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

[NoahA]

No we do not. Internet connected the world. Bitcoin would be a tiny niche had it not been for fake shit like stable coins that pushed it beyond any bubble this world has ever seen.

There is not one thing Bitcoin solved that we have issues with.

RedDuke, you have to get past this mindset. We were thinking the same way a year ago. I too agreed that Tether was a huge problem, and I'm sure that it was responsible for a huge pump in the BTC price. But honestly, I now cannot imagine a world without BTC. In fact, I wonder how BTC can be so cheap given how it will absolutely revolutionize currency and finance on a global scale.

Maybe a new coin comes along, I can't say what will happen in 5 or 10 years, but the fiat standard is collapsing all around us. Look at what Russia is doing. They want to be paid in Rubles for their gas. Now imagine the USD being cut out from half of the world trades! But we of course know that any country and their shitty fiat is just as bad of a deal as well. Some think we might be turning back to gold, but it creates the same problems in terms of trust. Can we trust what any country has in their vaults?

Now lets talk confiscation. The US essentially stole any USD that Russia had. We saw in just the past few months that regular citizens, extremely rich oligards, and entire nations can be removed from the system at will. Do you really want to hold your net worth in something that can be so easily taken away?

When you go down the list of think that BTC fixes, if you truly give it some thought, you have to wonder how its not more expensive. Governments will be absolutely brought to their knees by the will of the people not wanting to be screwed over anymore. Its not so much that the government will force something on its citizens, it will be more so that the government will be forced to comply with the request of the citizens if the officials want to remain relevant.

 

[VicBee]

RedDuke, you have to get past this mindset. We were thinking the same way a year ago. I too agreed that Tether was a huge problem, and I'm sure that it was responsible for a huge pump in the BTC price. But honestly, I now cannot imagine a world without BTC. In fact, I wonder how BTC can be so cheap given how it will absolutely revolutionize currency and finance on a global scale.

Maybe a new coin comes along, I can't say what will happen in 5 or 10 years, but the fiat standard is collapsing all around us. Look at what Russia is doing. They want to be paid in Rubles for their gas. Now imagine the USD being cut out from half of the world trades! But we of course know that any country and their shitty fiat is just as bad of a deal as well. Some think we might be turning back to gold, but it creates the same problems in terms of trust. Can we trust what any country has in their vaults?

Now lets talk confiscation. The US essentially stole any USD that Russia had. We saw in just the past few months that regular citizens, extremely rich oligards, and entire nations can be removed from the system at will. Do you really want to hold your net worth in something that can be so easily taken away?

When you go down the list of think that BTC fixes, if you truly give it some thought, you have to wonder how its not more expensive. Governments will be absolutely brought to their knees by the will of the people not wanting to be screwed over anymore. Its not so much that the government will force something on its citizens, it will be more so that the government will be forced to comply with the request of the citizens if the officials want to remain relevant.

Yes, yes and yes. You're giving all the reasons for btc not to replace fiat currencies.
Why do you think something created by tech idealists with limited input from all other walks of life would be allowed to upend a mechanism that governments use to manage their economies and use to affect other economies?
As long as btc is considered as an alternative to fiat it will fail. It may join the likes of gold perhaps at some point in time, but currency? Probably not for a few decades.

 

[nooby_mcnoob]

I thought India banned it as well?

Sure, but that's my point. It was on the radar and big enough for them to do it.

 

[NoahA]

Yes, yes and yes. You're giving all the reasons for btc not to replace fiat currencies.
Why do you think something created by tech idealists with limited input from all other walks of life would be allowed to upend a mechanism that governments use to manage their economies and use to affect other economies?
As long as btc is considered as an alternative to fiat it will fail. It may join the likes of gold perhaps at some point in time, but currency? Probably not for a few decades.

You make it seem like the governments will have a choice. They have already run the current system into the ground.

Governments shouldn't be managing economies because they do a horrible job of it. Any time the government tries to help, they end up doing something far worse. How long have they been trying to make housing more affordable and what has happened? A government should only collect taxes and distribute it in such a way as to provide services that the majority will benefit from.

People say how BTC can be your savings account, and fiat your checking account. Fine. But if the majority know that holding dollars is costly, since you will lose to inflation, why would anyone hold anything but the bare minimum for paying immediate bills? The currency would be trash for the most part.

 

[johnarb]

There is not one thing Bitcoin solved that we have issues with.

Exactly. Everytime I bring up the same point topics are changed.

Internet is a great invention of our lifetime. It has allowed global communications to anyone at the least possible cost

A great example of an application that we almost take for granted nowadays is Voice over IP. Before this,, a call overseas cost a lot of money, now, just download an app like Google Hangouts or Apple or FB and talk for free

Same with Video conferencing over IP

Now, you can use it to shop online, do banking online, post pictures for your social friends and families, and discuss on Elite Trader

-----------------------------

However, please, please, I hope this hits hard, Bitcoin is money over IP, money over Internet

Bitcoin is so revolutionary, I wish I can convey into words

I've tried, but I know there's all these stuff that keep fudding the minds, i.e. Tether, environmental, government banning, used by criminals and terrorists, 0's and 1's and not physical, tulip, bubble, etc

However, if you focus on the positives, you'll be shocked and amazed at what Bitcoin and cryptos currently are able to offer. And who knows how great the future can be

• Global monetary asset
• Decentralized, immutable and censorship-resistant
• Money that cannot be debased by any government

Imagine you have $100K in the bank and you convert into Bitcoin and put in your local wallet

Think of this carefully and imagine yourself 13 years ago before Bitcoin and cryptos ever existed

You have $100K that is local to your physical location. Cannot be transferred halfway across the world without getting permissions from all the intermediaries, banks, governments and you hope the recipient will not have any problems

Anyway, I do not think this post makes a difference. It never does. The journey to understanding how BIG of a revolution Bitcoin is to seek to understand studying it and something will click if you let it happen

I recommend 3 books: The Bitcoin Standard, Digital Gold, and Layered Money

It's up to you if you want to understand how BIG the problems that Bitcoin solves, but please DO NOT POST that Bitcoin does not solve any problems, because it solves the biggest problem in the world which Money

During this time of very high inflation, along with ZIRP/NIRP, along with Covid, along with war, along with supply shortages, along with government seizure of assets

Bitcoin is the greatest solution to the biggest problem of all, which is ultra sound Money

I would post 2 youtube videos that are very compelling, but I don't think either one of you would watch it

Read the books, what can you possibly lose except a few hours and a few dollars for the price of the books?

If you truly want to learn and understand Bitcoin's value proposition, you owe it to yourself

 

[Heydrrich]

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.

What if a guy like this steals the USB with all the government reserve bitcoins on it. These buttcoiners can't think.

 

[johnarb]

What if a guy like this steals the USB with all the government reserve bitcoins on it. These buttcoiners can't think.

Good movie, but you do know there are no Bitcoins on any USB or hard drive

Bitcoins are on the blockchain

You should just steal over 1M Bitcoins owned by Satoshi

Call all your Mission Impossible x and Ocean x friends and you can have $50 Billion worth of Bitcoins

 

[VicBee]

I've said it before...

Big fan of blockchain. Massive use potential.
I believe in btc as an alternative to gold for the time being.

 

[Frederick Foresight]

Rhymes with shitcoin.

 

[Pekelo]

I can see 4.7 MM, but 4.8, that is crazy.