Then it was mortgages, what in the future? Tulips?
Two, transparency. Bitcoin and other Cryptocurrency ledgers are open for people to view and audit. Every transactions from the beginning of Bitcoin’s can be tracked. Those bad investments will be uncovered long before it became a problem. Lehman brothers was moving money between accounts to hide bad assets.
Quote from Chirorad84
How exactly would Bitcoin have averted the crisis?
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Dont follow your logic.
those banks would have taken on the same risk whether it was Bitcoin or fiat currency
And the government would have bailed them out all the same
Big banks failing is a catastrophe regardless of the currency they lend their clients
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The government bailouts are financed by the federal reserves. They can because they are the ones printing the money. If they cant print bitcoin, theyll stop this bailout practices.
Big banks failing is a catastrophe. That I agree. So stop them from existing. Let them fail. If you subscribe to the idea of decentralization, many small neighborhood credit unions are preferred to a few big banks that are too big to fail.
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And you got something against some indian guy? The article is brilliant regardless of who wrote it. Indians invented the decimal system, invented zero.
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Youre basically saying:
Let most Americans lose their homes, cars, possessions businesses fail, bring on a Great Depression like weve never seen,
All so your preferred funny money can rise up from the ashes and become the new standard
Yea, Im fine with the government bailouts that lead to increased bank regulations
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I encourage all to read the article
It is not brilliant
But you be the judge
Also if anyone can explain to me how Bitcoin would have averted the 2008 financial crisis please enlighten me
Id really like to know
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And again
What happens to growth if there is a limited supply of money?
How do start a business when there are 21 trillion bitcoins mostly held by a handful of people/entities
Yep. It sounded like a good idea
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Yea I mean that last point is a good one
If Bitcoin ever does win a hypothetical currency war, it will just be hoarded by the rich.
If you think its hard to tax the ultrawealthy under the current system where every dollar can be scrutinized by the government, good luck with Bitcoin…
People will be begging for the days of money printing and big banks
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I disagree with this point. Bitcoin can be hoarded by anyone. Rich and poor. In fact, it allowed the poor to partake in banking. Think about this. The stock market has opened the opportunity to own part of a company to the poor who are otherwise excluded. Why not the same with banking? Banking will be decentralized, the poor can earn and save bitcoin into their wallet small bits at a time, again not subjected to manipulation by the rich or banks.
Quote from AngryBirds
Yea I mean that last point is a good one
If Bitcoin ever does win a hypothetical currency war, it will just be hoarded by the rich.
If you think its hard to tax the ultrawealthy under the current system where every dollar can be scrutinized by the government, good luck with Bitcoin…
People will be begging for the days of money printing and big banks
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The total number of coins is limited, that’s true. But the value contained by those coins is not subjected to any constraint. These coins can be infinitesimally divided into smaller units through sidechains. Limit of money won’t be an issue. We’ll just get used to the new world where money appreciates in value instead of inflation.
Quote from Chirorad84
And again
What happens to growth if there is a limited supply of money?
How do start a business when there are 21 trillion bitcoins mostly held by a handful of people/entities
Yep. It sounded like a good idea
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If it comes down to that, yes. From the ashes, a stronger bitcoin driven economy will emerge. Free from manipulation. People spend sidechain currencies backed by bitcoin.
Likely that carnage wouldn’t even happen. The guys running the banks are not stupid. Without the possibility of government bailouts, they’ll not tolerate the risk profile of subprime mortgages.
I agree with increased bank regulations. But we never seem to get it right. Obama passed some bills but it doesn’t seem to be doing enough. Look around you. The housing market is going bonkers. Just recently, a friend of mine sold his house to a guy with 1% down… its nuts. Deja vu. All this talk about a bubble. There’s one brewing right in front of you. Best solution imo is to take the government out of finance, let the economy self regulate.
Quote from AngryBirds
Youre basically saying:
Let most Americans lose their homes, cars, possessions businesses fail, bring on a Great Depression like weve never seen,
All so your preferred funny money can rise up from the ashes and become the new standard
Yea, Im fine with the government bailouts that lead to increased bank regulations
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Ok
A bank that sucks up subprime mortgages and packages them as investments isnt functioning as a bank. They are basically selling securities. Those are 2 separate entities
How is Bitcoin going to change this?????????
Also, If there is a limited supply of money how exactly can you grow as a business?
Basically at some point you wont be able to get loans and if you think that wouldnt create a central authority then you are dreaming
To your second point banks ledgers are all open to reviewers by regulators. How exactly is Bitcoin different? That makes absolutely no sense
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