The Future of the US Dollar
Funny how the forum's most vocal socialist spends more time obsessing about money and gold and wealth than anyone else.
TheGrimReaper wrote: ↑Mon Sep 02, 2019 1:45 pmSlavedog, you do not belong on this forum as you talk too much sense.
He seems to have a pathological obsession with money.Lucky Lucan wrote: ↑Sat May 30, 2020 9:38 amSo you are basically a capitalist who supports a currency that wastes a huge amount of power and pays dividends for no effort to elite investors, but all the other policies you support are far left? A man of many contradictions.
TheGrimReaper wrote: ↑Mon Sep 02, 2019 1:45 pmSlavedog, you do not belong on this forum as you talk too much sense.
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- OneTrickPony
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If you understood Bitcoin at all, you would understand its purpose more. It is the balancer of wealth distribution. You can't cheat it, or get in between it.
It's patently obvious that money needs to exist, and that we need to use it. Bitcoin makes money fairer. I don't play the markets, so I'm definitely not obsessed by money apart from trying to make sure I don't get suckered even more than I already am. Enjoy your stocks and bonds.
Up the workers!
How does Bitcoin make money fairer?
Please answer in simple terms without copy pasting articles from Bitcoin or far right conspiracy sites, or YouTube videos.
I genuinely want to know.
Please answer in simple terms without copy pasting articles from Bitcoin or far right conspiracy sites, or YouTube videos.
I genuinely want to know.
I understand it well enough and happen to agree with what I think you are saying. Where we would no doubt disagree is on the question of whether it is worth the loss of personal freedom and civil liberties which necessarily go hand in hand with your perceived benefits.
But as it will not happen in our lifetimes, yes, I will stick with stocks etc.
But as it will not happen in our lifetimes, yes, I will stick with stocks etc.
TheGrimReaper wrote: ↑Mon Sep 02, 2019 1:45 pmSlavedog, you do not belong on this forum as you talk too much sense.
It does not.Guest 8989 wrote: ↑Sat May 30, 2020 12:12 pmHow does Bitcoin make money fairer?
Please answer in simple terms without copy pasting articles from Bitcoin or far right conspiracy sites, or YouTube videos.
I genuinely want to know.
If you had studied economics, then you know, a country needs two instances around the money:
- The government to regulate, spent and collect community money.
- A central bank, operating independent -do you hear that TRUMP ? - to stabilize the currency. This is being done, by increasing and decreasing the amount of money in the economy (through regulations and interest) using regular commercial banks. Having bitcoin and other virtual currencies around, does make that seriously difficult, because being unregulated and as such a real thread to economic stability.
Those countries with Bokito's in charge, with their fingers in the money press, do see huge inflation (not necessary the other way around).
- DevanTracy
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In 2020, today, we have government money: USD, EUR, GBP, AUD, KHR etc.Guest 8989 wrote: ↑Sat May 30, 2020 12:12 pmHow does Bitcoin make money fairer?
Please answer in simple terms without copy pasting articles from Bitcoin or far right conspiracy sites, or YouTube videos.
I genuinely want to know.
The people in charge of the "creation of money" can create new money and hand it out to whoever they want.
This money printing is equal to stealing from all citizens who currently hold that currency. All governments around the world do this.
With Bitcoin (or gold), there is no centralized government entity that can "print money". No bitcoins can be stolen, or re-distributed to government lackeys through "inflation" or money printing.
Bitcoin is a digitally scarce electronic currency. At the moment we are in the 4th epoch or reward era. There are currently 6.25 Bitcoins shared between 'miners' every block (10 mins). That is 4 of 34 total "reward eras".
In the early reward eras, there are lots of free bitcoins given out. This is to incentivize adoption in the early periods through human greed. Each reward era the "reward" gets cut in half, so the new supply dries up as time goes on.
The abundance of bitcoin released in the first few reward eras (which we are still in) keep the price relatively low, but due to the nature of the supply being cut in half every 4 years, the new supply will dry up, as demand skyrockets.
Humans generally choose to store wealth in scarce things. Real Estate, Art, Gold. The humans which choose the scarcest asset have their value protected through the passing of time. Due to the supply of new Bitcoins being cut in half every 4 years, it creates an effect where by 2024, bitcoin will be the most scarce asset on earth, with a lower inflation rate than even gold.
Humans have not seen this before on planet earth. No one knows what will happen then, only that every 4 years it will become more, and more and more scarce. Some individuals who follow this logic hypothesis that increased demand for BTC + fixed supply lead to significant increases in the price.
That is why people are accumulating and hoarding bitcoins like mad. Don't miss out. Learn how to buy, use and store Bitcoin today. It will be worth your time.
Don't be a late adopter.
Also you have to do your own independent research. It's a deep rabbit hole to go down, but the further you go, you'll realize that bitcoin exists. The genie isn't going back in the bottle, pandora's box has been opened. It's be best for you to yield to Bitcoin if you understand what's good for you. This is the new paradigm.
Imagine asking a computer nerd what the internet is, and to explain it to you in simple words in 1995? Difficult, if not impossible. But we understand that Bitcoin is something with enormous impacts on the way our society fundamentally works.
History is shaped by advances in technology more than anything else. Bitcoin is likely the biggest advance in technology we will see in our lifetimes.
So go educate yourself and get some.
I gave up reading DT’s polemic when he said no bitcoins can be stolen.
not true:
https://www.comparitech.com/crypto/bigg ... cy-heists/
https://www.google.co.uk/amp/s/techcrun ... reach/amp/
https://www.google.co.uk/amp/s/www.bloo ... lion-theft
https://www.google.co.uk/amp/s/www.expr ... itcoin/amp
not true:
https://www.comparitech.com/crypto/bigg ... cy-heists/
https://www.google.co.uk/amp/s/techcrun ... reach/amp/
https://www.google.co.uk/amp/s/www.bloo ... lion-theft
https://www.google.co.uk/amp/s/www.expr ... itcoin/amp
- DevanTracy
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Garage runner, Bitcoin's can't be stolen through inflation.Garage runner wrote: ↑Sun May 31, 2020 5:55 pmI gave up reading DT’s polemic when he said no bitcoins can be stolen.
not true:
https://www.comparitech.com/crypto/bigg ... cy-heists/
https://www.google.co.uk/amp/s/techcrun ... reach/amp/
https://www.google.co.uk/amp/s/www.bloo ... lion-theft
https://www.google.co.uk/amp/s/www.expr ... itcoin/amp
The articles linked show bitcoins that were stolen through incompetence of the holder or organization.
Bitcoins stolen through an exchange hack hack is similar to money stolen from a Phnom penh ATM heist.
In the same way an ATM heist in Phnom Pehn does not compromise the integrity of US Federal Reserve, a Bitcoin exchange being hacked does not compromise the protocol of Bitcoin or it's integrity.
11 years running. No double spends or hacks on the protocol layer.
It’s value can be lost through price deflation though.DevanTracy wrote: ↑Sun May 31, 2020 6:08 pmGarage runner, Bitcoin's can't be stolen through inflation.Garage runner wrote: ↑Sun May 31, 2020 5:55 pmI gave up reading DT’s polemic when he said no bitcoins can be stolen.
not true:
https://www.comparitech.com/crypto/bigg ... cy-heists/
https://www.google.co.uk/amp/s/techcrun ... reach/amp/
https://www.google.co.uk/amp/s/www.bloo ... lion-theft
https://www.google.co.uk/amp/s/www.expr ... itcoin/amp
Bitcoin was worth close to $20,000 two years ago.
Bitcoin evangelists only ever focus on the price rises. A bit more balance would likely serve them well. By continuously presenting such a one-eyed perspective, more balanced investors will continue to be suspicious of what looks like a cult investment incapable of delivering income.
- DevanTracy
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Yes, Bitcoin is highly volatile. It's a new asset going through the process of monetization.
It’s value can be lost through price deflation though.
Bitcoin was worth close to $20,000 two years ago.
Bitcoin evangelists only ever focus on the price rises. A bit more balance would likely serve them well. By continuously presenting such a one-eyed perspective, more balanced investors will continue to be suspicious of what looks like a cult investment incapable of delivering income.
Price is one of the most important factors, because it draws upon the primal forces of human greed.
Higher price = more attention = more speculation = more adoption = higher price
A balanced investor would be conservative to take a small 1-10% allocation in BTC.
Position sizing is the key.
Yes bitcoin has some aspects which appear cult like or even religious. Similar to how people were obsessed with the internet in 1995, except this is money.
Zoom out. Yes the price is down from the speculative high of 20,000 USD"Bitcoin is a tool for freeing humanity from oligarchs and tyrants, dressed up as a get-rich-quick scheme."
-Naval Ravikant
These peaks of speculative bubbles occur approximately every 4 years.
The supply of bitcoins is also cut in half every 4 years.
Coincidence?
Zoom out and look at the charts on a log scale.
Thats all well and good but what ya do with what you don't commit to some investment platform or other? Holding a pillow case full of cash is hardly sensible unless you are in the lending or drug business.
- DevanTracy
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One of the problems with having money is to manage it well.
At a minimum to preserv the purchasing power through time. Ideally growing it without risking losing your capital.
A general rule of thumb is 6 months of expenses in cash for emergencies. This can be in a bank account or physical cash.
It's probably not worth keeping more than 6 month's worth in cash, as government money loses purchasing power through inflation by default.
Store the rest of your value in: gold bullion, government bonds, stocks, bitcoin. Those are passive investments. Risk and allocation depends on you.
Active investments could involve a business operation.
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- OneTrickPony
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