Stop pretending this has anything to do with banking, governments, or technology. Blockchain cant solve a damn thing in the world. If there was no hope of getting rich, so-called cryptocurrency enthusiasts would shrink in numbers by 10000 times. Your sole intention of buying BTC is hoping it'll increase in value. You have no intentions of actually using it as a currency to buy something other than a real currency like USD.
Keep a couple of 100k on a hardware wallet, hidden from everyone else. If everything goes tits up, I have a little coin for myself to gtfo and start of fresh.
Replace bitcoin by stock and it also works
Yeah, nice byte arrays are totally the same as income producing companies.
Very different from stocks. More similar to a luxury commodity like gold or fine art. It has no practical use and doesn’t generate any income, but lots of people think they can buy and sell it to someone else later for more because supplies are limited.
If bitcoin just stayed the same price relative to a basket of commodities for 200 years that would be an astonishing achievment for a currency
It has a fixed supply and mining new BTC is increasingly difficult and hence deflationary. IRS can freeze your account but no can take your crypto without your private keys. You should not compare BTC vs USD but BTC vs Gold
Deflationary currencies are worthless as currencies because everyone is incentivized to not spend them.
It’s not a currency but a store of value. Gold has limited supply and so does BTC. It’s not meant to transact as often.
It’s digital gold, not a currency
Ok, tell me why is Gold any valuable? Or why is $$ the strongest currency in the world? Or from where does a stock like $AMZN derive its value from?
$ and amzn are backed by ppl working. Their efforts creates value which increases the worth of either. Gold is precious metal but it's a limited real thing that can't be produced from thin air or by computing hash on a chain.
Bitcoin is also a limited real thing that’s created by using massive amounts of real energy.
Read ‘Easy Money’ to know the scam behind most of the cryptos
Read ‘The Bitcoin Standard’ to understand why Bitcoin is not a scam. Read ‘The Fiat Standard’ to understand the scam behind the dollar and other national currencies.
Not saying Bitcoin is a scam Crypto, in general, because of loose regulations has a lot of scam operators
BTC is going to be the biggest fleecing of sheep and transfer of wealth in the history of civilization. The rich will just get richer… off you.
Would love to hear your reasoning.
I dont believe in usd controlled by us govt i believe in bitcoin
What a joke. I assume your entire asset is in BTC if that is really the case?
For me, cash flow is income / private equity (plus some public equity bets). I think of the balance sheet in terms of bitcoins. Not usually all-in on cash (btc) at any one point. Hold some currency (usd) to hedge btc-vol. Used to be in tsla,msft, spy watched the portfolio lose 90% (2014-2020) until I decided to cash(bitcoin) out.
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The USD is only valuable because people think it is valuable
Have you seen the US defense budget and how large the US military is? Thats where the value of USD is derived from
No the value of the USD is referenced to the goods and services you can purchase with it which create sticky prices and the fact that you have to convert to USD to pay taxes on gain in other commodities. Lots of countries without a military have stable currencies