By Invitation Only
- Thread starter Brownslave688
- Start date
Brownslave688
You want a toe? I can get you a toe.
It's not the coins themselves it's the technology behind them that's a game changer.
FrigidFTSup
Resident Suit
You sound like the ORION managers
Brownslave688
You want a toe? I can get you a toe.
Bitcoin is like Orion 1.0. The problem for bitcoin is other people are already working on Orion 10.5
Brownslave688
You want a toe? I can get you a toe.
Think about bitcoin as exactly the opposite of the dollar.
The value of a dollar has went down like 90%+ since 1900. As the dollar goes down they print more money hence inflation.
However there are a limited number of bitcoin (21 million I believe) so as things cost more each individual bitcoin will be worth more not less. Kind of like gold.
oldngray
nowhere special
Operational needs
Virescit Vulnere Virtus
Hmm. That’s different.
FrigidFTSup
Resident Suit
And I get that about Bitcoin. I may not be deeply read in on it, but it's something I've explored in the past, but I just don't really buy into it for a few reasons.
Actually using it. I know I've been joking about how it's great for money laundering, but that's it is viewed. Those who accept it aren't exactly your mom and pop shops. Right now Bitcoin is only good for buying and selling, you can't use unless you're buying a whole mess of cocaine or a wife from Russia. It's more like buying a bond that can crash at any moment than it is currency.
Financial institutions run from it like it's the plague. The President of JP Morgan was interviewed a couple weeks ago about it. You'd think the guy was talking about North Korean arms he was so against it. The same guys who took down the economy are afraid of it? That really makes me want to invest.
While I agree completely paper currency is increasingly outdated, it doesn't put cryptocurrency on deck to replace it in my opinion. It will still be Dollar vs Euro/Renminbi/Yen. And by the way, I know it goes beyond Bitcoin, it's just the go-to because it is by far the most well known.
oldngray
nowhere special
It is pretty much a commodity and not a currency.
A lot of speculators are liable to get burned when the bubble bursts.
FrigidFTSup
Resident Suit
And that's why I don't like it. There is NOTHING justifying the price that Bitcoin is demanding right now. I just saw a chart on it on CNBC a few hours ago. 1 Bitcoin is worth like 8200 bucks. Why? There is nothing behind it. Nobody accepts it!
It's like speculating that a piece of land in Nebraska will someday become oceanfront property.
oldngray
nowhere special
Irrational exuberance all over again.
Brownslave688
You want a toe? I can get you a toe.
You know what's funny is JP Morgan then turned around bought up Gobs of bitcoin after it tanked after his comments.
And sure they are scared of it. It could completely decentralize money. You think the banks want any part of that?
FrigidFTSup
Resident Suit
Of course they don't want it, but I truly don't think it's as revolutionary as everybody claims. Governments aren't going to be all over it because you can hide taxes and assets.
Brownslave688
You want a toe? I can get you a toe.
You know it's funny many people think this is the internet bubble all over again. But you know what plenty of those internet companies made people lots and lots of money. This is the exact same way. Is every cryptocurrency worth its valuation? Of course not but a handful
Will survive all of this and be worth tons.
Brownslave688
You want a toe? I can get you a toe.
Actually governments love the idea of blockchain I promise you. Cash allows you to hide wealth. Blockchain technology keeps track of EVERYTHING. There is a record of every single transaction that has ever taken place using this technology.
If the government decided to start their own crypto let's call it "fedcoin". They'd have A record of every transaction every citizen ever made using it.
FrigidFTSup
Resident Suit
Interesting on the records. I just don't think they'll roll over on the dollar or Euro for it. The governments want the control and they lose it with cryptocurrency.
Brownslave688
You want a toe? I can get you a toe.
There is nothing justifying the price of a dollar. It's backed by nothing anymore.
Everything in this world is worth what someone is willing to pay for it. Right now people are willing to pay $8000+ for a bitcoin.
Brownslave688
You want a toe? I can get you a toe.
That's why you'll likely see them try to create their own government backed crypto. Which will be a very interesting battle.
The people that are using it now many are doing so to get away from the centralized banking and all of the control a few people have over the entire banking system.
