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Message
Bitcoin is Gresham's law in practice
Posted on 1/9/21 at 11:15 pm
Posted on 1/9/21 at 11:15 pm
The US backed note which is a fiat currency was used to push out the gold coin.
Bitcoin (bad money) is doing the same thing to the dollar (good money). You are going up something that is valuable for something invaluable.
Bit coin like the dollar really has no intrinsic value. You cant eat it or let it keep you warm at night. Its just a medium that people trade with. What makes something valuable is that its intrinsically rare.
Wealthy people eventually hoard real Money and almost exclusively trade with fake money.
Bitcoin (bad money) is doing the same thing to the dollar (good money). You are going up something that is valuable for something invaluable.
Bit coin like the dollar really has no intrinsic value. You cant eat it or let it keep you warm at night. Its just a medium that people trade with. What makes something valuable is that its intrinsically rare.
Wealthy people eventually hoard real Money and almost exclusively trade with fake money.
This post was edited on 1/9/21 at 11:17 pm
14
Posted on 1/9/21 at 11:17 pm to Mud_Till_May
Sir, this is a Wendy’s
Posted on 1/9/21 at 11:17 pm to Mud_Till_May
Wish I had listened to Wiki.
Posted on 1/9/21 at 11:18 pm to Mud_Till_May
You got any luxury vinyl plank on special?
Posted on 1/9/21 at 11:21 pm to jimbeam
quote:
You got any luxury vinyl plank on special?
5.99 installed
Posted on 1/9/21 at 11:21 pm to Mud_Till_May
quote:This is the most idiotic thing I've ever read on this website, which is saying a lot.
Bitcoin (bad money) is doing the same thing to the dollar (good money)
Posted on 1/9/21 at 11:24 pm to TigerTatorTots
quote:
This is the most idiotic thing I've ever read on this website, which is saying a lot.
How much bitcoin do you own?
Posted on 1/9/21 at 11:30 pm to Mud_Till_May
Bitcoin has a finite, unchangeable supply. By definition, math, and current practice, it is infinitely more scarce than the US dollar.
Posted on 1/9/21 at 11:31 pm to TotalYatMove
quote:
Bitcoin has a finite, unchangeable supply.
If that is true, then how was it created?
This post was edited on 1/9/21 at 11:33 pm
Posted on 1/9/21 at 11:32 pm to Mud_Till_May
There’s 21 million no more or less
Posted on 1/9/21 at 11:32 pm to Mud_Till_May
It wasn't created. It was discovered.
Posted on 1/9/21 at 11:34 pm to TotalYatMove
quote:
Message
Bitcoin is Gresham's law in practice by TotalYatMove
It wasn't created. It was discovered.
Everything is created.
Posted on 1/9/21 at 11:35 pm to Turftoe
quote:I mean technically about 4 million already lost supposedly
There’s 21 million no more or less
Posted on 1/9/21 at 11:35 pm to Mud_Till_May
The code will only allow there to ever be 21,000,000 bitcoin. There is no what if. That is the fact.
Posted on 1/9/21 at 11:36 pm to TotalYatMove
quote:Huh? Besides everything that’s ever been discovered or will be discovered had to have been created, Bitcoin was created by some person. And that creator has been a topic of speculation for sometime.
It wasn't created. It was discovered.
Posted on 1/9/21 at 11:36 pm to TotalYatMove
quote:
It wasn't created. It was discovered.
The only thing you'll discover is someone on the other side of the sword holding your money.
Posted on 1/9/21 at 11:38 pm to Mud_Till_May
OK, God planted the bitcoin right next to the gold.
The point is, if you're going to promote the positives of the gold standard, your preference for the dollar over bitcoin is counterintuitive.
The point is, if you're going to promote the positives of the gold standard, your preference for the dollar over bitcoin is counterintuitive.
Posted on 1/9/21 at 11:38 pm to TigerTatorTots
quote:Yeah. But the supply has still increased, despite the potential total discoverable supply being a known finite quantity.
The code will only allow there to ever be 21,000,000 bitcoin. There is no what if. That is the fact.
Posted on 1/9/21 at 11:39 pm to TotalYatMove
quote:
It wasn't created. It was discovered.
Posted on 1/9/21 at 11:39 pm to TigerTatorTots
quote:
The code will only allow there to ever be 21,000,000 bitcoin. There is no what if. That is the fact.
If I write you a twenty one million word note, will you give me your house?
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