Posted on 03/08/2024 7:37:13 AM PST by Enlightened1
I like your tag line, spot on.
Coinbase is down today.
FlippingTables21:12
@FlippingTables8
Coinbase has/had a Filing they can keep your Crypto in Bankruptcy.
@FEhrsam
Co-Founder of Coinbase & Paradigm just Unloaded Shares of $COIN.
https://twitter.com/FlippingTables8/status/1765128450279395589
You mean the country that is piling up another trillion dollars of debt every 100 days?
The military that hasn't won a war in 75 years?
That country/military?
US dollar has gubbermint behind it with power to tax biggest economy in the world. Whats backing Bitcoin?
Not true of SPX 500. It has gone up 7.5% per year on average for last 100 years.
Just because something is new and different doesn’t mean it’s a con or bad. With the worldwide debasement of sovereign currencies, many people and some institutions have been looking for a way to hedge their bets. One doesn’t have to deal in whole Bitcoins as each can be broken down into satochis (100 million satoshis to one bitcoin).
Bitcoin is in its infancy, but it is the hardest money the world has produced in that their is a fixed number that will be issued, and that number can never be increased. Yes, it’s very volatile, but if institutions and other large entities decide it’s a viable alternative to sovereign currency for certain transactions its value should be substantial and more stable. A plus is the privacy of using it, and the ever increasing places it can be used. Can it disappear? Sure, but what if it doesn’t.
The fact that it can't be inflated to oblivion by a criminal government.
There can only ever be 21,000,000 bitcoins, and 19,000,000 have already been mined.
Big Financial Institutions Are Adopting Crypto And Blockchain
As Wall Street banks embrace crypto, high-flying start-ups look to lure top finance talent
What do you recommend as a replacement? My main beef w them is that when I am ready to pounce on a panic drop (and they happen all the time), Coinbase suddenly stops working, like they have a Commodore 64 backend. Convinced its a scam on behalf of their Blackrock masters.
Yep. Like I said, it’s not foolproof, and probably won’t be very effective protecting its currency, but it’s way ahead of crypto.
All it takes is for someone like the US to declare crypto illegal and, poof, it’s only defense, faith, crumbles. People will be falling all over each other to be the first to get out
Or am I missing something?
Your religious faith in government is going to bite you in the Obama some day soon.
I wouldn’t be surprised.
There is only so much gold or diamonds which can be mined as well. Besides gold makes beautiful jewelry and diamonds look beautiful on people. What is usefulness of Bitcoins?
If from my words you believe I have religious faith in government, you are completely missing my point. I don’t think you’re really listening to me.
Let me be crystal clear here: fiat currency supported by a government and its military is not a stable and sound form of money. However. It’s way ahead of a currency like crypto that is founded on and supported by nothing but faith. That is, faith and the concept of the greater full theory. On a scale of 1 to 10 in security of the money type, I put fiat currency at a 2 and cryptocurrency to 0 or 1. Faith can disappear overnight. And the only power faith has in the real world is the ability of those with faith to become violent when their currency is threatened. I consider that to be a paper tiger. Or, another way to look at it, is that if that ever does happen that will be the least of our problems.
You are gambling by holding dollars that will be worthless someday (and that day grows ever nearer). I roll my eyes every time I see someone talking about “cashing out” back to worthless fiat for a short-term profit.
If the government outlaws Bitcoin, BlackRock, Fidelity, Charles Scwab, Citadel Securities, etc. will be very upset.
You are gambling by holding dollars that will be worthless someday...
Also, zero debt and real estate taxes equivalent to a medium pizza every month.
You can not eliminate risk, but there are plenty of ways to mitigate it. Oh, and having SOME cash on hand for an emergency is also not a bad idea.
If the government outlaws Bitcoin, BlackRock, Fidelity, Charles Scwab, Citadel Securities, etc. will be very upset.
I was under the impression that there was a finite number of bitcoins. Something like every prime number under 32 or was it 64 bits was a bitcoin ID. When all the bitcoins had been mined there could be no more.
So how can they double the number of them just like that? Do they add extra bits to the ID’s?
Obviously getting the first million prime numbers is easier than getting the 2nd million.
One way around that would be to have “Series A” and “Series B” bitcoins — but then as new coins are mined, it would be easy to get the ID of the coin in the other series.
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