Bitcoin, Cryptocurrency, and the Future of Global Finance

#326
#326
agVOL90 said:
How can a currency function if there is no standard of value. How can you establish the price of a can of corn in bitcoin when it's value is based off of the whims of a market? It fell by over 10% in a matter of minutes yesterday.
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You're not explaining that it's not a currency, you're explaining that it's a volatile currency.

If it cannot function as a currency (that seems to be the basis on the value investors are banking on) then what is it's utility?
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It is functioning as a currency and it has other utility. If you do not know why people think it has utility, then you don't really know anything useful about the topic.
 
#327
#327
n_huffhines said:
You're not explaining that it's not a currency, you're explaining that it's a volatile currency.



It is functioning as a currency and it has other utility. If you do not know why people think it has utility, then you don't really know anything useful about the topic.
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That volatility will ensure it will never ba accepted as a mainstream currency. I guess if I were an international criminal or money launderer I could see it as a possible unit of exchange.

I really don't care about the financial welfare of people who play in the crypto or stock market games. I do care that both will probably lead to the downfall of our economic system and thus have a negative inpact on my family and our enterprises.
 
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#328
#328
agVOL90 said:
China is buying gold in huge chunks. They have become the world's number 1 gold producer. Some estimate that they have as much as 20 thousand tons of gold. Soon they will create a gold backed digital yuan. The US dollar will continue to weaken internationally because of the dilution we are causing with our unchecked dollar creation. The rest of the world will not tolerate the baseless dollar continuing as the "worlds currency ". The digital yuan will sadly be more appealing than our valueless dollar. The world will abandon the dollar leaving this nation without industry, without economic partners and royally screwed.

But hey free money being flushed into a baseless stock market, invested into computer programs (cryptos) that offer no measurable value or utility and half the population refusing to work because of ,,,,,why work? What could go wrong?
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We can eventually sell them a bushel of corn for an ounce of gold. Eff the CCP.
 
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#329
#329
agVOL90 said:
How can a currency function if there is no standard of value? How can you establish the price of a can of corn in bitcoin when it's value is based off of the whims of a market? It fell by over 10% in a matter of minutes yesterday. If it cannot function as a currency (that seems to be the basis on the value investors are banking on) then what is it's utility? If it has no hope of becoming a future currency then there is no reason it should remain as a store of value. Therefore it has no real utility.
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What is the value of the dollar or Yuan based on?
 
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#330
#330
SpaceCoastVol said:
What is the value of the dollar or Yuan based on?
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Other than faith nothing. That said that faith is based off of the promise of value guaranteed by the respective governments. That faith is what I am concerned about in regards to the dollar. As the printers go brrrrrrr faith is deluded.

The Chinese see this loss of faith as an opportunity. If they make the leap into a gold backed digital yuan they will be betting that the international community will be willing to join them in the adoption of the yuan. It is a risky gamble on their part however. If they crush the dollar prematurely then their trillions in US debt holdings will be a lost cause. If the international community refuses to adopt the juan then they will be left out to dry having to exchange gold based yuans for valueless dollars. If the dollar survives but struggles their investments will lose value and their gamble will not pay off. The future will be interesting and possibly terrifying.
 
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#331
#331
agVOL90 said:
That volatility will ensure it will never ba accepted as a mainstream currency. I guess if I were an international criminal or money launderer I could see it as a possible unit of exchange
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But it only has value to criminals if non criminals value it.

Did you figure out why people think it has utility yet? You seem to have no curiosity about this important aspect.
 
#332
#332
SpaceCoastVol said:
What is the value of the dollar or Yuan based on?
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That's the problem. Currency used to be something with value used for payment to facilitate the exchange of goods and services. When many transactions are time variable, the agreed deal may be far different at the time the transaction takes place. The seller doesn't have a firm price if payment is made when the goods are delivered, and the buyer may have made a bad deal (depending on market values) if payment is made when the deal is settled. Imagine a price per bushel exchange if we floated the bushel, but we consider a floating currency as reasonable. $?? = 5 bushels just doesn't make sense.
 
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#333
#333
AM64 said:
That's the problem. Currency used to be something with value used for payment to facilitate the exchange of goods and services. When many transactions are time variable, the agreed deal may be far different at the time the transaction takes place. The seller doesn't have a firm price if payment is made when the goods are delivered, and the buyer may have made a bad deal (depending on market values) if payment is made when the deal is settled. Imagine a price per bushel exchange if we floated the bushel, but we consider a floating currency as reasonable. $?? = 5 bushels just doesn't make sense.
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To me, the utility of gold-backed currency wasn't that it was actually supported by something of value, it's that it prevented government from manipulating the money supply to our detriment.
 
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#334
#334
n_huffhines said:
But it only has value to criminals if non criminals value it.

Did you figure out why people think it has utility yet? You seem to have no curiosity about this important aspect.
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The vast majority only see it as an investment opportunity that has no bearing on it's proposed purpose. Some simply like the smell of tulips.
 
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#335
#335
n_huffhines said:
To me, the utility of gold-backed currency wasn't that it was actually supported by something of value, it's that it prevented government from manipulating the money supply to our detriment.
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I'd definitely agree with that part, too. Makes sense for a coin or bill to relate to something of value to both people in a transaction. Probably keeps currency valuation somewhat reasonable if one country can insist gold (as a reference) in exchange for another country's currency. Even good ole boys driving stock cars could understand that one - the loser could buy the winner's car for a set value because nobody was supposed to gain advantage by building a car by spending more than a certain amount.
 
#336
#336
agVOL90 said:
The vast majority only see it as an investment opportunity that has no bearing on it's proposed purpose. Some simply like the smell of tulips.
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Literally who cares? Many investors in Apple only see it as an investment opportunity. Is that supposed to be a bad thing? Why are you deflecting? We're talking about why it has utility, not conjecture about why the majority have invested in it.
 
#337
#337
n_huffhines said:
Literally who cares? Many investors in Apple only see it as an investment opportunity. Is that supposed to be a bad thing? Why are you deflecting? We're talking about why it has utility, not conjecture about why the majority have invested in it.
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And I have made it clear. I do not believe it has any utility. If you have an opinion regarding a possible utility then share it.
 
#338
#338
agVOL90 said:
And I have made it clear. I do not believe it has any utility. If you have an opinion regarding a possible utility then share it.
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It's not an opinion, the idea that there is utility is fact. Crypto ledgers allow for perfect accountability, which is not a feature of other currencies. Smart contracts are another benefit of crypto. Smart contracts will streamline and revolutionize business. There are anti-piracy benefits, too. We're at the tip of the iceberg and those are just some of the benefits that I'm able to comprehend now. Once this tech is more widely adopted, there are gonna benefits none of us could foresee
 
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#339
#339
n_huffhines said:
It's not an opinion, the idea that there is utility is fact. Crypto ledgers allow for perfect accountability, which is not a feature of other currencies. Smart contracts are another benefit of crypto. Smart contracts will streamline and revolutionize business. There are anti-piracy benefits, too. We're at the tip of the iceberg and those are just some of the benefits that I'm able to comprehend now. Once this tech is more widely adopted, there are gonna benefits none of us could foresee
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Lol ok. Enjoy the ride. Hope the fall is merciful for you. When all that capital disappears we will have to hear the calls for someone to do something.
 
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#340
#340
agVOL90 said:
Lol ok. Enjoy the ride. Hope the fall is merciful for you. When all that capital disappears we will have to hear the calls for someone to do something.
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OK, but you get that even if a bubble bursts, it doesn't mean that there is no utility and that you're completely wrong about that, right?
 
#341
#341
SpaceCoastVol said:
I'm not really sure that article is talking about the same thing although I could be mistaken. What I got out of that is that basically your bank account will be on your phone rather than in a wallet on a chain. Having been to China over the past few years, I can tell you that they are already there. None of the locals carry cash. They don't even transact to order food at many of the take out restaurants. Point, click (and pay), get order, leave. They don't even talk from what I can tell. Picture that in a McDonalds. Those $15/hour jobs that the lefties want will go away faster than common sense in the Biden White House.
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The XRPL is for Central Banks. They realize no sovereign nation will ever give up its currency because they will not give up control, so the Bridge will be on the XRP Ledger. They have been working behind the scenes for a long time and it is very close. Most people will never even notice the change.

The Cross Border Payments will be in seconds instead of days/weeks with almost no fees and open up the 20+ trillion dollars in dead money stored in Nostro accounts for the antiquated Swift money system.
 
#342
#342
Just out of curiosity, how would a person mortgage a house or sky scraper for that matter with some form of crypto currency? If the value of the currency increases 200% in a month does that mean you owe less? I also notice that the value is also always compared against the dollar, so the standard is set right there.
 
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#343
#343
VolStrom said:
Just out of curiosity, how would a person mortgage a house or sky scraper for that matter with some form of crypto currency? If the value of the currency increases 200% in a month does that mean you owe less? I also notice that the value is also always compared against the dollar, so the standard is set right there.
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I think that having a crypto mortgage on your real estate is about the same as shorting crypto. If it goes up 200% in a month, as a borrower you’re screwed.
 
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#345
#345
agVOL90 said:
And I have made it clear. I do not believe it has any utility. If you have an opinion regarding a possible utility then share it.
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No opinions here. VeChain is just one great example of the many blockchain assets that solve age old problems with excellent utility. If you believe crypto has no utility that is fine, It will not change one thing in the big picture. Check out the partnerships for the VeChain.

vechain_5.jpg
 
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#346
#346
reecetn said:
No opinions here. VeChain is just one great example of the many blockchain assets that solve age old problems with excellent utility. If you believe crypto has no utility that is fine, It will not change one thing in the big picture. Check out the partnerships for the VeChain.

View attachment 363187
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I figured this was coming. I work for a company that needs this. I literally emailed all the principals a couple months ago saying we should try to be early adopters of blockchain and figure out how it would benefit us before our competitors do, but I didn't know anything like this existed yet. I'm sending this to our CTO.
 
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#347
#347
n_huffhines said:
I figured this was coming. I work for a company that needs this. I literally emailed all the principals a couple months ago saying we should try to be early adopters of blockchain and figure out how it would benefit us before our competitors do, but I didn't know anything like this existed yet. I'm sending this to our CTO.
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ya'll are late to the party. blockchain was the big thing back in 2017. Big companies have been investing heavily for years. IMO its gonna be huge in fin tech and healthcare information
 
#349
#349
Tastylicks said:
ya'll are late to the party. blockchain was the big thing back in 2017. Big companies have been investing heavily for years. IMO its gonna be huge in fin tech and healthcare information
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Our biggest competitor is HomeDepot.com and I bet they are in on it, but our industry as a whole is generally slower than other industries to adopt new tech.
 
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#350
#350
VolStrom said:
Just out of curiosity, how would a person mortgage a house or sky scraper for that matter with some form of crypto currency? If the value of the currency increases 200% in a month does that mean you owe less? I also notice that the value is also always compared against the dollar, so the standard is set right there.
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IMO, I think you are looking at it wrong. I think the mortgage itself and the record of sale would be on the block chain. I don't think you will actually purchase anything with the crypto, however. In other words, it will keep a ledger of transactions, but wouldn't necessarily be the means of transacting.
 
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