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Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

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Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#111

Post by NomDePlum »

beeflet wrote: post #107
pyman wrote: post #17

I'm interested in debating these facts: - 2.4 million bitcoins are lost forever [0]. Their owners, for one reason or another, can't access their wallets. No insurance, no guarantees, nothing. - 1.1 million are owned by a mysterious person who sits at the top of the pyramid [0]. - 2.3 million belong to investors and speculators [0] (who, I'm guessing, make money by pumping and dumping). - 1 million are owned by banks…

Cryptocurrencies are not like other forms of money. They don't have intrinsic value. Cryptocurrencies are only valuable insofar as they are well distributed. What did the banks win? The nerds of the world sold them fool's gold.

What intrinsic value does other forms of money have? It's at best a promissory note which can freely be devalued by the promises.

2008 and the subsequent QE demonstrated that surely? Look to Argentina, Zimbabwe and numerous other periods of time and countries for when the value of money became frankly worthless relative to it's previous value.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#112

Post by NomDePlum »

TrackerFF wrote: post #3

I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…

Was that all your Bitcoin? If so, why sell it all given it had already accumulated value?

Not a criticism, more just trying to understand the rationale.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#113

Post by Veriane3 »

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Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#115

Post by Bruce001122 »

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Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#116

Post by scotty79 »

TrackerFF wrote: post #82
scotty79 wrote: post #11

Looking at btc price charts in dollar and euro can give you a good feel for how much everyone who earns dollars or holds assets denominated in dollars lost of their purchasing power since Trump took office. If you didn't get a raise (or appreciacion) of 18% since then you are in the red.

Well, Trump is trying to devalue the dollar. If it was up to Trump, the dollar would be trading for half (against the EUR/GPB/etc.), to stimulate US exports.

But US is not an export economy. Last time exports exceeded imports was half a century ago. You may wish it was but it isn't and it won't be. So when you are devaluing your currency by 20% even if you improve your exports a little bit you are doing it at the cost of making your imports (which will still vastly dominate) about 20% worst deal for you. And all that to recover from the world a handful of dollars in exchange for actual labor and materials. Dollars which you can nearly freely print yourself.

Why are people talking about Trump wanting to devalue the dollar as it is something smart to do?

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#117

Post by scotty79 »

FabHK wrote: post #50
scotty79 wrote: post #7

Earlier quoted context omitted.

> Crypto in general, but stablecoins more so, just feels like another asset If it draws any interest away from residential real estate market its utility for reducing problems caused by wealth inequality is immense. Any tool that draws the capital of the rich away from the brick and mortar economy where the poor have to compete with them to survive is worth tons for society.

I fear the opposite is the case - many rich whales pump up prices in the real world, having sold their crypto to the masses coming in late.

For every whale that cashes out there are some that hodl. Otherwise price wouldn't get this high. Price getting higher and higher means that bitcoin is sucking out dollars from other places. Masses have very little influence over the bitcoin price over recent years. This cycle they seem to have none.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#119

Post by TrackerFF »

scotty79 wrote: post #116
TrackerFF wrote: post #82

Earlier quoted context omitted.

Well, Trump is trying to devalue the dollar. If it was up to Trump, the dollar would be trading for half (against the EUR/GPB/etc.), to stimulate US exports.

But US is not an export economy. Last time exports exceeded imports was half a century ago. You may wish it was but it isn't and it won't be. So when you are devaluing your currency by 20% even if you improve your exports a little bit you are doing it at the cost of making your imports (which will still vastly dominate) about 20% worst deal for you. And all that to recover from the world a handful of dollars in excha…

I’m not arguing that it is a good thing, just pointing out that this is what Trump wants - as he envisions USA as 1950s USA.

It also might explain why the gov is in no rush to fix a weakening dollar – it is after all what he wants.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#120

Post by TrackerFF »

NomDePlum wrote: post #112
TrackerFF wrote: post #3

I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…

Was that all your Bitcoin? If so, why sell it all given it had already accumulated value? Not a criticism, more just trying to understand the rationale.

Needed cash, nothing more. Laid off / downturn in the industry I worked in, and separated, so a double whammy financially speaking.
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