You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
This coin I heard about called USD
- Thread starter Illini Trader
- Start date
And ... because all fiat currencies continue to debase.
You my friend have hit the nail right on its proverbial head! I started this thread as my feeble attempt at a little humor but you have nailed the serious core of it all:
Fiat Currencies start out well as they have (1) Acceptance and (2) A controlled supply. They then print too much of Number (2) and then become Number 2. (Ahh another feeble attempt at a little humor)
Bitcoin on the other hand already has gained world wide acceptance in the "fringe" area of the population and it has a finite 21 million eventual total supply. So the only variable in the supply demand curve is price. If you want a portion of a bitcoin you have to buy it from someone who already has one and is willing to sell it to you. (Bitcoin is divisible down to .00000001 bitcoins)
The entire world monetary system is in deep trouble. Every developed nation has debt well beyond the ability to pay it back. And, this debt is increasing dramatically. They call it debt but is in reality just printing money for the most part as there is no "world rich guy" loaning them all this new money.
It is all held together by scotch tape and near zero interest rates. When it starts to crack the "world's strongest army and navy" to quote one responder, will be helpless to defend the USD.
I hear bubble talk all the time from investor types that just look at the chart of bitcoin and compare to the dot-com hockey stick charts. But there is one big difference: The dot com companies had to maintain sustained sales growth and most had no actual earnings. The bubble had to burst. Bitcoin is not anchored by these basic fundamentals that stocks are subjected to. It has simply been accepted as a storage of wealth and even though very volatile, more and more people are believing that it has better long term security than the USD for this purpose.
So, in one article I read the other day it comes down to this. Which side of history do you want to be on?
they use to say the same thing about the Venezuelan peso ( stable for 100 years. thenthey elected socialist president[20 years before chavez and one political party dominating]. the rest is history.I've also heard that the value of the USD won't fluctuate so much that I have to worry about my purchasing power tomorrow or if that thing called a bank is hacked/bankrupt I still have some recourse to get my asset back.
Last edited:
What do you mean by the word "debase"?And ... because all fiat currencies continue to debase.
Last edited:
Hmmm, the Japanese yen seems to be doing fine despite debt of 200% of GDP and near zero interest rates for years. Perhaps your missing something important.The entire world monetary system is in deep trouble. Every developed nation has debt well beyond the ability to pay it back. And, this debt is increasing dramatically. They call it debt but is in reality just printing money for the most part as there is no "world rich guy" loaning them all this new money.
Hmmm, the Japanese yen seems to be doing fine despite debt of 200% of GDP and near zero interest rates for years. Perhaps your missing something important.
Perhaps I did if "Scotch Tape" and "Zero Interest Rates" last forever against vast increases in printing money.
Yes, Venezuela and the U.S. have always been comparable...LOL.they use to say the same thing about the Venezuelan peso ( stable for 100 years. thenthey elected socialist president[20 years before chavez and one political party dominating]. the rest is history.
congrats on your patriotism. in 1987 there was a run on the $US. the effects were short lived. lets see if the US is this lucky again.Yes, Venezuela and the U.S. have always been comparable...LOL.
Not so much about patriotism as it is about putting geo political events and differences in sovergn advantages in a proper historical perspective.congrats on your patriotism. in 1987 there was a run on the $US. the effects were short lived. lets see if the US is this lucky again.