Politics Bitcoin will consume all world debt

[Ghost Patrol]

Actually last time i posted it crashed 15 percent in a week. Not that it matters.

You must be loving trump and musk in the white house. They can keep pumping the bitcoin bubble for years.

Crypto is the financial tool of crooks, conmen and anti government libertarians. Nice group you associate with.

You realise that all these groups also use cash and bank accounts, yeah?

Nice group you associate with.

 

[Seeds]

You realise that all these groups also use cash and bank accounts, yeah?

Nice group you associate with.

Silly comparison. Everybody uses cash and bank accounts. We all breathe air too. Bank accounts and air breathing arent associated with any specific subgroups of people.

However, the percentage of people involved in bitcoin is tiny as a share of total population and its predominantly pushed by specific subgroups that include conmen, libertarians and crooks. I can also add the economically illiterate and gamblers if you like for a more complete list of bitcoin associates.

Do you even question why crypto is grossly overrepresented by libertarians, crooks and conmen? It might help you figure out the virtues (or lack thereof) of crypto.

 

[Ghost Patrol]

Silly comparison. Everybody uses cash and bank accounts. We all breathe air too. Bank accounts and air breathing arent associated with any specific subgroups of people.

However, the percentage of people involved in bitcoin is tiny as a share of total population and its predominantly pushed by specific subgroups that include conmen, libertarians and crooks. I can also add the economically illiterate and gamblers if you like for a more complete list of bitcoin associates.

Do you even question why crypto is grossly overrepresented by libertarians, crooks and conmen? It might help you figure out the virtues (or lack thereof) of crypto.

No Seeds. You are virtue signalling again.

 

[Coopers]

Crypto is the financial tool of crooks, conmen and anti government libertarians. Nice group you associate with.

So... politicians then?

 

[evolved2]

Bitcoin will be studied for centuries as one of the greatest bubbles ever seen.

Which bubble are you talking about?

The crash from $32 to $0.01.
The crash from $1300 to <$200.
The crash from $20,000 to $3,300.
The crash from $69,000 to $16,000.

You can't compare bitcoin to any other asset. It grows in bubbles.

The demand for bitcoin (outside of criminals) is solely about capital gains (the hope that it could replace money is well gone). As long as there are reasons to expect demand to rise in the future then bitcoin may well keep rising. But eventualy those reasons for new demand potential comes to a stop and once it does the only reason to hold an asset is for dividends. But since bitcoin has zero dividends then everyone will sell all at once resulting in the price to fall to zero. It could happen within hours once the tipping point is reached. Probably a couple of years away given musk and trump are now in charge of the us.

Demand for capital gains doesn't produce capital gains. Bitcoin is a bet against government control and currency debasement, not a bet for capital gains. The US dollar is the primary tool of criminals and its harder to track than bitcoin.

This bubble will pop too, in time - but not yet. The Trump administration is the most pro-crypto Western government we've ever seen. I don't trust Trump or Elon as far as I can throw them...but it's worth a bet.

 

[Seeds]

Which bubble are you talking about?

The crash from $32 to $0.01.
The crash from $1300 to <$200.
The crash from $20,000 to $3,300.
The crash from $69,000 to $16,000.

You can't compare bitcoin to any other asset. It grows in bubbles.

Demand for capital gains doesn't produce capital gains. Bitcoin is a bet against government control and currency debasement, not a bet for capital gains. The US dollar is the primary tool of criminals and its harder to track than bitcoin.

This bubble will pop too, in time - but not yet. The Trump administration is the most pro-crypto Western government we've ever seen. I don't trust Trump or Elon as far as I can throw them...but it's worth a bet.

You still think bitcoin can act as a currency? It was tried like 5 years ago and it didnt take off because it fails all the basic requirements of money.

Even if it could act as money, why would any major government allow it to? Switching to a crypto currency takes away all the advantages a government has in controlling its own money supply. There is no logical reason why any large government would do it.

 

[evolved2]

You still think bitcoin can act as a currency? It was tried like 5 years ago and it didnt take off because it fails all the basic requirements of money.

Even if it could act as money, why would any major government allow it to? Switching to a crypto currency takes away all the advantages a government has in controlling its own money supply. There is no logical reason why any large government would do it.

Yeah, I do.

There's still a lot of work to be done to make it easy for the average person to buy, sell and use, which is more scope for growth.

Corporate adoption has already been done, national adoption has been done too. We're well beyond the stage of BTC being drug money.

No nation has proposed adoption of BTC over government fiat yet. Both can coexist.

 

[Seeds]

Yeah, I do.

There's still a lot of work to be done to make it easy for the average person to buy, sell and use, which is more scope for growth.

Corporate adoption has already been done, national adoption has been done too. We're well beyond the stage of BTC being drug money.

No nation has proposed adoption of BTC over government fiat yet. Both can coexist.

I agree it has moved well beyond beiing drug money. Being a tool for drug money gives bit coin some actual real value. But its not very much.

Bitcoin and a currency can only coexist if ones an asset and not a currency. Two actual currencies cant work as currencies unless they have a fixed exchange rate and if they have a fixed exchange rate it makes the second currency pointless. Its a catch 22.

But we are getting ahead of ourselves. Bitcoin has to solve its problems relating to the ability to act like money first. It may very well solve them as they are mostly technological and technology can improve. But even if it does solve these problems I just dont see what incentives major governments have to switch to bitcoin away from their own controlled currencies. To be honest, Im surprised they havent banned crypto already. I guess they just dont see it as a currency threat.

 

[Ghost Patrol]

I agree it has moved well beyond beiing drug money. Being a tool for drug money gives bit coin some actual real value. But its not very much.

Bitcoin and a currency can only coexist if ones an asset and not a currency. Two actual currencies cant work as currencies unless they have a fixed exchange rate and if they have a fixed exchange rate it makes the second currency pointless. Its a catch 22.

But we are getting ahead of ourselves. Bitcoin has to solve its problems relating to the ability to act like money first. It may very well solve them as they are mostly technological and technology can improve. But even if it does solve these problems I just dont see what incentives major governments have to switch to bitcoin away from their own controlled currencies. To be honest, Im surprised they havent banned crypto already. I guess they just dont see it as a currency threat.

So you're saying that the pound and the euro can't coexist?

 

[Long Live HFC]

I do enjoy every bitcoin bubbble and the unironic references to its immense value in USD.

15+ years ive been listening to the cult of btc morons decrying government debt as per this thread. Still waiting for the revolution.

 

[Seeds]

So you're saying that the pound and the euro can't coexist?

They dont coexist. Ones for uk and the other is for Europe.

However, they would have more potential for co-existing then crypto and government backed currency because their exchange rate is relatively stable.

 

[The Sultan]

so with the $Trump and $Melania crypto, how does it work? Could i just create 100,000 "Knackers McFingerbang" coins value them at USD 0.01 launch on a trading platform, and then supply and demand does the rest ?

 

[The Sultan]

 

[Ghost Patrol]

so with the $Trump and $Melania crypto, how does it work? Could i just create 100,000 "Knackers McFingerbang" coins value them at USD 0.01 launch on a trading platform, and then supply and demand does the rest ?

Sort of, there are even apps that do most of it for you. But you’ll need to provide some $$$ for the initial liquidity.

 

[The Sultan]

Sort of, there are even apps that do most of it for you. But you’ll need to provide some $$$ for the initial liquidity.

 

[Ghost Patrol]

Most of the them fail. Unless you have a large social media following to shill to, or are extremely lucky, you would likely lose money.

 

[Gethelred]

This will tank the American monolith, given enough time.