I’m conflicted. I have some Bitcoin and love watching my wallet soar, but I also want to upgrade my graphics card for a reasonable price.
Something that has no intrinsic value, like paper or virtual currency, eventually relies on its value by the backing of the “institution” that issued it. Dollars are universally accepted as the most stable* currency. It is backed by what is currently the world’s most stable government which controls resources and military prowess unequaled by any other issuer. Who or what stands behind Bitcoin? If you had to pack your bags and flee someplace, which would you prefer? Dollars? Or, Bitcoin?
*Stable...The Obama administration doubled the world’s supply of dollars twice and then added another $87 billion’s worth of dollars every month to the economy for several years. This was in a futile effort to stimulate an economy that he had quite literally killed by failed economic policies. Out of fear their money could be seized at any moment, as was shown by the “secured” bondholders in the GM disaster, institutions and private investors kept their holdings in cash. This led to the Trump economy once Obama was out of office. Several years of pent-up demand and what would have been natural growth took place in just four years instead of the previous eight. You’d think they’d learn, but politics “trumps” reality every time.
I have been mining with one machine for about 2.5 years. I have had about 0.23 bitcoin. Yesterday, I sold half making $3700. I still have 0.12 figuring if it does go to the moon, I’ll still be able to make money, but if it bottoms out, I’ve already made money.
Initial investment for the miner was $970. I have no overhead as my electricity is included in my rent. Not a bad ROI.
Electronic money is only as trustworthy as the power grid.
No thanks.
Haven’t seen that kind of manipulation since Nelson Bunker Hunt cornered the silver market in the 1970’s. As most responsible investors realize Bitcoin is selling “fresh air in a can”. Even with China trying to make their crypto the reserve currency of the world so arms and drug dealers don’t have to use dollars, the scam is not going to work. There is no legitimate use case for anonymous currency transactions.
Maybe those miners should learn to code.
Bitcoin is a Ponzi scheme.
That’s the problem with bitcoin as a currency. Because of its limited supply nobody will want to use it to buy things. They would rather hoard it for appreciation.
The same thing would happen to gold if we returned to a gold standard.
I think it’s great that lots of people are making money with this but it is a ponzi scheme.
Yes lots of dollars are being printed and sent around the world. The reason for that is the dollar is the reserve currency and in order to maintain that status the dollars need to flow to other countries. We can do that in several ways. One is to send money directly overseas. Another is to have businesses and military bases set up in lots of countries to dump dollars into their economies.
I haven’t looked but is there really a correlation between the dollar and BTC? What happens if the dollar is replaced? Whats a bitcoin worth then?
IMO the only reason this is taking off is it is now easier than ever to invest on the exchange. This may very well go to 100k and i could just as easily go to 1 dollar if everyone decides to dump it.
So everybody cashes out and nobody pays in? That would be magic funding. Is the record-keeping done by Dominion?
One thing comes to mind. The South Sea Bubble. And, every bubble that has followed it.
btt
What is hodling?🙄