Posted on 08/11/2017 6:49:09 PM PDT by Enlightened1
All the war talk is turning out to be great for bitcoin.
It's been on fire since January, 2017 when it for the first time reached $1,000 U.S. Dollars. It's now worth 3 times the price of gold.
I bet it will be up to $5,000 in early September and over $7,000 by the end of October.
We will see how it plays out.
Tulips.
It’s Tulip bulbs all over again.
It’s better than roses on a Piano...
Maybe. Some corporations are beginning to experiment with it. The benefit to them is that by using a blockchain currency instead of the conventional banking system they will save money and have their payments clear almost immediately.
Something that’s completely dependent on everything going perfectly is rising in the face of possible nuclear war?
WTF?????
I found Bitcoin’s introduction a very interesting concept.
As it went on any number of roller coaster rides and Mt. “whatever” was shut down for fraud it seemed to me that Bitcoin had a fundamental flaw. It’s attempt at being an alt-currency has the flaw or failure of “Confidence”, which is critical for adoption.
Enter Bitgold.
This is what people are really looking for. A Gold based currency that you can actually spend/save and count on with confidence.
What about etherium and the other internet currencies?! Supposedly, the Internet moneys will be growing at a rapid pace for several years. And will be a new form of banking. Especially international banking. Brick and mortar is dissolving and being replaced by internet in the 21st century. 100 years ago the model T and model A Ford. And now...high tech cloud for just about anything the mind can imagine. And yes, there could be a tulip bulb bubble burst. Just look at how many stores are selling tulip bulbs today. Those bulbs did not disappear. Instead they multiplied.
It’s the coin of criminals. Eventually crime-fighting success/failure will be measured by it’s value.
Fascinating anyway.
I guess it’s most recent surge, since the ransomware surge, is due to Asians avoiding money controls. But who knows?
I read that Goldman sachs and Bank of America are now getting into block chain /cryptocurrencies.
Primarily for tracking purposes. It’s easier to track than traditional money.
Secondly they do not want currencies like bitcoin to get too powerful because it risks transcending the current banking system currency.
Gold like Bitcoin is all mainly based public perception. Yes Gold has been the traditional go to backing of money, but really since about 1971 when President Nixon took us off the gold standard. It all changed and became based on the market perception.
The eroding paper money is also public perception.
I think by any measure you'll find criminals prefer USD, that's why over 90 percent of cash bills in circulation have drug residue on them. But honestly, the black market's willingness to use bitcoin in exchange simply highlights its utility as a medium of exchange.
Of course if it couldn’t be converted to dollars it would just be silly to assign it any value.
The practical effect of i’s use for criminal purposes is that it can be grossly devalued at any time by governments removing that utility.
Investors have to bear that in mind.
Fascinating development, I’d guess that blockchain has future.
Bfl
Bfl
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