VanEck says Bitcoin could hit $4.8M if it became the global reserve asset

[nooby_mcnoob]

Conversation overheard in the great halls of government:

"We should choose a commodity as the basis for our reserve currency"

"Oil?"

"No"

"Gold?"

"Trees?"

"No"

"Useless bits?"

"Yes"

 

[M.W.]

With fiat not crypto. Has always worked perfectly well, never got hacked, never had to wait, never was a system down, never had a single issue. And best of all cash is instantly and electronic transfers are near instant within seconds up to 10k. For larger sums (property purchases) I got a certified cheque and paid, done. Really what problem here needs any solving in the western world? I don't see it.

Global Reserve ASSet

You didn't do any research, did you?

Have you paid with gold at McDonalds or Starbucks?

 

[johnarb]

With fiat not crypto. Has always worked perfectly well, never got hacked, never had to wait, never was a system down, never had a single issue. And best of all cash is instantly and electronic transfers are near instant within seconds up to 10k. For larger sums (property purchases) I got a certified cheque and paid, done. Really what problem here needs any solving in the western world? I don't see it.

Bitcoin is currently the hardest form of money in the history of the world

Read the following books:

• The Bitcoin Standard
• Digital Gold
• Layered Money (just started on this, but so far it's great)

@M.W. @Pekelo @nooby_mcnoob @RedDuke @S2007S , I do not know your financial situation, but if you can afford 1 Bitcoin, buy it, withdraw to a local wallet, and don't touch it for 5 years, then check the price. Then hold for another 5 years, then sell if you want

If I'm wrong and it's not at least $500K in 5 years, then I'm wrong and you can sell

 

[M.W.]

No, thanks, I don't buy lottery tickets. There is enough randomness attached to my job that I need to manage. The profits I lock in are kept in cash, invested in property, and long term stock investments.

Note that I spoke of the western world. There is zero need for a different payment method. Almost every western country now offers highly efficient electronic means of money transfer, cheap, and fast. I can't speak for some despotic nations, not my business. If I wanted to speculate with a higher degree of risk I would leverage my existing positions, I have absolutely zero need for crypto currencies at the moment.

Bitcoin is currently the hardest form of money in the history of the world

Read the following books:

• The Bitcoin Standard
• Digital Gold
• Layered Money (just started on this, but so far it's great)

@M.W. @Pekelo @nooby_mcnoob @RedDuke @S2007S , I do not know your financial situation, but if you can afford 1 Bitcoin, buy it, withdraw to a local wallet, and don't touch it for 5 years, then check the price. Then hold for another 5 years, then sell if you want

If I'm wrong and it's not at least $500K in 5 years, then I'm wrong and you can sell

 

[wiesman02]

Has nothing to do with contributing to this forum but everything to do with how successful of a trader you are.



What market isn't? Everyone already knows this



You mean the exchanges that hold the Bitcoin are hacked, not Bitcoin itself. And even then, it's mostly individual accounts, not the entire exchange.



Don't buy it then, no different than verification at a bank while applying for a bank account, the only difference is a bank takes longer.



Who's fault do you think that is then? Not Bitcoins fault.

Tell you what, just stay away from crypto and stick to fiat. I think you trying to manage your own crypto would be a bad thing for your life savings.

1) Stock markets aren't manipulated to a point where one person with money can manipulate a market as easily as bitcoin. Exchanges can manipulate bitcoin as well. We saw this with coinbase a year or so back when the exchange went down, came back up and was announcing bitcion prices hundreds of dollars below market by accident. Sent bitcoin into a tailspin.

2) yes, exchanges can be easily hacked, hence why it'll never be global reserve.

3) No it takes much much longer than a banks verification. 10 minutes for a bitcoin verification give or take and a couple seconds for a credit card.

4) Who's fault is it that i lose my wallet has nothing to do with it the problem. If you lose your wallet and keys, your funds are gone forever. That is a terrible system. How is a spouse or child who inherits your fortune supposed to obtain this money if detailed instructions aren't given ? And for the record, I dont own bitcoin.

You sir are an idiot. If nobody has ever told you this, you should know. Often idiots don't know they're idiots. Its my civic duty to tell you.

 

[NoahA]

Conversation overheard in the great halls of government:

"We should choose a commodity as the basis for our reserve currency"

"Oil?"

"No"

"Gold?"

"Trees?"

"No"

"Useless bits?"

"Yes"

You make a good point. Why use a commodity that is actually essential for other things. The last thing you want is for people to hide it and thereby preventing it to be used for essential things. It's kind of like with real estate. Rich people using homes as a bank account is precisely why there is a big problem. So what we need is a way to store value that actually doesn't take something precious away from someone else. In this case the digital bits are excellent and clearly lots of people agree that they are worth something since the price is only going higher.

 

[Tokenz]

1) Stock markets aren't manipulated to a point where one person with money can manipulate a market as easily as bitcoin. Exchanges can manipulate bitcoin as well. We saw this with coinbase a year or so back when the exchange went down, came back up and was announcing bitcion prices hundreds of dollars below market by accident. Sent bitcoin into a tailspin.

Yes that's what makes the market so volatile. Get over it. Big risks big rewards, not for the scared or timid.

2) yes, exchanges can be easily hacked, hence why it'll never be global reserve.

No, that's not the reason why it will never be a global reserve. I can think of a better reason, and that's because it's slow. Bitcoin is more of a store of value. Another crypto that's faster would be a better bet for global reserve.

3) No it takes much much longer than a banks verification. 10 minutes for a bitcoin verification give or take and a couple seconds for a credit card.

Oh so now you're talking about transfer time. No, it does not take 10 minutes, it takes more like 3 minutes.

4) Who's fault is it that i lose my wallet has nothing to do with it the problem. If you lose your wallet and keys, your funds are gone forever. That is a terrible system. How is a spouse or child who inherits your fortune supposed to obtain this money if detailed instructions aren't given ? And for the record, I dont own bitcoin.

Well sir, that's the cost of having full control over your own money that no bank can ever freeze or seize.

The system was made for people who are smart enough to store their keys in safe places. They can also make a million copies of their keys, and if you are dumb enough to lose every single key that you made a copy of, then it's not anyones fault but your own. Not Bitcoin, not crypto, not me, but you.

You sir are an idiot. If nobody has ever told you this, you should know. Often idiots don't know they're idiots. Its my civic duty to tell you.

Oh yeah? Then why am I an idiot? You have nothing to back up that statement. You're calling me names because you're odviously mad at me over something. Now if I accidently made you look stupid I'm sorry, but I just can't think of any other way to explain it without making you look stupid.

 

[johnarb]

No, that's not the reason why it will never be a global reserve. I can think of a better reason, and that's because it's slow. Bitcoin is more of a store of value. Another crypto that's faster would be a better bet for global reserve.

Oh so now you're talking about transfer time. No, it does not take 10 minutes, it takes more like 3 minutes.

Well sir, that's the cost of having full control over your own money that no bank can ever freeze or seize.

Global reserve asset is not the same thing as Global Reserve Currency

For payment method, Bitcoin Lightning Network is instant and the transaction fees are pennies and sometimes less than a penny

 

[Tokenz]

Global reserve asset is not the same thing as Global Reserve Currency

For payment method, Bitcoin Lightning Network is instant and the are pennies and sometimes less than a penny

Right, this guy has me going around in circles talking about payment processing and also global reserve. Whatever, let him figure it out, I'm done with him.

 

[johnarb]

No, thanks, I don't buy lottery tickets. There is enough randomness attached to my job that I need to manage. The profits I lock in are kept in cash, invested in property, and long term stock investments.

Note that I spoke of the western world. There is zero need for a different payment method. Almost every western country now offers highly efficient electronic means of money transfer, cheap, and fast. I can't speak for some despotic nations, not my business. If I wanted to speculate with a higher degree of risk I would leverage my existing positions, I have absolutely zero need for crypto currencies at the moment.

You're hung up on the medium of exchange feature of money

I highly suggest for you to read the following books "The Bitcoin Standard, Digital Gold and Layered Money"

In the book Digital Gold, you'll learn of the story of Wences Casares, a billionaire who promised to his wife to retire but when he discovered Bitcoin in 2013 (or might have been earlier), became involved and was the most passionate out of all the companies he started and sold

Wences grew up in Argentina and watched his family's fortune get wiped out 3 times

I believe you're in Canada? From my point of view, you absolutely need to self-custody as much Bitcoin as you can afford, but you won't listen to me and that's just fine by me

You keep associating Bitcoin with Lottery to try to bring down Bitcoin's significance. Do you think it's working?

Bitcoin is a bearer asset and is censorship-resistant, immutable, distributed and decentralized

Currently, April of 2022, Bitcoin is the hardest money that ever existed in the history of the world, backed by over 200 Million Trillion hashes of computing power

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Canadians are kinda fucked now, since Coinbase (and possibly all crypto exchanges) has to report all withdrawals to crypto wallets there and anyone converting to Bitcoin and cyrptos could trigger frozen assets

They should have converted a while ago, but it's the case of frog being boiled slowly