Posted on 01/03/2021 3:48:21 PM PST by Presbyterian Reporter
In relatively heavy trading on Saturday and today, Bitcoin prices soared higher.
Friday closing price = 29,432
Saturday closing price = 32,615
Sunday current price = 33,411
Bitcoin reached a high of 34,800 today.
Show the charts when Silver went from $45 to $12 in just a few of years, from 2010 to 2014.
And when an alternative digital currencies come in use, Bitcoins will go the way of the DoDo bird and no one will care how many there are, or how hard it is to mine them.
“So, can I buy a 21 Ford Mustang for a single bitcoin?”
Wait another month.
Or another example of the STUPID of using some wildly fluctuating NON-CURRENCY like Bitcoin is ordering something on-line. Most retailers charge when the item actually ships.
So you order a new large screen TV for .1 Bitcoin ($3000 worth), but it is on back order so doesn’t ship for 2 weeks. In that two weeks Bitcoin went up by 20%, so now instead of getting a good price you are way, way overpaying, when your credit card is charged the .1 Bitcoin.
WHAT SERIOUS BUSINESS IN THEIR RIGHT MIND WOULD TRANSACT A DEAL IN BITCOIN, when they have no idea what the value of it will be in a week or two or in a month? They ones that take it now only do so to be cool, hip, and eat the wild swings in value.
Your local grocery stores have very tight net profit margins, typically 2%. HOW DOES THAT WORK, BUYING grocery items for X and then only being able to sell them for 20% less a couple of weeks later because the “so called currency” dropped 10 or 20% during that time? IT DOESN’T! Bitcoin IS A JOKE in real-world transactions, it’s a TOY, a NOVELTY.
Revelation 13:17 “And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”
It probably won’t be Bitcoin, but under the Anti-Christ you can bet your soul that Christians will be using some underground illegal-on-pain-of-death cryptocurrency to get by. God provides.
Don’t be so sure about Paypal and Home Depot.
I tried buying a forced air heat pump at Home Depot using PayPal. Not only was it canceled, it was cancelled with a delay that lost me the opportunity to buy at the limited time offer.
Nope.
I think people misunderstand how most of this works.
Nothing is going to replace the fiat currency of any country. There have been “money changers” since the dawn of time.
You would not use gold or silver to buy groceries—you would convert to dollars, pesos, pounds, euros, yuan...or whatever is local to you.
You do not use stocks or bonds to “buy goods”; again—you convert to local fiat.
The same is true with bitcoin. The use of it as a major means of value transfer is as the intermediary—not the “final step”. It will be used to move value from one country to another—without the need for banks to be involved (taking a slice every step of the way.)
Average people will NEVER need to own a single bitcoin. The price will be too high. But it is divisible to at least 6 places to the right of the decimal point. That will be accessible to even the poorest people.
Bitcoin was also developed to bring banking and money transfers to the “un-banked.” While many traditional thinkers automatically think, “Money laundering” it really means poor people in places where they cannot afford to have a checking or savings account. Since its an international currency..instead of thinking “how would I use this in Ohio...think, “How would this be used in the slums of Calcutta or in a small village outside Mogadishu.”
Those people ALREADY use high fee micro-banking. This is a natural progression.
You get charged exchange fees when using digital currencies. So how are those any different than the nominal fee (if any) for using a checking account?
“everyone who does will be financially ruined.”
Now that is a dumb statement. I bought 3 Bitcoin at $1,000 each many years ago, an insignificant part of our portfolio.
It all depends on how much of your portfolio you put in BC. A little is wise. A lot is foolish. You left that out of your diatribe.......
Most people use plastic these days. Credit companies charge upwards of 26% interest as well as transaction fees. Then there are the Payday loan sharks in every town and city. What they charge should be illegal. So, I don't know why anyone would get their panties in a wad over crypto exchange fees rates that are 0.5% or less in most cases. Yes, there a re kiosks that will rob you on transaction fees, but there are plenty of alternative. Coinbase for instance, one of the larges exchanges, doesn't charge any fees if you transaction with another member - and the it's instant.
Sumpin else, if everyone would suddenly switch to using checks, or cash, it would collapse the economy. Credit card companies create more than a trillion dollars in fiat out of "thin air" just by how they operate.
Yes, and he provides the means to become as self-sufficient as possible with today's technology. Just the same, folks need a fall back tech like a year supply of food, clothing, etc. You need to be able to go inside your home, shut the door and stay inside until the Almighty's fury is spent (See Isaiah 26:20).
Ezekiel 7:19 (NCV) The people will throw their silver into the streets, and their gold will be like trash. Their silver and gold will not save them from the Lord's anger. It will not satisfy their hunger or fill their stomachs, because it caused them to fall into sin.
Truly, some people these days love money more than their own life. Instead of using money for its purpose, to enrich their life and the lives of others, they worship it and hoard it like it will save them someday while it's steadily losing value. Those long hours and time spent away from their loved ones earning it, can never be replaced. Then their are others on the opposite end, fools, who waste both their money and their life for things/experiences/entertainment that will never bring them lasting happiness with.
People need to study ecclesiastics, written by the Einstein of philosophy; Solomon, as a guide to happiness and perspective on living life.
/rant...
Wrong! The central bank would just adjust the amount of currency in circulation for what is needed. That's how it has always worked.
And as far fees, my response was to someone that was making a claim that poor people who could not afford a checking account could use digital currencies. In your example of 0.5% fees, $1000 in monthly bill payments would equal $5, about the same as for a basic, no frills checking, so NO REAL ADVANTAGE.
Bringing in payday loans is absurd.
Wrong! The central bank would just adjust the amount of currency in circulation for what is needed. That's how it has always worked.
No, you're wrong. Our fiat system is based upon debt. Debt drives its creation.
https://www.youtube.com/results?search_query=how+money+is+created
As the total credit card debt continues to rise in America, it’s important to note the causes. Fifteen percent of American families are living beyond their means and are spending more than they receive on a monthly basis. Of these families, 43 percent are turning to credit cards and revolving consumer credit borrowing to finance their expenses. As credit cards have a high annual percentage rate, this means many Americans are seeing their debts compound and grow at a staggering rate.
https://www.lexingtonlaw.com/blog/credit-cards/average-credit-card-debt-statistics.html
Your statement that without their use, the system would collapse is just just flat out ignorance. If people did not use credit cards, the FED has MANY, MANY ways add that amount of CC float back into the monetary base.
Yeah, like SDOs, or like the near banking collapse when everyone pulled out their CDs? Your bankers have kept things going far longer than many anticipated, but it hasn't been a walk in the park.
During the Great Depression (caused by your bankers, btw), we were more an agrarian independent society, today, our society is so specialized that our current fiat money system, in the hands of a few, is an existential threat to the entire world.
Hold for $270,000 2021 projections or 170,000. I have seen both figures as target valuations.
I mine Eth. In 2017 I cashed out my Roth IRA and built 4 mining rigs. I have one rig with MSI ARMOR RX580 Video cards. I have 22 Zotac 1070ti cards. I am building a 19 card Zotec P106-90 3GB rig this week.
I will mine a “bit” over 2 ETH a month. I have free elec in my Arlington VA apartment. Once I get my 3d rig in the apartment I will essentially live rent free.
I have spent too much to quit now. It has been a hobby but I have record’s if I’m taxed.
You can transfer untraceable coins via email on coinbase.com and they aree a banking partner with USAA.
I guess it helps to have “free” electricity.
assuming 4000 watts for just your 22 1070ti cards, that means you are spending someones $319 in electricity per month just for those. I don’t know how many other cards you have, but I bet 19 more cards will be more power demand than your apartment circuits can handle..
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