President Trump is Wrong on Bitcoin

a reply to: AugustusMasonicus

By it's demand for non-currency uses.

This is what you said.

Bitcoin is a currency and a speculative store of value.

There is also development taking place on the BTC blockchain. Look into sidechain forks. Those are non-currency uses.

I get irritated with people who are so matter-of-fact with this stuff without having looked into any of this technology.

a reply to: projectvxn

It's very speculative. No reasonable investor wants to put their money into it. Its volatile with no real backing. The current value could drop over 70% in a week.

a reply to: ItsTaken

Bitcoin is awash in institutional investment right now.

Also, please look up the volatility of BTC over time. I think you'll find that information illuminating.

BTC was named the best investment of 2019.

a reply to: projectvxn

I wouldn't invest in bitcoin unless you bought earlier in the year. As a trader, you need to know when to buy the dips. I wouldn't buy right now. Altcoins have been lagging, but maybe there is a good reason they are called s**t coins. They always have some ridiculous reasoning for their backing. Many believe them.

I believe Bitcoin will test 8k usd soon. Don't buy it now. I believe bitcoin will hit over 30k soon even though I don't believe in its long term success.

a reply to: projectvxn

Truth is money is not real, or at least backed by nothing tangible that exists aka Gold or Silver.

Bitcoin is probably the future where monitary transaction is concerned.

Trumps an old Man, most lightly senile, is it any wonder he cannot get his head around the concept of digital currencies?

Frankly, I'm surprised he can manage the likes of social media/Twitter.

a reply to: andy06shake

Money is a technology that has gone through 5 major changes. The 5th is the blockchain.

Money is an abstraction of value that allows us to communicate that value in a universally understood way.

a reply to: ItsTaken

I wouldn't invest in bitcoin unless you bought earlier in the year. As a trader, you need to know when to buy the dips.

Dollar-cost averaging goes a long way.

I bought the majority of my BTC this year in January when I called the bottom.

a reply to: projectvxn

Well, that's one way of looking at it i suppose.

Another is simply a means to an end.

Put it this way you canny take it with you.

And the accumulation of too much of the stuff means that others are sadly lacking.

The distribution of power and wealth amongst our respective populations being rather uneven in the extreme.

They say the love of such is the root to all evil, or at least some dude called Paul did, think he was Peters mate.

And let's just say the Holy Roman Church that dudes apparently responsible for spawning, ken a hell of a lot about the stuff, no matter the shape it takes.

originally posted by: projectvxn
Bitcoin is a currency and a speculative store of value.

But it has no intrinsic value like gold, silver or other commodity money which makes it fiat money. You can't take a Bitcoin and use it for manufacturing applications like you can with gold or silver.

I'm not arguing whether it's a sound investment or not.

a reply to: AugustusMasonicus

Indeed. It's uses are digital and cover an entirely different economic area.

The Internet of Money is a great book on this subject.

a reply to: ScepticScot

I said if you think that people with real wealth store it in fiat then you are sorely mistaken.

With a degree in economics and 25 years professional experience i'm sure you already know this.

I myself do not hold much bitcoin, any profit i have generated trading crypto was exchanged for fiat and then used for real estate.

My defence of bitcoin stems from the FACT that it has made me more return than any other investment vehicle by a country mile.

originally posted by: projectvxn
Indeed. It's uses are digital and cover an entirely different economic area.

I get that and I'm not contending that point, I certainly see blockchain continuing to offer value in a myriad of applications moving forward.

The Internet of Money is a great book on this subject.

I'll check it out based on your reco.

originally posted by: Grenade
I said if you think that people with real wealth store it in fiat then you are sorely mistaken.

Other than commodity investment all other forms of instruments are fiat.

a reply to: AugustusMasonicus

I just said i exchange my crypto for fiat and then use it to purchase real estate.

Lets not turn this into a battle of semantics. I think we all know the difference between paper money and crypto.

originally posted by: Grenade

I just said i exchange my crypto for fiat and then use it to purchase real estate.

All you did is go from one fiat to another fiat, it's not semantics, it's fact.

originally posted by: Grenade
a reply to: ScepticScot

I said if you think that people with real wealth store it in fiat then you are sorely mistaken.

With a degree in economics and 25 years professional experience i'm sure you already know this.

I myself do not hold much bitcoin, any profit i have generated trading crypto was exchanged for fiat and then used for real estate.

My defence of bitcoin stems from the FACT that it has made me more return than any other investment vehicle by a country mile.

You will have to quote where I said that which could be difficult since I didn't.

As I have already agreed many people have and may continue to do well out of investing in bitcoin. Many have also had their fingers well and truly burned.

Some people may have a successful record of betting their entire life savings black at the casino. Doesn't mean I would recommend it as an investment strategy.

originally posted by: AugustusMasonicus

originally posted by: Grenade

I just said i exchange my crypto for fiat and then use it to purchase real estate.

All you did is go from one fiat to another fiat, it's not semantics, it's fact.

Just means i need to say "Government issued and printed fiat" in future to make the distinction which is a right pain in the testes.

originally posted by: Grenade
Just means i need to say "Government issued and printed fiat" in future to make the distinction which is a right pain in the testes.

Fiat is fiat, doesn't matter how you qualify it.

originally posted by: AugustusMasonicus

originally posted by: Grenade
Just means i need to say "Government issued and printed fiat" in future to make the distinction which is a right pain in the testes.

Fiat is fiat, doesn't matter how you qualify it.

you always make this argument. It makes no sense.

it does completely matter how you qualify it.

One is controlled by an open ledger computer system that is impossible to scam.

The other is created by an evil gang of pedophiles and satanists that can just click a button on a screen and create billions of dollars for themselves...

I think I'll go with open ledger computer program...

a reply to: projectvxn

I was trying to ask you how bitcoin becomes money, not how it fluctuates relative to other currencies.

Does bitcoin become money when you buy it with other monies (like dollars)?

If there was nobody to buy bitcoin, could bitcoin have become money?