What's new

Anybody own bitcoin?

So what backs all this digital currency, what gives it value? If the dollar goes to zero, is it worth something in rubles?

well that is the ultimate goal, that the digitals will be backed by the same amount of faith that backs everything else.

dollar goes to zero? okay, well your "digital" currency will still be accepted and just as easily converted to anything else, or left as digital to them trade with further.
 
So what backs all this digital currency, what gives it value? If the dollar goes to zero, is it worth something in rubles?

There is only so much BC that can be mined. (Not sure if that has been reached yet.) Once it's there, the value can only go up. (Compared to other currency) So in effect, its the same as gold or land. I know they still mine gold, but the amount mined is a small fraction of the amount allready mined. As long as it is not hacked or made illegal, it is a fantastic investment. The same can be said for gold. Land is probably the best currency except that it is the least portable. (Easier to tax or confiscate)
 
  • Like
Reactions: DMG
There is only so much BC that can be mined. (Not sure if that has been reached yet.) Once it's there, the value can only go up. (Compared to other currency) So in effect, its the same as gold or land. I know they still mine gold, but the amount mined is a small fraction of the amount allready mined. As long as it is not hacked or made illegal, it is a fantastic investment. The same can be said for gold. Land is probably the best currency except that it is the least portable. (Easier to tax or confiscate)

well, or replaced.

there are only but so many beavers and pelts used to be in high demand. hell, they built canada into what it is today. nowadays, there are still only but so many beavers, but trading in those pelts is nothing like what it used to be because plastic and cotton do much of the same things.

any of these other crypto's could come along and knock bitcoin off the top and leave it all worthless, at least with gold or land you can make a cup or plant a flower.
 
well that is the ultimate goal, that the digitals will be backed by the same amount of faith that backs everything else.

dollar goes to zero? okay, well your "digital" currency will still be accepted and just as easily converted to anything else, or left as digital to them trade with further.

Wouldnt this require widespread acceptance? If you were going to buy whatever from me for 2 bitcoins based on the current value, what happens if it tanks an hour later?
 
Wouldnt this require widespread acceptance? If you were going to buy whatever from me for 2 bitcoins based on the current value, what happens if it tanks an hour later?

yes it would, hence the absurd massive and constant price swings relative to everything.

bitcoin didn't go from like a dollar to $30k due to a drop in supply or a cut in the dollar. what is a "reasonable" value for them? I don't know. as for something when shit hits the fan and all bets are off? toilet paper has proven easier to trade :laughing:
 
So what backs all this digital currency, what gives it value? If the dollar goes to zero, is it worth something in rubles?

Bitcoin has been used in countries where the currency collapsed.
 
Bitcoin has been used in countries where the currency collapsed.

Care to elaborate? If there is only so much, and only so much of it in circulation, what happens? If I'm in timbuktu with no bitcoin, how do I buy myself a sweet new loincloth? Do I put the wife up for sale and hope someone with some bitcoin in Denmark really wants her?
 
[486 said:
;n255101]
people deciding its an investment rather than a currency kinda makes for it being a shitty currency

which is all a currency really is anyways. i mean, at the end of the day it's just a matter of whatever you and whoever you've met want to use.

random interneting for some older bitcoin articles

Utah-based Bees Brothers first accepted Bitcoins in 2011. ..

It also cuts down on processing fees. Credit cards usually charge 2% to 3% in fees; BitPay and similar processors charge between 0% and 1%.

Today, about 50% of Bees Brothers transactions -- both wholesale and retail -- are done with Bitcoins. Initially, they came largely from Seattle, New York, L.A. and San Francisco. Now, he said the orders are all over the world.

My business accepts Bitcoins (cnn.com)

2014 article from CNN

bitcoin was about

$10-30 in 2011

$600 in 2014

$31,000 in 2020

with bitcoin at $31k right now, if those dudes have managed to keep about 50% of their business in bitcoin, then just their bitcoin wallet "growth" would be absolutely fawking retarded :laughing: Sure, they have been spending vast sums to keep the business running, but as long as they didn't convert all of their early money to cash and kept what would be considered a "normal" amount on hand, well the bees are just a hobby now

Bees Brothers – Don't tread on bees
 
which is all a currency really is anyways. i mean, at the end of the day it's just a matter of whatever you and whoever you've met want to use.

well, for a currency to be functional it really needs slight steady inflation if anything
any amount of deflation pretty quickly fucks it right out of the market as people then will not spend it so they can "see where it goes"
 
[486 said:
;n255147]

well, for a currency to be functional it really needs slight steady inflation if anything
any amount of deflation pretty quickly fucks it right out of the market as people then will not spend it so they can "see where it goes"

eh, not really. that is a myth sold to you by the fiat mega-corps and their globalist propaganda :flipoff2:

functional inflation works, ideally, on such a long scale that it doesn't actually matter in the day to day life of people except to keep them pissed off.

stability and predictability are the most important things, no inflation is fine, slight drop is fine, slight rise is fine, any variation that remains "slight" is fine. Will bitcoin ever get stable? i dunno, but there is massive interest over the past...15? years to keep it volitile.
 
[486 said:
;n255147]

well, for a currency to be functional it really needs slight steady inflation if anything
any amount of deflation pretty quickly fucks it right out of the market as people then will not spend it so they can "see where it goes"

Not sure what you are saying here. Are you saying inflation and deflation of the currency? Or are you referring to the economy? Most people don't refer to the currency inflating or deflating. But if your referring to the economy, you have it backwards. When an economy experiences massive inflation, people spend money before it becomes worthless.

To your original statement, no inflation is perfect for a currency. That's what you have with gold backed currency. For example, if Fort Knox has a 100 billion in gold, they print 500 billion in dollars to circulate. (Or some other fixed ratio) The only way that ratio should change is based on population. (It can be a smaller ratio for a larger population. Some of those dollars get distroyed in fires or lost at sea or buried in the ground. So every year they can print some more to keep enough in circulation. Managed like this, currency would hold steady value. If they do it that way, it would last for ever and the government would get a little boost from the spending the new printed money every year.

The problem is the government is printing/spending way more way more money than is needed for circulation. The ratio to gold is so ridiculous that they went off the gold standard. This is what has happend to every currency in history. Guess what? Every currency in history has had a catastrophic failure. You know what they say about ignoring history?

Every other time this has happend, it was smart to own gold. It was usually smart to own land too, but with the crash comes some political problems also. Sometimes the landowners didn't fare so well because they were easy targets. This is where crypto comes in handy. It would be real nice if you could just stow away on a ship to Brazil with the clothes on your back. Than go to a computer terminal down there and get money for food or whatever. Better than gold because you can't be held up along the way.
 
bitcoin-is-not-money-and-is-based-on-thin-air-federal-reserve.jpg
 
eh, not really. that is a myth sold to you by the fiat mega-corps and their globalist propaganda :flipoff2:

Eh I try not to lose myself in it too deep
it's a lie that makes sense to my peanut brain, so it can't be too far from the truth

the minor inflation supposedly makes it so you want to spend your money on shit rather than relying on your mattress as a retirement savings
I'm a fan of that idea, having stuff sitting around rather than money (or stocks, earning you an ever-compounding dividend)
 
Warren Buffet has called Bitcoin rat poison.

Cathie Wood's ARK investment group thinks it will go to $500,000 in just 3-5 years.

Both are very smart people, but one of them is wrong.
 
Last edited:
I saw a headline about Musk I think it was, mentioning another crypto, naturally that one was going up. This while reading about the owner of Twitter and chime complaining about possible regulations.

Saw this morning that Etherium made it over 1k. I need to get my coinbase account set up
 
Saw this morning that Etherium made it over 1k. I need to get my coinbase account set up

It’s funny, BTC dropped, ETH went up and my account stayed around the same number. Normally they move together.
 
It’s funny, BTC dropped, ETH went up and my account stayed around the same number. Normally they move together.

I've been getting the impression that they're all starting to be viewed as competition to each other. Maybe that would devalue BTC a bit?
 
I've been getting the impression that they're all starting to be viewed as competition to each other. Maybe that would devalue BTC a bit?

Possibly. I think when BTC is inflated or due for a correction even people with a serious FoMO are scared to buy BTC at 33k. So they look at ETH and it looks like a bargain at 900.


There is a massive amount of buying/selling based on rumor and conjecture. It also appears institutional investors make big ripples in the market without us knowing when/why/how. It’s like the Wild West right now.
 
Top Back Refresh