Posted on 05/10/2021 4:44:41 PM PDT by aMorePerfectUnion
Over the last week, the altcoin market has added over $500 billion taking the overall crypto market cap to above $2.5 trillion. Ethereum (ETH), Binance Coin (BNB) and Dogecoin (DOGE) have been the top performers in the crypto market while Bitcoin (BTC) has been consolidating for a long time time.
As altcoins continue to extend their market dominance, Wall Street investors are worried over Bitcoin’s falling market dominance. From over 70% at the beginning of 2021, the BTC dominance has now dropped to under 44%. Strategists at JPMorgan Chase & Co and DataTrek Research LLC calling it a warning sign reports Bloomberg.
In a note to clients last Friday, JPMorgan’s chief strategist Nikolaos Panigirtzoglou noted that Bitcoin’s waning dominance echoes “Froth”. He also noted that the current rally in the altcoin space has been driven more by retail demand.
Well, it is very much clear that Ethereum (ETH) has been continuously gaining dominance over Bitcoin (BTC) in terms of percentage returns. Earlier today, Ethereum (ETH) touched an all-time high above $4150 levels extending its year-to-date gains to a massive 480%. On the other hand, BTC’s year-to-date returns stand just over 100%. Check the below chart of how the ETH price has surged against Bitcoin.
(Excerpt) Read more at coinmarketcap.com ...
The USD is the one crashing and burning right now - if u buy lumber and metal.
Almost all money these days is easy money. We are spending our inheritance. Is it not government inflated dollars driving this bit coin investment? If we trusted out government, would bit coin even exist?
This is economic activity, not wealth creation. Prior generations generated wealth, we are spending our inheritance like drunken heirs.
Wealth is a philosophical concept, not easy to define yet important to contemplate.
https://bitcoinist.com/states-racing-to-become-blockchain-capital-of-u-s/
I believe Ohio allows taxes to be paid in crypto. There may be other states now who do also.
Thank you for sharing your thoughts about this.
“What, exactly, “backs up” the US dollar other than the full-faith-and-credit of a corrupt US feral government . . .”
The authority to tax wealth and the power of state violence to enforce that authority. The government can not only print money it can take anything from you it wants to take.
I’m not suggesting that you like that answer; but that is the answer.
I think ALL crypto currency has the potential to go back to ZERO.
In the meantime, the only thing "wrong" with Bitcoin is the Law of Large Numbers.
Bitcoin closed around $55,700 today.
It is up 450% in eight months.
In terms of market cap - the total value of all Bitcoins - it is the overwhelming leader in the crypto space.
Evidently you are too dim to be aware of the Weimar Republic level of inflation that is about to devour us all.
Good luck to ya.
Wait until eTulip is introduced next week
Elon Musk succinctly made the point that official currency (fiat money) is no more ‘real’ than crypto currency, in one of the skits in his SNL appearance. Naturally, the point sailed right over the head of most commentators — including the writers of this article:
https://www.foxnews.com/entertainment/weekend-update-asks-elon-musk-what-is-dogecoin
Value is not fixed. Value changes rapidly with time and place.
Value is subjective.
You said it exactly.
Some people’s comments amaze me.
They act like our dollar has actual real value. The only thing it has had is a monopoly on use, and the power of the federal government to tax the living crap out of us or confiscate our wealth backing it up.
Easy money is invested at casinos.
My preference is for pre-’65 U.S. silver coins.
Our dollar is legal tender for all debts public and private. What crypto can claim that? Therein lies its eventual downfall.
The dollar is legal tender for all debts that it can cover. The problem with fiat currency is that governments, including the United States, are determined to devalue it.
The $10 of lumber you owned six months ago is now worth $60.
This is not a reflection of the value of a 2x4. It’s a reflection of the value of a dollar.
And then people bash crypto.
Bottom line: Every second you hold onto a dollar the amount of buying power of that dollar drops.
So what’s more sensible: buying crypto or saving the dollar? (Insert whatever you want for crypto - gold, silver, crypto, oil, gas, lumber, food)
Just off the top of me head I would think BitCoin is safer than these fly by nite alt coins. I don’t own any of the above “coins” so am non-biased.
“The $10 of lumber you owned six months ago is now worth $60.”
I don’t think it is that crazy. My neighbor just bought some pressure treated for his deck at Home Depot. He said price was not too bad. I did not ask the particulars.
This is also true.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.