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Started By
Message
re: Crypto baws: How confident are you in crypto moving forward?
Posted on 12/18/22 at 5:47 am to SlidellCajun
Posted on 12/18/22 at 5:47 am to SlidellCajun
quote:
But you add nothing to the conversation with comments like this
Explain to us all why it makes sense for someone to accept a currency, any currency, that has potential to drop in value as quickly as bitcoin does…
We’re waiting….
If you think Bitcoin has dropped a lot in value, wait until you learn about the purchasing power of the dollar. LINK
I prefer to live in a world where my work, my energy, my wealth can be stored for future generations or for me to use when I can not work. All of the hours (energy) my great-grandparents worked and saved are gone now. Yours as well. Bitcoin fixes this. It can and will only go up over time as more and more realize what it is.
Bitcoins "value" is as you say very violent. It is still very new and is not recognized as a reserve currency yet. It will stabilize over time as more and more people hold bitcoin and there is less bitcoin coming on the market.
Eventually, everyone who has an interest in finance "gets it". It takes some much longer than others and thats ok. My CPA called me last month to brag he finally bought a full bitcoin after talking to him about it since forever ago.
I don't look at Bitcoin as a currency like many others do. I look at it as a long term store of my energy that can't be taken by the government or devalued by the federal reserve like they have done to previous generations.
I own it completely. 100% control. What do you own that the government can't take if it wants it or wants to punish you?
When the USA collapses (as all great civilizations do) at some point, my wealth will still be recognized no matter where I land in the world.
For a much more detailed outlook on the history of money, I would suggest picking up "The Bitcoin Standard". The book is not really about Bitcoin as much as it is a history of all currencies and why they failed. Once you see why all currencies fail, you can then see the advantage of Bitcoin.
2
Posted on 12/18/22 at 7:11 am to TigerTatorTots
quote:
It can also appreciate in value just as fast
The predicted response.
Sure it can appreciate but why take the risk with your business based on the HOPE that bitcoin will make some exaggerated move up in value?
Anyone who has had their own company and had to look their employees in the eye and make a promise to pay them for their work knows the fear of NOT being able to make that payment. No mature business person wants to go to their employees and ask them if they’d mind holding out for payment until bitcoin goes back up in value.
Or how about calling some of your vendors (who don’t accept bitcoin) and explaining that you can’t pay them because you suffered a setback on your exchange rate for bitcoin. Embarrassing as hell. They’re going to stop dealing with you.
I want a mature currency that is stable. I also want to deal with business that deals in stable currency.
Posted on 12/18/22 at 8:37 am to SlidellCajun
Debating people who don't even have a rudimentary understand of any crypto besides Bitcoin is like debating with a 3 year old.
Why do you keep talking about your grocery store sales and ignore an entire apple app store and banking industry that exists on the blockchain?
Why do you keep talking about your grocery store sales and ignore an entire apple app store and banking industry that exists on the blockchain?
Posted on 12/18/22 at 1:55 pm to boogiewoogie1978
How many will be allowed to compete with the CBDC? Do you really believe our Evil overlords will allow free reign digital money exchange they cant control? Simple questions with simple answers.
Posted on 12/18/22 at 2:50 pm to boogiewoogie1978
I plan to continue with dollar cost average purchases until 9-12 months before the next halving event.
Posted on 12/18/22 at 4:51 pm to I Love Bama
quote:
advantage of Bitcoin
doesn't seem as if bitcoin will even compete in the web3/metaverse sector.
It doesn't have the meme power and is losing more Twitter and yt influencers every day.
The big wins will be in meme projects and new layer 1s. Eth should have a higher MC shortly.
Posted on 12/18/22 at 5:13 pm to tenderfoot tigah
quote:
Why do you keep talking about your grocery store sales and ignore an entire apple app store and banking industry that exists on the blockchain?
Why not talk about business’ use of bitcoin?
Why do you avoid it?
And apple store isn’t taking bitcoin
I just bought watches and iPads and bitcoin was not an option for payment.
Posted on 12/18/22 at 5:15 pm to tenderfoot tigah
quote:
Debating people who don't even have a rudimentary understand of any crypto besides Bitcoin is like debating with a 3 year old.
Bitcoin is the best example of a crypto currency. Why not single it out?
Posted on 12/18/22 at 6:14 pm to SlidellCajun
quote:
Why not talk about business’ use of bitcoin?
Why do you avoid it?
And apple store isn’t taking bitcoin
I just bought watches and iPads and bitcoin was not an option for payment.
It's amazing that you really don't understand anything crypto related except using crypto like a visa.
I've read tons of your posts. You are a smart investor. I have no clue why you haven't taken the time to learn defi. You are too smart to be ignorant on this subject.
Posted on 12/18/22 at 9:10 pm to tenderfoot tigah
quote:
It's amazing that you really don't understand anything crypto related except using crypto like a visa.
It's cryptocurrency.
Or is this like changing from "global warming" to "climate change? Are the goalposts moving?
Posted on 12/18/22 at 9:40 pm to Grievous Angel
No. The currencies are just one aspect of crypto.
Innovation in the space includes protocols that have no currency associated with them, or have a coin but are designed to be used within the protocol and not as investments. DAOs are speedrunning forms of governance. NFTs cut out middlemen for ownership. Defi protocols allow for greater access to investments than tradfi.
Innovation in the space includes protocols that have no currency associated with them, or have a coin but are designed to be used within the protocol and not as investments. DAOs are speedrunning forms of governance. NFTs cut out middlemen for ownership. Defi protocols allow for greater access to investments than tradfi.
This post was edited on 12/18/22 at 9:42 pm
Posted on 12/18/22 at 9:43 pm to DreauxB2015
quote:
Do you really believe our Evil overlords will allow free reign digital money exchange they cant control
Key point here...
quote:
they cant control
So.....
Yes. Not without a fight, of course. In the long term, countries that ban the use of cryptocurrencies and/or crypto networks lose. It is a global shift in tech.
Posted on 12/18/22 at 9:54 pm to Grievous Angel
quote:This is a media born term. Bitcoin started crypto and currency is not mentioned once in the white paper as a description
It's cryptocurrency.
Posted on 12/18/22 at 9:56 pm to Hulkklogan
Posted on 12/19/22 at 5:13 am to TigerTatorTots
I have a hard time understanding why everyone in the world is not cheering for Bitcoin. It really boils down to this
Are you guys ok with the government having any say with what you have worked for?
Are you ok with the work you are doing now being worth almost nothing in the future when you are specifically trying to build a better future for your families and when you can't work?
I really encourage you guys to study the history of government currencies. There has not been a single one that a third party did not frick up.
What the &uck happened in 1971?
FYI - I would drop Bitcoin in a second if we moved back to a gold standard that I knew the government could not change its mind on.
Are you guys ok with the government having any say with what you have worked for?
Are you ok with the work you are doing now being worth almost nothing in the future when you are specifically trying to build a better future for your families and when you can't work?
I really encourage you guys to study the history of government currencies. There has not been a single one that a third party did not frick up.
What the &uck happened in 1971?
FYI - I would drop Bitcoin in a second if we moved back to a gold standard that I knew the government could not change its mind on.
Posted on 12/19/22 at 7:15 am to I Love Bama
quote:
I own it completely. 100% control. What do you own that the government can't take if it wants it or wants to punish you?
Lots of things.
Examples of tangible things I can own that the government couldn’t take -
precious metals (the actual metals)
Art work
Antiques
Collectibles
There are others but you get the idea
I can own these 100% without the government even knowing that I own it.
Posted on 12/19/22 at 7:27 am to SlidellCajun
Posted on 12/19/22 at 7:52 am to tenderfoot tigah
quote:
It's amazing that you really don't understand anything crypto related except using crypto like a visa.
I talk about crypto currencies usage because the objective is to install a usable currency that is limited in supply which, simply put, can be used to buy stuff. As it becomes more widely accepted, due to its limited supply, the value should increase.
There’s an undercurrent too. By its usage, and hoped widespread acceptance, it should harm the USD as consumers flee the dollar for crypto. Maybe it’s not the intent but it could be an unintended consequence.
I’ve always believed that the US monetary system is a scheme designed to fail. There’s simply too much of it out there.
But it’s the most stable currency I know of and when it comes to currency, stability is critical. Sure it’s printed up like paper for a ticker tape parade but it’s very very stable nonetheless. I’m puzzled by it but I chalk it up to us being the most powerful country on the planet and no one wants to challenge that. Also, Our economic engine is too robust.
And then we entered this worldwide inflationary period and the dollar should have tanked. This was the time for bitcoin etal to shine. Now it could show off its ability to hedge against inflation. But the true test of crypto proved one thing- it’s not a hedge against inflation. One of the cornerstones of the concept failed. It’s value tanked. That was eye opening to me. And it should have been eye opening for everyone.
So I point out bitcoins usage as a currency because that is where it should find its intrinsic value. If people are using it widely then there should be a value for which you as an investor can measure against its value traded on the market.
How do you measure the value of bitcoin or other crypto currencies?
I assume you were all in for bitcoin when it traded at $65,000. What was your basis for valuation when it that level?
Bitcoin is currently traded Around 16,750 .
You must be backing up the truck now right?
So why would you NOT want to talk about crypto’s usage as a currency?
This post was edited on 12/19/22 at 10:02 am
Posted on 12/19/22 at 8:18 am to SlidellCajun
quote:
I’m puzzled by it but I chalk it up to us being the most powerful country on the planet and no one wants to challenge that
This is what props up USD. Debts and military. For now, it's great. Our country, however, continues to divide and weaken. Debt and military is not a sound long-term strategy and the house of cards will eventually tumble at some point. But as-is today, unless US goes into civil war, the entire world economy will have to enter a tailspin to break USD.
quote:
And then we entered this worldwide inflationary period and the dollar should have tanked. This was the time for bitcoin etal to shine. Now it could show off its ability to hedge against inflation. But the true test of crypto proved one thing- it’s not a hedge against inflation. One of the cornerstones of the concept failed. It’s value tanked.
This is a fair point, but I think it's less an indictment on Bitcoin's ability to hedge inflation and more a signal of how much power and trust USD still has in the world.. It's simply still too early for mass Bitcoin adoption in a global financial crisis.. but you're right that this could've been a catalyst to bitcoin adoption as a global reserve, and it absolutely has not been. It'd be smart for the cryptocurrency community at large to explore why .
This post was edited on 12/19/22 at 8:22 am
Posted on 12/19/22 at 10:11 am to tenderfoot tigah
quote:
Debating people who don't even have a rudimentary understand of any crypto besides Bitcoin is like debating with a 3 year old.
Maybe the misunderstanding is on your part as you want to understand something so badly that you’ll believe just about anything to bring about a reality that simply doesn’t exist. Perhaps your refusal to be open minded to the possibility that a crypto currency is a failed concept (at least now) has clouded your ability to see the real value which causes you to ignore the risks.
This post was edited on 12/19/22 at 10:15 am
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