Posted on 03/01/2021 6:38:35 AM PST by Vermont Lt
Bitcoin, that inexplicable cryptocurrency with mysterious origins, is gaining acceptance in Wall Street even as many other financial institutions remain skeptical.
Companies such as PayPal Holdings, Inc., Visa Inc. and MasterCard Inc. are now accepting the virtual currency, while Tesla Inc. is keeping some of its corporate treasuries in bitcoin. More than 12,000 bitcoins ATMs have popped up over the past year, while Toronto-based Purpose Investment launched the world’s first bitcoin ETF last month.....
(Excerpt) Read more at msn.com ...
I forgot I was on the internet. For every generalization, there is an exception. Lol.
I agree with you. I have a dunkin app as well. I hate Starbucks.
Honestly, every week I take $100 in cash out for incidentals. At the end of the week what’s left goes into my “secret cash fund” that I use for Christmas gifts for my grandkids.
For the past year I don’t think I’ve put less than $80 at the end of the week.
No one uses cash any more.
I guess Inshould have written that using Bitcoin specifically for retail transactions is slow and expensive. It would be like using a gold eagle. The cashier wouldn’t know what to do with it.
For something like buying a car or a home, or a capital expense that does not require immediacy it is much cheaper than wiring money.
This is why I hate discussing this stuff with end-users.
"The web site has been working for 9 years".
"Yes, but at low volume. Wait till 50 million users try to hit it daily."
"Why does that matter, it is working? "
"Ugg... Eye roll..."
"This mass transit bus has been running reliably for 9 years".
"Yes, but it only transports 40 people, not the 10,000 needed for city wide deployment."
"Why does that matter, it is running? "
"Ugg... Eye roll..."
I know the mentality. Many people criticize what they do not understand. There's some older people in my family who utterly refuse to adopt modern technologies because they confuse and bewilder them. I still can't get my 85-year-old mother to work even the basic functions of a dumbed down computer. Not because she's stupid but because she refuses to learn something new.
Now you are playing the Bill Clinton "It depends what is means" game. You can call it a fee, a reward, a cut, whatever, but NO PAY, NO PLAY.
The base-layer Bitcoin network is for vault transfers. The second-layer Lightning network will serve as a payment mechanism.
The Lightning network is designed to be 100% backed BTC actually extant on the Bitcoin network because any BTC deposited on the second-layer cannot be transacted on the base-layer. Unlike fiat money, it does not counterfeit its underlying hard money.
Thus, one’s first-layer BTC wallet is analogous to a bank vault where one would store one’s fortune. The Lightning wallet is analogous to a coin purse that in earlier days would contain a few precious metal coins for spending money.
BTC has no analogue with fiat currency because it is inherently rare whereas fiat currency can be created without limit. Even though it is still accepted in exchange for various goods and services, fiat currency is rapidly depreciating against Bitcoin. Fiat currency always returns to its intrinsic value because governments cannot resist the demands to print more of it.
Occasionally I'll use some of that money to get something for her so I'm not all bad!
Some people just love their Federal Reserve and believe in the inherent beneficence and wisdom of its chairman and governors ... even when they create “money for nothing and government checks for free” and intentionally inflate its value into oblivion.
Some people just love their Federal Reserve and believe in the inherent beneficence and wisdom of its chairman and governors ... even when they create “money for nothing and government checks for free” and intentionally inflate its value into oblivion.
The move to cryptocurrency is a paradigm shift. Not everyone will be able to change their thinking on this.
Very informative article that shows how cryptocurrency is immune to hackers, investors and most importantly, governments.
https://freerepublic.com/focus/f-chat/3937207/posts
Bitcoin cannot go to “ZERO”.
I've been following bitcoins threads for some time. I appreciate what Vermont Lt has to say. For someone who doesn't know what he's talking about, he sure has taken a lot of ignorance to the bank, so to speak.
Lt would you care to share how much your ignorance has netted you?
The Tulip Mentality.
Almost every bitcoin thread will invariably have someone post about tulips.
Whatever.
Someday I might decide to find out if the 1000 bitcoins I bought back in 2010, then forgot all about, are worth anything or if as some here say they are worth zero.
And this is why bitcoin will persevere - no one is going to relish the opportunity to pay bank fees, embrace Orwellian surveillance, and tolerate government manipulations (inflation). Bitcoin cannot be manipulated by governments or banks - too bad for them. So many so confused about the nature of bitcoin.
Just like GME, a huge pump and dump being setup. So many bitcoin fanboys so clueless and confused about what goes on in the real world.
What governments can do is to forbid the conversion of bitcoin “bit’s” to currency value in order to pay for good and services. They can order it delisted from the markets and they can forbid the use of electronic funds transfers to “buy into” bit coin.
People would find out real quick that they’ve thrown their money into a swirling black hole.Governments might not be able to manipulate bitcoin directly but they can make the use of their national currency illegal for use for buying into bitcoin or converting bitcoin digital share values into recognizable currencies for goods and services purchases. There are many ways bitcoin can be strangled.
"no one is going to relish the opportunity to pay bank fees, .embrace Orwellian surveillance, "
That is hysterical. Central banks and governments are giddy with fully traceable tech like bitcoin. Orwell on super steroids.
Read this if you want to get a feel for what is in the works.
President’s Working Group on Financial Markets Statement on Key Regulatory and Supervisory Issues Relevant to Certain Stable coins.
https://home.treasury.gov/system/files/136/PWG-Stablecoin-Statement-12-23-2020-CLEAN.pdf
HOLD ON A MINUTE PLEASE.
So i have been listening to the book by Scott Nations titled A History of the United States in Five Crashes.
One of the more memorable things he has said is that a free stock market crash was precipitated by some new financial instrument. Examples which I can remember were portfolio insurance, mortgage-backed securities, investment trusts (in the 1920s).
My point is that no matter how genius someone is in terms of inventing new financial products/instruments there is no perpetual motion machine.
AND ... what might happen when all these large corporations have bslance sheets carrying billions of dollars of Bitcoin and crypto?
Is crypto going to be the new financial instrument that hollows out the financial system in the next crash? Or the one after that.
I can’t eat gold.
I can’t eat crypto.
I can’t even use crypto all by itself. What do you need to use crypto? A few pieces of technology I guess...
Also, IRS is ramping up reporting requirements for crypto. I know some if you are scofflaws, but do you remember ... back in the 1980s and 90s how people would gave offshore accounts that they could access via debit (or credit?) cards?
Did the IRS get the customer information from those banks ...?
“This is different.”, some may say. My advice would that you be circumspect. Don’t be smug.
Just as every cruise ship thread will have a comment about a petri dish. And just as every thread about smartphones will invariably have somebody comment that their "good old flip phone" is all anybody ever needs.
Freepers are as predictable as the sun rising each morning.
And then there are the dope threads.
lol
But I only post on them when I feel the need to be snarky and amusing.
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