If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Posted on 10/20/2021 7:04:54 PM PDT by aMorePerfectUnion
At the time of writing, Bitcoin has surpassed the Swiss Franc (CHF) in market capitalization as the world’s thirteenth largest currency, according to data from Fiatmarketcap.com. There are only 12 world currencies left for Bitcoin to overcome.
Fiatmarketcap.com takes a Bitcoin standard approach to analyze currencies. It measures the world’s biggest currencies in terms of market capitalization as priced in BTC, the best form of money ever created but still lagging in perception.
The website also uses BTC as a measuring stick for countries’ gross domestic product (GDP), which puts Bitcoin at eighteenth place.
As the world starts recognizing the superiority of BTC in nearly all aspects of a good money, namely durability, portability, verifiability, divisibility, and scarcity. As time progresses and bitcoin adoption increases, it is set to have a more well-established history of success, which confers upon it a greater appeal for usage.
By thinking in bitcoin terms right away, people can realign the incentives governing their economic decisions. As monetary supply increases indefinitely, inflation follows suit and so do prices, leading to a distorted view of the economic reality based on the feedback given by free market prices.
A Bitcoin standard has the potential to restore the confidence of market participants in the overall prices being used in the economy. Since one BTC cannot be debased through loose monetary policies governed by corruptible human beings, its assurances of retaining purchasing power allow for a realignment of economic incentives.
In the fiat system based on debt, people are discouraged from saving and encouraged to take on debt, never deferring the option to spend now for later. In a Bitcoin economy, people would not be rushed to spend their money since they would have the assurance that their purchasing power would be preserved over the long term.
If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
PING!
It was a very busy day for BTC.
The new BTC Futures ETF gathered more than $1 billion in 2 days, a new ETF record.
Well at leash you can hold and see a tulip ...
You can hold and see pieces of paper with numbers too.
Does this mean it’s now a legit enough currency for those unstable guvmints like Venezuela to attach their currencies to?
I think if I were in their shoes I’d rather attach it to BTC than the petrodollar or the US dollar.
That comment is stupid, I’ll informed, and at this stage…just ridiculous. It indicates ignorance of the tulip mania and ignorance of Bitcoin.
“Does this mean it’s now a legit enough currency for those unstable guvmints like Venezuela to attach their currencies to?”
Countries that rely on inflating money endlessly are probably not going to tie their currency to a deflationary asset.
Bitcoin is a deflationary asset?
The ascendancy of Bitcoin = the decline of fiat. As more millions realize that networked money is the future in the Age of Networks, the death of fiat will be greatly accelerated. The birth of the Internet a quarter century ago was the dawn of the Age of Networks, but the full appreciation and application of the Network Effect is still unfolding.
We don’t know what a society based 100% on hard money will be like in every detail, but we sure as heck know the many miseries and corruptions which flow from fiat, the greatest moral hazard ever invented.
The big changeover will not be a linear and predictable process, these things never are. There will be a certain dollar exchange rate which tips us into the Big Panic. It may be $100K. Others might guess it will be higher, but there is no doubt that at a certain price it will become clear to virtually everyone that there is no monetary future except BTC, and everyone will want as many SATs as they can get for whatever fiat they might still have. The Big Panic will be the realization that possibly by the end of the day, all the fiat in the world won’t buy a single BTC.
I hope to live long enough to see the day when BTC is the base layer and its “price” is not a relevant subject, anymore than we discuss the “price” of dollars. We won’t be talking in the terms of the “price” of BTC, but only in terms of what everything else costs in BTC.
apparently not everyone can do that :(
as a matter of fact, yes.
a limited amount can be minted/newly circulated each day, and an absolutely limited amount can ever be minted/circulated. That number is 21 million. The process for minting new bitcoin is called mining.
So it’s absolutely scarce.
It is also deflationary in that many of the original/early bitcoin were simply lost (lost passwords and all that), and as new bitcoin is minted, they are gobbled up by millions of people (I”m one of them...) who will never sell them. We simply horde and so in effect, the actual supply in circulation available to sell/buy is deflationary, more or less so on any given day.
Another cryptocurrency, Ethereum, is even more deflationary because an amount is “burned” (just taken out of circulation every day) daily.
The full effect of having cryptocurrencies/stores of value which are not inflationary has not yet been even remotely realized. But I’m betting the effect will be positive for the holders of these two assets.
Orlin J Grabbe is smiling in his grave but alas, the Rand is no more
eTulips
So the definition you’re applying is to the availability of money, not to its value. In the dollar’s case, with $Trillions getting printed, it is very available but its value is deflating. In bitcoin’s case, the availability is reducing but its value is very volatile but increasing year on year for the short time it’s been around.
When I find a $million and put it in a mattress for 3 months, it’ll be worth about a $million. When I find a $million worth of bitcoin and horde it for 3 months, it might be worth $700k in dollars or $1.3M in dollars. If I mattress the Venezuelan currency, it might be worth $200k in dollars after 3 months, so it could be worthwhile to tie its value to an external currency that isn’t politically at odds with one’s country.
“Bitcoin is a deflationary asset?”
Yes. The supply is hard capped. And, there is regular leakage of BTC out of the supply when wallets are lost, credentials are lost, or BTC is sent to an incorrect address.
Once the cap is reached, the leakage will continue.
Therefore, the supply of BTC will go down inevitably over time.
Lol ok
The supply of houses in the SF Bay Area is hard capped. When you buy one, 20 years later ya still got mostly the same house. It appreciates in VALUE, not in size nor area nor capability for the most part.
In Venezuela, people break off flakes of gold to pay for meals and haircuts
https://freerepublic.com/focus/f-chat/4005862/posts
“The supply of houses in the SF Bay Area is hard capped. When you buy one, 20 years later ya still got mostly the same house. It appreciates in VALUE, not in size nor area nor capability for the most part.”
Yes. The value of the dollar continuously falls as the supply grows by trillions a year. It is inflationary.
The value of SF houses and BTC rise against the dollar because they are fixed or falling supply.
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