Bitcoin - a decentralised digital currency

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Why is Bitcoin different than any other trade?  

 

A lot of investment / trading trends are unsustainable.    Ride the trend and try to time your exit.   That's the nature of the beast.  

 

 

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13 hours ago, gdc said:

 

Sure, you can hide your hard wallet under your mattress or bury it in the Zugspitze, those options have always been feasible throughout history...

 

There has never been anything like Bitcoin before. Once you understand that, the rest follows naturally.

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On 3.6.2021, 07:32:12, MadManEarle said:

 

There has never been anything like Bitcoin before. Once you understand that, the rest follows naturally.

Agree, it's the largest scam of all time.

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I am sometimes flabbergasted at the arrogance of Bitcoin proponents. When a Noble winning Economist or a Career Fund manager with backgroung in Mathematics/Physics says they see nothing revolutionary in Bitcoin,  their direct answer "They don't understand it" , "no one understands crypto"  " There has never been anything like Bitcoin before". And then comes people like Saylor who will say "Bitcoin stores all the energy of the whole universe in it's blockchains only to be unlocked later"  (from Superman may be) . No Economists or Finance experts other than a few hand-picked by God are able to understand this HUGE thing. But 18 year olds who doesn't know what "spread" is understand bitcoin.

The irony of the story is that it started after 2008 Finance Crash to be someting better than Wall Street, and I believe the originators had something positive in mind. And now Bitcoin people are so cheerful and wellcoming when Hedge Funds , Ray Dalio, Goldman Sachs, Blackrock, Carl Icahn , Elon Musk and rest of Wall Street joins Bitcoin. 

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I'm still on the don't understand it team.

 

My other investments are doing just fine.

 

It's not for everybody. I wish all Bitcoin investors the very best and I have friends who have made a fortune.

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Though JPMorgan Chase will reportedly offer a bitcoin fund for wealthy clients, chairman and CEO Jamie Dimon still isn’t personally sold on the cryptocurrency. “I’m not a bitcoin supporter,” Dimon said during The Wall Street Journal CEO Council summit on Tuesday. “I don’t care about bitcoin. I have no interest in it.”  “On the other hand, clients are interested, and I don’t tell clients what to do,” he said.

 

What Bitcoiners don't understand, is that those investment banks (e.g JP Morgan) only offer Bitcoin funds because their clients are asking for it. It is not an endorsement or a belief that bitcoin is the real deal. What does it matter to JP Morgan? They get to collect money on the commission/fees, whether you win or lose. What is not mentioned also is that they restrict investment to only their richest clients who can afford to lose the money and are expected to know what they are doing. They do NOT offer these bitcoin funds to retail investors (e.g. the rest of us losers) who could potentially sue JP Morgan for bad investment advice or breaching their fiduciary duty. 

 

 

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Michael Saylor btw told people to put all their money into bitcoin, and if they don't have the money, to BORROW the money and put it all in Bitcoin! Does that sound like good advice??? 

 

And just recently he said, bitcoin is the **most energy efficient asset class** ever invented!! :D Compared to what? His answer? Well Bitcoin has a market of 800 Billion at the moment, he says. And he compares the energy used to make bitcoins to the energy used by Apple or Google and their market caps!!! :D  Really?  

 

Another Bitcoiner, Nick Szabo said we left the gold standard in 1971, because gold *WAS EASY TO FAKE* (e.g. gold bars filled with Tungsten) and *HARD TO ASSAY*. And Bitcoin solves this problem!!! Really ? Have you ever heard of gold testing machines? It has never been hard to authenticate gold. The real reason? Because USA was broke and ran too many deficits (LBJ, Nixon, etc) and wanted to keep printing money (to buy votes as it always has done since the beginning of 20th Century) without keeping a strict exchange rate of dollar to gold. Btw - going off the gold standard was to be *temporary* ! Of course, everything temporary ends up permanent.

 

And if you are really a history buff, you'll know that every war that the USA got involved always caused it to take *temporary* measures (e.g. implement an income tax! we used to only pay tariffs!) to support the war effort. And these temporary measures became permanent!

 

Civil War --> Introduced the income tax and the rule that Americans must pay income tax wherever they reside in the world, as punishment to draft dodgers (and which we expats still suffer from today) - We did it to ourselves.

World War I --> increases in income taxes (and excise taxes) to fund the war... supposed to be temporary... then permanent (paid in a lump sum for the previous year) - Thank you Germany!:D 

World War II -->  increases income tax again AND introduced payroll withholding and quarterly tax payments (the government wanted the money now! and not count on citizens to pay later!)  - Thank you Germany again! :D 

 

For 80 years we are still paying an income tax today  (1941 - the Victory tax)  that was originally enacted to fight the second world war!

 

Thus, we can thank Germany for making the IRS what it is today :D

 

 

 

 

 

 

 

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20 hours ago, fraufruit said:

I'm still on the don't understand it team.

Because it does not make reasonable sense. It's a scam.

20 hours ago, fraufruit said:

 

My other investments are doing just fine.

 

It's not for everybody. I wish all Bitcoin investors the very best and I have friends who have made a fortune.

We are reaching the top of the hill. Those who enter now are only giving money for those who entered before.

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14 hours ago, wien4ever said:

Though JPMorgan Chase will reportedly offer a bitcoin fund for wealthy clients, chairman and CEO Jamie Dimon still isn’t personally sold on the cryptocurrency. “I’m not a bitcoin supporter,” Dimon said during The Wall Street Journal CEO Council summit on Tuesday. “I don’t care about bitcoin. I have no interest in it.”  “On the other hand, clients are interested, and I don’t tell clients what to do,” he said.

 

What Bitcoiners don't understand, is that those investment banks (e.g JP Morgan) only offer Bitcoin funds because their clients are asking for it. It is not an endorsement or a belief that bitcoin is the real deal. What does it matter to JP Morgan? They get to collect money on the commission/fees, whether you win or lose. What is not mentioned also is that they restrict investment to only their richest clients who can afford to lose the money and are expected to know what they are doing. They do NOT offer these bitcoin funds to retail investors (e.g. the rest of us losers) who could potentially sue JP Morgan for bad investment advice or breaching their fiduciary duty. 

 

 

Exactly, JPMorgan would sell you drugs as long as they were legal. They are simply the middle man taking a piece of the speculative bubble, without any risk.

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2 hours ago, MikeMelga said:

 

We are reaching the top of the hill. Those who enter now are only giving money for those who entered before.

Are you talking about bit coin or the stock market in general.

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45 minutes ago, yesterday said:

 

Are you talking about bit coin or the stock market in general.

The stock market in general is also reaching a local maximum. 

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On 6/4/2021, 4:25:16, MikeMelga said:

Agree, it's the largest scam of all time.

It's not scam, it is just not investment. There is no  no goods and no services produced, it was not intended to be used as investment, there is no "GDP" in it. If you mean by the virtue of this it is scam, ok I agree.

 

But sooner or later this casino will stabilize, and the crypto will cease to be volatile. Then it will be used as originally intended: for money laundering and international payments without chunks of money going to the intermediary banks.

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9 hours ago, yourkeau said:

It's not scam, it is just not investment. There is no  no goods and no services produced, it was not intended to be used as investment, there is no "GDP" in it. If you mean by the virtue of this it is scam, ok I agree.

I think the scam-y part is calling it a currency. A currency is something that's meant to be stable, backed by a government, so that people have confidence that they'll be able to buy the things they need to survice. I know that a small number of things are paid for by Bitcoin, but it's pretty negligible. 99% of the interest in Bitcoin and the like is speculation; i.e. people believing in a get quick rich scheme and so all the hype about keeping transactions out of the clutches of governments and banks is cobblers.

 

It is an investment: it's a thing that has worth as long as people say it has worth, but that's true of other sorts of investements too. Magic beans would work just as well as magic computer codes: as long as somebody is prepared to buy them from you they have worth.

 

The technology is interesting. It's not really anything new, but I see it like the web: someone put together existing technologies in an innovative way. But it could be a classic solution looking for a problem. Everyone saying "What is Bitcoin for?" has a point. 

 

 

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3 hours ago, Dembo said:

I think the scam-y part is calling it a currency. A currency is something that's meant to be stable, backed by a government, so that people have confidence that they'll be able to buy the things they need to survice. I know that a small number of things are paid for by Bitcoin, but it's pretty negligible. 99% of the interest in Bitcoin and the like is speculation; i.e. people believing in a get quick rich scheme and so all the hype about keeping transactions out of the clutches of governments and banks is cobblers.

 

It is an investment: it's a thing that has worth as long as people say it has worth, but that's true of other sorts of investements too. Magic beans would work just as well as magic computer codes: as long as somebody is prepared to buy them from you they have worth.

 

The technology is interesting. It's not really anything new, but I see it like the web: someone put together existing technologies in an innovative way. But it could be a classic solution looking for a problem. Everyone saying "What is Bitcoin for?" has a point. 

 

 

 

Not being backed by a government is a feature of Bitcoin, not a bug.

 

That is exactly what it is for. Individual sovereignty, independent of draconian rulers.

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