A Battle for Monetary Supremacy… Gold, Bitcoin, and Fiat Currency

International Man ^ | 04/18/2021 | Nick Giambruno

[Database]

An informative post.

[BiglyCommentary]

So what are we up to now, 4000+ plus different crypto coins? That sure seems like a huge, never ending inflationary expansion of the crypto monetary base.

[aMorePerfectUnion]

Ping!

Thanks for the heads up Database!

[aMorePerfectUnion]

Amazon dropped - 90% in the dotcom crash…

[BiglyCommentary]

True, and that’s why people were not writing articles how one should invest in dotcom stocks if they wanted a sound and stable investment.

[aMorePerfectUnion]

I lived through it as a RIA.

(I can tell you the majority were investing.)

But look at the winners of the dotcom boom today..,including Amazon.

Same will happen with crypto in all likelihood

[BiglyCommentary]

The central bank, big bank, Visa/MC cryptos will be the Amazons of the future and a hobbyist coin like bitcoin will go the way of those 999 dotcoms that flashed out.

[aMorePerfectUnion]

Well, you may very well be right.

I’ve no crystal ball.
Two balls. Neither is crystal.

It wasn’t Sears that emerged as retail leader after the dotcom crash.

So I have to add…

You may very well be wrong!

So there’s that.

Time’ll tell.

[cornfedcowboy]

A lot of reasons to own Bitcoin.

[Jumper]

Bitcoin is piling in more than 732,000 addresses owning at least 1 BTC.

I have 3.6 Bitcoin, and am mining Ethereum and cashing out and rolling in Bitcoin from ETH is how to roll.d

I got hit for 18K in capital gains for 2020 and haven’t took a dime for myself after pumping 34K into equipment and electric, and investing another 15K. I am going to cash out some of the 401K.

I am robbing Peter to Paul (Uncle Sam). It is ironic.

I am going to keep on mining ETH and moving profits into Bitcoin hoping it will hit 250K. Basically it should provide over a million dollars when I cash it out, and having paid my taxes along the way out of pocket making this one expensive retirement hobby.

[Jumper]

Waking up to see 265K drop to 156K was weird, and then it went back up and that amount before the current tanking of approx 10K in Bitcoin.

[Jumper]

I got into mining Ether using 17K of Roth IRA, after paying off my house and all the other bills in 2017. When it tanked in 2018, I stopped mining but did make some purchases on Coin base. I have a Kraken account as well. Then about 14 months ago I fired up my mining rigs consisting of 31 1070TI/1070 cards. I made a few more investments in different crypto currencies. I put about $800 a month into cryptocurrencies and another $100 bucks for electricity. Mind you this, for me, started out simply as an IT related retirement hobby. Wife was still working at State and she wanted me to be busy. It is a game. I remotely administer two rigs ;in VA where my electricity is free, and the other two in NC remotely when I’m in VA. I have administered my rigs from Cruise Ships, riding in the car (someone else driving), etc.

So my hobby led me to make a pitch to some folks at the CIA where they were interested, not in the actual crypto currency mining... but rather my suggest that the Coin mined be used to fund Black Ops by the Agency but for all practical purposes it would just be another nefarious crypto currency. In actuality, I was pitching that the CIA could set up what appears to be cryptocurrency to the Miners (where they get all the regular type payouts and mining results on their end), while the agency could harness the computing power to solve equations such as Foreign Nation encrypted transmissions without ownership of the expensive hardware at a fraction of the cost to the Government, while the agency manipulates the valuations to actually put money in miners pockets and the Agency holding the rest of the Block until it has served its purpose..... I thought the Agency could hold 10-25 percent of each Crypto Currency they rolled out. THEY DIDN’T KNOW WHAT THE HELL I WAS TALKING ABOUT. At the end of the month the guy is retiring and they never did anything - I told him I had to be in for 0.05 percent.

[Oatka]

Fiat currency is currently the dominant form of money in the world. But that status is rapidly fleeting as central banks are inflating their currencies at unprecedented and exponential rates.

Food for thought:

[neefer]

THEY DIDN’T KNOW WHAT THE HELL I WAS TALKING ABOUT. At the end of the month the guy is retiring and they never did anything

The Feds are still trying to wrap their heads around trying to tax it. I feel we're on the edge of a new era. Like the industrial revolution or the advent of the PC. The token Compound is just one example of how banking is going to change dramatically. Others will follow in its footsteps.

Any of the following emerging coins/tokens catch your eye?

Enjin
Stacks
Polygon
The Graph
Firo
Ravencoin
Vechain - I'm surprised this coin hasn't taken off since Walmart is supposedly incorporating it into its supply chain tracking.

I'm watching for the bottom of this dip to purchase again.

[ConservativeDude]

it would be good if you could hold some of that eth long enough to get longterm capital gains.....awesome plan, and disciplined approach!

[gattaca]

bmp