The point being made is that new investors are being lured in under the pretense that speculation is driving prices when market manipulation is doing the heavy lifting, and issuers like Tether, with unbacked stablecoins, are cooking the books.
Bitcoin
- Thread starter Ron Resnick
- Start date
And I guess mine is that whatever is happening via human behaviour has nothing inherently to do with Bitcoin.
Wall Street seems to be treating it as a tech stock. It isn't a tech stock. Time will show that to be the case I believe.
Wall Street has been selling tech stock when it is doing amazingly well considering the times. Go figure. It's all BS, really.
Welcome to the financial world lol , waky waky.
In the end its all about selling to somebody else (under a pretence/ misleading ) , otherwise how could one make a buck $$.
There is no real value involved only paper/ numbers transactions
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By trying to get others involved / to buy also so the value goes upRight, how do you make money when you provide nothing of real value?
Thats why BC lovers are so fierce against criticism
I assume the BC value is in the blockchain tech. and the assumption is that it will replace the monetary system someday
May be it will , may be not how do i know .
We ll probably find out this year
Money is just a number, in whatever form.Right, how do you make money when you provide nothing of real value?
The dollar is backed by nothing and has no supply cap. It has zero inherent value.
Bitcoin is backed by nothing and has a supply cap. It has zero inherent value.
Spot the obvious difference.
I think it is important to realise Bitcoin can't scale to cope with worldwide demand for use as a currency.
Bitcoin is property.
Wrappers can be built around it much like when the dollar was backed by gold.
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Money is a representation of value. If you offer society nothing of value then the only way you can make money is to take from others. Right now crypto is all about taking from the greater fool.
Inherent value isn't the point, agreed upon value is what money is. Even when fiat was backed by gold, gold's inherent value is only for plating our electronic parts, otherwise it's also an agreed upon value like fiat. If gold's value was exclusively industrial then it's actual value would be FAR less than it's agreed upon value as a store of wealth.
The issue with BTC's cap is you don't add value to the world simply by hodling BTC. If that's all you're doing then you're NOT providing value to the world and you don't deserve to have real money imo. Inflation is a good thing because it encourages you to use money to provide value to society, and hence improve everyone's life and standard of living. Money is best used as a form of energy and if it's doing nothing then you deserve to have it's value diminish over time because you could be doing something useful with it instead.
People can theorize and fantasize about what crypto will be one day, that it will somehow free us from malevolent governmental and industrial entities. That is laughable and naïve. Right now though, it's a blight on humanity and one of our greatest follies considering we're powering it at the expense of the health of our own planet and ourselves. Life is a lot less pleasant when we don't have our health. Rich folks without their health would almost always trade all their wealth to restore their health. BTC is counterproductive to our own health in MANY ways. Arguments otherwise are biased wishful thinking and can easily be discredited.
Inherent value isn't the point, agreed upon value is what money is. Even when fiat was backed by gold, gold's inherent value is only for plating our electronic parts, otherwise it's also an agreed upon value like fiat. If gold's value was exclusively industrial then it's actual value would be FAR less than it's agreed upon value as a store of wealth.
The issue with BTC's cap is you don't add value to the world simply by hodling BTC. If that's all you're doing then you're NOT providing value to the world and you don't deserve to have real money imo. Inflation is a good thing because it encourages you to use money to provide value to society, and hence improve everyone's life and standard of living. Money is best used as a form of energy and if it's doing nothing then you deserve to have it's value diminish over time because you could be doing something useful with it instead.
People can theorize and fantasize about what crypto will be one day, that it will somehow free us from malevolent governmental and industrial entities. That is laughable and naïve. Right now though, it's a blight on humanity and one of our greatest follies considering we're powering it at the expense of the health of our own planet and ourselves. Life is a lot less pleasant when we don't have our health. Rich folks without their health would almost always trade all their wealth to restore their health. BTC is counterproductive to our own health in MANY ways. Arguments otherwise are biased wishful thinking and can easily be discredited.
Not quite, it is backed by securities:
Is U.S. currency still backed by gold?
The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov
See also:
How Is the US Dollar Backed? | Sapling
The U.S. dollar is no longer backed by the gold standard but instead is backed by a complex system of government securities and holdings. Learn what this means and how it impacts the reserve currencies of the world.
www.sapling.com
Today the USD is really not ’backed’ by anything, except ’the full faith and credit of the US government.’
Someone purchasing a US Treasury obligation today is doing so with the expectation that they will be paid interest on a regular basis and will be repaid their capital investment upon maturity, however, there are absolutely no guarantees of repayment or hard asset ’backing’ their investment- only the full faith and credit of the US government.
Someone purchasing a US Treasury obligation today is doing so with the expectation that they will be paid interest on a regular basis and will be repaid their capital investment upon maturity, however, there are absolutely no guarantees of repayment or hard asset ’backing’ their investment- only the full faith and credit of the US government.
Well, but that's a lot.
Buttcoin on the other hand is only backed up by its price as a tech stock, LOL.
I agree that it’s a lot and the likelihood that the US Treasury would ever renege on the repayment of its financial obligations is extremely remote. I would be far more concerned about the long term viability of BC than the USD.
Lol , Go try it .
A dollar bill used to say redeemable in gold , now it says only legal tender .
Nixon closed the gold $$$ exchange when he took the ability for foreign countries to swithch $$$ for gold away in the seventies.
Up to then countries could still trade $$ for gold officially ( not citizens) , but when european countries saw the US was printing a lot of currency and they wanted their golds worth Nixon closed the exchange ( temporarily he added)
Ps This 50 year old fiat system has now accumulated so much debt that its time has come .
In 2000 they could save the Stockmarket by lowering rates , same as they did in 2008 .
Now were in a superbubble with rates at 0 , when this one brakes it can not be saved by lowering rates .
In my view no other option then printing more $$$ (inflation)
It will be interesting to see what BC does
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BTC is a commodity, that's all. One that's been directly tied to small cap growth stock performance. that's because the investor base is the same.
it's down over the past 12 months, has a bad chart, and lots of bodies and johnny come latelys are buried above these prices. doubt its going anywhere for 2 years. it's also negatively correlated to higher interest rates.
for all the laser eyes, shitcoins, Doge, $250k price targets and the rest of the crap that happened last year - this is where we are. if you want to make money, i suggest going elsewhere.
it's down over the past 12 months, has a bad chart, and lots of bodies and johnny come latelys are buried above these prices. doubt its going anywhere for 2 years. it's also negatively correlated to higher interest rates.
for all the laser eyes, shitcoins, Doge, $250k price targets and the rest of the crap that happened last year - this is where we are. if you want to make money, i suggest going elsewhere.
So you think BTC might go up in 2 years? A prediction unrelated to the halving cycle that has been the precedent for literally every major change in price? 2019 the price today was $9500~; so a two year investment slightly more than tripled if you never sold. But you could have easily sold at 6x+. (also it was $33k last year this time and is $36k currently, not that yearly is a good way to measure it)
If anything it should be if you're uneducated stay away from trying to day trade or be prepared to learn costly lessons. I do wonder if anyone here rode Doge back into the shitter. And for anyone that did buy at a high price... just wait would be the historically correct thing to do. It might be awhile... but that's ok.
Funny enough we plan to have NFT's that must be held for our higher end products warranty and authenticity of purchase. Think of it like a transferable receipt that one cannot fake. If you don't have this we'll assume the item is stolen or you'll know it's fake/stolen if someone tries to sell you one without it.
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