I need to have others who are informed to help a plebeian newbie comprehend the arguments for and against Bitcoin.
Specifically, I hear Dave @ X22 advocate for it (and make seemingly-excellent arguments in favor), and GhostEzra strongly insinuate against...
(And yes, I’m doing more research, of course. And yes, it’s my job to come to my own conclusions...)
Just thought I’d throw that out there, so I can accelerate the learning curve?
Gracias.
There’s nothing wrong with just dropping $20 worth into Bitcoin and watching what happens. I’ve been considering this for a while myself.
Lavish $0.00 on this one instead (Also desktops; use code first link.)
--Don't be the guy desperately divesting BtC for them at expensive rates a year from now.
And Bitcoin Ben is a hard-selling pump-n-dumper. He was everywhere spamming 300k BtC last week when it was spiking into the upper 50s, and is now nowhere to be seen as it falls away. Recommends shady Australian-based exchange that wants photos of your passport, etc. Ask a question not entirely slavish in a chat-stream, and he'll call you a "pussy" for not diving in.
He's a carnival barker.
What is buying $20 worth of bitcoin in the 45K range going to do??
To be honest, I don’t know. But for some reason, I type in 20 and some algorithm spits out 40k?
When I heard Gates and Yellen saying not to trust it, I bought $100. I figure it’s nothing but a drop in the bucket, but having it will force me to pay attention. I’d buy some just as an experiment.
Don't put all your eggs in one basket, but a little bit of crypto isn't a bad idea. Better investment than stocks. Either get crypto or go buy silver
I did both. One of us must be a time traveller because I followed your advice before I read it.
Many experts are saying that it will go way higher, Elon Musk bought 1.5 Billion a few weeks ago and he invented PayPal along with a few other accomplishments.
There are a number of crypto's that have had some great returns but Bitcoin is the one that everyone focuses on.
If this is your first time then treat it like Las Vegas, only invest/gamble the cash you are OK with losing, but crypto is a better bet tbh.
Digital Currency is NWO.
Gates has patent to link/monitor digital currency with biomechanics
This is what "mining Bitcoin" will evolve into. You have a chip with your bank account. All small business etc except technocrat monopolies supply jobs. They decide how you make Bitcoin. If you do not assimilate they wipe your account. Think social credit score and current treatment of trump supporters and christians being blacklisted and labeled as terrorists.
Digital currencies are part of mark of the beast. God bless.
Imo If you do don't spend anymore then you are willing to lose
Xrp is the future imo. This bull run btc is expected to hit 80k~ ide see btc more like the nasdaq of crypto then actually use it in real life. It's too slow and cost too much
I like reverse bears like UVXY right now.
Trump wasn't a fan of Bitcoin. So you can toss that in to the mix as well.
Personally I think the idea of going around the central banks and having a limited money supply is great. Bitcoin does that, Gold/Silver also do that with the added (I'd argue major) benefit of being a store of wealth. That is, precious metals have had and will have value for thousands of years, whereas Bitcoin only has value because people say it does, in that way it's similar to fiat currency. Also, if the power goes out Bitcoin is worthless.
None of this is to say I think Bitcoin is bad, I really don't know. But for myself I don't trust it enough to have a major holding in it.
In its defense, I don’t know how the same isn’t said for gold. Can economics pede explain?
Not economics pede but gold is a physical asset and as a currency is a tangible commodity. Cryptos IMO are just digital fiat. Fiat only has worth because we trade our labor for it, thus lending it it’s intrinsic “value”.
You're not wrong. Gold also only has value because people say it does, the difference is people have valued gold for thousands of years even through dark ages. If we were in a total fallout zombie apocalypse scenario gold probably wouldn't be worth much and the only truly valuable assets would be food and ammo. I don't think we'll collapse that hard though.
Diversify your funds across hard physical assets such as silver, palladium, platinum, gold, even copper....maybe even real estate.
https://unchained-capital.com/blog/bitcoin-is-the-great-definancialization/
In other news... why would someone get downvoted for asking a question? ?
To the rest- thank you for the dialogue and weighing in. ?
I personally hate bitcoin in terms of future currency. Ask yourself what it does that our forms of payment does now? This is just another imaginary currency backed by nothing but speculation of its value. While I do feel this is the future, I strongly feel nothing currently on the market including bitcoin will be that brand. In fact I strongly feel bitcoin will get caught up in a scandal and crash one day before this is all over due to its illicit usages. “Normal” investors will always be behind the real money made, and this is no different. Always remember icebergs only show their top not everything underneath.
bitcoin is backed by far more than the dollar. your claim that it is backed by "nothing but speculation" demonstrates your supreme lack of understanding here.
Enlighten me?
Okay I didn’t like waiting. Bitcoin is ONLY and I mean ONLY backed by perceived value. In fact here is daddy trump on the fact.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump
Our future currency will not be backed by thin air, I really hope you learn this soon. There are many other issues though however, but I’d like for you to prove Trump and me wrong first ;)
Bitcoin is backed by the energy used to secure the network/produce it.
People like to claim that bitcoin is a big waste of energy, forgetting the fact that 85%+ of mining is done on renewable energy, and often based in areas that allow it to run off of an energy surplus that would otherwise be wasted.
Forgetting the energy footprint of the banking system WORLDWIDE. All of those offices, skyscrapers, local branches, all of the security trucks, lights and air conditioning systems. Need I go on?
Go right ahead and convert your energy (proof of work) into fiat dollars. Of which, 40% of the total supply was printed within the last year. You're storing your energy, your value, in something that loses value something that can be printed to infinity. I'll be collecting my portion of the 21 million bitcoins. A supply which cannot be inflated.
I challenged you to go to tradingview.com or satflo.com
Lookup your asset of choice: Dollar, Yen, SP500, NASDAQ, Gold, Silver, etc. Compare it to the value of bitcoin over the course of it's ~12 year existence.
Here....I did some of the legwork for you: https://www.tradingview.com/x/O1KuwYrz/ BTC compared to the dollar, S&P500, Dow Jones Index, Nasdaq, Gold, Silver, Nikkei 225, & others.
That couldn’t be farther from the truth...
This statement is an attempt to apply to Bitcoin the labor theory of value, which is generally accepted as false. Just because something takes X resources to create does not mean that the resulting product will be worth X. It can be worth more, or less, depending on the utility thereof to its users. In fact the causality is the reverse of that (this applies to the labor theory of value in general). The cost to mine bitcoins is based on how much they are worth. If bitcoins go up in value, more people will mine (because mining is profitable), thus difficulty will go up, thus the cost of mining will go up. The inverse happens if bitcoins go down in value. These effects balance out to cause mining to always cost an amount proportional to the value of bitcoins it produces[1]. Bitcoin has no intrinsic value (unlike some other things) This is simply not true. Each bitcoin gives the holder the ability to embed a large number of short in-transaction messages in a globally distributed and timestamped permanent data store, namely the bitcoin blockchain. There is no other similar datastore which is so widely distributed. There is a tradeoff between the exact number of messages and how quickly they can be embedded.
While some other tangible commodities do have intrinsic value, that value is generally much less than its trading price. Consider for example that gold, if it were not used as an inflation-proof store of value, but rather only for its industrial uses, would certainly not be worth what it is today, since the industrial requirements for gold are far smaller than the available supply thereof. In any event, while historically intrinsic value, as well as other attributes like divisibility, fungibility, scarcity, durability, helped establish certain commodities as mediums of exchange, it is certainly not a prerequisite. While bitcoins are accused of lacking 'intrinsic value' in this sense, they make up for it in spades by possessing the other qualities necessary to make it a good medium of exchange, equal to or better than commodity money. Another way to think about this is to consider the value of bitcoin the global network, rather than each bitcoin in isolation. The value of an individual telephone is derived from the network it is connected to. If there was no phone network, a telephone would be useless. Similarly the value of an individual bitcoin derives from the global network of bitcoin-enabled merchants, exchanges, wallets, etc... Just like a phone is necessary to transmit vocal information through the network, a bitcoin is necessary to transmit economic information through the network. Value is ultimately determined by what people are willing to trade for - by supply and demand.
Basically again air. Because simply we do not now control the network thus we do not own the money that bitcoin represents. This and this alone should show you that bitcoin will not be the one via a blockchain. It’s air that people agree is worth x and nothing more.
“it’s air that people agree is worth x”. You just described every stock and centralized currency in existence. Look up decentralized finance. It lacks the corruption of centralized finance.
https://www.danheld.com/blog/2019/1/5/pow-is-efficent