Crypto tanking
- Thread starter Chuck C
- Start date
The comment about the environment is a really bad message for crypto and bitcoin. The hope was that more companies would adopt. More companies would move some assets on the balance sheet into Bitcoin. Now Musk totally puts a monkey wrench in to that idea. Really bad news that could burst this bubble as people speculated the things above would happen and values would rise.
To me, this stuff looks like the new "pet rock"...
Except investment bankers have been getting into crypto. Hard to imagine them buying up all the pet rocks when they were popular.
But these are short term, not long holds.
Stuff like Dogecoin is buoyed by people who've seen the news of Gamestop and Bitcoin get highly inflated and try to get rich quick. There's no get rich quick scheme where millions of people become wealthy with a commodity so readily available, it's never worked and made everyone live happily ever after. There will certainly be a good number of people who profit, but it will pale in comparison to the number of people left holding the bag.
It's also hard to imagine an economy based on tulip bulbs...
Lies!! It's just like the casino...I have it on good authority that nobody ever loses money. My wife's (no pic) family always walks out with more than they had going in...just ask them.
(Full disclosure - they took my wife once and she played a dollar slot one time. Won $670. And it wasn't even her dollar. Maybe it's genetics)
Maybe it’s short, maybe not. I don’t care about Dogecoin. What I do care about is people recognizing it as the future because it is.
Will everyone get rich off of it? No. Just look at some in this thread. They don’t understand it and haven’t made any kind of attempt to do so. All they do is scoff at it the same way people scoffed at the internet when it was new.
These same people don’t care that a piece of green colored paper is no longer backed by gold.
Or green pieces of paper
Well given that the government which is a pretty significant chunk of our GDP is going to be paying for all it's good and services with that green colored paper it makes sense why people import value in it.
Seems like monopoly money to me.
USD inarguably functions are money, but what are its drawbacks?
The drawback in my view is that the government policy of inflating the money supply reduces the value of existing monetary stock, which reduces the value of USD as a store of value (and reduces the value of my future earnings).
People want a money that doesn't have value siphoned from it by inflation.
Clever creatures that they are, they figured it ways to accomplish it.
"I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop." F.A. Hayek
But aren’t you always going to be beholden to governments when it comes to monetary policy? If crypto never becomes widely accepted it will always be tied to countries’ currencies.
It is exchangeable to countries' currencies, but they can't inflate the bitcoin monetary pool, they can only inflate the USD (or Yen, etc.) monetary pool. Which will cause a shift in the exchange rate protecting those saving in the medium of exchange the government can't inflate.
And they will with crypto. The 2nd largest economy in the world is spending resources on gathering crypto currency. The largest financial institutions in the world are working on developing their own blockchain technology as are other sectors.
While the world is taking cryptocurrency seriously, others are thumbing their noses at it. You guys have been doing this for years on this board back when Bitcoin was worth around 1K. Well now it’s worth roughly 50k.
I get that not everyone understands it and that’s fine. But don’t sit there and look for an “I told you so” after the past several years of gains. Because you still look very silly.
Well I could cash out now and have over $2000 profit over the last 2 weeks in this Monopoly money. So there’s that.
A few people got rich quick.. Well after buying a joke of a crypto held on to it for a while and it exploded the last 5 months.
Don't look at it as a every day liquid investment,.. It's more of a long term holding place for your wealth,.. When you need to, you break off a chunk and convert it to US dollars or other currency..
Crypto is dumb and unnecessary as far as I can tell, and I will continue to buy and sell it as I see things swing. I have made some decent money with fewer dollars invested than the average craft brew enthusiast spends on his drinking habit.
So what exactly makes Bitcoin have value?
Because it seems to me that the minute people stop wanting Bitcoin is the minute it stops having any value.
A dollar has value because it's backed by a government. All debts in this country are settled with dollars. If a court orders you to pay someone, you pay it in dollars. When you pay your taxes, you pay in dollars. If the government hires you or buys something from you, they pay in dollars.
A dollar unlike Crypto doesn't lose domestic value because some CEO made fun of it on SNL.
I transferred all my crypto to Cardano (ADA) last night. Everything is blood red and Cardano is up by 13%.
| Currency | Kilowatt hour (KWh) consumed per transaction |
| XRP | 0.0079 |
| Dogecoin | 0.12 |
| Cardano | 0.5479 |
| Litecoin | 18.522 |
| Bitcoin Cash | 18.957 |
| Ethereum | 62.56 |
| Bitcoin | 707 |
The minute people stop wanting the dollar is the minute it loses value too. All of what you said applies to other countries whose currencies have tanked. Iraqis pay taxes in the dinar and it’s got very little worth.
Why not? Once all the coins have been mined what's to stop them from just creating a billion more coins?
It sucks to buy if you actually would like to use it as currency because it's a lot more volatile in the short term.
Thank you. I have had some cardano for a minute now.
