Posted on 12/18/2017 7:02:41 AM PST by Enlightened1
Would you rather own 100% of Wal-Mart or every Bitcoin in existence? At one point such a question would have been completely absurd, but now things have changed. As I write this article, Wal-Mart has a market cap of 287.68 billion dollars. Wal-Mart is the king of the retail industry in America, and nobody else is even close. Bitcoin, on the other hand, is an entirely digital creation that did not even exist until 2009. No government or central bank in the entire world recognizes it as a legitimate currency, and there are very, very few retail establishments that are willing to accept Bitcoin as a form of payment. And yet at this moment, Bitcoin has a market cap of 310 billion dollars.
When the year began, Bitcoin had just crossed the $1,000 threshold, and now it is selling for more than $18,000. Of course other cryptocurrencies have been rising at an even faster pace. We have never seen anything quite like this before, and some are warning that this is a giant bubble that is about to burst…
Axel Weber, the board chairman of big bank UBS, has warned of a possible Bitcoin currency crash. With increasing numbers of small investors jumping on the cryptocurrency bandwagon, it is time for regulators to intervene, he says.
Bitcoin has surged from $1,000 (CHF990) at the start of the year to above $16,000.
The risks are due to a design fault, which leads to huge currency swings in both directions, Weber said in an interview with the NZZ am Sonntagexternal link.
(Excerpt) Read more at theeconomiccollapseblog.com ...
There were about 8 items in my junk email today wanting to sell me bitcoins, or how to “mine” them, or whatever. Maybe a few emails the week before, and none beforehand.
Now mind you, I had clicked on some article attempting to describe bitcoins to me - but I’m guessing with my luck, now is not the time to buy or mine or whatever.
Um, “No.”
It’s not much different than realizing all of our national debt could be erased if we sold off all our public lands and their mineral rights and such. We own it all and can always nationalize it all in a crunch. All of this supports the dollar you say has the same value as cryptocurrency.
Yeah, you’re completely wrong.
Bitcoin is as real as the Internet.
This is because that is where it exists. Its what people and businesses use to buy, sell and trade.
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