Author Topic: Bitcoin craze  (Read 5216 times)

Offline Baruch

Re: Bitcoin craze
« Reply #15 on: December 09, 2017, 12:23:27 AM »
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I think you're right.  I'm selling my assets and buying bitcoin right now while it's still valuable.  I don't want to make the same mistake that I did during the mortgage collapse.  I sat on my money waiting for the sub prime bonds to hit their peak, but then the market collapsed before I could buy them and they lost all their value.

I hope that is satire.  The common man always buys high and sells low.  That is how finance works.
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Offline Baruch

Re: Bitcoin craze
« Reply #16 on: December 09, 2017, 12:24:45 AM »
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To say that cryptocurrency is an alternate to fiat currency assumes that there is such a thing as non-fiat currency. I don't think there is such a thing as a non-fiat currency, as all pricing systems involve how much people are willing to pay for goods. Even based currencies are founded on this assumption. The US government saying that a dollar is worth a dollar doesn't stop prices from being assigned by supply and demand.

Not just by supply and demand .. since supply and demand are rigged by the government.

Five short parts on the South Sea Bubble ... that ruined Newton ...

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« Last Edit: December 09, 2017, 12:35:08 AM by Baruch »
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Offline Baruch

Re: Bitcoin craze
« Reply #17 on: December 09, 2017, 12:27:19 AM »
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It does seem like cryptocurrency is just another fiat currency with it's value tied to arbitrary whim.  A fiat.  The old gold and silver standard was less of a fiat, except the value of gold and silver was arbitrary.  It all seems fake like monopoly money to me, especially today.  So why not just take something and assign it an arbitrary value and use that?  We could used turtle shells.

Obama's trillion dollar platinum coin.  We need a small treasure chest of those, to take care of the US for the next 100 years.  Study Stone Age currency on the island of Yap in the Pacific.  What makes government intervention less fair, than the private market, is that the government has guns.  One thing that makes dollars mandatory, is that is the only currency the government accepts as tax payment.
« Last Edit: December 09, 2017, 12:35:54 AM by Baruch »
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Offline Baruch

Re: Bitcoin craze
« Reply #18 on: December 09, 2017, 12:29:37 AM »
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We absolutely could.  You are not allowed to view links. Register or Login.  Ideally, you want something that is 1) portable 2) exists in limited quantity 3) difficult to fake 4) doesn't decay quickly.  Small shells are a decent commodity money.

They are called the money cowrie.  But not all shells are equal.  And money cowries were ... counterfeited.  Human beings are intrinsically dishonest.  Got wampum?  The problem with modern fiat money, is that the government is free to counterfeit their own money, arbitrarily.  They couldn't do that with gold and silver.
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Offline Baruch

Re: Bitcoin craze
« Reply #19 on: December 09, 2017, 12:32:13 AM »
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The biggest problem I see with bit coin is that it won't be accepted at Walmart.  You could put up a fuss to the manager, but he would eventually call the cops.  You'd spend the night in jail, all the while having a pile of bit coins that couldn't even get you a decent lawyer, or pay the damn fine.  Go to the movies and give the ticket vendor guy a bit coin.  Like what's he supposed to do with that?   I just don't think it's very practical.

There is a solution.  They want to ban all regular money.  Only issue Food Stamp debit cards.  All transactions must be by those cards.  And those cards can be backed by anything the government likes, or nothing at all.  Walmart would have to accept them, or go to jail.

One guy is sad, he was early into BitCoin, but misplaced his old HD from his PC, that had his BitCoin certs in it.  They are now worth $150 million ;-(
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Offline Cavebear

Re: Bitcoin craze
« Reply #20 on: December 09, 2017, 03:21:57 AM »
The bitcoin will collapse like the Dutch Tulip Craze.  The last in will be the suckers.  But I sure wish I had bought in last year so I could sell out NOW!

Still, almost all currency is fake.  Does any nation have the gold to cover their currency?  And why is gold worth anything beyond industrial and jewelry value?  It is all just an agreement we all have to trade real things for symbolic ones we all agree to accept. 

I almost never use currency myself.  I do virtually all transactions via credit cards.  Currency is just something you need to pay the barber or the pizza delivery guy.

With enough tech, currency won't exist at all except in theory in banks.  We will reach "credits" as the standard.  And I doubt bitcoin will be that standard.
Atheist born, atheist bred.  And when I die, atheist dead!

Offline Baruch

Re: Bitcoin craze
« Reply #21 on: December 09, 2017, 05:32:32 AM »
Sorry, I only accept cold pressed latinum ;-)
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Offline Cavebear

Re: Bitcoin craze
« Reply #22 on: December 09, 2017, 05:51:52 AM »
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Sorry, I only accept cold pressed latinum ;-)

Your hair hides the ear surgery...
Atheist born, atheist bred.  And when I die, atheist dead!

Offline SGOS

Re: Bitcoin craze
« Reply #23 on: December 09, 2017, 07:45:13 AM »
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the question do you want to be screwed by licensed public banking or unlicensed private banking.  Either way, you are screwed.
I don't know. I used to know what I'm up against with a public bank, but that's changed in the last 10 years.  This bit coin thing may be better, but I'd be nervous about it.  It's like some guys saw how the banks could clean up, and decided to try and get a piece of the action.

Offline Baruch

Re: Bitcoin craze
« Reply #24 on: December 09, 2017, 10:13:09 AM »
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I don't know. I used to know what I'm up against with a public bank, but that's changed in the last 10 years.  This bit coin thing may be better, but I'd be nervous about it.  It's like some guys saw how the banks could clean up, and decided to try and get a piece of the action.

Cleaning up the clients ... is something investment advisors do.  Like Madoff.  Banks are big time scammers (like S&L before), only a little at a time, from a larger client base.  Madoff's clientele was too small, and he got too greedy ... and he didn't enlist powerful enough politicians (like J P Morgan).  Banking changed radically after 2000.  You can thank Bill Clinton and the death of FDR finance laws.  It got much worse in 2008 until now.  Look up zombie bank.  Right now you have low to zero gross interest, and with bank fees and inflation, it is net negative on your account.  With inflation, that was always a possibility, but now it is a certainty.  What they really want (the government) is gross negative interest, with the losses going to the government as hidden taxes ... and they let the banker skim a little of that plunder off the top.  There is too much money in 401K accounts ;-)  With banning all cash other than government debit card, you have no way to live without paying a "life" tax on every purchase (a VAT).  Even in a system where you can print as much money as you want, if you are the right person ... people still want to steal ... because they are psycho.
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Offline Hakurei Reimu

Re: Bitcoin craze
« Reply #25 on: December 09, 2017, 06:34:53 PM »
That, at least, is true. Bitcoin, etc. are all ponzi schemes. Only the guys who get in early get rich. The latecomers get screwed.
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Offline Baruch

Re: Bitcoin craze
« Reply #26 on: December 10, 2017, 09:35:30 AM »
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That, at least, is true. Bitcoin, etc. are all ponzi schemes. Only the guys who get in early get rich. The latecomers get screwed.

There is a chart, showing how long BitCoin lasted at a given price range.  The lower the price, the longer it was in that range.  Basically inverse exponential.  So the higher it goes, the short time it stays there, until it goes higher.  Exponentials work that way.  But there is no way to make any such "commodity" continue up forever, it collapses eventually, to be replaced with the next tulip bulb mania.
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Offline PickelledEggs

Re: Bitcoin craze
« Reply #27 on: December 11, 2017, 02:21:08 PM »
Ive already doubled my money and ive only recently gotten in to crypto currencies, within a few months
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Offline Baruch

Re: Bitcoin craze
« Reply #28 on: December 11, 2017, 10:52:13 PM »
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Ive already doubled my money and ive only recently gotten in to crypto currencies, within a few months

Double zero is still zero.  The US dollar, and thus the US GDP is worth ... zero.  When people realize that .. then that is the end.

But if you want to go to the casino ... just don't encourage others, or corrupt children, please.

I have some Hungarian hyperinflation currency from the 1940s ... a 1 billion x 10^12 pengos.  That is sextillion pengos.

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This was caused by socialism.  Venezuela isn't even having fun yet.  Magic thinking will make us all rich, I tell you!
« Last Edit: December 11, 2017, 10:58:25 PM by Baruch »
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luu shalmaata luu balt’aata
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Offline PickelledEggs

Re: Bitcoin craze
« Reply #29 on: December 11, 2017, 10:53:46 PM »
To you it may be zero.

it's the same as any other currency.
"Tell Pilate to release the files!!!" - Bill Hicks
"I have an open mind, but not so open that my brains will fall out" -James Randi
"One who truly hates himself cannot love, he cannot place his trust in another." - NGE

 

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