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Old 08-31-2021, 07:28 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632

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Quote:
Originally Posted by mojo101 View Post
WHEN IT IS time to sell,I sell.
BTW,how does one living in New Orleans or where there is no electricity and gas sell their bitcoins?
To each his own. I'll stick with holding.

The same way you charge on your debit card.
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Old 09-01-2021, 09:16 AM
 
16,636 posts, read 8,636,025 times
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Quote:
Originally Posted by Taggerung View Post
A beanie babiy has more value than all the Bitcoin in the world.

And of course it's easier to transport Bitcoin than it is a commodity. When you're transporting a commodity, you're moving something. When you're transporting Bitcoin, you're moving nothing.


I am not a crypto fan, and use to be an outright skeptic. That is in part because I didn't see cash, nor our financial/banking system in the way I do today.
For example, lets say you have $100k in the bank, and decide you want to get it in your hands and put it in a safety deposit box, a home safe, or just buy something with it.
The banks does not have anywhere near that much in cash, and they will make you fill out forms (asking you why you need it) and then schedule a time within a week or so when they can arrange it to be sent to that branch.
However, if you want to wire the money to buy XYZ, you do it digitally and essentially a credit from the bank is transferred (not the actually cash).
Crypto is the same principle.

When someone asked what do you do if you are in New Orleans without any power to get or transfer crypto, I'd say the exact same thing applies to cash transfers to buy a house, wire money to another banks, etc.

Also, while crypto is certainly more volatile right now than fiat currency, you can lose your money in a financial institution for anything over $250k
If the FDIC were to collapse (it has not been stressed tested), then you might not even get your $250k, at least not when you go to the bank and demand it. It is just propped up by the government, and if the US dollar is ever replaced as the worlds currency, rest assured our entire financial system could collapse.

So while I would not recommend putting too much into crypto (also deciding which one is another challenge) having 10% in will be like holding other hedges, such as precious metals.


`
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Old 09-01-2021, 09:51 AM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632
Quote:
Originally Posted by Vector1 View Post


I am not a crypto fan, and use to be an outright skeptic. That is in part because I didn't see cash, nor our financial/banking system in the way I do today.
For example, lets say you have $100k in the bank, and decide you want to get it in your hands and put it in a safety deposit box, a home safe, or just buy something with it.
The banks does not have anywhere near that much in cash, and they will make you fill out forms (asking you why you need it) and then schedule a time within a week or so when they can arrange it to be sent to that branch.
However, if you want to wire the money to buy XYZ, you do it digitally and essentially a credit from the bank is transferred (not the actually cash).
Crypto is the same principle.

When someone asked what do you do if you are in New Orleans without any power to get or transfer crypto, I'd say the exact same thing applies to cash transfers to buy a house, wire money to another banks, etc.

Also, while crypto is certainly more volatile right now than fiat currency, you can lose your money in a financial institution for anything over $250k
If the FDIC were to collapse (it has not been stressed tested), then you might not even get your $250k, at least not when you go to the bank and demand it. It is just propped up by the government, and if the US dollar is ever replaced as the worlds currency, rest assured our entire financial system could collapse.

So while I would not recommend putting too much into crypto (also deciding which one is another challenge) having 10% in will be like holding other hedges, such as precious metals.


`
Good overview.

The problem I see is how so few people are looking at the rapid technological advancements in this space. People will be blown away when they see how fast many of our current systems are replaced. Everything from energy distribution, to loans.
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Old 09-01-2021, 12:03 PM
 
16,636 posts, read 8,636,025 times
Reputation: 19452
Quote:
Originally Posted by hilgi View Post
Good overview.

The problem I see is how so few people are looking at the rapid technological advancements in this space. People will be blown away when they see how fast many of our current systems are replaced. Everything from energy distribution, to loans.
I agree, and the sooner we improve our energy distribution system the better. Presently it is too susceptible to age related failures/fires, cyber attacks, EMP (natural/man-made), etc.
Instead we could have self contained power stations in neighborhoods independent of the main grid, that can power the neighborhoods we live in.




`
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Old 09-01-2021, 12:26 PM
 
Location: Raleigh
13,715 posts, read 12,456,466 times
Reputation: 20227
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.
Eh...much of Africa does all their banking on cell phones...M-Pesa...because banks aren't readily available and carrying a lot of cash can be detrimental to your health in that area. Seems to work just fine.

But, all those are government currencies...

Quote:
Originally Posted by Taggerung View Post
The blockchain technology itself is of some use, but Bitcoin and other cryptos are not, they are nothing more than digital tokens, no more intrinsically valuable than World of Warcraft money.
Quote:
Originally Posted by MKTwet View Post
Is Gold worthlss? That's the same subject. What's the value of gold today vs bitcoin. Scarcity of Bitcoin is finite while the supply of gold is much higher.
Gold has an intrinsic value. People want it for jewelry and industrial purposes and to hold as an investment.

Fiat currencies, have value because there is a certain level of faith in the government and economy that issues them. A pound sterling has value because there is faith in the economy of the UK; ditto a Swiss Franc or American dollar. A Zimbabwean dollar doesn't because there's no faith in the economy or the government backing it.

I don't understand what BTC has that's intrinsically valuable about it. Is the blockchain readily swapped into a computer application in exchange for the value of my bitcoin?

A Fiat currency has value because of trust in the government that issues it and the economy tied to that nation. If you wish to do business in the United States, you have to accept Federal Reserve Notes* "Legal Tender for All Debts, Public and Private."

What does the blockchain/crypto have behind it?

*That isn't the same as simultaneous exchange; a movie theater can refuse to accept cash and only accept cards, a shopkeeper can refuse large bills, etc... But if I own a movie theater, and order a Popcorn machine and sign a promissory note to pay for it, then the Popcorn vendor is my creditor, and I owe him a debt, and he must accept dollars. Same as the bank that holds my mortgage. If I wish to walk in and pay with cash, they must accept that.
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Old 09-01-2021, 06:42 PM
 
10,864 posts, read 6,499,506 times
Reputation: 7959
gold can shield us from radiation,back in ancient time,meteorites hit this planet and the stuff is radioactive,why do you think Moses built an ark which has 1 foot thick of gold all around it inside?
4 men carried it while they roam around the desert looking for a home,most of them lasted a year before they died of cancer.
If it is true they now kept it in the basement of a church on an island in Ethiopia,the priest who stood guard also lasted one year or less.
Hence gold becomes valuable,altho in some societies,they use nephrite jade,lapis lazulus where it is abundant? dunno if these stones work,but nephrite jade is referred to as stone of heaven,the Incas told the Spaniards take our gold and leave us with our jade /
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Old 09-01-2021, 08:51 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632
Quote:
Originally Posted by Vector1 View Post
I agree, and the sooner we improve our energy distribution system the better. Presently it is too susceptible to age related failures/fires, cyber attacks, EMP (natural/man-made), etc.
Instead we could have self contained power stations in neighborhoods independent of the main grid, that can power the neighborhoods we live in.




`
I am all for smaller grids or self power. The Tesla mega packs and battery walls are a good start.

These guys are doing a lot of great things.

https://www.energyweb.org/
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Old 09-02-2021, 05:53 AM
 
1,969 posts, read 676,996 times
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Quote:
Originally Posted by JONOV View Post
I don't understand what BTC has that's intrinsically valuable about it. Is the blockchain readily swapped into a computer application in exchange for the value of my bitcoin?
Blockchains is just a distributed, immutable, and open ledger. It's not a new invention but really a digital version of old tech. Don't get tripped up by "blockchain" because it's just a technology. Anything (and many things) will be based on blockchain tech in the future. There are blockchains for tracking real merchandise.

The reason anything is valuable is because we all agree it is. The value proposition of BTC is separate:
  • Finite supply. The government cannot inflate (create new units). Inflation is a tax on your savings and through the roof right now.
  • You can self-custody and it's non-censorable. Cheap and almost free transactions. I don't need the banks to allow me to wire my own money.
  • Even with fractional banking, the ledger is open and banks, governments, etc can be held accountable.
  • Confiscation is very hard. Even when in your hard wallet, you coins are still on the blockchain. You can memorize your wallet recovery words (12 or 24) and walk across any border.
  • Can and will be used for payments.

It's really no different than the digits in your bank account. The only difference is that the dollars in you account aren't really yours (it's property of the Fed) and BTC in your hardware or phone wallet is.

For me, being able to self-custody my hard earned assets without it being inflated away by the Fed Reserve is what gives it value (real inflation is over 10%). The number of people who see value in it will only increase as the governments print more money to fund their crazy spending.
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Old 09-02-2021, 01:54 PM
 
Location: Raleigh
13,715 posts, read 12,456,466 times
Reputation: 20227
Quote:
Originally Posted by logiatype View Post
It's really no different than the digits in your bank account. The only difference is that the dollars in you account aren't really yours (it's property of the Fed) and BTC in your hardware or phone wallet is.

For me, being able to self-custody my hard earned assets without it being inflated away by the Fed Reserve is what gives it value (real inflation is over 10%). The number of people who see value in it will only increase as the governments print more money to fund their crazy spending.
...The dollars are my property, not that of the fed.
  • Finite supply. The government cannot inflate (create new units). Inflation is a tax on your savings and through the roof right now.
    But nor are they backed by any collateral. Gold, as an example, at least means that there's a bar of gold sitting in a London vault. In any case, my savings are there only to allow me to weather rainy days...to replace a roof or fix a car...
  • You can self-custody and it's non-censorable. Cheap and almost free transactions. I don't need the banks to allow me to wire my own money.
    Then how are the transactions processed/paid for? Banking for me at a retail bank is "almost free" as long as I don't overdraw
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Old 09-02-2021, 07:48 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,221,497 times
Reputation: 3632
Quote:
Originally Posted by JONOV View Post
...The dollars are my property, not that of the fed.
  • Finite supply. The government cannot inflate (create new units). Inflation is a tax on your savings and through the roof right now.
    But nor are they backed by any collateral. Gold, as an example, at least means that there's a bar of gold sitting in a London vault. In any case, my savings are there only to allow me to weather rainy days...to replace a roof or fix a car...
  • You can self-custody and it's non-censorable. Cheap and almost free transactions. I don't need the banks to allow me to wire my own money.
    Then how are the transactions processed/paid for? Banking for me at a retail bank is "almost free" as long as I don't overdraw
As long as you are allowed in the banking system. Billions are not worldwide. You are looking at this through a middle class American lens. You will never get involved in crypto expect by default as more services are run on blockchain. You won't profit from any of this, you will just pay to use it.

Thank you for keeping the prices low so I can keep buying along with the rest of the world.
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