Posted on 08/17/2024 10:25:33 AM PDT by ganeemead
I stand corrected.
I don’t know jack about Bitcoin but I have been able to take advantage of it by swing trading options in MSTR. If you dont like options the stock is now affordable since it split. They have added a liquid ETF called MSTX. It comes with a warning sign on Schwab not meant for overnight holding.
There are other things you can traded related to Bitcoin but MSTR has been working well for me.
“they” don’t limit anything.
learn economics idjt
Catch up, pal. The federal government has been strangling our energy sources via regulation.
Jeesh!
no Schiff Sherlock, but “they” bitcoin miners have not .
Sheesh !
You’re wrong and silly, but I won’t argue it with you. The great thing about cryptocurrency is that literally anyone can make up their own, even with the most minimal technical skills. That’s why there are tens of thousands of them. So since you are so smart, just create your new great coin fixing such supposed deficiencies and the world will come rushing to support it.
And yet, it is, as the Chinese preferred way of off-shoring.
"Today, hardly anyone uses bitcoins to buy stuff."
No, just no, like hell no. Ransomware demands, stolen database transfers, PLA drug manufacturers, arms, yachts, cars, people, that list is endless.
You know perfectly well that the first time you ever experience a brownout due to those wankers doing their coin mining thing you'll be squealing just like a little pig...
“...Bitcoin mining involves using computer technology to solve different mathematical problems. ,,”
Are these useful problems which needed to be solved, or just some busy work like spinning a Tibetan prayer wheel?
“”No, just no, like hell no. Ransomware demands, stolen database transfers, PLA drug manufacturers, arms, yachts, cars, people, that list is endless.”
Compared to how many people use dollars, that list is infinitesimal.
Normal humans don’t use bitcoin to buy stuff. Not only that but one of the original selling points of Bitcoin was that the transaction would be settled in seconds and would be free. Well it’s not free and it can take hours and even a day to get the transaction processed. With Zelle I can truly get the transaction in seconds and for free.
So yes, the users of bitcoins are the ones avoiding the revenuer or the sheriff... and the collectors.
My bank also offers Zelle for free (in the USA), but I have never needed to use it.
Zelle is owned by seven major USA Banks.
More than 80% of USA bank accounts can connect to Zelle.
The problem with Bitcoin is that no one knows how many are still active and have not been lost.
If you do not know the number of Bitcoins in circulation, how can you ever create a stable value?
I am also thinking that quantum computers will be able to test millions of Bitcoin passwords per minute and locate all the dormant accounts, thus destroying the current price.
You're making a fallacy sui generis.
$USD in circ is $2.4T.
The market cap on BTC, as measured in $USD, is almost exactly half that amount.
BTC is not a preferred currency in the US because we are the home of the Dollar.
But an 6-bedroom apartment in Beijing's CBD? Or a 7-bedroom mansion in HK's Mt. Nicholson? Or an iron-front faced heritage house in Singapore's Emerald Hill? Bought with BTC, or BTC converted into anything but $USD.
“You’re making a fallacy sui generis.”
And your fallacy is using exceptions as the rule
$2.4T is the currency in circulation. Most of the transactions are no longer done with cash but with credit and debit cards and they’re about $100 trillion a year.
Transaction done with Bitcoins to actually buy stuff is a tiny , tiny fraction of that, and yes most of it is done in countries where their currency is not trusted or to avoid the law, but even that is a tiny amount.
Most of the activity with Bitcoins is speculative - buying and selling it for currencies to profit from its movement.
By the way, I’m not at all against Bitcoin, in fact I own some miners, but I very much question that it will ever become a true currency used for everyday commerce. The main reason is its finite amount. Because of that it tends to be deflationary, hence people are more likely to hoard it than to spend it.
If the total amount were allowed to increase by 3-4% a year, as Milton Friedman proposed, then it would have a greater chance of being more widely used.
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