BITCOIN

GDB2222

In some countries with volatile currencies, a more stable currency is a useful alternative to the local currency. Dollars are often used for that purpose. Why is BTC significantly better?

The ONLY reason to hold BTC is speculation that it will appreciate in value. At the moment it seems to be doing the reverse.

User232002

GDB2222 said:

In some countries with volatile currencies, a more stable currency is a useful alternative to the local currency. Dollars are often used for that purpose. Why is BTC significantly better?

Because more than 40% of the dollars currently in existence were printed in the last two years simply because a group of 12 unelected people in a room decided to do so. This printing devalues the single dollar and directly steals wealth from those who have saved in dollars.

BTC has a monetary issuance determined by code and consensus, incorruptible by human greed.

GDB2222

darren232002 said:

GDB2222 said:

In some countries with volatile currencies, a more stable currency is a useful alternative to the local currency. Dollars are often used for that purpose. Why is BTC significantly better?

Because more than 40% of the dollars currently in existence were printed in the last two years simply because a group of 12 unelected people in a room decided to do so. This printing devalues the single dollar and directly steals wealth from those who have saved in dollars.

BTC has a monetary issuance determined by code and consensus, incorruptible by human greed.

But, there has been vastly more than 40% expansion in the number of crypto coins. BTC is virtually indistinguishable from the thousands of other cryptos, almost all of which have now vanished. 

I don't accept that holding any currency as a long term store of value makes any sense. Its value is as a means of exchange. 

Besides that, the dollar already exists. So, for example, does gold. Gold has the additional advantage that you can make things out of it. And it glistens nicely. 

barnstar2077

I see it is at 13k now, good times for those that bought in at 40k.

No doubt though that as things improve in the general economy that it will start to go up again. The only reason being that people will have more disposable income, and some of those people dream of riches.

Meanwhile my global tracker is only down 6% this year and I continue to top it up every month as it actually is tied to the economy, and is as close to garaunteed as you can get to increase when things pick up again. 

bugbyte_2

Darren, honest question.

Would you really encourage a person with $200 to their name in a developing nation that may desperately need it to keep their family alive if they loose their job or needed it for medical expenses, to 'invest' it in BTC as opposed to keeping it in dollars or buying gold jewellery or buying a goat?

Because that is what you are implying real people with real problems should do - not our kind of 'ooh I'm only getting 4% on my cash savings' whilst living a lifestyle undreamed of by many type problems.

I bet they are really thanking you and your ilk when they brought in at $70,000. Stable eh?

Frequentlyhere

29/09/22: darren232002 said:

JPY, EUR and now GBP decimated. Confidence in any fiat currency other than the dollar has plummeted. Fed finally got to 3% and the global economy is on the precipice of falling in to the abyss. Bitcoin thesis going according to plan.

When everything tanks, BTC will too though. That's your bottom buying opportunity. $15k. Maybe $10k

2 months later:

JPYUSD +4%
EURUSD +5.5%
GBPUSD +8%
BTCUSD -15.5%

Risk-off currenices going up.Stocks going up, bonds going up too. Crypto economy on the precipice of falling into the abyss. Bitcoin specifically - who knows.

Everything not currently tanking, but bitcoin still is, as prophesised. Not sure if that represents a winning prediction. <shrugs>

Section62

Crypto firm BlockFi files for bankruptcy after FTX collapse

https://www.bbc.co.uk/news/business-63786201

 

SonOfPearl

Section62 said:

Crypto firm BlockFi files for bankruptcy after FTX collapse

https://www.bbc.co.uk/news/business-63786201

 

I'm sure the usual suspects will be along shortly to tell us why this doesn't matter and that fiat currencies are doomed and bitcoin is the future. 

Linton

darren232002 said:

GDB2222 said:

In some countries with volatile currencies, a more stable currency is a useful alternative to the local currency. Dollars are often used for that purpose. Why is BTC significantly better?

Because more than 40% of the dollars currently in existence were printed in the last two years simply because a group of 12 unelected people in a room decided to do so. This printing devalues the single dollar and directly steals wealth from those who have saved in dollars.

BTC has a monetary issuance determined by code and consensus, incorruptible by human greed.

So a drop in the value of BTC simply in terms of the goods it can buy isnt a stealing of wealth?  In real terms in the past year has fallen far more than the $ or £.

It would seem the 12 unelected people has done a much better job than the vagaries of the market.

Frequentlyhere

Does anyone else feel like we're approaching another inflection point for Bitcoin?

Silvergate bank shares went down 42% in a single day, and this institution is key to keeping the bitcoin price afloat as it helps keep institutional buyers/sellers from affecting the spot price. Good explainer here.

In short, the visible price we know and see is an artifice and this institution not existing would Not be good news for Bitcoin.

Meanwhile and perhaps not unrelated, the Chinese focused exchange Huobi looks distinctly wobbly.

It seems strange to think that something (BTC) that's 73% down from its high is still artificially way too high, but that's my view. With all of the various internal cartel pressures, it just seems that it's either going to float along as it is if they keep the ship afloat, or it's going to collapse rather spectacularly. I don't see much of a middle ground as everything is so interwoven.