Posted on 03/01/2021 6:38:35 AM PST by Vermont Lt
The report itself gives a good brief history on bitcoin, its utility, what makes it valuable, and it provides fact on the concerns about illegal activity and potential pit falls.
I understand there are a lot of nay sayers out there. I get that. This article is not for "you." But, the report itself provides great background and logic. If you want to learn about what this Crypto stuff is, and how it works--find the report and download it.
If anyone wants a link to download the report FrepMail me. It is one of those links where you click it and it downloads directly—not exactly something you want to just toss out there.
It is 108 pages long PDF. Great pictures (sometimes that is the key to understanding this stuff) and legit sources.
The intrinsic value of bitcoin is zero.
Same as a dollar. I’ll take all yours if you don’t need them.
Agreed....dollar on the way to being completely valueless
That’s cool. The intrinsic value of a dollar bill is whatever anyone else says it is. I think its worth the rag paper that its printed on. My bitcoin is worth $48k to someone today.
That will change tomorrow. And that’s OK.
Forget about the tulip aspect of it—I doubt I would ever be able to convince you about that. But if you ever wired money from one place to another, you know that is a tiresome, expensive process.
The Day that Yellen was yammering about Bitcoin being inefficient I transferred some to an exchange. It cost $32—about the same as a wire transfer. It took 40 minutes to complete.
I sold it, and wired the dollars to my bank account. That took two days.
THAT is the value in the network. If you are moving large sums of money from NY to Hong Kong, or Riyadh, bitcoin will get it there quickly, cheaply, and securely. And there are not four intermediaries each taking a cut nor the NSA, Mossad, and GRU peeking into the transmission.
For international/commercial trade this is a significant game changer.
Just as you would never buy a cup of coffee with an ounce of Gold, Bitcoin is not ever going to be effective in a retail setting.
And that is why Bitcoin will be going to ZERO in the next year or so. It was and is a crypto nerd's experiment. It has FATAL DESIGN FLAWS that will prevent it from being able to scale out to the size and the high transaction rates required.
Don't make me laugh. For your bitcoin there are a ton of "intermediaries" (miners) that have to play a role in verifying the transaction on the blockchain. They ALL GET A CUT for doing that.
At least my tulips are tangible.
The background and ‘logic’ of Blockchain Technology is well-known and available without Citi’s spin on it via MSN.
Central bankers such as Citi are jumping on board with it because drcentralized Blockchain models represent an existential threat to central banking.
Financial historians have followed this development since 2008. We know exactly what central bankers are doing.
You are carrying their water.
They compete for the reward. BIG difference.
Try wiring $100,000 across the globe in 40 minutes for $32.
I think all the freedom loving folks here will be ready to jump up to support state run fiat currencies.
I respectfully disagree. What are the fatal flaws? It’s been working for 9years without a hiccup. The Fed Wire has been up for what, 3 days?
They are all biting at the bit for their “stimulus” checks.
Just what you want—a government that can decide with an entry into a system, who gets to buy and sell. I think Inread about that somewhere.
And the money changers will sit at the border wiling to convert your money.
Paradigm shifts are difficult for people.
And the funniest thing is they always think in black and white; either or. Perhaps something could come along to augment a system. Something to make it better. Nope—it HAS to be the old way.
So is that of a dollar.
As they said in airplane, “N***a don’t want no help, you don’t get no help.”
As I wrote when I posted it, it is a good primer to tell you how it works. If you are interested fine. If not, that’s cool too.
Do you stand outside libraries and school and tell people not to learn there too? I believe the folks here can think for themselves.
Why would you stand in the way of that? It makes no sense.
I can't remember the last time I used cash in a Dunkin Donuts to buy a cup of coffee. I simply go to the app, order my coffee, and go inside to pick it up. Totally touchless transaction and DD has no idea how I'm actually paying for it. All they do is extract the amount required from my pre-loaded balance in the app.
> “As I wrote when I posted it, it is a good primer to tell you how it works.”
You don’t know what you’re talking about.
Been buying and selling and researching this since 2009.
I think I understand how it works. But you know better than I. Please explain what I am missing. I love to learn from such wise people.
Much like multiple government currencies, multiple cryptocurrencies will be in use, not just bitcoin.
It's not Petro-dollars vs Euros as the dominant denomination any more.
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