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Old 09-04-2021, 02:30 PM
 
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Quote:
Originally Posted by hilgi View Post
The same as debit and credit cards
One thing to keep in mind is that Bitcoin lacks utility as cash on hand. So electricity or not they need to have sovereign currency on hand like anyone else. Obviously one of its weaknesses.
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Old 09-04-2021, 02:54 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,212,194 times
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Quote:
Originally Posted by Hoonose View Post
One thing to keep in mind is that Bitcoin lacks utility as cash on hand. So electricity or not they need to have sovereign currency on hand like anyone else. Obviously one of its weaknesses.
So we should only deal in paper cash?
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Old 09-04-2021, 02:58 PM
 
18,802 posts, read 8,469,715 times
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Quote:
Originally Posted by hilgi View Post
So we should only deal in paper cash?
Absolutely not. One of the comparative strengths of sovereign fiat is its multiple forms.
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Old 09-04-2021, 03:08 PM
 
4,945 posts, read 3,053,228 times
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Quote:
Originally Posted by mojo101 View Post
who said 11% on silver?
Silver has always been a big disappointment to investors.
As for cryto,never understand it,although I have tried.
A random 1,500 person survey when I googled the search terms.
Silver has been easily manipulated, 2 Merrill Lynch employees plead guilty recently for placing spoof orders.
Gold is too big for that sort of cancel order nonsense, yet every ounce mined from the beginning of human history would fit into 1 Olympic sized pool.

Crypto is much more than speculative investing, at least in potential. It has the ability to create economies independent of government regulation, while gold has and can be taken away.
I've been purchasing gold for quite some time, or should say exchanging greenbacks for yellow currency.
But I've been holding off on the CC's for months now, concerned they will simply become either highly regulated; or replaced with government versions.
I just can't see the Fed Res et al allowing competition, particularly when it's akin to printing your own currency.
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Old 09-04-2021, 06:33 PM
 
18,802 posts, read 8,469,715 times
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Quote:
Originally Posted by Sunbiz1 View Post
A random 1,500 person survey when I googled the search terms.
Silver has been easily manipulated, 2 Merrill Lynch employees plead guilty recently for placing spoof orders.
Gold is too big for that sort of cancel order nonsense, yet every ounce mined from the beginning of human history would fit into 1 Olympic sized pool.

Crypto is much more than speculative investing, at least in potential. It has the ability to create economies independent of government regulation, while gold has and can be taken away.
I've been purchasing gold for quite some time, or should say exchanging greenbacks for yellow currency.
But I've been holding off on the CC's for months now, concerned they will simply become either highly regulated; or replaced with government versions.
I just can't see the Fed Res et al allowing competition, particularly when it's akin to printing your own currency.
Bitcoin is no competition for the USD. But the ability to avoid taxes makes it a prime regulatory target. Then there is China crypto, where they will know exactly where each and every Yuan sits and is moving to at any moment time.
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Old 09-04-2021, 08:07 PM
 
Location: Honolulu, HI
24,624 posts, read 9,454,674 times
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If your portfolio includes Tesla or MicroStrategy then you ALREADY have exposure to bitcoin.

Unless the naysayers plan to sell all their index funds, mutual funds, and Roth IRAs, you're going to invest in bitcoin one way or another
Quote:
The company's earnings for the first quarter show that Tesla's Bitcoin holdings amounted to a sum total of $2.84 billion on March 31.
https://www.forbes.com/sites/chuckjo...gs-in-reverse/
Quote:
As of 21 June 2020, MicroStrategy holds an aggregate of 105,085 bitcoins, which were acquired at an average purchase price of around $2.741 billion and an average purchase price of approximately $26,080 per bitcoin.
https://www.livemint.com/market/cryp...283737749.html
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Old 09-04-2021, 08:13 PM
 
Location: Honolulu, HI
24,624 posts, read 9,454,674 times
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Quote:
Originally Posted by Hoonose View Post
Bitcoin is no competition for the USD. But the ability to avoid taxes makes it a prime regulatory target.
Uncle Sam already taxes it. You better shutdown Tesla and arrest Elon Musk since they own billions worth of Bitcoin and they're "avoiding taxes."

Quote:
The rule may require cryptocurrency brokers to report traders’ information — including purchase and sales prices, transfers between brokers and transactions of more than $10,000 — to the IRS.

The proposed enforcement may bring in an estimated $28 billion over the next decade, according to the Joint Committee on Taxation.
https://www.cnbc.com/2021/08/03/sena...eporting-.html
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Old 09-04-2021, 08:56 PM
 
5,907 posts, read 4,430,666 times
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Quote:
Originally Posted by djohnslaw View Post
Walmart charges 4 dollars to cash a check up to 1000 dollars

So your statement is technically correct for people cashing 24 to 52 dollar checks
And I don’t know this because I’m not down in these types of details but my high level assumption would be many people are taking themselves out of the banking system because they want access to their money without the banking channels enforcing things on them. And they’re paying big time fees to do it.

Because they’re avoiding tax garnishments, child support, collections, negative draws on their accounts from intentional fraud/or general financial woes and the like by running though other means.

And to those people I’d say, meh I couldn’t give a **** less that they’re paying high fees.

Last edited by Thatsright19; 09-04-2021 at 09:09 PM..
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Old 09-04-2021, 09:04 PM
 
5,907 posts, read 4,430,666 times
Reputation: 13442
Quote:
Originally Posted by Rocko20 View Post
Uncle Sam already taxes it. You better shutdown Tesla and arrest Elon Musk since they own billions worth of Bitcoin and they're "avoiding taxes."


https://www.cnbc.com/2021/08/03/sena...eporting-.html
Not that I’d ever expect a coherent argument from you, but just because a major Fortune 500 company complies with tax laws and doesn’t use bitcoin for tax evasion doesn’t mean that plenty of others don’t use it for exactly that. All it takes is a read through a Reddit thread to see how “they” think about the system. Many of them suggest that they shouldn’t have to pay for gains until they “convert to fiat” because as usual, it’s full of a bunch of young, financially unsophisticated people.
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Old 09-05-2021, 01:54 AM
 
Location: Honolulu, HI
24,624 posts, read 9,454,674 times
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Quote:
Originally Posted by Hoonose View Post
Absolutely not. One of the comparative strengths of sovereign fiat is its multiple forms.
Not when you can print it endlessly with a horrible inflation rate. Fiat is backed by faith, hopes, and fairy dust. No rational person would believe in the future of something backed by the US government which can be defeated by the Taliban. Something you have to put into an investment otherwise it rots in your bank account.

And there’s plenty of developing countries who have yet to succeed at making stable fiat.

Crypto has already established itself as a reserve digital asset class, and your stock portfolio that owns shares of Tesla, which owns billions in bitcoins, is the cherry on top.
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