Posted on 12/31/2022 6:28:59 AM PST by catnipman
The only folks getting rich in the Bit-coin world nowadays are those who sold thousands of shares of stock in those companies a few months ago and are now buying back those shares a less than 1% of the original price.
“It pales in comparison to the reported 10 trillion lost in stocks & bonds.”
total “value” of all crypto was about $800 billion worldwide at the end of 2022 having lost 76% of their value in 2022 ...
total value of worldwide investment in stocks and bonds was $244 trillion USD ... if your loss of 10 trillion is correct, then loss in stocks and bonds was 4% (the loss was actually higher) ...
some percentage comparison losses & gains 2022:
crypto:
Terra: -100%
Solana: -93%
AMP: -93%
Cardano: -80%
Ether: -67%
Bitcoin: -63%
Dogecoin: -55%
stocks and USD:
US Dollar: ~ -10%
DOW: -8.5%
S&P: -19
NASDAQ: -33
OIL ETFs:
BNO: +60%
USO: +50%
Commodity ETFs:
BCI: +13%
PDBC +17%
DBC: +17%
What would you rather have had in YOUR wallet?
“I’m not boosting cryptocurrency in the least,because it’s just another form of fiat money.”
except that it’s not a good store of value, it’s not a unit of account and it’s not a medium of exchange for essential goods and services, the three hallmarks of a functional currency ... other than that, crypto is great!
And if the crypto is anonymous, decentralized, and unackable how are governments able to seize crypto “assets?”
“Currencies all over the world are constantly changing in value relative to other currencies!”
indeed they are!
here’s a few example of crypto “changing” value against USD:
Terra: -100%
Solana: -93%
AMP: -93%
Cardano: -80%
Ether: -67%
Bitcoin: -63%
Dogecoin: -55%
USD itself has lost about 10% buying power under Democrat hard leftist governance ...
You should do some reading. Many nations have recently declared Bitcoin to be legal tender, and retail adoption is quickly gaining traction in many places. On thte Isle of Man, I can pay with Bitcoin at my favourite pub (and quite a few other retailers). Lugano has something like 60 shops which accept BTC.
Give me all your old money and I will give you these digital packets. Trust me. The you can put them on exchanges and exchange them for other digital packets. Trust them because they are taking old worthless money and making even more new better moneys. Sure you can’t buy groceries, pay your rent, or you taxes with this new money but looks, it’s better than old money. All you have to do is find someone with old money and sell it for more than you bought the new money for. Make sense?
And if you had gotten in on the ground level with bitcoin, 75 cents could have indeed made you a billionaire. The inventor was trading thousands of bitcoins for pizzas to feed himself during college. If you had cashed out when one “coin” hit $65,000 you would have been quite wealthy.
“However, I do find it strange that so many people against it seem to put absolute faith in US fiat dollars that are being greatly devalued right in front of them.”
basically it’s because there’s nothing better ... the USD still functions as the world’s reserve currency for that reason ...
here’s some comparisons of “currencies” against the dollar in 2022:
Terra: -100%
Solana: -93%
AMP: -93%
Cardano: -80%
Ether: -67%
Bitcoin: -63%
Dogecoin: -55%
stocks and USD:
US Dollar: ~ -10%
What would YOU rather have in your wallet?
Meanwhile, gold is stable at $1800 an ounce and your reviled green Federale reserve notes you stuffed into your mattress are still good. Though losing 8% a year from inflation.
“On the plus side the prices on high end graphics cards are going to become very affordable.”
best to stick with new ones though ... i’ve read that mining outfits practically burn theirs up by turning up the clock rate as much as possible ... they don’t care if they ruin them because they have to always keep buying the next gen, which produce higher hash rates per amp consumed ...
“I have never heard of a country called Bit that has adopted Bitcoin as its currency.”
actually, two third world shiteholes have “officially” adopted bitcoin as their “currency”: El Salvador and the Central African Republic ...
no one actually accepts bitcoin in El Salvador except a couple of Popsicle stands, and the government lost its shirt when they bought bitcoin at its top (they’re now losing more shirts by buying additional bitcoin to “dollar cost average”)
Central African Republic is an even BIGGER joke since less than 10% of the population even has electricity ...
So those places you describe probably operate just like regions along the USA-Canada border that accepts both currencies and do conversions on the spot based on the currency trading values for the day.
“And if the crypto is anonymous, decentralized, and untrackable how are governments able to seize crypto “assets?””
exactly ... (cue Nelson Muntz going “HaHa!”) ...
“Many”?
actually, only two third world shiteholes have adopted bitcoin as their official national “currency”: El Salvador and the Central African Republic ...
no one actually accepts bitcoin in El Salvador except a couple of Popsicle stands, and the government lost its shirt when it bought bitcoin at its top (they’re now losing more shirts by buying additional bitcoin to “dollar cost average”)
Central African Republic is an even BIGGER joke since less than 10% of the population even has electricity ...
You are 100% incorrect. Please see the list of countries which have adopted BTC as native currency, and the residents are using Bitcoin over LN for retail transactions. I have a Lightning wallet on my phone and use it for retail transactions…no different buying a pint with BTC than tapping a credit card.
Nor was I talking about the percentage.
I was speaking purely in dollar amount.
While I would have liked to invest in gold, I decided I might get more bang for the buck investing in silver. 🙂
Actually, Fiji announced this week that they intend to make it legal tender. Also, on December 22, Brazil officially legalised payment in BTC in a new crypto regulatory framework. Retail adoption of BTC in Africa is rapidly growing, and South Africa’s largest retailer recently started accepting BTC payment. Ditto for McDonald’s in Switzerland in a trial run for potential worldwide rollout. If you’re sitting at home in Kansas, then you’ll be challenged to find such a retailer; however, if you’re in the UK, EU, S.E. Asia, or Africa, you’ll see the stickers all over the place.
https://www.banklesstimes.com/cryptocurrency/top-countries-leading-in-cryptocurrency-adoption/
Scroll down the article and see the chart of the top ten nations for crypto adoption.
Yes, you should use a little caution on the used market. The mining drove up the prices on all the cards whether they were used for mining or not. If you are careful you can get a deal now not all were over clocked in fact l’d say most weren’t.
Yes, people have bought cars, hoses and many other items, including gold, with cryptocurrency. So, perhaps I am misunderstanding what you are saying?
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