Man has two more chances before $232 million is lost forever

newwurldmn said:
If everyone else’s crypto is getting stolen, who’s going to use crypto for transactions? If others don’t want to use crypto how much will your crypto be worth?
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Isn't this the same thing for USD? The reason the dollar is so strong is because everyone needs dollars right now. The more deals that countries set up between themselves to settle their transactions outside of the dollar, the less demand there will be for dollars. So how much buying power will USD have if less people around the world want to use it?
 
deaddog said:
I have thought about it and I can't find any good reason that it won't eventually return to that price.
I ended up with a collectors piece, a coin minted in 1790, from a time when the government couldn't manage the money supply. People started minting their own coinage which was accepted as a medium of exchange. (Look up condor coins)
Eventually hundreds of thousands were minted and they became worthless, except as collectors items. While researching the coin I thought of the similarity to crypto. There was a need to be filled; once filled others stepped in and took advantage until the government stepped in and filled the need with its own currency.
I have a coin dated 1790 (might be counterfeit) are you going to be able to show your grandchildren your 2014 bitcoin?
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The problem here is that there is not an endless supply of Bitcoin, there are only 21 million of them. Nobody can mint more. Which is part of the reason for volatile movements.

The government will eventually come out with it's own digital currency, which they are already discussing it as we speak. You think Bitcoin will automaticly dissapear when this happens?

Another thing you are forgetting is Bitcoin is a worldwide currency. We don't need the U.S to function. Even if it were to be banned, users would just relocate to other countries.

Nuff said
 
Tokenz said:
The government will eventually come out with it's own digital currency, which they are already discussing it as we speak. You think Bitcoin will automaticly dissapear when this happens?
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If, and it's a big if, the gov't can come up with a crypto that is easily moved around the world without the need for a trusted third party, there won't be a need BTC.
If a gov't backed crypto can be had by the rank and file of all the third world countries, easily moved across borders and used peer to peer as a medium of exchange, is there really a need for BTC.
A US dollar, Euro or even a Gold backed crypto would fulfill most of the need in the unbankable world. Where then is the value of bitcoin? All I can see is rarity and the hope there will be someone who will pay a higher price than you did.
 
deaddog said:
If, and it's a big if, the gov't can come up with a crypto that is easily moved around the world without the need for a trusted third party, there won't be a need BTC.
If a gov't backed crypto can be had by the rank and file of all the third world countries, easily moved across borders and used peer to peer as a medium of exchange, is there really a need for BTC.
A US dollar, Euro or even a Gold backed crypto would fulfill most of the need in the unbankable world. Where then is the value of bitcoin? All I can see is rarity and the hope there will be someone who will pay a higher price than you did.
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You're conflating US $ stablecoins and BTC on purpose

Is there even a fiat currency that is gold-backed? and trusting any central bank they have the gold they claim they do that you can redeem for has not worked in the past
 
johnarb said:
You're conflating US $ stablecoins and BTC on purpose

Is there even a fiat currency that is gold-backed? and trusting any central bank they have the gold they claim they do that you can redeem for has not worked in the past
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All I'm saying is what if.
There is no US or Gold backed stable coin . Yet. All I'm saying is that if the gov't meets the need with a regulated crypto why would you need BTC.
 
NoahA said:
Isn't this the same thing for USD? The reason the dollar is so strong is because everyone needs dollars right now. The more deals that countries set up between themselves to settle their transactions outside of the dollar, the less demand there will be for dollars. So how much buying power will USD have if less people around the world want to use it?
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Being a reserve currency strengthens the currency - but i think this is small. What really keeps the dollar stable is that it is backed by a powerful and stable government.

You can’t say the same for any crypto. That is why so many are complete frauds.


Tokenz said:
The problem here is that there is not an endless supply of Bitcoin, there are only 21 million of them. Nobody can mint more. Which is part of the reason for volatile movements.

The government will eventually come out with it's own digital currency, which they are already discussing it as we speak. You think Bitcoin will automaticly dissapear when this happens?

Another thing you are forgetting is Bitcoin is a worldwide currency. We don't need the U.S to function. Even if it were to be banned, users would just relocate to other countries.

Nuff said
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we will probably settle transactions with crypto. A USD coin will be a fiat currency by definition. Btw - a bitcoin is a fiat currency too: one that is backed by nothing other than some computer code.
 
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Well, to add my two cents... today I started my first accumulation of bond ETFs for the first time. The coupons are less than what you'll get from staked ETH and the rest. But... I'm happy to diversity my portfolio a bit more.
 
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