BITCOIN as an alternative to regular currency

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Vladimir CC
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Joined: Wed Jan 22, 2020 1:13 pm

abgespaced wrote:
Sun Jan 24, 2021 2:58 am

Crash Bitcoin, replace it with a centralised, global digital currency.

Controlled by the few at the expense of the many.
lol. never tought of that. was speaking to a friend yesterday and he started telling me how bitcoin and all descentralized markets are pyramidal schemes done by some shady looking characters to profit. he's a very hardcore corporate worker. might give him this counter argument see where the discussion goes for the sake of a good laugh. :)
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abgespaced
Posts: 176
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Location: Australia

Vladimir CC wrote:
Sun Jan 24, 2021 12:55 pm
abgespaced wrote:
Sun Jan 24, 2021 2:58 am

Crash Bitcoin, replace it with a centralised, global digital currency.

Controlled by the few at the expense of the many.
lol. never tought of that. was speaking to a friend yesterday and he started telling me how bitcoin and all descentralized markets are pyramidal schemes done by some shady looking characters to profit. he's a very hardcore corporate worker. might give him this counter argument see where the discussion goes for the sake of a good laugh. :)
I'm not sure it was created with that intention in mind, but by now it's surely a possibility. The top 10-20% of bitcoin holders would control 80-90% of the market. Like the oil cartels it wouldn't take much for them to get together to decide they are going to control the price of it.
callumth1
Posts: 35
Joined: Sat Aug 02, 2014 7:27 pm

Lots of bitcoin haters here, surprising. Imagine trading hard for years on sports and missing out on BTC. Ouch.

Still, not too late. See you at 100k ;)
arbitrage16
Posts: 532
Joined: Tue Feb 14, 2017 7:27 pm

callumth1 wrote:
Sat Jan 30, 2021 12:43 pm
Lots of bitcoin haters here, surprising. Imagine trading hard for years on sports and missing out on BTC. Ouch.
Those two things have no correlation anywhere other than when brought together by smug pricks on the internet.
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superfrank
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Bitcoin is 'Digital Gold', and Visa wants its 70 million merchants to warm up to it
https://www.timesnownews.com/business-e ... -it/715764
This development is important when one looks at it as a validation of bitcoin's reliability as a mode of currency exchange. Visa reportedly has a waiting list of banks who want to partner with it to offer this service, perhaps a large number could be from emerging fintech startups. There seems to be a growing tribe of believers who think bitcoin is destined for a global acceptance, and they want to be prepared for it.

So far, the virtual coin has mostly been regarded as an investment play. Could this become an important step forward in adopting bitcoin as a currency of exchange?
The supply of Bitcoin is limited to 21 million.

The supply of dollars is going through the roof... https://fred.stlouisfed.org/series/M2.
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Euler
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Most BTC, by volume, are in the hands of a small number of untraceable individuals. Sounds like a dsytopian future, rather than a utopian one TBH.
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superfrank
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Euler wrote:
Fri Feb 05, 2021 9:47 am
Most BTC, by volume, are in the hands of a small number of untraceable individuals. Sounds like a dsytopian future, rather than a utopian one TBH.
Dystopian to me is a future controlled by leftist governments where people get paid in increasingly worthless currency.
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Euler
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Location: Bet Angel HQ

Given that most BTC are probably being mined in China, it's probably the worst of both worlds for you then!
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abgespaced
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Location: Australia

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superfrank
Posts: 2762
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abgespaced wrote:
Sat Feb 06, 2021 8:14 am
https://cryptoslate.com/nigerias-centra ... urrencies/

And it begins
It's comic really that an African country should seek to ban cryptos when their own fiat currencies invariably end up worth less than toilet paper.
https://www.xe.com/currencycharts/?from ... D&view=10Y
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superfrank
Posts: 2762
Joined: Fri Aug 14, 2009 8:28 pm

Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments
https://www.coindesk.com/tesla-invests- ... o-payments

Sends BTC to new all-time high.
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Euler
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Location: Bet Angel HQ

Musk is pumping it on twitter also, along with Dogecoin for some reason!
weemac
Posts: 1216
Joined: Mon Sep 16, 2013 8:16 pm

Euler wrote:
Mon Feb 08, 2021 2:45 pm
Musk is pumping it on twitter also, along with Dogecoin for some reason!
He said his dogecoin tweets were done as a joke, but the price rocketed anyway. People will believe anything.

https://www.ft.com/content/5d9d7eef-718 ... 4fcd043f53
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Naffman
Posts: 5626
Joined: Sun Aug 11, 2013 5:46 am

superfrank wrote:
Mon Feb 08, 2021 2:02 pm
Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments
https://www.coindesk.com/tesla-invests- ... o-payments

Sends BTC to new all-time high.
He hates short sellers but then buys a shed load of BTC then announces Tesla will start accepting bitcoin as payment.

But he's one of the people, no he's just using his platform for personal gain.
greenmark
Posts: 4948
Joined: Mon Jan 29, 2018 2:15 pm

Naffman wrote:
Mon Feb 08, 2021 3:00 pm
superfrank wrote:
Mon Feb 08, 2021 2:02 pm
Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments
https://www.coindesk.com/tesla-invests- ... o-payments

Sends BTC to new all-time high.
He hates short sellers but then buys a shed load of BTC then announces Tesla will start accepting bitcoin as payment.

But he's one of the people, no he's just using his platform for personal gain.
It's an odd development. a) it's way outside his core business and b) If he's trying to raise the value with his reputation. But then sells to make a profit, he's going to look like a charlatan.
Then again entrepreneurs only have boundaries that are legally enforceable. (And probably beyond if they think they can get away with it).
Everything else is feasible if deemed to be worthwhile.
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