Bitcoin on fire Over $42k

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7 months ago 12/06/2023 4:23am EST

re: cwarcarblue11

cwarcarblue11 wrote:
So many say "Bitcoin has no intrinsic value" but who believes a dollar bill has "intrinsic value"? Currency does not need to have intrinsic value to be used as a medium of exchange:
Link:www.investopedia.com/ask/answers/10031...
Gold too hardly has any intrinsic value - it has use in jewelry as a nice-looking metal. But the value in its use in jewelry has more to do with scarcity and perceived value than the actual look of the metal. It also has use in some electronic devices, but only negligible amounts that do not move the needle.

You are correct in saying a currency doesn't need to have "intrinsic value" to be used as a medium of exchange.

Which is why you don't buy Dollars in the hope that it goes up in the next 10 years in asset value... Exchange rates aside which is a totally different topic

So Bitcoin is not valued as a Currency but as an Asset ... Which does need to have intrinsic value in order to be valued by any relatively competent person in the longer term

7 months ago 12/06/2023 9:05am EST

re: Sh||tcoin Gambler

Sh||tcoin Gambler wrote:
Newname wrote:
SBF simply stole client's money. Really had nothing to do with Bitcoin. He's a thief.
Hope he does real time. We know he will go to a Club Fed (like Madoff and Maxwell) and not to real prison.
The entire crypto space is full of these shady snakes though and is controlled by them. SBF was just the tip of the iceberg.

It’s hilarious crypto proponents claim (especially in 2020-2021) that intrinsically worthless coins will be helping the poor through “financial inclusion” and “bank the unbanked”

7 months ago 12/06/2023 9:08am EST

re: Turd bagger

At least now they can admit it’s not about the future of money or the technology we naysayers supposedly don’t understand but about hoarding turds and hoping they can dump them on somebody else later for a higher price

7 months ago 12/06/2023 9:08am EST

re: Turd bagger

If we all accept bitcoin, we can kiss the Fed good-bye

7 months ago 12/06/2023 10:05am EST

re: Newname

The last time we had a tech innovation was 1000AD when printing was invented in China. In 1200A.D. the Mongols printed paper currency and forced Mongolia and it vast colonies to convert gold, silver, diamonds to paper currency. The Mongols colonies spanned from Germany, to N India, to Palestine, to South China, to Russia. Now we have Bitcoin, Invented by Japan 2009.

7 months ago 12/06/2023 10:17am EST

re: Turd bagger

I’ve heard them call cryptocurrencies “financial asbestos” which seems accurate

7 months ago 12/06/2023 11:07am EST

re: Turd bagger

Turd bagger wrote:
PurelyNotApplied wrote:
It is impossible to have a free market that is regulated. Bitcoin specifically, but cryptographic monies in general are great ways for those with a desire to opt out of the status quo.
After saying the same nonsense year after year as BTC jumped multiples, I wonder what (falsifiable) measures it would take for the anti-economics crowd to acknowledge they were wrong. For example, if the BTC/USD exchange doubles SPY or GLD over the next five years, will they say they finally admit to being wrong?
“desire to opt out of the status quo”
The “status quo” is having investor protections and FDIC insured banks so criminals can’t screw you over.
But sometimes the lure of a get rich quick because the turd trading price is rapidly rising is too much for desperate persons.

"Investor protections" is code for "Govt should control whether I am allowed to spend my own money on a dryer". And criminals screw you over every day, so long as you remain in DI's.

Also, BTC is not a "get rich scheme", because most people who own it are hoping and praying the price in fiat drastically falls over the coming years and even decade.

I notice there was not put forth any falsifiable measure (meaning exchange rate and time frame) where you would admit to being wrong.

7 months ago 12/06/2023 11:13am EST

re: Newname

Cryptos are de-centralized meaning, pick any crypto currency and with a bit of investigattion it can be traded sans government oversight.

7 months ago 12/07/2023 2:25am EST

re: PurelyNotApplied

PurelyNotApplied wrote:
Turd bagger wrote:
“desire to opt out of the status quo”
The “status quo” is having investor protections and FDIC insured banks so criminals can’t screw you over.
But sometimes the lure of a get rich quick because the turd trading price is rapidly rising is too much for desperate persons.
"Investor protections" is code for "Govt should control whether I am allowed to spend my own money on a dryer". And criminals screw you over every day, so long as you remain in DI's.
Also, BTC is not a "get rich scheme", because most people who own it are hoping and praying the price in fiat drastically falls over the coming years and even decade.
I notice there was not put forth any falsifiable measure (meaning exchange rate and time frame) where you would admit to being wrong.

“Investor protections” would be protection from insider trading, pump and dump schemes, wash trading, front running. Crypto doesn’t have any of these protections.

7 months ago 12/07/2023 2:49am EST

re: De-Centralized

De-Centralized wrote:
Cryptos are de-centralized meaning, pick any crypto currency and with a bit of investigattion it can be traded sans government oversight.

Sale of any cryptocurrency are subject to capital gains taxes and must be reported on your tax filing, at least in the United States. That is, unless you want to break the IRS regulations. Sorry (not really).

7 months ago 12/07/2023 4:06am EST

re: Newname

Currency &/or alternative currency are not supposed to be get rich quick schemes. Working class can't afford the risk. Petit bourgeois should only trade currency as a hedge. If they choose, haute bourgeois may choose to speculate with a tiny fraction of their net worth. The people trading currency and alternative currency, too often cannot afford the risk.

7 months ago 12/07/2023 6:31am EST

re: Turd bagger

Turd bagger wrote:
I’ve heard them call cryptocurrencies “financial asbestos” which seems accurate

How so?

7 months ago 12/07/2023 9:24am EST

re: Newname

The current value of a greater fool

7 months ago 12/07/2023 9:43am EST

re: PurelyNotApplied

PurelyNotApplied wrote:
"Investor protections" is code for "Govt should control whether I am allowed to spend my own money on a dryer". And criminals screw you over every day, so long as you remain in DI's.
Also, BTC is not a "get rich scheme", because most people who own it are hoping and praying the price in fiat drastically falls over the coming years and even decade.
I notice there was not put forth any falsifiable measure (meaning exchange rate and time frame) where you would admit to being wrong.

Without “investor protections” you have scams like FTX. Endless pump and dump schemes, wash trading, and rug pulls. Not sure why you want that. If your exchange closes its doors tomorrow and you lose everything in your account, you would be the first in line to complain the government should do something about it.

Crypto has absolutely been sold as a get rich scheme. You haven’t been paying attention if you don’t think so.

7 months ago 12/08/2023 12:03am EST

re: Expensive jpeg

Expensive jpeg wrote:
PurelyNotApplied wrote:
"Investor protections" is code for "Govt should control whether I am allowed to spend my own money on a dryer". And criminals screw you over every day, so long as you remain in DI's.
Also, BTC is not a "get rich scheme", because most people who own it are hoping and praying the price in fiat drastically falls over the coming years and even decade.
I notice there was not put forth any falsifiable measure (meaning exchange rate and time frame) where you would admit to being wrong.
Without “investor protections” you have scams like FTX. Endless pump and dump schemes, wash trading, and rug pulls. Not sure why you want that. If your exchange closes its doors tomorrow and you lose everything in your account, you would be the first in line to complain the government should do something about it.
Crypto has absolutely been sold as a get rich scheme. You haven’t been paying attention if you don’t think so.

This exactly. & Yes it’s basically advertised in the same areas as sport betting

7 months ago 12/08/2023 1:19am EST

re: Newname

7 months ago 12/08/2023 3:44pm EST

re: Turd bagger

Turd bagger wrote:
Link:davidgerard.co.uk/blockchain/2023/12/0...

Over $44k as I type. Began year under $17k

7 months ago 12/08/2023 3:50pm EST

re: Newname

Newname wrote:
Turd bagger wrote:
Link:davidgerard.co.uk/blockchain/2023/12/0...
Over $44k as I type. Began year under $17k

So what. It was even a little higher than that on Tuesday. It hasn't really moved up since then.

7 months ago 12/11/2023 11:17am EST

re: Newname

Oooops... what happened???

7 months ago 12/11/2023 11:26am EST

re: not a tesla crypto proto-nazi bro

not a tesla crypto proto-nazi bro wrote:
Oooops... what happened???

It went down today.

You don't know that?

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