Posted on 07/15/2018 1:24:17 PM PDT by OddLane
Reread. The word was avoid.
So? This year the dollar is 3% of what it was in 1915.
Who owns the first few million ounces of gold? Who owns the first few million dollars? What point are you trying to make?
The soundness of Bitcoin comes from the fact that there is no way to inflate it beyond its mathematical limit of twenty one million.
Scammers are intentionally pumping the value of Bitcoin much higher than it deserves to be so that they can then unload their Bitcoins on suckers who are willing to jump at what is being pitched as “the next big thing” that they don’t even understand.
“The soundness of Bitcoin comes from the fact that there is no way to inflate it beyond its mathematical limit of twenty one million.”
LOL! 21 MILLION X INFINITY = INFINITY!
Do you know what a satoshis is?
Or they run out of suckers.
You equate price manipulation in the bitcoin markets to Bitcoin being a scam. Do you invest in gold? Does the manipulation in the gold markets mean that gold is a scam?
Again, so what? You can divide gold into smaller and smaller units as well. But can you create more gold out of thin air?
“Again, so what? “
So many x many more than 21 million.
And that’s not even counting the zillions of other cryptocurrencies
Are you now agreeing that there is price manipulation with bitcoin?
Did you have trouble with math back in High School? If I change 21 million dollars into dimes, how many dollars will the dimes be worth?
Limiting the number of Bitcoins to 21 million prevents anyone from diluting the value of Bitcoins by creating new Bitcoins. Dividing Bitcoins into smaller units doesn't affect the value of whole Bitcoins at all.
So no. You don't get "many x many more than 21 million". It still just 21 million.
What amazes me is people who decry government currency, then put their trust in unaccountable individuals because they saying what they want to hear about USD. Like those hucksters who were pushing “Liberty dollars” a 15 years ago, selling 1 ounce silver coins for 20 dollars when silver was trading at around $12. It’s not like you couldn’t buy silver by the ounce for market price. But someone made a lot of money selling them.
Don't feel bad. Economics is hard.
ROTFLMAO!
Which is more valuable?
1 bitcoin selling for $1000, or
0.002 bitcoin selling for $1000?
“But can you create more gold out of thin air? “
Crytocurrencies are created out of thin air!
Like tulip bulbs bitcoin has the value it’s traded for only because others agree it does. No intrinsic value, nor a history of universal value like silver or gold. And at least dollars have the backing of a government and are legal tender. Bitcoin isn’t.
At least tulips are pretty.
That's probably the root fallacy in your understanding of Bitcoin. There is no one to put your trust in where Bitcoin is concerned, accountable or otherwise. That's part of the beauty of it. It's all based on mathematical relationships. No one gets to make decisions for anyone else. You can't say that about the dollar.
Like those hucksters who were pushing “Liberty dollars” a 15 years ago, selling 1 ounce silver coins for 20 dollars when silver was trading at around $12. It’s not like you couldn’t buy silver by the ounce for market price. But someone made a lot of money selling them.
The numismatic coin market is still going strong. That's because silver ore, silver bullion, and silver coins are three different things having three different values. It has always been the case that coins traded above the value of their metal content. Otherwise they would just get melted down as soon as they were put in circulation. The purpose of precious metal in coins was to limit the government's ability to produce more coins.
Tin and nickel have value. Are the nickels, dimes and quarters in your pocket worth exactly their metal content? Or are they worth quite a bit more than their metal content?
BTW, Liberty Dollars were taken off the market because, according to the government, they were being marketed as a currency. One has to wonder why that should even matter if the dollar is superior.
I was right. You do have trouble with math.
Which is more reasonable? That someone would pay $1000 for 0.002 Bitcoins when 1 Bitcoin sells for $1000? Or that they would pay 0.002 x the value of 1 Bitcoin? Dividing a Bitcoin obviously means dividing the price. It does not change the price of a single Bitcoin.
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