Posted on 11/11/2017 6:49:49 AM PST by BenLurkin
Bitcoin has soared more than 600 percent this year. On Thursday, the cryptocurrency traded down 3.9 percent at $7,172.80, but remained near a record high.
The digital currency has already been embraced by some of Wall Street's most well-known figures, including investing legend Bill Miller. It has been criticized, however, by Blankfein's peers on Wall Street in JPMorgan Chase CEO Jamie Dimon and BlackRock CEO Larry Fink. In September, Dimon referred to bitcoin as a "fraud," adding "it's worse than tulip bulbs. It won't end well." Last month, Fink said bitcoin was an "index of money laundering."
(Excerpt) Read more at cnbc.com ...
Q: What’s the difference between a bitcoin and a tulip bulb?
A: A tulip bulb actually exists.
“nothing became something. “
at least for a while ...
“What good is bitcoin if the electricity goes out?”
or the Internet ...
the other day, our favorite local Shell station’s P.o.S systems were down, but they were still able to do cash transactions (which actually surprised me that they could do that.)
“If bitcoin is used strictly as a TOOL, e.g., to get funds from account A into .... Just don’t invest as if it’s a “buy=and-hold” asset.”
or alternatively as a vehicle for raw speculation. nonetheless, your first point is exactly how retailers who “accept” bitcoin use it: none of them actually hold it, but immediately convert it to “real” money. the point is though, that bitcoin does NOT function as money, but merely is occasionally used as an electronic transfer unit.
I have never understood the concept of Bitcoin, how it is valued, or what attracts people to it, since it seems to be based on nothing.
how it is valued, or what attracts people to it, since it seems to be based on nothing.
= = = = = = = = = = = = =
I would imagine it is basically the same theory of playing poker for chips and not ‘USD’.
With the people keeping their chips and using them as money in their own little group.
Which works fine as long as everyone agrees that chips are the ‘official currency’ for that group or even area.
The only ‘problem’ arises when you run into people who recognize US backed $s (Is that an oxymoron yet) and figure the chips are worthless.
Or something like that.
(as they used to say...sure they are ‘rich’ but if you can’t get the oil/gold out of the ground it is worthless AND if no one else wants it, it is double worthless since you had to pay to extract it)
#4 Someone recently lost over $200,000 in bitcoins when their pc crashed and they had not backed up the pc.
So says the “King of the Bubble Brigade”!! I’ll take a cryptocurrency bubble over a GS/Federal Reserve bubble anytime!
A candidate for the Financial Darwin Awards? Gotta be smart with your money. One of the better hardware wallets: https://www.ledgerwallet.com Or put it in an encrypted thumb drive and put in your SD box. Or make paper wallet and stash it somewhere, etc., etc..
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