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Liberty News ForumLNF Forums HereEconomics, Financial News › On Gold, Dollars, & Bitcoin
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Very Hot Topic (More than 25 Replies) On Gold, Dollars, & Bitcoin (Read 4,747 times)
EF
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Re: On Gold, Dollars, & Bitcoin
Reply #40 - Dec 6th, 2017 at 4:38pm
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TowardLiberty wrote on Dec 6th, 2017 at 1:37pm:
Well I have no doubt it is a bubble. But like the bubble in Apple stock in 1999, I believe this thing has a future beyond the bubble.

And so do many others. And that's what is driving the price increase. We are seeing mainstream adoption. The CBOE is about to list BTC based derivatives. Major accounting firms like Deloitte are accepting it as payment.

We are seeing a bubble no doubt. But we are also seeing the emergence of a new form of money.

The early adopters bought an asset and are holding for the long run- most are anyway. They are helping to transform an asset into money.

It's not there yet. But we are on the way.

Atleast that's my take. No doubt it could be wrong.


If I had any doubts, I'd lock in my 381% return by cashing out.  And then maybe reinvesting whatever my ORIGINAL investment was. 
  

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Re: On Gold, Dollars, & Bitcoin
Reply #41 - Dec 6th, 2017 at 6:49pm
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EF wrote on Dec 6th, 2017 at 4:38pm:
If I had any doubts, I'd lock in my 381% return by cashing out.  And then maybe reinvesting whatever my ORIGINAL investment was. 

And miss out on the future Iota profits stemming from their newly announced partnership with Microsoft? I don't think so!

One day I'll have my lambo and all from 115 bucks I put into Iota. LOL
  

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Re: On Gold, Dollars, & Bitcoin
Reply #42 - Dec 7th, 2017 at 1:48pm
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TowardLiberty wrote on Dec 6th, 2017 at 6:49pm:
And miss out on the future Iota profits stemming from their newly announced partnership with Microsoft? I don't think so!

One day I'll have my lambo and all from 115 bucks I put into Iota. LOL



I hope you get filthy rich off of it, too.  I really do.
  

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Re: On Gold, Dollars, & Bitcoin
Reply #43 - Dec 8th, 2017 at 4:38pm
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EF wrote on Dec 7th, 2017 at 1:48pm:
I hope you get filthy rich off of it, too.  I really do. 

Thanks. I just got home from making another btc purchase. Fingers crossed!
  

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Re: On Gold, Dollars, & Bitcoin
Reply #44 - Dec 9th, 2017 at 1:44pm
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TowardLiberty wrote on Dec 8th, 2017 at 4:38pm:
Thanks. I just got home from making another btc purchase. Fingers crossed!


In this age of internet, wi-fi, cellphones, blockchains, digital ledgers, and other miracles, you have to leave home to invest in that stuff????
  

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Re: On Gold, Dollars, & Bitcoin
Reply #45 - Dec 9th, 2017 at 1:52pm
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EF wrote on Dec 9th, 2017 at 1:44pm:
In this age of internet, wi-fi, cellphones, blockchains, digital ledgers, and other miracles, you have to leave home to invest in that stuff????

You most certainly do if you are buying with cash and don't want there to be a record of the purchase.

Cool
  

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Re: On Gold, Dollars, & Bitcoin
Reply #46 - Dec 9th, 2017 at 2:18pm
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TowardLiberty wrote on Dec 9th, 2017 at 1:52pm:
You most certainly do if you are buying with cash and don't want there to be a record of the purchase.

Cool


Ah, so. 
  

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Re: On Gold, Dollars, & Bitcoin
Reply #47 - Dec 15th, 2017 at 6:44pm
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Bitcoin is failing as a currency
Instead, it's evolved into an asset.

https://www.engadget.com/2017/12/14/bitcoin-is-failing-as-a-currency/

Quote from article:  "We know exactly how many bitcoins will ever be mined, as opposed to gold, of which we only presume that the supply is limited," said blockchain entrepreneur Vladimir Lupenko.

Now, since bitcoin is a cyberspace creation using 1's and 0's, how can we be sure that MORE bitcoin might be made available?  Isn't it just a computer program? 

And if competing cryptocurrencies are developed, isn't that ultimately the same thing as more "bitcoin"?

We know there's a finite amount of gold.  The amount is unknown, but we know nobody is making more of it.  We also know we haven't found all of it.

But what if somebody figured out a way to make something that looked, felt, smelled, tasted, and worked JUST LIKE gold? Would that affect the value of real gold?  And isn't that what's going to happen if more cryptocurrencies are created?
  

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Re: On Gold, Dollars, & Bitcoin
Reply #48 - Dec 16th, 2017 at 2:23pm
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EF wrote on Dec 15th, 2017 at 6:44pm:
Bitcoin is failing as a currency
Instead, it's evolved into an asset.

https://www.engadget.com/2017/12/14/bitcoin-is-failing-as-a-currency/

Quote from article:  "We know exactly how many bitcoins will ever be mined, as opposed to gold, of which we only presume that the supply is limited," said blockchain entrepreneur Vladimir Lupenko.

Now, since bitcoin is a cyberspace creation using 1's and 0's, how can we be sure that MORE bitcoin might be made available?  Isn't it just a computer program? 

And if competing cryptocurrencies are developed, isn't that ultimately the same thing as more "bitcoin"?

We know there's a finite amount of gold.  The amount is unknown, but we know nobody is making more of it.  We also know we haven't found all of it.

But what if somebody figured out a way to make something that looked, felt, smelled, tasted, and worked JUST LIKE gold? Would that affect the value of real gold?  And isn't that what's going to happen if more cryptocurrencies are created?


Well there are about a thousand competitors to Bitcoin and more are always being created. I would argue that in the long run one or more will probably overtake Bitcoin. But that day is a long way off.

Rather than viewing them as competitors to Bitcoin I would argue they are in many ways complements. They serve a different purpose but their presence brings value to the crypto ecosystem which brings value to Bitcoin.

These altcoins are not Bitcoin clones. They have their own unique purposes.

Regarding Bitcoin failing as a currency- I would aruge that role will be played by other cryptos with smaller transaction fees, like Bitcoin Cash. As the article states, Bitcoin is more of an asset. It has money like properties but it also functions like an investment asset. It's a bit of both- a hybrid.

For it can actually be spent, unlike traditional investment assets. But its not so widely held and spent to be money. Not yet anyway.
« Last Edit: Dec 16th, 2017 at 2:29pm by TowardLiberty »  

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Re: On Gold, Dollars, & Bitcoin
Reply #49 - Dec 17th, 2017 at 1:10pm
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Possumpoint wrote on Jun 4th, 2017 at 8:39pm:
And the workers and corporations will get paid with what, promises?


You know, the Continental Army fought for this country for most of a decade and was often starving, ill-clothed, and paid in little more than promises.

The promise of pay, the reality of a government that can enforce order, these go a long way.  People are terrified of disorder, which is a prime reason it never lasts very long before a new order emerges.
  


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