However,...the lite coins and alt coins hysteria and mania will surely end badly. But, just as a few great companies emerged from the dot com bubble bursting, so will crypto. I have studied crypto at long length via living in Japan on business for a few years and watching their situation... which is our situation, but farther down the rabbit hole. I would stay far away from alt coins and stick with Bitcoin, Ethereum, XRP. And crypto cant be learned or even explained in a short message forum so most questions are not even answered here as far as I've seen.
Crypto Market Reaches $2 Trillion in Value, XRP on the Rise
- Thread starter mlawson71
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i do not hate it. What will change in the word if Bitcoin and rest are hacked and become worthless????
Now ask the same question what would happen to the world if internet would have disappeared back in 2000.
my point is cryptos is an invention that is not really needed in our society, if it goes bust most will not even notice.
What do you envision. For crypto to take over the world and governments having no control of their currency? They might as well also give up control of their borders. I don't like the FED as much as the next guy based on what they are doing to the US dollar. But if a global currency takes over, and the government just stands by and lets it happen, I don't think many will be better off. It might not happen this year of next, but the bigger that crypto gets, the more important it will be for the government to do something about it. I believe its just a matter of time until a new crypto sanctioned by the government comes around, and all others will be outlawed. You might be able to go spend your BTC in Venezuela or North Korea of course.
You seriously going to buy fairy coins now after telling me not to for years?
I've given up on trying to predict anything w.r.t. to crypto, and "because ponzi" has always been a bit of a lazy (if down to earth) analysis. If it does collapse, then it will be hilarious to read the aftertexts.
Like many of you, I'm perplexed by the cryptomania. I recently bought a single Bitcoin because, wtf. Up 20% in less than a month...wtf.
I think it's important to separate blockchain which I see lots of value in and crypto, for which I fail to see any, other than speculation like I do. But I wouldn't buy 10...
Other concern is the energy cost of producing cryptos in general and Bitcoin in particular. It's apparently staggering, and most is produced in China crypto farms. I'm surprised there isn't a national security issue around that.
Like it's been said, no government is going to willingly give up control over their currency. It's just not going to happen. Right now there's this grey area of truce, where Bitcoin and others are seeping into the greater economy while governments are trying to figure out what to do, heavy handed like India or subtle like the US.
I think it's important to separate blockchain which I see lots of value in and crypto, for which I fail to see any, other than speculation like I do. But I wouldn't buy 10...
Other concern is the energy cost of producing cryptos in general and Bitcoin in particular. It's apparently staggering, and most is produced in China crypto farms. I'm surprised there isn't a national security issue around that.
Like it's been said, no government is going to willingly give up control over their currency. It's just not going to happen. Right now there's this grey area of truce, where Bitcoin and others are seeping into the greater economy while governments are trying to figure out what to do, heavy handed like India or subtle like the US.
Excellent summary, and I agree, buy some that you can afford to lose just in case.
The problem with giving "power to the people" with regards to the monetary system is that if such a thing as fairness and equality was to happen, then you can kiss the huge privilege that western nations have. We are only "rich" because we can afford to import cheap shit from a place where workers get 10% or less in daily wages. You can thank out governments for that.
If, going forward, you starve the governments of this exploitation, the poor nations will be brought up, while rich nations have to take a massive hit to their quality of life. If you're the guy who owns 10 BTC out of 21 million, good for you, but if your city goes into a major depression because t becomes poor as dirt since no one else bothered to invest, then how rich will you really be?
In other words, the race to equitability in the monetary system will not mean a glorious life for most of us, but a race to the bottom. Most people who read ET are benefiting greatly from scam that the governments are running. If you stop the scam, those who don't have crypto are clearly not better off, and those who do have crypto wake up to being the rich guy in a new shit hole.
yea what you are saying is true. And I follow you. Not disagreeing. But my view point comes from the notion that the USD is worthless. Its not backed by ANYTHING. And the historical trust it did have has been diluted beyond all scope of reasoning. So I don't mind switching to an alternative currency. I no longer hold any USD. My cash basis is all in bitcoin and I spend it using a debit card from paypal using bitcoin as the funds source. However, all of my other standard investments and trades haven't changed. I have not replaced any stock or bond or any instrument with bitcoin as an investment. However I do trade it.
I was, for a long time trying to switch to just using Swiss Francs (swiss banking for Americans is crazy complex and almost illegal). But I like the bitcoin concept being a programmer. My faith in the integrity of the USD has been gone for a while. Elon stepped up and took a leadership role in the integrity of bitcoin and that did the job for me. I respect Elon far more than any Fed official or any treasury official. And I don't even know why the Fed has the absolute power to manage US currency in the first place because they certainly are not a federal institution. But, they did what they did and their record now stands as a lesson to learn from and mistakes never to be made again for future generations.. and now I'm out as far as USD goes. I think many high-tech and biotech companies will eventually follow Elon and transact fully in bitcoin. And I believe that the USD will come crashing down long before bitcoin. The hacking problem was related to exchanges and nobody leaves their crypto on the exchanges any longer. But again. This is all a foreign concept to most older investors. So I am probably spitting in the wind here.
So you think American is a rich, first world nation? Wow... You haven't traveled to the rust belt, nor the deep south, nor the mid west. Hell, most of FL, Arizona, New Mexico, California and Texas is SPANISH. Food stamps, helicopter money and section 8 does not make a first world country my friend.
My argument is not to find fault with USA, but rather, to make the USA better. I think the Fed has made it MUCH WORSE. We had an amazing nation coming forward through the 1950s and all the way up until Nixon took us off the gold standard. Yea, there were bubbles and panics, but most countries that grow at such a massive rate will see these happen. The Fed made some huge mistakes after the 1929 crash and this kept us in a much longer depression than necessary.
New York City and San Francisco should probably be their own countries because they are nothing like the rest of America. America is just like most second world countries in South America. A few very rich people and a huge amount of barely surviving people they used to call the middle class. These Free Money, western privilege Fed hand outs and permanently PRINTED helicopter money that's keeping America from drowning is why I feel the need to depart from the US dollar.
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