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Joined: Jul 2006
Posts: 4,849 Likes: 3
Campfire Tracker
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Campfire Tracker
Joined: Jul 2006
Posts: 4,849 Likes: 3 |
If the payment is made same day as services or goods rendered, I guess it would work with some margin of safety. I guess this is correct. I've seen people selling things on places like Craigslist where the ad says they accept Bitcoin. After the deal is made I assume the Bitcoin is transferred from one persons digital wallet to another via the internet. Doing a deal like you describe such as building a house that is gonna be completed months later after a price is agreed upon would open you up to extreme "currency risk" . You would have to say I will accept x number of DOLLARS worth of Bitcoin as opposed to X number of Bitcoin and shift the risk to the buyer. The same would apply to say gold. You could not say I will build a house for x ounces of gold and have it ready in 3 months when your cost is in dollars without taking on "currency risk" because gold trades in dollars and fluctuates. In the real world a holder of Bitcoin or a holder of gold would convert either into dollars to pay you. Over its existence of of about 15 years or so Bitcoin has gained an extreme amount of purchasing power over the dollar so I think people see it as a "store of value" type investment as opposed to a medium of exchange.
Last edited by RJY66; 11/11/22.
"Men must be governed by God or they will be ruled by tyrants". --- William Penn
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Joined: Oct 2010
Posts: 7,732 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2010
Posts: 7,732 Likes: 8 |
You sound a bit butthurt. Did you get burned by the FTX fiasco? Given how much of the thread you've been able to make sense of so far I don't doubt things "sound" unusual to you. Your thinking that market regulations are necessary to keep you from doing something stupid is probably the closest you've been to correct in the thread so far.
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Joined: May 2015
Posts: 2,113 Likes: 1
Campfire Regular
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Campfire Regular
Joined: May 2015
Posts: 2,113 Likes: 1 |
Crypto has been promoted by several falsehoods and they are being exposed as time goes on. This is true of virtually all securities, even heavily regulated ones. The facts of how cryptos work and what can be done to secure them against theft and such remain facts no matter what who promotes what about them. You wrote that security was "disproven" and I pointed out that it is up to the user to secure their crypto as they see fit. Fraudsters can take advantage of almost anything. That is their nature. There is a major disconnect between crypto and regulated securities. Regulated securities require disclosure and in many cases have certain protections (FDIC, SIPC, etc...). There is also oversight in most instances (SEC, FINRA, State Boards...). Crypto is not subject to any of these oversights and has no protections. The people promoting them can and have said anything they can to "legitimize" the industry. The chickens are coming home to roost. No worries, the government will straighten it out. Elizabeth Warren Calls For 'Aggressive Enforcement' Against 'Smoke And Mirrors' Crypto Industry After FTX Fiascohttps://www.benzinga.com/markets/cr...against-smoke-and-mirrors-crypto-industrThe same regulators that oversaw the financial crisis of 2007–2008, or Global Financial Crisis (GFC) are chomping at the bit. SBF is reportedly the second largest Democratic contributor. Nobody really knows how he really got his start, kinda like Epstein. The whole FTX charade looks more like an op, than a legitimate exchange. Probably seeded with In-Q-Tel funding. If you think the FTX situation is a one off then I think you are in for a few surprises. As far as how SBF got his start it is pretty straightforward. He exploited the arbitrage between the cheaper price of Bitcoin in Japan vs. what he could sell it in other countries. Started with $10,000 and in about 18 months turned it into roughly a Billion. Then he got in over his head. A billion dollars in a year and a half from exchange arbitrage trades? I find the alien abductions more believable. The obvious alternative to the free market, decentralized Bitcoin will be the CBDC.
@jameslavish
If you work 40 hrs/wk: at 5% inflation and after 5 years, you need a 28% pay raise or to work 44 more hours (*one full extra week* per month+) to make up the difference.
This is inflation
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Joined: Oct 2021
Posts: 30
Campfire Greenhorn
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Campfire Greenhorn
Joined: Oct 2021
Posts: 30 |
If you bought Bitcoin in the first months of its existence and held it for about 10 years, your return on investment would be several million %. Never before has any financial instrument in the history of mankind recorded such an impressive increase in value in such a short time. So I'm sure that even now, it's still a profitable investment. I get bitcoins on www.moonbitcoins.com since this is the easiest way to get them at a minimal cost. But I respect the folks who get their bitcoins via trading.
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Joined: Aug 2003
Posts: 39,216 Likes: 36
Campfire 'Bwana
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Campfire 'Bwana
Joined: Aug 2003
Posts: 39,216 Likes: 36 |
If you bought Bitcoin in the first months of its existence and held it for about 10 years, your return on investment would be several million %. Never before has any financial instrument in the history of mankind recorded such an impressive increase in value in such a short time. So I'm sure that even now, it's still a profitable investment. I get bitcoins on www.moonbitcoins.com since this is the easiest way to get them at a minimal cost. But I respect the folks who get their bitcoins via trading. All - this is a bot, not a real person. Read all 6 of their posts - all contain links to foreign services. Don't bother arguing with it - it will not respond.
Me
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Joined: Nov 2004
Posts: 10,033 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2004
Posts: 10,033 Likes: 4 |
Wouldn't everything done in bitcoin be very traceable. If everything is logged on a decentralized ledger it would seem that any transaction could be easily tracked. Seems like the government would support such a thing if it in fact doesn't offer any privacy.
Bb
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Joined: Jan 2016
Posts: 95,765 Likes: 3
Campfire Oracle
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Campfire Oracle
Joined: Jan 2016
Posts: 95,765 Likes: 3 |
Bitcoin is dead. I was going to buy at 3000. Forget it.
Other Cryptos will survive the economic collapse coming.
Ecc 10:2
The heart of the wise inclines to the right, but that of a fool to the left.
A Nation which leaves God behind is soon left behind.
"The Lord never asked anyone to be a tax collector, lowyer, or Redskins fan".
I Dindo Nuffin
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Joined: Feb 2003
Posts: 10,398 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2003
Posts: 10,398 Likes: 4 |
8 years ago 3 of us guys were walking the dogs.
Two of us were always arguing about investing and the third guy was a mensch.
The nice guy was a software engineer who was mining bitcoin at home.
Up until then he was a renter, but the bitcoin got him into owning a new home.
He was building an R2D2 robot in my gunsmithing shop, but bitcoin got him his own mill and lathe.
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway
The man who makes no mistakes does not usually make anything.-- Edward John Phelps
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Joined: Oct 2021
Posts: 30
Campfire Greenhorn
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Campfire Greenhorn
Joined: Oct 2021
Posts: 30 |
FTX was centralized and dependent on a single founder. When a currency is centralized, for example, at the expense of the central bank, it has a single point of failure. Therefore, it can also be manipulated. Now the situation is changing; many users of the site www.moonbitcoins.com are sure that in 2023 the importance of cryptocurrencies will increase significantly. So I do not recommend rushing because, after the collapse of something, take-off always begins. Remember this.
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Joined: Oct 2010
Posts: 7,732 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2010
Posts: 7,732 Likes: 8 |
Wouldn't everything done in bitcoin be very traceable. Every transaction made with Bitcoin is public by default. The entire ledger, the blockchain, is public. What it can offer is anonymity. The ledger entries are tied to wallet addresses, which are strings of number and letters. They are not connected to an individual unless that individual takes actions that allow them to be. There are cryptos that have controls in place to reduce this risk if a person wants that protection.
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Joined: Oct 2021
Posts: 10,855 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 10,855 Likes: 3 |
Those that are interested might want to read up on the Tornado protocols and what the OFAC has to say.
Yahoo Finance has a piece on it as do others.
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Joined: Oct 2010
Posts: 7,732 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2010
Posts: 7,732 Likes: 8 |
Speaking of protocols, those who are interested in why cryptocurrency is useful should read The Protocols of the Elders of Zion.
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