Bitcoin, Cryptocurrency, and the Future of Global Finance

#55
#55
Velo Vol said:
But as far as people "investing" in it, they aren't going to use gold for making jewelry.
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But it still gives it intrinsic value, which means there is a value floor well above $0. Fiat currencies have a value floor of $0.

BTW, gold is also very useful in electronics.
 
#56
#56
If Bitcoin is decoupling money from nation states, isn't it leading to globalism?
 
#57
#57
Velo Vol said:
If Bitcoin is decoupling money from nation states, isn't it leading to globalism?
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It's decentralized, so that's not the kind of globalism that concerns me. I personally think most globalism talk is a red herring. I don't want a one-world government. That's an extreme version of globalism. I do want free trade, which is a desirable version of globalism.
 
#58
#58
The power of making currencies lies with the government. What to all these alt-coins when it decides to remember that?
 
#60
#60
Was reading a post from 2016 when we were talking about BC...it was 600 a coin. What is it now, like 12,000? Even as late as 2016 getting in would have made me wealthy if I had put my 401k money on coin....
 
#61
#61
marcusluvsvols said:
Was reading a post from 2016 when we were talking about BC...it was 600 a coin. What is it now, like 12,000? Even as late as 2016 getting in would have made me wealthy if I had put my 401k money on coin....
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It's at almost $19,400 today. Wow!
 
#62
#62
n_huffhines said:
It's decentralized, so that's not the kind of globalism that concerns me. I personally think most globalism talk is a red herring. I don't want a one-world government. That's an extreme version of globalism. I do want free trade, which is a desirable version of globalism.
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Umm about that red herring stuff . China will be first beating the EU, then it will be the US $ against everyone else . Notice in the article it says it will make transaction more safe and secure ? Everything freedom that sets us apart from the rest of the world , that we’ve ever given up ...was for that very reason . Pay no attention to the government being able to track every single purchase you make , it’s a small price to pay for safety and globalism . You will get your “ free trade” it just won’t be what you are thinking of .

China wants to weaponize its currency. A digital version could help - CNN
 
#63
#63
Rasputin_Vol said:
The banks and even some countries lawmakers would love to have a cashless society. The bankers can easily control the money supply and pull stunts like negative interest rates that forces you to spend or borrow instead of saving. Lawmakers would love it because they can control the people and it makes tax collecting much easier. Criticize the govt or do something that the govt does like? They can "turn off" your money.
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#64
#64
n_huffhines said:
Gold has intrinsic value
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What does that really mean? You can't eat gold. Like BTC, it's only worth what someone will pay for it. I guess it can het you laid a little easier that BTC, but I'm not sure "intrinsic value" really means all that much.
 
#65
#65
SWIL said:
Given the recently events in China and Great Britain, I figured I'd throw a post up concerning a topic I've been keenly interested in over the past few months.

I'm convinced we are headed toward a global currency in the near future; a decentralized system that removes government/organization tampering and manipulation. And, I believe bitcoin has a very real chance to being that currency.

If you look into a part of the technology behind bitcoin, blockchain, you'll see the whose-who of the financial and corporate world heavily investing in this tech and desperately trying to bring their own (controlled) versions of bitcoin to the market before it's too late.

Anyone else following and investing in cryptocurrency?
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No. Far as I can tell, it's essentially a Ponzi scheme. It has no intrinsic value and no government backing. Today it's worth $40K because it's a hot "investment". Tomorrow it could be worth nothing, because the fad will end.

There are effectively NO BARRIERS TO ENTRY for any new cryptocurrency. As such, when someone tries to tell me Bitcoins are valuable because of their "scarcity", I chuckle.

Who knows, maybe Bitcoins go to $100K near term, I don't know. But, I do know in the long term, they'll be in the history books next to tulip mania.
 
#66
#66
MontyPython said:
No. Far as I can tell, it's essentially a Ponzi scheme. It has no intrinsic value and no government backing. Today it's worth $40K because it's a hot "investment". Tomorrow it could be worth nothing, because the fad will end.

There are effectively NO BARRIERS TO ENTRY for any new cryptocurrency. As such, when someone tries to tell me Bitcoins are valuable because of their "scarcity", I chuckle.

Who knows, maybe Bitcoins go to $100K near term, I don't know. But, I do know in the long term, they'll be in the history books next to tulip mania.
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Yes it does. It has value because it's secured by block chain. Bitcoin is here for good. Crypto is here for good. This is because it has value
 
#67
#67
MontyPython said:
No. Far as I can tell, it's essentially a Ponzi scheme. It has no intrinsic value and no government backing. Today it's worth $40K because it's a hot "investment". Tomorrow it could be worth nothing, because the fad will end.
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I don't know--there are some true believers who aren't going to sell.
 
#71
#71
n_huffhines said:
Yes it does. It has value because it's secured by block chain. Bitcoin is here for good. Crypto is here for good. This is because it has value
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Did you ever get into the new ETF BITW? Or are you still buying Bitcoin & Ethereum individually?
 
#75
#75
mrorange211 said:
I had a buddy that mined some BTC in 2010. He bought a car in 2014 when he cashed out. It was good then. Now, however, there are entire computer systems set up in Asia that mine the currency continuously. Eventually by 20~whatever they will be mined out. Recently, there were forecast that crypto could account for up to 10% of currencies by 2027 or so. That doesn't necessarily equate to a $50,000 BTC but it doesn't hurt. BTC is sitting at $667 right now, and will generally rise as time goes by because confidence will naturally build for it. I rode the wave from 5-12 in 2014, and then saw the wave come back down to 350 by the last half of 2014-2015. It's headed up imo.

Also, it's ridiculous to believe that someone will hack the blockchain. Now could they hack the account where you keep the blockchain you purchase? Yes. Although those services, like Coinbase, are growing ever more reliable because of their immense financial backers. They have made security a priority since Mt. Gox.

Cold storage? That's just a hard drive loaded with the block chain and then taken off line, yes?
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This post is worth reading today. Only $35K
 
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