But right there you just described the pyramid scheme. The price is held up by nothing but people's greed. Pyramid schemes are not reliable money-makers.
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WTF is now wrong, all cryptos down?
- Thread starter jorge
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it's not (only) greed - it's necessity and self-preservation that will make people convert the obsolete defective and misused stores of value to bitcoin - the "price" you're talking about is just a temporary concern and a relict
Besides what void said, historically the money with the least inflaion/debasement has always replaced the previous one with higher inflation.
Inflation has equaled easy to source, mine, make more of....
Generally a new, better money has always came along due to some technological advancement. And WHEN a new better money emerges that carries value better to the future, it is very far from just greed.
Its like one guy holding value in apples and the other in metal coins.
to create (good) money you need (absolute) scarcity which is extremely difficult to achieve and this property must be grounded in a permissionless decentralized manner/protocol - no centrally installed rule of law, even coercive enforcement can ever achieve that - rules and promises get broken - bitcoin solved this by the ingenious mechanism of projecting physical power (Joules per unit of time) to information
Thats nonsense since bitcoin will fail.Why do i know it will fail ?Because the creators of bitcoin decided so when creating bitcoin.
You can belive it or not i do not care but beliving bitcoin is the solution to fiat is very naiv
People like you and me are irrelevant.
Big institutions are relevant and asian and african ones prefer BRICS anytime over USD.
You would also need to understand what a BRICS gold currency would cause.
Everyone not having a gold backed currency at the time BRICS will bring out their currency will have within two years high inflation and this is based on ecomeny and maths and there is no way to avoid it.
USD is backed by nothing.BRICS currency is backed by gold.
What does it mean ?
Since BRICS have an export surplus of over 2 trillion USD per year to the west and their currency is backed by gold it would mean that at status quo the west would lose within 2 years all its gold to BRICS to pay the negative diffrence to BRICS.USD won't be accepted anymore because BRICS currency is backed by gold and only gold will be accepted.
What does it mean ?
It means to not lose all your gold you need to close the surplus gap of BRICS.
How do you do that quickly ?
High Stagflation to put consume down
High Inflation on commodities like gold to make the surplus of BRICS based on amount of gold lower.
Start producing localy again.
And thats exectly the agenda of elite to stop world trading and go back to produce localy again.
When BRICS will implement the gold standard the west will add bitcoin into their new monetary system.
Ours will fail on purpose to create the second final monetary system via SDR linked to gold.
However the west going the route with bitcoin in their monetary system will first cause a massive never seen impoverishment in the west.
Never wondered why governmental staticstics like deagel only showed impoverishment in western countries but not in africa or asia etc ?
Now watch which countries will use the BRICS currency and which not and you will understand
Exactly.
Because of this Bitcoin is the best money so far.
For a new money to replace or even compete with BTC, evolution must point to a fault in BTC (like not being scarce is only one of many of fiat) and technology must give the means of fixing that fault.
But that's not why the masses are jumping on BTC. They're jumping on BTC in the hope of getting rich. They would be poorly advised to store wealth in BTC instead of gold, stocks and property. BTC has no wealth to store, and is not even the best coin from a technical aspect.
- Traceable by the central governments.
- 2% of addresses hold 93% of the coins.
- Prone to regular violent crashes in value that make Black Monday look like a small one-off event.
- Having no intrinsic value other than usage.
- Big fees that make shopping impractical.
BTC is wide open to being usurped as soon as the sheep jump on the new shiny thing. See MySpace to Facebook, Skype to Zoom, etc.
well yeah, the price is the best marketing gimmick ever. And?
That depends highly on circumstances. It may or may is not.
Unclear as many are exchanges.
As are many other fiats or things
. Its just accounting.There is no intrinsic value anyway, its a moot point as all value is subjective and depends on the situation.
There are no high fees, otherwise just use lightning or liquid.
No. Its not 2017 any more. You really should upgrade your args.
you clearly made your mind already
I'm practically all-in BTC, I felt never safer, never slept better, never more sure - I might be wrong but my long positions makes me qualified to talk
if you and @369 are shorting BTC then I respect your stance to the extent of your risk taken
if you're not betting against then please realize that opinion has zero value and you should stay quiet in your corner like many reputable members here do despite they most probably don't share my view as well
But @void with all due respect. @cherry never said it is bad to long bitcoin. Many people are getting rich with bitcoin and other cryptos. Some very rich just by having a good feeling of the market and invest at the right time.
I even think that @cherry probably is sitting on more bitocin than you and probably is getting richer than you can even imagine. @cherry is allowed to say that there are are shortcomings of bitcoin. (How can that blockchain be used to pay for an ice cream?) Likewise, it is also correct, that you can make a fortune with bitcoin in the long run (10 to 20 years).
The ropic of this post is why cryptos are down middle of November. It is very obvious that they went up after the election of Trump (was to be expected). But then went down again. I think we all want to learn to better predict price movements, so that our 100x leverage brings us high profit.
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Yes, it would solve THAT problem. But looking at how we have been fooled by some rumormonger:
I have serious doubts that not many here would fall victim of some bs story, making them install some cowed software that accesss some private keys and then, the money is gone. From that perspective, as long as we are living in a world where we get fooled by such evil characters...
I'm not shorting it. And I can still share my reservations because this is a discussion thread. Cease taking opposing arguments personally, it's derailing the discussion.
Coinbase is already doing this to people's crypto. BTC doesn't solve this as long as people are using it the regulated way, which is most of them
Bitcoin would only solve it if people use their own keys and are able to keep them properly. Quite difficult how a guy of this caliber would be able to keep a secret key without it being lost or disclosed:
Those people would always resort to third party key storers that then would be expected by their customers to do the same as Chase did do you.
You see thats the never ending problem with you crypto fan boys.
You always put words into our mouth we never said.
Did i claimed you can't make money with bitcoin that you made the claim we should short bitcoin ?
I clearly stated bitcoin will be added in the new first monetary system in western countries and will fail.
Did i said anything that bitcoin will fail right now that you make the claim we should short it ?
You think you are so smart only to be able to make money from crypto in an easy to predict uptrend ?
The diffrence between me and cherry and you guys is we don't see bitcoin as a solution but as a trojan where you still can make profit if jumping out soon enough.Bitcoin works like a ponzi and when you don't jump out at the right moment you will get rekkt.
Also your guys arguments are from a technical point so poor i won't even argue.
The code of bitcoin can be changed anytime.
You guys act like that is not possible.
You clearly don't know how the real world works and how corrupt everything and everyone in crypto is.
Its of course your choice and i don't even care if you will have success or not however i hate seeing people making fun of valid arguments even from people who have some more background knowledge with their never ever repeating jada jada arguments which are so false and used by a group to attract more victims.
No it doesn't.Just because they are currently not blocking to support crypto doesn't mean they are not able to block bitcoin transactions.
You can block very easily bitcoin transactions and they installed these control functions already over 15 years ago.
The only reason you don't hear about it is because by law this control mechanism which they implemented is currently ilegal which doesn't mean it will stay that way.
You know how a ponzi works ?
Tell me the diffrence of a ponzi and btc
Its not unclear as 17% of bitcoins are lost and the 5% of Sathosi increased this way its stake in the cake.You ever read what you can cause with that amount of control over an asset ?
Why do you only compare to fiat ?Are you so limited ?Did anyone of us claimed fiat backed with nothing is better that you always bring that poor argument ?There is also other assets as tier1 money classified by biz bankAs are many other fiats or things
Wrong.Value comes from trust and planned institutional integration.
If you can predict the final monetary system you can preditct the asset which will have the highest value but for that you need to understand how the monetary system works but i don't talk about the current one they are in the process of exchanging but the final one which is being prepared for over 2 decades.
You think the elites don't know that fiat needs to be replaced ?I can tell you they are way smarter than you and me and they know very well how to install a new monetary system in their favour and seeing how people cheer for crypto i have to admit they are successfull in it.
Actually Cherry is spot on.JPM / Blackrock and co are planning to make big profits on the sheep who will run away from CBDC's into crypto.
Easy to predict and easy to make them rekkt.
Nov 2025 CBDC's are coming lets see the run on crypto and afterwards the milking of the dumb sheeps who will get rekkt on the biggest worlds ponzi
Property and stocks in western countries i would disagree.
The first asset will need some patience but will be the most lucrativ one.
Would people understand what the new monetary system means to that assets which they don't even hide they would mainly focus on it.
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