TESLA & BTC

Baron said:
The question you need to ask is what's backing the U.S. dollar? Would you rather own an asset with a finite supply or one where the supply is ever increasing? Look, the only reason why gold is considered a safe haven is because it's a rock in the earth that requires ridiculous resources to extract out of the ground. In other words, there's scarcity of that resource which creates value over time. The same applies to cryptos. You can't just snap your fingers and create a bitcoin. There are real companies with real resources that comprise buildings, servers, networking equipment and other specialized pieces of hardware that are required to mine just a single coin. It's not a game like GTA5. It's real people with real resources doing real work.
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To answer your question, the USD is back by the US government, which is the reason its inflation is contained, as opposed to the silly currencies of failing economies. What is BTC backed by? It's also highly inflationary since it can't hold its value against speculation.
We know BTC can't be an everyday currency due to its high transactional cost, cost which it was meant to eliminate in the first place. So what then? A bank to bank transactional method? Sure, but who needs BTC for that? Blockchain is really smart, but what prevents the world's banking system from using that tech without BTC? Every other clown out there is creating ridiculous blockchain currencies that demonstrate the absurdity of the program.
I have yet to find someone who can explain to dummy me what world problem Bitcoin is meant to solve. But I'm all ears!
 
BTC dipped to 30K, prediction fullfilled. (I won't put a smiley face here because lots of you lost money aka dollars here)

I told you guys it would crash before the 4th of July, you just weren't listening. I correctly predicted the 2017 top BEFORE it happened, because that is the definition of prediction. And no, I don't have to be long or short to be a good predictor.

Next time you may pay attention....
 
VicBee said:
I have yet to find someone who can explain to dummy me what world problem Bitcoin is meant to solve. But I'm all ears!
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Nah...if you din't find out by now, you never will. It's all out there, even here on ET. Do some digging
 
VicBee said:
I have yet to find someone who can explain to dummy me what world problem Bitcoin is meant to solve. But I'm all ears!
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I was curious about this too, so I found

That five-letter word is trust. So instead of trusting Visa or Mastercard to manage payments and protect payers (buyers) and payees (sellers) from fraud, you trust a large number of anonymous computers mostly located in China.
https://framingbitcoin.com/global-bitcoin-mining-map-shows-hashrate-distribution-by-country/
upload_2021-5-19_10-25-11.png


So once a payment is made, it cannot be reversed. And there is a permanent record of the transaction. This protects sellers from fraud. And I guess the buyer will trust that this record will encourage the seller to deliver.
 
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ph1l said:
I was curious about this too, so I found

That five-letter word is trust. So instead of trusting Visa or Mastercard to manage payments and protect payers (buyers) and payees (sellers) from fraud, you trust a large number of anonymous computers mostly located in China.
https://framingbitcoin.com/global-bitcoin-mining-map-shows-hashrate-distribution-by-country/
View attachment 259220

So once a payment is made, it cannot be reversed. And there is a permanent record of the transaction. This protects sellers from fraud. And I guess the buyer will trust that this record will encourage the seller to deliver.
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Ok, will read, but I already have an issue with the premise... I get blockchain's usefulness in myriad of transactional processes that aren't necessarily financial, but why Bitcoin? If it was created simply to displace Visa and MC from being the 2% commission transaction behemoths, it's ridiculous.
 
Baron said:
The US Government is $27 Trillion in debt. That doesn't sound like very solid backing to me.
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Really? That sure isn't putting a lot of faith in the American system! Do you know any country in the world that doesn't run a debt?
Wasn't it Clinton who took us out of debt in less than 14 years? Cut military spending by 5% over 10 years and bingo, we're out of debt.
 
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