Posted on 05/09/2022 9:08:25 PM PDT by SeekAndFind
When Britain voted for Brexit, Macron boasted that Paris would eat the City of London’s lunch. It didn’t quite work out that way, with most league tables continuing to put London as the number one or two financial centre, with not a single EU city in the top ten. Emmanuel Macron's government has now announced that it has invited Binance, a crypto exchange site, to set up a European HQ in Paris. You have to ask: has Macron leapt on a bandwagon which has already started to lose its wheels?
The warning sign for cryptocurrencies is not so much that they have crashed – Bitcoin is down 50 per cent from its peak last November – but that they have become boring. Bitcoin has suffered many a crash before, yet bottom-feeders quickly rushed into the market and sent the price rebounding. This time around there is little sign of any enthusiastic speculation. On the contrary, a brief rally in March fizzled out as quickly as it had begun. Bitcoin now looks set to plunge below its previous peak of 31,776 reached last July.
Many thought that Bitcoin and other cryptocurrencies could turn out to be a hedge against inflation. Those hopes have been dashed. While most currencies have been devaluing against real-world assets, cryptocurrencies have been falling in value faster. As for the other long-term incentive to hold Bitcoin – that it might provide a stable wealth store from the prying eyes of government – that started to decay a while ago as governments got better at tracking down cryptocurrencies.
(Excerpt) Read more at spectator.co.uk ...
If you held your own cryptocurrency, there is nothing the Canadian government could do to seize your assets.
By contrast if you held your money in a bank or even on the stock market the Canadian government could freeze or steal your assets.
If anything, that episode should cause people to lose more confidence in the Canadian dollar than in cryptocurrency.
Stock up on Bourbon and coffee cuz anything without any intrinsic value will be worthless, including that green paper you slug around in your wallet
The difference is that several cryptocurrencies have actual use cases and real world technology behind them. Tulip bulbs had no utility.
Bitcoin is pre programmed to only allow there to be 21 million ever.
That does not mean all the bitcoin that there will ever be has been mined and is thus in circulation yet. It hasn’t. The last bitcoin won’t be mined for many years.
Printed money has a serial number on it but who's to stop a country from duplicating those numbers or outright printing excess amounts?
Tulips couldn’t be electronically sent or grown. One is a flower and bitcoin specifically is money valued by millions of people independent of their government.
Ah. Thanks for that! Learn something new everyday!
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