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VitaMan · 04-11-2021, 11:12 AM

Not doing too well here. Time to correct some statements:

The US currency and monetary system is not about to collapse.

Businesses over 100 years old can continue to grow and earn more money. They can buy other businesses if their business segment is not expanding.

Everyone selling and no buyers is a ridiculous statement.

bf0082 · 04-11-2021, 11:40 AM

Quote:

Originally Posted by VitaMan

Not doing too well here. Time to correct some statements:

Everyone selling and no buyers is a ridiculous statement.

Really? Just happened to GameStop, you don’t pay much attention to current investments ?

That’s how shares go from $100 to $0.01
Happened to circuit city, blockbuster, hertz, all bankrupt companies with shares issued...

DesWad · 04-11-2021, 12:59 PM

About the crypto bubble-

A couple of facts. 1. The far left Democrats would welcome a new world government as well as a world reserve currency. I don't think Biden is that far left but his VP most certainly is. If this were to take place crypto could be a likely candidate used for a new currency. Probably not happening in our lifetime but then again I never thought Trump could ever get elected either and that happened.

2. Back in 1998 my Financial Advisor at that time told me not to invest in Berkshire Hathaway because it was in a Bubble.

3. If you believe Bitcoin is an investment and will appreciate then you wouldn't use it to purchase things. You would buy it and hold it. Therefore it is in fact a store of value.

4. The only reason to use a crypto like Bitcoin in a transaction is because it facilitates a secure transaction that cannot be traced. That is the claim. There is a need for this.

Kay_B · 04-12-2021, 01:20 AM

Quote:

Originally Posted by DTickler

4. The only reason to use a crypto like Bitcoin in a transaction is because it facilitates a secure transaction that cannot be traced. That is the claim. There is a need for this.

They will not agree with you in a number of countries, where every year there is more and more control over transactions. There it is explained by the fight against terrorism and separatism, the fight against illegal income.

rexdutchman · 04-12-2021, 08:07 AM

cash gonna be outlawed

VitaMan · 04-12-2021, 08:42 AM

On the point of Bitcoin becoming a store of value, like gold......what is unique about Bitcoin that other crypto currencies can't provide ? If nothing, then it is not a store of value.....just a bubble. Governments may be creating their own cryptos.

I could print up 21 million Golden Certificates this morning, and destroy the plates.

orallvr69 · 04-12-2021, 05:44 PM

>Happened to circuit city, blockbuster, hertz, all bankrupt >companies with shares issued...

Also happened to GM stock and Delphi and others in 2009, too, and that is WITH the government's help. Obama put them in BK for 5 minutes and said a big FUCK YOU to anyone who owned any of it. If you were one of the sorry shareholders you got fucked over by GM AND the US Government. But somehow, our monetary system is sound.

orallvr69 · 04-12-2021, 08:10 PM

>1. The far left Democrats would welcome a new world government as >well as a world reserve currency. I don't think Biden is that far >left but his VP most certainly is.

Biden is not in charge. The far left is (Obama, Kamala, Bernie, AOC, Omar...). They are devaluing the currency at a rate never seen before. This would not occur with crypto because you can't just "print" more of it. The governments hate this and they also hate untraceable things like cash. Crypto is only as good as cash in it's tractability.

>If this were to take place crypto could be a likely candidate >used for a new currency. Probably not happening in our lifetime

It will likely be attempted within the next two years. It is called "The great reset" and the pieces have been in place for a while now. Donald Trump was not expected to win in 2016 and we would have already been "reset" if he hadn't won. IF we still have an electoral process then the only way to push this through is to do it with a figure head president who can be disposed of if they need a fall guy (they don't yet), Kamala/Obama/other lefties work behind the scenes and we are supposed to believe Joe is in charge (whatever). In 2022, there -should- be an electoral massacre but that is IF there is no cheating. As you can see in GA, expanding voting rules is now referred to as Jim Crow 2.0 and the lemmings follow. Forget about reading what is in the law...

>4. The only reason to use a crypto like Bitcoin in a transaction >is because it facilitates a secure transaction that cannot be >traced. That is the claim. There is a need for this.

Bitcoin lacks a very important feature in that it does not have a transactional property which makes it immediately transferable. It can take up to a few hours to do a transaction but usually occurs in 10 minutes or so. That is why cryptos like XRP will likely be the choice for the next money supply. Unfortunately that makes it more traceable, which is not good for anonymous transactions.

Regardless, as long as someone else is willing to pay X for something and it is very unlikely to go to 0 then it is as much as an investment as a stock. GM/Delphi did go to 0 but that was because Obama wanted that to happen. There is no recourse for something like that. That would not happen with Crypto. The government can keep 'printing' money like they do and that will always devalue the currency. This is not possible with crypto.

Fizley · 04-12-2021, 08:11 PM

Quote:

Originally Posted by orallvr69

>Happened to circuit city, blockbuster, hertz, all bankrupt >companies with shares issued...

Also happened to GM stock and Delphi and others in 2009, too, and that is WITH the government's help. Obama put them in BK for 5 minutes and said a big FUCK YOU to anyone who owned any of it. If you were one of the sorry shareholders you got fucked over by GM AND the US Government. But somehow, our monetary system is sound.

I disagree GM and Delphi we're weak puppies before in 2008. To get investors to buy their stock they offered an attractive cash dividend.

orallvr69 · 04-12-2021, 08:21 PM

>On the point of Bitcoin becoming a store of value, like >gold......what is unique about Bitcoin that other crypto currencies >can't provide ? If nothing, then it is not a store of >value.....just a bubble.

Bitcoin was the first and currently the most valuable. It lacks some important features to be "trusted" by a government and to facilitate commerce.

>Governments may be creating their own cryptos.

Maybe but not likely.

You seem to be quite the naysayer (Vitaman). I would not recommend you buy any crypto. I suggested that a well placed $100 on some very cheap crypto could yield very high profits if you study up on things. Not too long ago (2013?), Bitcoin was $150. If you bought $5000 worth at $150 you would have $2,000,000 today. Some are predicting Bitcoin to be at $100,000 by the end of the year and $500,000 by 2030. The only trouble now is that one Bitcoin is $60,000 so a $100 investment isn't as good with Bitcoin, but there are other coins growing and it is nothing for most guys (and gals) here to throw $100 and some alternate coins (not you though). I suggest you keep your money in a savings account. It is safe there.

orallvr69 · 04-12-2021, 08:23 PM

>I disagree GM and Delphi we're weak puppies before in 2008.

True but how does that contradict what I said? Obama put them in BK, flooded them with money and they reissued new GM stock and fucked over the old stock holders. By the way, he left the same people in charge and bailed out the union pension/healthcare plans so you want a prediction? It is going to happen again!

sjdude · 04-13-2021, 02:42 AM

My 2 Satoshi's..

- Crypto is here to stay...
- Yes BTC is not a good investment option right now as its hovering close to its 52 week high...
- The International Banking system has to first figure how it can make money of crypto's, before it allows it to rule...
- The situation is a little bit like the Euro... the suffering countries cannot print the Euro... similarly no one can print the crypto... the Federal Banks have to have a way to print their currency, until this happens they will make crypto as a typical commodity which means its price will keep going up relative to the poularity and volume of trading.

Charley3 · 04-13-2021, 02:21 PM

I find it interesting on this thread, numerous people sure seem like they understand Bitcoin, yet are completely in disagreement on how it works.
That and the fact I also don't understand it will keep me the hell away.

orallvr69 · 04-13-2021, 04:33 PM

- Yes BTC is not a good investment option right now as its hovering close to its 52 week high...

It broke through and set a new high today before retreating. It is pretty stable these days though.

- The International Banking system has to first figure how it can make money of crypto's, before it allows it to rule...

Fees. That's where it's at. Look at the Coinbase IPO tomorrow. It is not a normal bank-backed IPO, either. That ticker will be going crazy tomorrow. It is said to start at about $300. It will be UP, then down, then up. Whereever it ends up, it will be above what it starts at around 9:30 am

the Federal Banks have to have a way to print their currency,

Why though? Why is it too much to ask for a government to fiscally responsible for once? The EU sure as hell have pissed off a lot of countries by having their own shopping malls, theaters, etc but not for the little guys. Nobody even knows who to be pissed at. The EU is full of nameless/faceless bureaucrats. In Cuba, there are two currencies. One for the government elites, and the other for the peons. That could be the model anywhere. Right now, with all of the various cryptos available it is already happening and the US Gov is knocking on the door, saying "Let me in!"

until this happens they will make crypto as a typical commodity which means its price will keep going up relative to the poularity and volume of trading.

Governments don't need to "make" anything. Cryptocurrencies exist now, regardless of governments and are being used as cash and as investments. They really can't stop it because there is no way to enforce any law banning it. The global nature of the internet makes it impossible to do.

orallvr69 · 04-13-2021, 04:37 PM

Quote:

Originally Posted by Charley3

I find it interesting on this thread, numerous people sure seem like they understand Bitcoin, yet are completely in disagreement on how it works.
That and the fact I also don't understand it will keep me the hell away.

You don't really have to be an expert; nobody is. There is nothing wrong with buying some with money you can afford to lose though. I keep saying it, we spend money on stuff here which gives us an hour or two of pleasure so we have that kind of disposable income. It is nothing for any of us to throw $100 at a crypto instead and forego a session, and it is just as likely that anyone who can afford services here already have $100 extra to throw. Think of it like gambling, sports betting, or betting on a horse race if you want. That's all stock speculation is anyway. It is educated guessing. The information is out there.