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But when we get our currency crisis (there is no way we'll be able to avoid it before Biden's first term is up), no one will be selling any silver for dollars.
I would bet all that I love and own that will not be happening.
Bitcoin is a digital token that does nothing. Not only does it do nothing, it is nothing. The price will collapse once the Greater Fool game comes to an end- not to mention the absurd amounts of energy and the highly complex networks and infrastructure it takes to mine and run Bitcoin. The world is getting ready to head off an energy cliff, which will destroy the viability of Bitcoin.
Ah, we agree on something. In fact I was just about to use the same greater fool thesis. So much of the bitcoin value/gamble is based on opposites of why and what makes the USD the most used and most reliable currency on earth.
I make of it that the USD is more powerful than silver ever was or is.
I also make of it that in your haste to blast this out at odd hours, you put billion instead of trillion.
You should be making the opposite assumption. That little silver can command that much money. But USD needs higher denomination to command lesser and lesser product/services.
Quote:
Originally Posted by ncole1
I'm glad that people who are out of work during a once-in-a-century global crisis are given priority over the option to make frivolous metal purchases on a massive scale.
Next topic...
Given priority means people's cash assets are not being devalued. They should instead get furloughs on debt they owe to banks.
Quote:
Originally Posted by Thatsright19
Prove to me why the currency being traded physically needs value itself.
Transactions only happen when seller likes the currency. Why will a seller like a currency now, if they cant use it later on?
Quote:
Originally Posted by Sunbiz1
Never said it did, anything we view as having value is considered... valuable.
Currency is merely a representation of labor, what form payments are made in is irrelevant.
200 years ago, beaver pelts were viable forms of payment for groceries; in our modern credit driven system we don't need intrinsic value.
Unless said currency becomes devalued, or there are shortages; as currency only has value during times of surplus goods. When it isn't, such as in Venezuela; we see the barter system back in play.
It does not need to represent anything if the currency can be counterfeited endlessly, or created endlessly from nothing.
But when that happens, there becomes less incentive for labor, or services, or products, or overall being useful, if the ability to counterfeit or imagine into existence becomes cornered.
I would bet all that I love and own that will not be happening.
Continually exploding debt levels and funny money creation + falling oil production- those two factors alone are enough to make a debilitating currency crisis unavoidable and inescapable.
Bitcoin is a digital token that does nothing. Not only does it do nothing, it is nothing. The price will collapse once the Greater Fool game comes to an end- not to mention the absurd amounts of energy and the highly complex networks and infrastructure it takes to mine and run Bitcoin. The world is getting ready to head off an energy cliff, which will destroy the viability of Bitcoin.
That's what I thought a year ago. And 6 months ago.
The world is upside down right now....
Bitcoin is just pure gambling. It might keep going up, it might hit 100k just like that short lived board guy said it was going to. Or, it could drop like a rock the way it did the last time it spiked up.
Either way I'm staying away from it. I'll stick with things I understand and crypto sure isn't one of them.
That's what I thought a year ago. And 6 months ago.
The world is upside down right now....
Bitcoin is just pure gambling. It might keep going up, it might hit 100k just like that short lived board guy said it was going to. Or, it could drop like a rock the way it did the last time it spiked up.
Either way I'm staying away from it. I'll stick with things I understand and crypto sure isn't one of them.
I don't doubt that BTC could hit $100K... We're living in the midst of the most insane credit bubble ever (bigger and more insane than all the previous bubbles in financial history combined). BTC has no fundamental intrinsic value whatsoever, so really, any price makes about as much sense as any other.
Continually exploding debt levels and funny money creation + falling oil production- those two factors alone are enough to make a debilitating currency crisis unavoidable and inescapable.
Yeah you're right- maybe monetary recklessness, exploding debts, falling energy production, and falling productivity in the real economy, can somehow all work out just this one time. Have we done it, have we discovered the secret to the "free lunch?!" Maybe next, we'll go on to invent the perpetual motion machine, and discover bottomless pits of cheaply and easily obtainable oil!
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