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re: Why bitcoin is worse than a Madoff-style Ponzi scheme
Posted on 12/25/21 at 12:14 pm to castorinho
Posted on 12/25/21 at 12:14 pm to castorinho
quote:
just because that's how you view it does not make your question the gotcha you think it is
and how do you view the value of a currency? nows your chance to gotcha me
Posted on 12/25/21 at 12:25 pm to jamiegla1
quote:
Its noting more than a way for people to try and get rich quick. And maybe launder money or purchase black market goods
People don't get rich quick on Bitcoin anymore. We're at least a decade past that.
quote:
I just wish people stop pretending that bitcoin has some kind of intrinsic value
Fiat currency has value because people and governments decide that it does.
Posted on 12/25/21 at 2:30 pm to DeathValley85
quote:I'm starting to get that mindset. I've always tried to point out their ignorance in the past, while trying to educate a little. I've noticed most of the time when someone does this, they are not interested in learning.
I just ignore people who use “crypto” and “bitcoin” interchangeably.
Posted on 12/25/21 at 2:38 pm to jamiegla1
quote:
and how do you view the value of a currency?
one not controlled by the govt seems much more valuable than one that is...
i guess we could do a survey in turkey or argentina or venezuela and see what they think
Posted on 12/25/21 at 3:04 pm to TigerTatorTots
quote:
I've noticed most of the time when someone does this, they are not interested in learning.
certainly seems this way. I’ve also noticed people throw the word intrinsic value around without really understanding what that means. Do they really think that golds value in semiconductor wire bonding or as a foil in scientific application justifies its market cap? Not even close, it gets its market cap because it’s a vague representation of “store of value”. Yet I always hear how gold is superior to Bitcoin because it has “intrinsic value”.
Personally, I’ll be shocked if the majority of this money doesn’t find its way into the Bitcoin network over the next decade.
I bet they are the same people that struggled to see the value proposition of the internet, or later, avenues like social media. This is why I keep harping on network effects: networks have intrinsic value and it’s fairly plain to see.
If you have a network with properties that are attractive for more users to interact with over time, your network has a higher and higher value proposition as more people adopt it. This isn’t really that crazy if a concept, we’ve seen it play out time and time again. And the fundamentals of Bitcoin have very clear reasons why they are increasingly attractive in a MMT environment (scarce and the supply is out of the control of any governmental entity, cannot be easily confiscated, can be sent peer to peer, most security of any network in existence) and it’s why the network will only continue to attract new users over time and more and more money will pour in to avoid debasement. It’s also why shitcoins fail: their networks have nothing attractive about them and so people don’t interact with them for long.
This post was edited on 12/25/21 at 3:46 pm
Posted on 12/25/21 at 6:22 pm to dagrippa
Can I have some examples of what Bitcoin owners spend their Bitcoin on? If I buy some, where can I use it?
Are their other "denominations" besides satoshis?
Are their other "denominations" besides satoshis?
Posted on 12/25/21 at 6:33 pm to KCRoyalBlue
I can't wait to bring my gold bar to the grocery store, and chip out some chunks on their scale.
You silly bitcoin kids, you don't understand intrinsic value!!
You silly bitcoin kids, you don't understand intrinsic value!!
Posted on 12/25/21 at 6:42 pm to KCRoyalBlue
quote:
If I buy some, where can I use it?
The same place that ppl use their stocks, real estate, bonds, silver, etc. to buy things.
Posted on 12/25/21 at 6:58 pm to rocket31
quote:
reading this thread is a good case study that we are still early. half the people on the money board still don't even understand what it is
It just floors me that we're still having these conversations in 2021. Like, I get having them in 2011, but now? Jesus.
Crypto has nothing more to prove, imo. It proves critics wrong time and time again.
Posted on 12/25/21 at 8:33 pm to Pendulum
quote:
I can't wait to bring my gold bar to the grocery store, and chip out some chunks on their scale.
You silly bitcoin kids, you don't understand intrinsic value!!
It's interesting that I ask legit questions and receive no answers. I mentioned earlier in the thread that I'm actually trying to learn.
Perhaps this is why we're 10+ years into Bitcoin and very few people in this country are actually spending it. Do you need another 30 years for it to become mainstream? If so, how old will you be? Hopefully young enough to enjoy the fruits of your labor of love.
And yes, I have places to go that one can exchange gold for cash, of which I can then spend anywhere.
Again, either Bitcoin owners can educate ignorant people such as I or you can let government do it for you. But, I can promise you this, once the feds get more deeply involved, you won't like the outcome.
I'm just asking questions. Not sure why everyone thinks I'm a "boomer". I've talked to many people younger than I and none are believers in Bitcoin or crypto in general.
Educate me.
Posted on 12/25/21 at 8:38 pm to KCRoyalBlue
I don’t think the investment pitch is that it’s useful for a currency, at least not right now. It might never be the pitch.
The investment pitch is that it has everything gold has without the flaws gold presents historically for a “store of value”. It’s pitch is that it is digital gold.
The investment pitch is that it has everything gold has without the flaws gold presents historically for a “store of value”. It’s pitch is that it is digital gold.
Posted on 12/25/21 at 8:43 pm to Ross
quote:
I don’t think the investment pitch is that it’s useful for a currency, at least not right now. It might never be the pitch.
The investment pitch is that it has everything gold has without the flaws gold presents historically for a “store of value”. It’s pitch is that it is digital gold.
Thank you for the response, Ross. That gives me something to actually chew on.
Posted on 12/25/21 at 8:47 pm to KCRoyalBlue
not a problem, friend. Hope you all have a great Christmas
Posted on 12/25/21 at 8:52 pm to Ross
quote:
not a problem, friend. Hope you all have a great Christmas
Thank you so much, Ross. This has truly been one of the best I can ever remember. Merry Christmas to you and yours as well.
Posted on 12/25/21 at 11:20 pm to KCRoyalBlue
For all: are any of you still buying Bitcoin? If so/not, why/why not?
I see the discussion on other coins didn’t know if you all routinely accumulate btc.
Does it hold a place in the game 5-10 years out?
I see the discussion on other coins didn’t know if you all routinely accumulate btc.
Does it hold a place in the game 5-10 years out?
Posted on 12/26/21 at 12:01 am to Billy Blanks
Low cost alts with good networks built out are what I like.
For me it is necessary to hear the upper mgmt plans from a tokenized network. Who owns majority Bitcoin & what are their plans?
Tech spaces move fast, Bitcoin technology is behind some of the newer tech and doesn't have much/any utility. Alta Vista vibes is what I get from it with these alts being Google waiting in the wing to make it possibly irrelevant.
The Tether stablecoin doesn't appear to be acting in good faith. There is some smoke that it is creating more than it's stated set parameters & that it is being funneled into Bitcoin.
In the end I think Bitcoin gets credited for bringing the asset class into existence and It may remain a solid store of value, but I do expect a large or total rug pull to occur
For me it is necessary to hear the upper mgmt plans from a tokenized network. Who owns majority Bitcoin & what are their plans?
Tech spaces move fast, Bitcoin technology is behind some of the newer tech and doesn't have much/any utility. Alta Vista vibes is what I get from it with these alts being Google waiting in the wing to make it possibly irrelevant.
The Tether stablecoin doesn't appear to be acting in good faith. There is some smoke that it is creating more than it's stated set parameters & that it is being funneled into Bitcoin.
In the end I think Bitcoin gets credited for bringing the asset class into existence and It may remain a solid store of value, but I do expect a large or total rug pull to occur
Posted on 12/26/21 at 6:27 am to Big_Sur
Bitcoin is great in theory but it misses the mark on one crucial point:
The federal government will never allow crypto to become the new fiat currency. Once they dip their toes into the crypto currency, it will end badly.
The federal government will never allow crypto to become the new fiat currency. Once they dip their toes into the crypto currency, it will end badly.
Posted on 12/26/21 at 8:08 am to KillTheGophers
quote:
The federal government will never allow crypto to become the new fiat currency. Once they dip their toes into the crypto currency, it will end badly
Would this be a similar argument for every coin? Not just btc
Posted on 12/26/21 at 8:23 am to KillTheGophers
quote:
The federal government will never allow crypto to become the new fiat currency. Once they dip their toes into the crypto currency, it will end badly.
This is where game theory comes into play. I don't think the end game is Bitcoin overtaking the USD, but I do see it replacing lots of weak currencies that are tired of being bent over by the USD.
Eventually, the Federal Reserve will need BTC on the books to keep the dollar stable.
I too thought this was all nonsense when I first heard it but when you start studying this history of money, fiat, forms of trade, it becomes obvious where this goes.
The world is in desperate need of a currency that can't be manipulated. A currency that is 100% decentralized.
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