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Bitcoin and cryptocurrency prices have fallen sharply over the last few days

forbes.com

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Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#221

Post by defterGoose »

dcolkitt wrote: post #217
defterGoose wrote: post #60

Earlier quoted context omitted.

I'm truly struggling to understand how gold can be censored. Also, left out of this discussion is the fact that gold is actually tangible, divorced from some weird semantic backflips. You can build useful things with it.

> You can build useful things with it. A vanishingly small percent of gold's value is attributable to its industrial use. Of all the gold ever mined in history, only something like 1% has been used in an industrial or construction context. Maybe if you extend "useful things" to jewelry you might have a point. But almost assuredly jewelry is made out of gold because gold is expensive and valuable. Not the other way ar…

Well, ok, but my point still stands. Even if the only reason gold has such high value is that everyone agrees it has value then it's the same as Bitcoin, but again, at the end of the day, it is physically useful and therefore less volatile.

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#222

Post by mythz »

unhashable wrote: post #33
glofish wrote: post #22

Earlier quoted context omitted.

bitcoin is not really "there" the same way as gold is. The whole point of gold is that it is a tangible asset. You can hold gold in your pocket or under your mattress and it costs nothing to store it. You can't prove you have bitcoin if you don't have internet access for example. You can't have bitcoin if miners don't run their nodes. Basically, you are depending on a resource in faraway lands to let you "own" what y…

This is another misconception. Gold can be held, yes. It also is expensive to verify, transport, and protect. This has proved problematic for holders of the past. A paper system had to be built on top of Gold, which severely diluted the value proposition as gold was confiscated and stockpiled centrally. Practically speaking, very few individuals hold gold and the utility of doing so is limited when you consider how l…

> Bitcoin let’s you store $1T USD of dollars in your head, transport it anywhere in the world, and there’s not a single thing anyone else can do about it.

That's going to be pretty hard to do when all bitcoins have a combined "worth" of 92B.

Bitcoin has no intrinsic value in that it only exists due to artificial demand, e.g. if someone invented a better digital currency, Bitcoin's demand would evaporate and all BTC's would be worthless. It's nothing like Gold which is one of the most useful precious metals with usages beyond a storage of value.

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#223

Post by onlyrealcuzzo »

edf13 wrote: post #220

Some of this could be you can’t spend crypto to buy food in a crisis... cash is still king. When everything gets locked down cash is what you need

Banks won't accept your Bitcoin when you get margin called. You need to sell for real money.

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#224

Post by unhashable »

pldr2244 wrote: post #218
unhashable wrote: post #10

It's a common misconception that Bitcoin is a safe haven. It's not. Not even Gold is a safe haven during a liquidity crisis. In sharp downturns, cash is king. Think of Bitcoin and Gold as call options on the entire global monetary system. If Govs become insolvent, Bitcoin and Gold is there. If the masses lose faith in central banks, Bitcoin and Gold is there. If central banks debase currencies too quickly, Bitcoin an…

Almost. Correction: Bitcoin is a speculative bet that “others in the future will purchase more Bitcoin”. :)

You just described every single investment.

:)

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#225

Post by unhashable »

gerikson wrote: post #157
unhashable wrote: post #152

Earlier quoted context omitted.

So which is more likely: severe debasement of USD or the devolving of the global internet (ala an increase of firewall-ism by nation states)?

In my opinion: the latter.

You think the internet is going to be compartmentalized before USD is devalued?

Fed is printing $4T this week!

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#226

Post by unhashable »

defterGoose wrote: post #221
dcolkitt wrote: post #217

Earlier quoted context omitted.

> You can build useful things with it. A vanishingly small percent of gold's value is attributable to its industrial use. Of all the gold ever mined in history, only something like 1% has been used in an industrial or construction context. Maybe if you extend "useful things" to jewelry you might have a point. But almost assuredly jewelry is made out of gold because gold is expensive and valuable. Not the other way ar…

Well, ok, but my point still stands. Even if the only reason gold has such high value is that everyone agrees it has value then it's the same as Bitcoin, but again, at the end of the day, it is physically useful and therefore less volatile.

You might find this long-form article attempting to make an argument against “bitcoin has no intrinsic value” skepticism:

https://medium.com/coinmonks/bitcoin-has-no-intrinsic-value-...

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#227

Post by [deleted] »

ColanR wrote: post #188
unhashable wrote: post #66

Earlier quoted context omitted.

Holding Bitcoin is not a semantic backflip. Do you hold the dollars in your bank account? Also: gold can easily be confiscated and it has been before - https://en.m.wikipedia.org/wiki/Executive_Order_6102 . How much gold do you think you can travel with? Think the TSA would allow even $100k of gold to be carried on your person? Given golds limited supply, why has the price been relatively stable in dollars (which are…

> Do you hold the dollars in your bank account? No, we don't, which is exactly why gold is considered superior.

[deleted]

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#228

Post by [deleted] »

ColanR wrote: post #188
unhashable wrote: post #66

Earlier quoted context omitted.

Holding Bitcoin is not a semantic backflip. Do you hold the dollars in your bank account? Also: gold can easily be confiscated and it has been before - https://en.m.wikipedia.org/wiki/Executive_Order_6102 . How much gold do you think you can travel with? Think the TSA would allow even $100k of gold to be carried on your person? Given golds limited supply, why has the price been relatively stable in dollars (which are…

> Do you hold the dollars in your bank account? No, we don't, which is exactly why gold is considered superior.

[deleted]

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#229

Post by mcpeepants »

mythz wrote: post #222
unhashable wrote: post #33

Earlier quoted context omitted.

This is another misconception. Gold can be held, yes. It also is expensive to verify, transport, and protect. This has proved problematic for holders of the past. A paper system had to be built on top of Gold, which severely diluted the value proposition as gold was confiscated and stockpiled centrally. Practically speaking, very few individuals hold gold and the utility of doing so is limited when you consider how l…

> Bitcoin let’s you store $1T USD of dollars in your head, transport it anywhere in the world, and there’s not a single thing anyone else can do about it. That's going to be pretty hard to do when all bitcoins have a combined "worth" of 92B. Bitcoin has no intrinsic value in that it only exists due to artificial demand, e.g. if someone invented a better digital currency, Bitcoin's demand would evaporate and all BTC's…

Many would argue that a "better" digital currency has already been created, yet Bitcoin remains at the top. I don't have much in the way of opinions here it's just an interesting aspect of what makes a digital currency more or less valuable (that is, it doesn't _seem_ to be how much better the tech is)

Re: Bitcoin and cryptocurrency prices have fallen sharply over the last few days

#230

Post by beefield »

unhashable wrote: post #224
pldr2244 wrote: post #218

Earlier quoted context omitted.

Almost. Correction: Bitcoin is a speculative bet that “others in the future will purchase more Bitcoin”. :)

You just described every single investment. :)

I understand your comment has and smiley indicating you are not completely serious, but I think I still need to point outthat your comment is blatantly untrue.

For example, see fixed income and dividend paying companies.

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