Posted on 05/09/2022 9:08:25 PM PDT by SeekAndFind
When Britain voted for Brexit, Macron boasted that Paris would eat the City of London’s lunch. It didn’t quite work out that way, with most league tables continuing to put London as the number one or two financial centre, with not a single EU city in the top ten. Emmanuel Macron's government has now announced that it has invited Binance, a crypto exchange site, to set up a European HQ in Paris. You have to ask: has Macron leapt on a bandwagon which has already started to lose its wheels?
The warning sign for cryptocurrencies is not so much that they have crashed – Bitcoin is down 50 per cent from its peak last November – but that they have become boring. Bitcoin has suffered many a crash before, yet bottom-feeders quickly rushed into the market and sent the price rebounding. This time around there is little sign of any enthusiastic speculation. On the contrary, a brief rally in March fizzled out as quickly as it had begun. Bitcoin now looks set to plunge below its previous peak of 31,776 reached last July.
Many thought that Bitcoin and other cryptocurrencies could turn out to be a hedge against inflation. Those hopes have been dashed. While most currencies have been devaluing against real-world assets, cryptocurrencies have been falling in value faster. As for the other long-term incentive to hold Bitcoin – that it might provide a stable wealth store from the prying eyes of government – that started to decay a while ago as governments got better at tracking down cryptocurrencies.
(Excerpt) Read more at spectator.co.uk ...
I worked with a security guard that was investing heavily in cryptocurrency.
I told him that he should be pulling his money out and put his money into commodities, just out of the chance that it could collapse. I believe that you should only be using house money when it comes to investing, or as close as you can get.
If you remove your own money, than it matters far less what happens to an investment because it isn’t you that is losing the money.
The Canadian depredations against crypto also had to hurt.
5 years ago, bitcoin was 2,000 ish. Now it is 30K. 1400% increase in 5 years.
Again? :)
They really seem to be pushing for that final Main St dump.
By all means, buy on the dip!!!!
Just find out where the bottom of that dip is.
Best of luck!
What’s the difference between crypto-currancy mania and the tulip craze in Holland?
You dare question the value of a unique very long string of ones and zeros?
YOu can enjoy looking at Tulips for a few years?
It is interesting that the currency that is not tied to a central bank is bought with money.... tied to a central bank?
You can dig for tulip bulbs, but you have to mine bitcoin.
With paper money at least when it goes to zero it still has use. Burn it to stay warm. Or use it like toilet paper.
“5 years ago, bitcoin was 2,000 ish. Now it is 30K”
So? It was 67K 6 months ago. There are thousands of stocks that went up spectacularly and then wound up being worthless. You invest looking forward. That’s why every investment tout has this warning and reminder:
“Past Performance Is No Guarantee of Future Results”
“Tulip bulbs quantities are virtually unlimited - like fiat currencies. Bitcoin is ideal money. With a fixed quantity of 21,000,000.”
You conveniently ignore the entire pool of crypto coins that have been “printed”. Anyone can now be like a central bank and print crypto money. Crypto inflation.
I have a serious question.
If Bitcoins are fixed at 21 million, What is bitcoin mining actually doing?
WOW! Is this article full of inaccuracies.
1. Crypto is not “dead”. It is volatile like any new technology or asset is. To think that it won’t have another rebound or that its adoption won’t keep growing is laughable.
2. Its way too early to claim that it is not in fact a hedge against inflation. Several cryptocurrencies can only ever have so many coins/tokens issued. Several others are deflationary already. By contrast, all fiat currencies eventually go to zero. Read that last sentence again if necessary. Governments always debauch the currency. Combine political incentive with control over the printing press and you will get massive inflation every single time.
3. Governments are getting better at tracking cryptocurrency? That’s good since it was never designed to be untraceable. Quite the opposite in fact. The Blockchain is an open ledger. Every transaction is recorded on the blockchain forever.
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