Anybody who bought Bitcoin during the past year hasn't made a nickel from it, in fact it looks like they all lost a fair amount of money.
Posted on 06/28/2026 8:39:06 AM PDT by zeestephen
"People don't use it to make serious trades, they don't use it to buy their dinner and pay at the supermarket...What it does is allows crooks to move money around..."
(Excerpt) Read more at cnbc.com ...
Funky how similar his last name is
Anybody who bought Bitcoin during the past year hasn't made a nickel from it, in fact it looks like they all lost a fair amount of money.
Bit coin has not been in the news for quite awhile ............
key takeaway on bitcoin: Bitcoin’s annualized volatility generally hovers between 30% and 50%, roughly 3 to 4 times higher than that of gold or the S&P 500 ...
thus, bitcoin is also completely useless as a store of value; bitcoin is useful ONLY for rank speculation and illegal financial transactions ... period ....
You may not want all your money in bitcoin, but you should have some. It can’t be frozen due to a lawsuit, or as happened to some people whose accounts were closed when they came out against Covid vaccines as an example, or like the truckers in Canada. You can cross borders with it without being subject to any $10,000 limitation. You aren’t going to spend it for groceries but you can convert to cash for your on-going needs wherever you are.
With all due respect, in order for the less valuable currency drive out the more valuable currency, the more valuable currency must have been in general circulation first, which Bitcoin never was. Any place that accepted Bitcoin, quickly converted it into dollars, which is odd.
If people are holding onto the more valuable currency, as you state, why are so many more people trading Bitcoin for fiat dollars as the price plummets from $120,000 to $60,000 in the past nine months? Wouldn't that be that last thing that would be happening if Bitcoin is the store of value you claim it is.
When the United States stopped issuing silver coinage in 1965, the silver quarters and dimes quickly disappeared from circulation. Now, people did and still do trade these silver coins for current dollars, but they always do so at a significant premium, not at a discount. I have no problem with people buying bitcoin, if that is what you want to do with your money. But don't be fooled into thinking that you are doing anything but engaging in currency speculation.
They created currency based on the premise that scarcity alone creates value.
What could possibly go wrong?
I always think of the saying “Absence makes the heart grow fonder”.
But that would only be true if there was some fondness to begin with, right?
Crooks already know how to move money around Day Care centers ect....
I wish I bought worthless bit coin 15 years ago.
I remember all the hip about every ‘coin’ a while ago and someone told me I ‘need to buy now.’ By the time I figured out how to even buy e coins the price dropped from about $1 to .002 cents. Now that institutional investment groups are buying and manipulating the market the little guys don’t have a chance.
Think of how much wealth will be lost if bitcoin fades away. Unreal.
The US $ will be fine as long as we have a capable navy…….and a President that is happy to use it. Currency destabilization is how wars start.
If fiat is so worthless why not give all yours to FR for the freepathon?
Obviously because it isn’t worthless at all.
That’s why we just stack and hold PM.
Obviously, the US dollar is accepted everywhere in America, and is commonly accepted elsewhere. In other countries it can easily be converted to local currency.
Bitcoin and crypto currency don't have that sort of acceptance, so it's use will be limited.
Modern currency has value to the extent that the government that backs it is able and willing to repay its debts.
Distributed ledger technology is genius. It facilitate low-friction exchange. And Bitcoin has scarcity. But, at the end of the day, money only has value to the extent of its backers’ wealth.
Unfortunately, governments around the world are rushing to implement cryptocurrencies that are government-backed AND allow the government to monitor every transaction. No privacy.
Crypto epitomizes the the dual-use dilemma that cynically can be expressed as the idea that for any technology or innovation there are people who will find a way to use it for something evil.
Bitcoin has been in circulation since 2009. Do you think fewer people hold it today than then? Or do you think the number of people saving it has grown?
Gresham's Law doesn't require either currency to be 'first'. It's simply the observation that people will more readily dispose in trade of the soft currency that depreciates, and they will save in the hard currency that doesn't.
If people are holding onto the more valuable currency, as you state, why are so many more people trading Bitcoin for fiat dollars as the price plummets from $120,000 to $60,000 in the past nine months? Wouldn't that be that last thing that would be happening if Bitcoin is the store of value you claim it is.
When the United States stopped issuing silver coinage in 1965, the silver quarters and dimes quickly disappeared from circulation. Now, people did and still do trade these silver coins for current dollars, but they always do so at a significant premium, not at a discount.
How do you know the people selling their bitcoin aren't doing so at a significant premium?
Silver was over $121/oz back in January. Today an oz is $58. Which is the discount from the ~$15/oz price silver in 2009 when bitcoin was invented?
I have no problem with people buying bitcoin, if that is what you want to do with your money. But don't be fooled into thinking that you are doing anything but engaging in currency speculation.
I concur it is a currency speculation. It's speculating that the U.S. government will continue to debase the U.S. dollar. I think that's the safest speculation on the planet.
To fund present consumption.
You ultimately save to fund future consumption. At some point the future arrives and you want to eat, so you trade your savings for production to eat.
Do you want the purchasing power of your savings to dwindle while the future arrives?
If you saved $100 in 2009, it would take over $154 to purchase the same goods in 2026. That's according to the Federal Reserve's own calculator here.
thus, bitcoin is also completely useless as a store of value; bitcoin is useful ONLY for rank speculation and illegal financial transactions ... period ....
If you're providing savings advice to fruit flies, a one year window is probably excessive. If you're a human saving for your future where the government deficit spends year after year I'd suggest a longer time horizon for savings. The 2024 introduction on Wall Street and resulting passive flows are going to further reduce volatility over time as adoption increases.
To: delta7
The eight bullion banks and finance houses that are shorting silver like there’s no tomorrow will go bankrupt if they don’t get out of their shorts and let true price discovery happen.
2 posted on 1/29/2026, 9:51:07 AM by Tom Tetroxide
True price discovery is trying to happen, but the bullion banks and finance houses are doing their best to prevent it. Eventually that boiling pot is going to explode in their faces.
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