Fundamental value of Bitcoin

[Gotcha]

When the next real great depression soon comes, that the fed can't print their way out of, we'll see how many people are employed by TBTF banks.

Here is the thing though. You think that when this huge shock is coming, the government will just stand by, watch the US currency get decimated, see the use of bitcoin take over, and just watch it happen? Back in 1971 when the US went off the gold standard, they did it to protect the US currency. Just watched a documentary on it actually. England was worried US was printing too much money, so they wanted some gold. In order to save the currency, US took the currency off the gold standard. Do you really not think the US will do anything necessary to protect the US dollar again? Will they really let you pay your taxes in bitcoin?

When the next big problem hits, the US will do whatever necessary to protect the US. But in no way will they let a competing form of payment take over. Actually, it might well be another shock to the system that takes down bitcoin. People won't be able to convert it back to US dollars fast enough when shit hits the fan. The US dropped the gold standard over one weekend and it was finished.

 

[SunTrader]

You keep going back to TBTF institutions. But, it was free market dynamics that made them that way. What do you want ? To break them up ? Oh wait, that would be a GOVERNMENT action.

Keep up. The Fed backstopped them into being TBTF. The free market destroys, as it should, all those who don't make a buck. A real buck, not a fed buck.

 

[SunTrader]

Here is the thing though. You think that when this huge shock is coming, the government will just stand by, watch the US currency get decimated, see the use of bitcoin take over, and just watch it happen?...

The next time ... there might not be a government.

Bitcoin or not. Bitcoin is not the problem. Bitcoin is the solution ... for some. And gold. And other hard assets. And another country perhaps. Who knows. Nobody knows. But simple math says spending more than you take in eventually bankrupts you. No matter how big you are or whether you are the world's reserve currency or not.

 

[johnarb]

Actually, this tread was started along a philosophical theme...

Touche'. Trading on fundamentals is still trading, but you still have to trade. Short bitcoin or put positions that will profit if bitcoin crashes instead of just arguing against it.

 

[Overnight]

...
In my opinion is vaporware,..

Vaporware. Excellent choice of terminology. Yes, that is it, exactly. Heck, the cryptos are essentially software, so they are vaporware in that sense.

 

[sss12]

Keep up. The Fed backstopped them into being TBTF. The free market destroys, as it should, all those who don't make a buck. A real buck, not a fed buck.

If you really think that sums up the post crisis financial landscape maybe you should cut back on the snide remarks and contradictory statements and increase the recent historical reading. I don't have time to school you. Out.

 

[Pekelo]

In a huricane like Katrina or Irma, BTC also breaks down, not just the government...

 

[sss12]

In a huricane like Katrina or Irma, BTC also breaks down, not just the government...

BTC ?

 

[Pekelo]

BTC ?

aka bitcoin, the thread is about cryptos not government responsibilities.

 

[sss12]

aka bitcoin, the thread is about cryptos not government responsibilities.

Actually if one were to read the entire thread one would see that government intrusion or lack there of became a sub topic. If one were to read the entire thread.