Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-21-2021, 06:28 PM
 
Location: Honolulu, HI
24,666 posts, read 9,487,472 times
Reputation: 22999

Advertisements

Quote:
Originally Posted by Taggerung View Post
This is the main reason why I believe Bitcoin and cryptos in general are such a scourge- wasting tremendous amounts of energy and resources to produce a worthless digital token
Tell that to African countries:

Quote:
Input Output (IOHK), the company behind the Cardano cryptocurrency, plans to build a national ID blockchain system in Ethiopia
https://www.pymnts.com/blockchain/20...kchain-system/
Reply With Quote Quick reply to this message

 
Old 08-21-2021, 06:38 PM
 
18,837 posts, read 8,486,845 times
Reputation: 4138
Quote:
Originally Posted by Rocko20 View Post
Never going to happen, they already plan to tax it to pay for the infrastructure bill.

https://www.forbes.com/sites/jonatha...aire-pushback/

Also, you can’t “ban Bitcoin” you would have to ban the exchanges.
I am not saying that they will. But regulation is what can devalue and even kill Bitcoin et al.
If they have the power to tax it, they have the power to make it illegal within their domain.
Reply With Quote Quick reply to this message
 
Old 08-21-2021, 06:41 PM
 
18,837 posts, read 8,486,845 times
Reputation: 4138
Quote:
Originally Posted by Rocko20 View Post
Blockchains certainly can add or have value. Cryptos can have value, especially sovereign. Cryptos don't necessarily rely on huge energy like Bitcoin, which is highly flawed as a currency, investment commodity and store of value.
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 12:38 AM
 
Location: Stillwater, Oklahoma
30,976 posts, read 21,662,160 times
Reputation: 9676
Quote:
Originally Posted by Tencent View Post
Yes. It isn't worth a dime and will go to zero. Nothing to see here

BTW this thread will be locked as there is only one Crypto thread allowed
Bitcoin has been around for over 10 years. If it's worth ZERO if should have declined to there and stayed there. Quite frankly, I won't be overly shocked if bitcoin is at 100,000 at the end of this year.
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 05:52 AM
 
7,272 posts, read 4,219,899 times
Reputation: 5468
Quote:
Originally Posted by hilgi View Post
Bitcoin is the largest, most secure, decentralized, distributed computer in the world. Access to this network is limited, access to the ticket to get in is limited.

If you are looking to move value to anyone, anywhere in the world, quickly and efficiently, you pick Bitcoin. It is permissionless, trustless and highly accurate.

what if they don't have access to a computer? or an electric grid?



i understand what you are saying... and as long as both parties agree on the value - that's up to them. i guess the bottom line is: if bitcoin is subject to the wild fluctuations in value that we are seeing - how do you determine it's long term value as a store of value ? I think if we were not told that it was trading at "XX" dollars - what actual value would people assign to it? Same with gold, silver, anything...
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 06:01 AM
 
Location: Pennsylvania
31,340 posts, read 14,298,793 times
Reputation: 27863
Quote:
Originally Posted by illtaketwoplease View Post
I know that bitcoin is trading over 40k, but is it essentially worthless?


My take is that people are putting money into it, expecting to be able to use it at places that accept it, and then those places expect to use it with suppliers or convert it into the currency of their choice.


As long as that happens - great. But what happens when they don't allow that to happen any more -- or if we enter a major devaluation or hyperinflation scenario. It is nothing but digital air. Worth less than paper. A confidence game.



Will investors in bitcoin become trapped in the trap they set themselves?
No, it's not worthless.... it's worth $40k because that's what the market says it's worth.

However, it SHOULD be worthless ! It's a "currency" used for all the worst things....drugs, sex trafficking, etc, in order to keep transactions hidden from the tax man. It's a currency that is difficult to use, transactions can take 15 minutes to process. Your bitcoins can be stolen in the blink of an eye, or you could lose your password and never have access to them. It's the 21st century's version of the Tulip Bulb mania. Somebody's going to be left holding the bag.

https://en.wikipedia.org/wiki/Tulip_mania
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 06:31 AM
 
Location: New England
3,278 posts, read 1,758,138 times
Reputation: 9167
If you can't hold it, you don't own it. So much for your invisible money.
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 06:32 AM
 
Location: Pennsylvania
31,340 posts, read 14,298,793 times
Reputation: 27863
Quote:
Originally Posted by StillwaterTownie View Post
Bitcoin has been around for over 10 years. If it's worth ZERO if should have declined to there and stayed there. Quite frankly, I won't be overly shocked if bitcoin is at 100,000 at the end of this year.
Not a chance in the world. ZERO.
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 06:36 AM
 
7,272 posts, read 4,219,899 times
Reputation: 5468
i remember early on that the major selling point of bitcoin was that you could use it and it would be completely anonymous. turns out it's the exact opposite. they can see who is transacting, and go back and see where they got their crypto, and before them, etc, etc.


some people think that it's being let run up in value so that people believe it is a good system to use for when the dollar system collapses and they move to an all digital "credit" fedcoin system. If that really is the endgame - we are all screwed. this maybe is what is driving bitcoin higher - the attempt to get into something outside control of the powers-that-be. ain't gonna happen with an electronic system imho.
Reply With Quote Quick reply to this message
 
Old 08-22-2021, 06:40 AM
 
7,272 posts, read 4,219,899 times
Reputation: 5468
Quote:
Originally Posted by BeerGeek40 View Post
Not a chance in the world. ZERO.



It could go to $100,000 or higher. It could go to Zero. I'd bet it goes up first because big money is trying to suck millennials in so they can suck their futures out.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top