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

[M.W.]

The hardest money which by matter of fact highly correlates with equity markets for years now? Every time the stock market tanks your bitcoins lose value. I don't call that hard money but a speculative instrument that becomes more and more highly correlated with broad based equity indices.

You're hung up on the method 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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[johnarb]

The hardest money which by matter of fact highly correlates with equity markets for years now? Every time the stock market tanks your bitcoins lose value. I don't call that hard money but a speculative instrument that becomes more and more highly correlated with broad based equity indices.

In the short term, Bitcoin is correlated with all risk investment assets

The same types of investors are invested in the stock market, real estate, and Bitcoin

Look at what happened in March 2020, Bitcoin lost half of its value in a short time during liquidity crunch

But if you believe in Bitcoin long term, you will have no worries, that is why I said hold for 5 years, then check the price, and then hold again for another 5 years if I'm correct and Bitcoin is over $500K each

Bitcoin went from $3,200 in March 2020 to current price is over $46,000

Did the stock market go up by that much?

 

[deaddog]

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.

Ever tried to cash a cheque drawn on a Canadin bank in the US. (Even if it's a US dollar account) Especilly if it's a regional bank.

 

[Trader Curt]

how about you get out of here ? How much have u contributed to this forum ? And how much has he ?

Right not bitcoin is easily manipulated in the market, easily hacked, can't really be used to purchase anything without a long lag for verification, and right now fluctuates / coorelates to a certain extent with what the S&P and nasdaq do. if i lose my wallet or my keys, i lose my life savings.

Global reserve asset ? LOL right.

Did you just get done reading this out of a book? LOL

 

[M.W.]

I don't believe in bitcoin in the long term. I have not seen a single fact based argument that would change my mind.

But I respect your different position on this.

In the short term, Bitcoin is correlated with all risk investment assets

The same types of investors are invested in the stock market, real estate, and Bitcoin

Look at what happened in March 2020, Bitcoin lost half of its value in a short time during liquidity crunch

But if you believe in Bitcoin long term, you will have no worries, that is why I said hold for 5 years, then check the price, and then hold again for another 5 years if I'm correct and Bitcoin is over $500K each

Bitcoin went from $3,200 in March 2020 to current price is over $46,000

Did the stock market go up by that much?

 

[M.W.]

Why would I deal with a cheque? If I wanted to send money to the US or to any other country in the world I would click on the "global transfer" button of my bank mobile app and transfer the funds commission free instantaneously.

Ever tried to cash a cheque drawn on a Canadin bank in the US. (Even if it's a US dollar account) Especilly if it's a regional bank.

 

[johnarb]

I don't believe in bitcoin in the long term. I have not seen a single fact based argument that would change my mind.

But I respect your different position on this.

I appreciate the discussion and I respect your position even if it's counter to mine on Bitcoin

Which is why I offered the books that I mentioned as English is my 2nd language and I don't have the formal education in economics (Saifedean Ammous has a PhD in Economics)

Layered Money (I've only started reading it) has framed it well in the same way as The Bitcoin Standard did in the first 7 chapters

We used seashells, rocks, and precious metals, cattle, as money throughout history, but even Gold coins were debased by the ones in charge due to the temptation that the ones in charge of money cannot resist from stealing from the population

When sound money (Florin) was available for people to store their wealth and work and efforts, then major innovations came with it

 

[M.W.]

Your points are my main arguments against bitcoin. All previous payment methods failed until a solid fiat monetary system was founded. It works even if the anarchists want to make us believe otherwise.

I appreciate the discussion and I respect your position even if it's counter to mine on Bitcoin

Which is why I offered the books that I mentioned as English is my 2nd language and I don't have the formal education in economics (Saifedean Ammous has a PhD in Economics)

Layered Money (I've only started reading it) has framed it well in the same way as The Bitcoin Standard did in the first 7 chapters

We used seashells, rocks, and precious metals, cattle, as money throughout history, but even Gold coins were debased by the ones in charge due to the temptation that the ones in charge of money cannot resist from stealing from the population

When sound money (Florin) was available for people to store their wealth and work and efforts, then major innovations came with it

 

[johnarb]

Your points are my main arguments against bitcoin. All previous payment methods failed until a solid fiat monetary system was founded. It works even if the anarchists want to make us believe otherwise.

Bitcoin is too volatile to be used as currency as you can see on the video of the reporter in El Salvador who put money into the Bitcoin wallet and it kept appreciating in value even as he was spending it

In Turkey, Argentina, Palestine, Asia, Dubai and other places, they use stablecoins more as payment method, however, they use Bitcoin as savings/investment asset

 

[M.W.]

Nobody in Asia uses crypto currencies other than for pure speculation and experimentation. How I know? I lived in multiple parts of it half my life.

Bitcoin is too volatile to be used as currency as you can see on the video of the reporter in El Salvador who put money into the Bitcoin wallet and it kept appreciating in value even as he was spending it

In Turkey, Argentina, Palestine, Asia, Dubai and other places, they use stablecoins more as payment method, however, they use Bitcoin as savings/investment asset