Posted on 05/22/2021 6:39:24 AM PDT by rajesh0540
Elon Musk is tweeting about blockchain and cryptocurrency again, and this time he is adamant about where he stands.
In a thread started by Musk compared magic to computers, someone asked what he felt about people "who are mad at you because of crypto," Tesla Inc. According to CEO, the “true war is between fiat and crypto.” Overall, I choose the latter.”
(Excerpt) Read more at recentlyheard.com ...
The Chinese government hates the way the dollar is abused by the US government.
Hopefully, the Chinese can force the proper financial management of the US government by threatening to cut off the restocking of Wal-Mart and Amazon.
There is the problem of making banks pay interest rates that keep up with inflation.
The madrasa-taught, bank administrator-raised Obama cut bank interest rates to near zero, where they have remained.
Perhaps a bank could be formed that would pay interest from its merchant card fees.
The Euro has gained about 10% in a year over the dollar.
The British pound & Chinese yuan have gained about 15% in a year over the dollar.
well, no, the “fiat” aspect is that some government decrees (aka fiat, a decree) the value. Now the actual value of money is a product of a consensual reality. Conversion rates and prices just reflect quantifiable buy-in to the consensus...
Yes actually. Because the punchline is anything the government issues as money is only money because they say so. Gold, tulips, dollars, doesn’t matter. It’s all fiat. It’s all the government saying “we’re calling this money”.
And yet if you used leverage and took a lot of risk you might be one of the survivors who made millions...it’s maddening. Certainly being contrarian was worth a lot but I have friends who did way better by riding the wave and bailing before the collapse...sometimes by accident, heheh.
So many bears lost their shorts too, heheh.
Most people have no idea what happens behind the scenes when two companies in different countries conduct business with each other on a large scale. You simply can't do it without conducting the transaction through a financial system that has the faith and confidence not only of both companies, but of their host countries and all the intermediaries along the way.
The U.S. dollar isn't just backed by the military of a global superpower, but by a financial infrastructure that can conduct transactions across the globe in fractions of a second.
I like Musk. Well, I guess it would be more correct to say “I like where he’s investing his money. Space X is amazing”. But at the same time, I see his comments here as straight up market manipulation. I’d bet he shorted BTC before going on SNL, so he made money on the plunge. Then, when it hit the “bottom” after his remarks, he buys a bunch, comes out and makes another statement that causes it to shoot up, and he makes money again.
I wish this guy would just shut up.
If I owned Tesla stock I would be wondering what kind of immature narcissist was running the company.
Sure. But that doesn’t happen because of which government issued it. That happens because of how many people are willing to accept it for goods or services. That’s where all the power of money has always come from.
The US dollar, like every other currency, is only backed by 1 thing that matters. People’s willingness to accept it. Military doesn’t mean anything, global superpower doesn’t mean anything, financial infrastructure doesn’t mean anything. People accept it. That means EVERYTHING.
You never go broke taking a profit.
We will be at $100k within a year.
These types of turnarounds happen all the time in Bitcoin. This was from the kids running up their stimulus checks. We are seeing problems in every market.
This will pass. If Musk will simply keep his mouth shut.
The Apple and Amazon stock I bought in the late nineties have done just fine. The same with Google. Or Microsoft.
Not being greedy, and selling your losers is a good plan.
Cryptos serve a decent purpose. They will change the way property is transferred. But “journalists” are functional retards, and many freepers are so old they remember reading first editions of Adam Smith.
The government is run by senile communists who just lie about stuff.
A currency where two people can agree on value without a bunch of Bankers taking their cut seems fair to me. If that is silver, gold, Bitcoin, or bushels of corn…I don’t care.
He was shilling Dogecoin on SNL, not Bitcoin.
They are not remotely the same thing.
Sorry, you are off by a mile. The close relative is a computer and math genius, and did not buy Bitcoin as an investment.
He was hired by a major international IT company because of his expertise in blockchain technology. It is blockchain that is the future - crypto is just a part of that.
And that’s why he bought BC and other cryptos. He made his own Litecoin mining computers and at one time was making a killing mining Litecoin. He quit when his electricity bill exceeded his LC income of course.
He has 4 degrees obtained simultaneously, Summa Cum Laude. His “investments” have been very rewarding.
Neither he nor I am suggesting anyone buy Bitcoin presently. There are other crypto currencies with a lot greater potential.
Six months from now we’ll find out if he and I should have sold our Bitcoin at today’s prices, when we got in early for almost nothing.........
And even all the Bitcoin posts on this thread demonstrate how dominant the U.S. dollar is. You don’t see anyone post things like this: “I worked for a week and bought a Bitcoin in 2012, then used it to buy a Tesla last week. It was a great investment!” No ... they always describe the Bitcoin in terms of how much they paid for it and how much they sold it for — in U.S. dollars.
No that is THE point. The only reason people accept dollars is because people accept dollars. You only take in payment money you think you’ll be able to spend. That’s where money gets its power. There was a point in British history when they couldn’t get ahold of enough precious metal to make coins to run their economy. People started accepted stuff they knew was counterfeit for less than face value. There came to be a gradient system, good counterfeits at higher value, less good counterfeits at lower. And people willingly took them, because they knew other people would willingly take them.
Where money comes from doesn’t matter.
Whether or not it’s tied to precious metal doesn’t matter.
It doesn’t even matter if it’s legal.
What makes people take money today is knowing they can spend it tomorrow.
And people are starting to take bitcoins in payment. It is gaining the only power that matters.
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