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Started By
Message
re: The fundamental lie of Crypto.
Posted on 5/10/22 at 7:38 am to tenderfoot tigah
Posted on 5/10/22 at 7:38 am to tenderfoot tigah
I’m not sure if you’re intentionally being obtuse or just don’t understand what backs fiat currency.
0
Posted on 5/10/22 at 7:43 am to AMS
quote:
tomorrow countries around the world could decide to not trade with the USD and its value would plummet
Please do share. Which countries and institutions have this ability?
It “literally” didn’t happen in Russia but it’s nice that your fell for the political virtue signaling tactics because that’s why the West did it.
Posted on 5/10/22 at 8:13 am to wutangfinancial
quote:
Please do share. Which countries and institutions have this ability?
It “literally” didn’t happen in Russia but it’s nice that your fell for the political virtue signaling tactics because that’s why the West did it.
Lots of crypto bros seem to make this argument that 'anything could be currency' but can't express why 'anything' isn't.
Its a very long and bumpy road with a hell of a lot of requirements to get from 'could be' to 'is.
Posted on 5/10/22 at 8:23 am to cokebottleag
Too high % of BTC held in a very small % of people.
Billions and billions have no internet access. Cannot function as a global "currency".
But the sovereigns will adopt CBDC, eliminate cash and have 100% control of our lives.
Billions and billions have no internet access. Cannot function as a global "currency".
But the sovereigns will adopt CBDC, eliminate cash and have 100% control of our lives.
Posted on 5/10/22 at 8:24 am to ronricks
quote:
Crypto Bros are going to be in some dark times very soon. It is plummeting
shite, its my crypto first bear market. Buy buy buy. Take profits next bull cycle.
Posted on 5/10/22 at 11:19 am to cokebottleag
tokenization of luxury items has begun. sports memorabilia coming online next. if all goes according to plan, our entire existence will be recorded on chain with infinite scale for all of eternity LINK
supernova hackathon starts today. hours away. rumor going around their smart contracts will be shown running an instance of linux on chain. will compete with AWS at pennies on the dollar. direct btc integration coming out of beta testnet this month. goodbye wbtc. and this chain only had it's first birthday yesterday. i hope you guys use the chains you invest in and not just buy internet funny money
supernova hackathon starts today. hours away. rumor going around their smart contracts will be shown running an instance of linux on chain. will compete with AWS at pennies on the dollar. direct btc integration coming out of beta testnet this month. goodbye wbtc. and this chain only had it's first birthday yesterday. i hope you guys use the chains you invest in and not just buy internet funny money
Posted on 5/10/22 at 11:29 am to wutangfinancial
Any country lmao. They literally did it to Russia and that's no virtue signal, it happened.
Sorry if the fact that fiat is a social construct triggers you. But facts don't care about your feelings and crying virtue signaling doesnt change facts.
Sorry if the fact that fiat is a social construct triggers you. But facts don't care about your feelings and crying virtue signaling doesnt change facts.
Posted on 5/10/22 at 11:46 am to cokebottleag
And what does the gov do to back their currency if no one wants to accept their currency? It only has extrinsic value from belief in it's value. Force and power may contribute to belief in the currency but is no guarantee.
The confederacy had force and an army to back their currency and it lost value before losing the war. The union devalued it by not accepting it.
Russia has an army and using it caused other countries to sanction them causing the ruble value to drop.
Governments can't force others to accept their currency. Hell the gov can and is devaluing their own currency by printing more.
Fiat is just as much a house of cards as crypto
The confederacy had force and an army to back their currency and it lost value before losing the war. The union devalued it by not accepting it.
Russia has an army and using it caused other countries to sanction them causing the ruble value to drop.
Governments can't force others to accept their currency. Hell the gov can and is devaluing their own currency by printing more.
Fiat is just as much a house of cards as crypto
Posted on 5/10/22 at 12:35 pm to AMS
quote:
Fiat is just as much a house of cards as crypto
Posted on 5/11/22 at 1:28 pm to Ross
quote:
That is what a stablecoin is
That is what stablecoin was suppose to be. It was down to 26 cents on the dollar today, and needs over a billion dollar infusion to keep it stable.
Posted on 5/11/22 at 1:35 pm to cokebottleag
It’s just another P&D and no different than any other stocks. Inherent value is determined by the holder. It’s all a game.
Posted on 5/11/22 at 3:06 pm to jcaz
quote:
It’s just another P&D and no different than any other stocks. Inherent value is determined by the holder. It’s all a game.
The holder of a company stock determines that value by looking at parameters such as changes in demand for the products and service of the company, assets it acquired or sold, new processes, or products being developed.
Posted on 5/11/22 at 8:57 pm to EA6B
Yes but ultimately it’s a game where all big players are trying to make the short term gains and will do whatever it takes. Wall Street Casino is no overstatement
Posted on 5/11/22 at 11:40 pm to cokebottleag
quote:
At their core, gold and diamonds have real, tangible uses in manufacturing,
What percentage of diamond and gold’s value is due to industrial demand? Only 11% of gold is used for industrial uses.
quote:
and thus will always retain at least some value.
Gold has value as a store of wealth due to its properties. It doesn’t corrode and it’s pliable making it easy to shape in regular forms for storage and quantification.
Bitcoin has value as a store of wealth due to its properties. It’s immutable, values are tracked by a globally distributed ledger that can survive everything short of a long term global internet outage, and storage is as easy as memorizing or writing down a series of letters and numbers. Network effects give bitcoin more permanence and value as it is further adopted.
Gold is exponentially more expensive to store and transport than bitcoin and very hard to scale.
Posted on 5/12/22 at 8:07 am to cokebottleag
It's not a currency. It's an equity....for now
Posted on 5/12/22 at 8:54 am to TigerintheNO
That is one algo stablecoin, that many experienced crypto traders and devs called for such a crumble. Better it fall apart now than later tbh. DAI and USDC (collateralized stablecoins) have held their peg.
This post was edited on 5/12/22 at 8:54 am
Posted on 5/12/22 at 12:01 pm to Hulkklogan
Is anyone talking about this?
Terra Luna cryptocurrency collapses 98% overnight.
The Indy
Or this?
Crypto prices collapse with Tether latest ‘stablecoin’ to suffer
The Indy
Terra Luna cryptocurrency collapses 98% overnight.
The Indy
Or this?
Crypto prices collapse with Tether latest ‘stablecoin’ to suffer
The Indy
quote:
Bitcoin is teetering on the precipice of an abyss, according to some crypto market analysts, with its price hitting its lowest level since July 2021.
The cryptocurrency has lost more than 50 per cent of its value over the last six months amid a market-wide downturn that has wiped more than $1.5 trillion from the overall crypto market.
quote:
There is widespread fear in the market on Thursday, after the Terra (LUNA) cryptocurrency fell by more than 99 per cent, dropping below $1 on Wednesday having peaked close to $120 last month.
The crash has pushed another stablecoin, Tether, below its dollar peg hitting as a low of 95 cents.
This post was edited on 5/12/22 at 12:06 pm
Posted on 5/12/22 at 12:05 pm to Sid in Lakeshore
I don't really pay attention but if Tether stays stable it's a good sign that it actually is relatively stable
Posted on 5/12/22 at 12:08 pm to LSU2a
quote:
Bitcoin has value as a store of wealth due to its properties. It’s immutable, values are tracked by a globally distributed ledger that can survive everything short of a long term global internet outage, and storage is as easy as memorizing or writing down a series of letters and numbers. Network effects give bitcoin more permanence and value as it is further adopted.
Bitcoin CANNOT survive a loss in confidence. A loss in confidence can bankrupt a company and when they unplug, it is ALL GONE. Wiped away. You get nothing.
that's the problem with crypto.
Posted on 5/12/22 at 12:11 pm to Sid in Lakeshore
What does that have to do with bitcoin?
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