Posted on 05/07/2021 3:31:42 AM PDT by zeestephen
When asked about the rising value of cryptocurrencies, Bank of England Governor Andrew Bailey said: "They have no intrinsic value."
(Excerpt) Read more at cnbc.com ...
Neither does any other fiat currency.
I believe cryptocurrency are just traps to get people to give up their wealth.
The smart ones will play the game well and get out before it all disappears.
“They have no intrinsic value.”
You could say the same for ANY fiat monetary system. How much value is a Zimbabwe dollar? Any currency controlled by central banks and the printing press is only worth what people trust. The paper itself, has no real value.
FIAT money is bad, because it’s only backed by the taxing power of the state, and thus by the nation’s wealth that it represents.
Crypto is good, because it’s backed by nothing whatsoever.
How many pounds of sterling silver is the pound sterling now worth?
Put another way, crypto is fine, because - look, fiatsquirrel!
40% of all US Dollars in existence were printed in the last 12 months.
Good point.
Has been my thought that by bitcoin is predictive programming scam. Allow it to rise in value to condition the masses that digital currency is the best thing ever, so that when the Fed moves to digital is will be embraced. Bank of England is already moving toward it.
It is only a couple of buttons to press to reduce your wealth from potentially billions to nothing,so I have a hard time believing that, in a world of capital controls, that digital currency is really the wild west.
Crypto is good for paying bribes, or for buying contraband without records or taxes on the transaction, for moving money across borders without declaring it. Those are all illegal, but I can see why crypto has a value for doing those things.
It may be that those activities are a lot more prevalent than I think, or that the existence of a shadow payment system will MAKE those things more prevalent.
For example, if I were in Venezuela, and I had some money and could somehow convert that money into bitcoin or whatever, then yes, do it. Then you emigrate, move to Miami, sell the bitcoin, and voila, you didn’t have to travel with a suitcase full of dollars. That would be illegal, in Venezuela, but well worth doing.
With the expansion of the investment vehicles available, this is just \London\ trying to drive a steak in to the heart of crypto.
The world financial leaders, centered in London, are scared and need the crypto-market to tank.
Watch and be patient; buy low, sell high.
That said, I am not a fan of the crypto concept and will not “invest” in it.
Y’all can do with your finances as you see fit.
Yes, and it has the intrinsic value of whatever the next person is willing to pay for it.
All based on internet access. You cannot touch crypto currency or hold it in your safe. If a nuclear bomb hit Washington, and chaos ensued, you have nothing. If Venezuelan type inflation hits and food becomes scarce, you’re surely not going to pay your internet bill before you buy bread.
Don’t think it can’t happen here.
Lemmie understand this.
I convert my wealth to bitcoin.
When the internet is down, or the power is out, I cannot spend any bitcoin
Like any other investment, only invest what you can afford to lose. I started with $250(240 after fees) which turned into $470. I then cashed out $300 to buy tires for my tractor. That left me with $115(after fees) which is now $150
I have it all in one alt coin, Algorand. The guy behind it is an MIT professor who won the Turing Award in cryptography. Several other team members have PhDs. The business team members have won awards in their fields and have strong backgrounds. The official crypto of the Marshall Islands is using the ALGO as is Canada’s only approved crypto. ALGO has many real world use cases already. It’s not going anywhere imho.
Yes, but if you want to buy a shipment of cocaine, and not have to move a Buick full of 100 dollar bills to a deserted airstrip, it’s perfect.
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