At some point, it is highly probable that Bitcoin is going to collapse. I've almost tripled money for a few clients, in some small investments we made into it, and am encouraging them to sell. It is completely a "faith" based "investment", that has no merits otherwise.
Last edited by Fogelhund; May 19th, 2021 at 11:50 AM.
lots of huge traditional banks are getting into Bitcoin...I don't expect it to crash or collapse anytime soon. Also, it is useful as you are able to buy more and more things with it. Paypal is on the verge of allowing people to make direct payments for goods with bitcoin as well as a few other cryptos.
So the question is, what is the value of a currency? The U.S. dollar is no longer backed by a gold standard, it's backed by faith and a lot of places it can be used. Bitcoin is not there by far but it's catching up all the time. A lot of people expect it to become a stable standard like gold. The other thing that is supporting it is younger people who are more familiar and comfortable with the idea of cryptocurrency will be getting into the market.
It's primary use is still money laundering/black market activities, and it's very tightly held. Governmental regulations around it are coming quickly around the world, and trading platforms will be shut down, where they down adhere to securities regulations/regulator rules. It's not far off a mania, such as Tulips... which people made similar arguments too as yours.Originally Posted by MR2 Fan
I'm just not interested in offering my implied approval to something totally optional and based (with a couple degrees of separation) on "how much electricity can we burn for literally no reason other than to generate 'money'?"
Further, I've got a buddy I grew up with who is some kind of a big deal in one of the major crypto communities and literally everything he's told me about the people he works/deals with leads me toward not wanting anything to do with potentially making those people richer or god forbid, somehow powerful. They seriously seem like the scum of the earth.
-Formerly Stabulator
oh yes it's totally like tulip mania
Go go polarisation!!!
US dollars and bitcoins are both faith based currencies.
Major difference between the two is that US dollars is also backed by superior fire power. It won’t be easy to shut the US dollars down...
I like the idea of Bitcoin because we no longer need a central bank. It’d be completely neutral and not tied to any country. US dollars will collapse with its government. Bitcoin has the advantage of continual survival as long as we still have electricity.
Naturally gold is still better because it lasts almost forever even without electricity!
If I have extra money I don’t mind losing, I’d certainly invest in bit coin...
Fiat currency is backed by the faith in the government/country and credit worthiness of that country.
Bitcoin et al, is backed by magic beans type of faith.
There is a massive difference between the two, not to mention stability. But we shall see how this plays out.
That may be weakness at this stage, but it may also be the strength of Bitcoin. As long as enough people have faith of it, it’ll no longer be tied down to any nations/empire’s rise and fall...
Of course it’s main weakness is it’s dependent on electricity. If we have a global thermal nuclear war, Bitcoin can’t survive. US dollars also won’t. Gold would melt, but at least it’ll still be there!
Considering 1000s of years into the future, assuming we didn’t destroy ourselves, Bitcoin has a better chance of surviving than US dollars, right?
Just as Christianity didn’t need the existence of Israel nor Roman Empire in order to thrive when sufficient believers exist.
So the main thing we need to wait and see is whether if Bitcoin can become popular enough... once that critical mass is reached, only a global thermal nuclear war can stop it.
Last edited by Crazed_Insanity; April 4th, 2021 at 09:22 AM.
I too am not a big fan of crypto. I don’t understand it, so I don’t touch it. Fundamentally as well, I agree there’s nothing backing it. It’s all artificial value.
My son loves the idea of crypto and plays around with trading crypto CFDs. I stay away from it. He wants me to sell the business and the house and put everything into Bitcoin.Not sure if he’s serious or just pulling my leg.
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