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Old 08-22-2021, 07:53 AM
 
10,864 posts, read 6,499,506 times
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majority of bitcoins are held by a small minority of bitcoin holders.
as long as they do not sell their holdings,price of bitcoin would not collapse.
Most do not have a need to liquidate their holdings !
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Old 08-22-2021, 08:17 AM
 
18,835 posts, read 8,486,845 times
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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.
Nor I. There are plenty of remaining fools out there. Hip and tech savvy, mainly male millennials of the gambling type.
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Old 08-22-2021, 08:18 AM
 
7,272 posts, read 4,219,899 times
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Quote:
Originally Posted by mojo101 View Post
majority of bitcoins are held by a small minority of bitcoin holders.
as long as they do not sell their holdings,price of bitcoin would not collapse.
Most do not have a need to liquidate their holdings !

exactly why I would not want to own it. manipulated and subject to the whims of a few.
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Old 08-22-2021, 08:41 AM
 
Location: North America
4,430 posts, read 2,714,103 times
Reputation: 19315
Quote:
Originally Posted by Taggerung View Post
Gold and silver were already desirable as commodities in and of themselves long before they were ever minted into coins. They have unique properties that are found in no other metal. Silver in particular is an incredibly useful industrial metal- it's the second most versatile commodity after only oil. Gold also has industrial uses. But even ignoring their industrial or technological uses, they can be used to make jewelry, artifacts, art- you can craft gold/silver into something beautiful. You can't do that with a Bitcoin. Money isn't just a medium of exchange, it needs to have value on its own.
Every element has unique properties.

170 years ago, aluminum was trading for $550/pound. In 1850 dollars. In modern dollars, that puts the value of an aluminum can at more than $600. But as you may have noticed, a six-pack doesn't cost north of $3600.

The value of something is solely dependent upon someone else's desire to have it, and that changes with circumstances. Shred the social fabric and toss in a famine for good measure and see if your neighbor is willing to accept your Krugerrands in exchange for his food. Good luck with that.
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Old 08-22-2021, 09:40 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
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Quote:
Originally Posted by illtaketwoplease View Post
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...
If you don't even have a phone, money is the last of your worries but over half the worlds population have smartphones.

It fluctuates when converted to USD but it depends on if you just hold it or trade it. You can't know for sure but you do know exactly how many Bitcoins will ever exist and the number available to buy shrinks daily as more is taken off chain.
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Old 08-22-2021, 09:43 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
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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 that does nothing except fuel the general speculative mania. Degenerate greed at it's very worst.
Bitcoin is driving the move to renewables faster than anything. It also uses energy waste which is currently about 20% of all energy, so as opposed to burning off excess, the energy is used for mining.

https://www.swanbitcoin.com/bitcoins...-by-lyn-alden/
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Old 08-22-2021, 09:47 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
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Quote:
Originally Posted by mojo101 View Post
majority of bitcoins are held by a small minority of bitcoin holders.
as long as they do not sell their holdings,price of bitcoin would not collapse.
Most do not have a need to liquidate their holdings !
That has not been the case for years.

https://insights.glassnode.com/bitco...-distribution/
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Old 08-22-2021, 10:03 AM
 
7,272 posts, read 4,219,899 times
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Quote:
Originally Posted by hilgi View Post
If you don't even have a phone, money is the last of your worries but over half the worlds population have smartphones.

I don't have to own a phone for digital currencies. Half the world may own smartphones but that doesn't mean their smart - probably just the opposite.
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Old 08-22-2021, 10:05 AM
 
7,272 posts, read 4,219,899 times
Reputation: 5468
Quote:
Originally Posted by 2x3x29x41 View Post
Every element has unique properties.

170 years ago, aluminum was trading for $550/pound. In 1850 dollars. In modern dollars, that puts the value of an aluminum can at more than $600. But as you may have noticed, a six-pack doesn't cost north of $3600.

The value of something is solely dependent upon someone else's desire to have it, and that changes with circumstances. Shred the social fabric and toss in a famine for good measure and see if your neighbor is willing to accept your Krugerrands in exchange for his food. Good luck with that.

If the neighbor has excess food, they would take the Krugerrands in a heatbeat. If we do get beyond that point - ammo is the best currency.
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Old 08-22-2021, 10:10 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632
Quote:
Originally Posted by illtaketwoplease View Post
I don't have to own a phone for digital currencies. Half the world may own smartphones but that doesn't mean their smart - probably just the opposite.
Yet Bitcoin adoption is highest in other countries, especially countries with bad economies.
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