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Thread: Bitcoin

  1. #16 | Top
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    Quote Originally Posted by Mott the Hoople View Post
    Well the same as any currency or stock. The peoples confidence in it as a medium of exchange.
    Not even close to the same. US currency is backed by a stable Government and economy. Stocks are backed by cash flows and assets. Bitcoin.....NOTHING backs it except for speculation.

    The risk associated with it is incredibly high; more so than even speculative stocks. There are no regulations with bitcoin.
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Truth Detector View Post
    You didn't answer my question; why does government currency have value?
    Hmmm, uh, (scratching head) oh yeah. It's the high quality paper, very unique, very expensive, ... along with the fine engraving, done by hand, by this very old calligraphy Master.
    (I hope this answers your question, Truth Detector. I'm really surprised you didn't know this)

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    Quote Originally Posted by Jack View Post
    Hmmm, uh, (scratching head) oh yeah. It's the high quality paper, very unique, very expensive, ... along with the fine engraving, done by hand, by this very old calligraphy Master.
    (I hope this answers your question, Truth Detector. I'm really surprised you didn't know this)
    Yes you did answer it; you don't have the slightest clue why it has value which is exactly what I thought. Your only expertise is looking like a dumbass.
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Truth Detector View Post
    Yes you did answer it; you don't have the slightest clue why it has value which is exactly what I thought. Your only expertise is looking like a dumbass.
    Truth Detector? If I told you the Truth, you couldn't handle the Truth. YOU CAN'T HANDLE THE TRUTH!!!

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    Quote Originally Posted by Crazy Cat Lady View Post
    Is this true?
    Yes.

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    Quote Originally Posted by Truth Detector View Post
    Not even close to the same. US currency is backed by a stable Government and economy. Stocks are backed by cash flows and assets. Bitcoin.....NOTHING backs it except for speculation.

    The risk associated with it is incredibly high; more so than even speculative stocks. There are no regulations with bitcoin.
    Well I don’t disagree with any of your points but my point still holds. Obviously Bitcoins don’t share the level of confidence as the dollar does but some people do have confidence in them and do use them as currency in exchange for material goods and services. In fact the people’s confidence in currency is the only value it has.
    You're Never Alone With A Schizophrenic!

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    Quote Originally Posted by Truth Detector View Post
    Not even close to the same. US currency is backed by a stable Government and economy. Stocks are backed by cash flows and assets. Bitcoin.....NOTHING backs it except for speculation.

    The risk associated with it is incredibly high; more so than even speculative stocks. There are no regulations with bitcoin.
    I'm not comparing it to stocks, just the Dollar. GovCos have been known to fail, and ours, with it's debt/ earnings approaching so high, is close to the brink. Imagine if Hillbag has got elected? My confidence in the Dollar would be close to zero.

    In fact I've had this conversation with my financial adviser before the 2016 election. I was very concerned with inflation, like what happened under Carter, or worse, the end result of socialism every time it's tried: hyperinflation. We went through the scenario:
    • My mutual funds would be fine because as the value of the Dollar declines, the stock prices simply increases along with it because, as you noted, their intrinsic value.
    • As long as I have more home mortgage debt, with a fixed interest rate, than cash (Dollars) in the bank, my cash accounts can simply be emptied to pay off most of the debt.



    Bitcoin is regulated by its fixed algorithm. Hundreds of thousands of account holders have copies and if one is changed, all the others will know it in its next transaction and that account becomes void.

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    Quote Originally Posted by Dark Soul View Post
    I'm not comparing it to stocks, just the Dollar. GovCos have been known to fail, and ours, with it's debt/ earnings approaching so high, is close to the brink. Imagine if Hillbag has got elected? My confidence in the Dollar would be close to zero.

    In fact I've had this conversation with my financial adviser before the 2016 election. I was very concerned with inflation, like what happened under Carter, or worse, the end result of socialism every time it's tried: hyperinflation. We went through the scenario:
    • My mutual funds would be fine because as the value of the Dollar declines, the stock prices simply increases along with it because, as you noted, their intrinsic value.
    • As long as I have more home mortgage debt, with a fixed interest rate, than cash (Dollars) in the bank, my cash accounts can simply be emptied to pay off most of the debt.



    Bitcoin is regulated by its fixed algorithm. Hundreds of thousands of account holders have copies and if one is changed, all the others will know it in its next transaction and that account becomes void.
    Dark Soul: "My mutual funds would be fine because as the value of the Dollar declines, the stock prices simply increases along with it because, as you noted, their intrinsic value."
    Jack: Inflation/hyperinflation would cause people to start cashing out of their Stock Funds to pay for things. As more people cashed out, there would be less Buyers. People would stampede to sell, causing Stock prices to fall.

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    Quote Originally Posted by Jack View Post
    Jack: Inflation/hyperinflation would cause people to start cashing out of their Stock Funds to pay for things. As more people cashed out, there would be less Buyers. People would stampede to sell, causing Stock prices to fall.
    There would be a huge dip in stock overall value, yes, but in the short term. As you stated, people would still need goods and services, and these companies represented by stock values would still be able to provide them. So the best strategy would be to buy, not sell.

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    Wow. Bitcoin is a very good investment of money. Now everyone talks about bitkoin. But now bitcoin is falling in price. And the people lost money.

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    Mine's up 29% in one month.

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    I don't think bitcoin has future. But as we can see some of us can earn some money from it.

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    Quote Originally Posted by Truth Detector View Post
    It is VERY different; it is not backed by ANYTHING. US currency is backed by economic activity and the trust in the US Government. The value of bitcoin could disappear tomorrow and you would be left with NOTHING. That would not be the same case for US currency.
    Well that explains why the dollar is in steady decline.
    “I was not born to be forced. I will breathe after my own fashion. Let us see who is the strongest.” - Henry David Thoreau


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    Quote Originally Posted by TrippyHippy View Post
    Well that explains why the dollar is in steady decline.
    It is? When did this happen?
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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    Quote Originally Posted by Truth Detector View Post
    It is? When did this happen?
    Been happening brother.

    https://fred.stlouisfed.org/series/CUUR0000SA0R
    “I was not born to be forced. I will breathe after my own fashion. Let us see who is the strongest.” - Henry David Thoreau


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