At this very moment it looks like this: $48,116.84
Blockchain is Dangerous Nonsense
- Thread starter Frederick Foresight
- Start date
Your fascination with Bitcoin is the first step. Believe it or not, you are already on the road to adoption. Hating it is further along that just ignoring it. Eventually you will capitulate.You are such a loon.
As I think about it, what exactly is $48,116.84. There is not enough currency in the world for one major bank to pay out its customers in cash. So it is just an electronic digit on my bank statement. What gives it value? Well, the fact that someone else with give me a loaf of bread for some of it. And even a car if the digits on my bank statement are large enough. What gives Bitcoin its value? Well, it is the facts that someone in the world is willing to add electronic digits to my bank account in exchange for electronic digits in a wallet somewhere. Not a whole lot of difference when you look at it that way.
But which is more secure: Well Bitcoin has a limited and known supply with the certainty that some has been lost and destroyed over the years so the actual supply is somewhat less. These digits on my bank statement can be created at will by the Government as they actually did during Covid as some magically came into my bank account from out of nowhere. And I did get a loaf of bread with some of it.
Now it is known that the USA Government creates more than a trillion new dollars (electronic digits) every year and has to pay interest on these newly created electronic digits and that interest itself is now more than a trillion $ per year.
So, is this a sustainable plan over the long run? Can an individual use credit cards for 25% of their expenditures every month and make the minimum payment each month. Yes, for a while. When the piper has to be paid then there really is no limit to how high Bitcoin will go in terms of US Dollars. The day will come when no one will want to have cash because it will buy less in the evening than in did that very morning.
I just do not understand the war on Bitcoin by some on ET. The day will come when they wish they had some or at least gold and silver if they prefer that asset.
But which is more secure: Well Bitcoin has a limited and known supply with the certainty that some has been lost and destroyed over the years so the actual supply is somewhat less. These digits on my bank statement can be created at will by the Government as they actually did during Covid as some magically came into my bank account from out of nowhere. And I did get a loaf of bread with some of it.
Now it is known that the USA Government creates more than a trillion new dollars (electronic digits) every year and has to pay interest on these newly created electronic digits and that interest itself is now more than a trillion $ per year.
So, is this a sustainable plan over the long run? Can an individual use credit cards for 25% of their expenditures every month and make the minimum payment each month. Yes, for a while. When the piper has to be paid then there really is no limit to how high Bitcoin will go in terms of US Dollars. The day will come when no one will want to have cash because it will buy less in the evening than in did that very morning.
I just do not understand the war on Bitcoin by some on ET. The day will come when they wish they had some or at least gold and silver if they prefer that asset.
The fact that bitcoin can be lost or destroyed is a drawback in my opinion. Once bitcoin is lost or destruyed it's gone forever. It may reduce the supply but it also reduces demand. (it scares some people that it's gone forever)
Gold on the other hand can be lost but there is a chance it may be found at a later date. We are still finding treasures from centuries ago.
Now if you tell me that someone will come up with a way to find lost bitcoin then someone can hack my wallet.
FWIW I don't own BTC, I trade BITO and BTCC.TO.
So wouldn't your Bitcoin be worth more if it's lost? It's like a share buyback. Isn't that better than a company issuing more shares and diluting everyone?
My only worry with the ETFs is that they lose the coins. This is why I am making sure to diversify my ETF allocation to a few different ones, even one that doesn't have coinbase as a custodian. And I figure my ETF holdings diversify my Bitcoin in cold storage. But I don't have anything to diversify my Bitcoin exposure since most silver is gone.
Bitcoin is the hardest and best money in the history of mankind and this will be true going forward
I agree that it will reduce the supply but as I said the fact that once lost bitcoin is gone forever might reduce the demand.
Do you think ETF's will lose their bitcoins. I'm confident that the ones traded on major exchanges will have some kind of risk control in place. Plus BITO is a futures ETF.
My only concern with the ETFs are the trading hours. I've seen Bitcoin change value over a weekend so stops on the ETF aren't as efficient as I'd like.
I'm a speculator, not an investor.
*le sigh*