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Bitcoin approaching new all time high again (Original Post) fescuerescue Oct 2021 OP
10 trillion market cap will be the next peak, maybe? ColinC Oct 2021 #1
Wrong forum for this... MisterProton Oct 2021 #18
This is really iffy. nt joetheman Oct 2021 #2
I'm still long on tulip bulbs... Moostache Oct 2021 #3
Various flowers have seen boomlets and madness Here is one I had not heard of empedocles Oct 2021 #5
Yep. I said the same thing when I sold all 20 my bitcoin at $1,000 fescuerescue Oct 2021 #6
I've avoided a lot of unethical money making opportunities in my lifetime. No regrets. hunter Oct 2021 #7
Curious how bitcoin is any more unethical than regular gambling or other purely speculative ColinC Oct 2021 #8
Fortunately I'm extra ethical in other areas fescuerescue Oct 2021 #15
Completely flawed analogy. Tulips are not fungible, not durable, and involved a massively Celerity Oct 2021 #16
'Extraordinary Popular Delusions and the Madness of Crowds' - McKay empedocles Oct 2021 #4
I view BC the same as I do the celebrity mega-rich. It is all about taking walkingman Oct 2021 #9
No, it's not "just another currency." hunter Oct 2021 #10
Good point, and I agree. Government regulation (like China) could change the best laid plans. walkingman Oct 2021 #11
I agree. But that's also the point fescuerescue Oct 2021 #13
Gold is not associated with any currency. hunter Oct 2021 #17
I wasn't "pro Bitcoin" until China was against it. But now if they don't like it then I'm all for it ZonkerHarris Oct 2021 #12
China is weird. That have banned it probably a dozen different times fescuerescue Oct 2021 #14

MisterProton

(56 posts)
18. Wrong forum for this...
Mon Oct 25, 2021, 03:26 PM
Oct 2021

Maybe 1 out of a thousand readers on this site are going to understand how true this is, what it means, and how to take advantage of it.

fescuerescue

(4,448 posts)
6. Yep. I said the same thing when I sold all 20 my bitcoin at $1,000
Fri Oct 15, 2021, 02:27 PM
Oct 2021

After having bought it for $200. This was back in 2013.

I just couldn't see how it could sustain itself over $1,000 and I really needed that new car. Having said that. The car is now worn out. But I sure could make use of $1.2m right about now.

My skepticism is starting to wear now. I see the big banks and institutions jumping in. At least one country has made it an official legal tender.

Maybe this really is a new technology paradigm. Maybe not.

I just know I wish I had that $1.2m




hunter

(38,305 posts)
7. I've avoided a lot of unethical money making opportunities in my lifetime. No regrets.
Fri Oct 15, 2021, 04:21 PM
Oct 2021

I don't think there's any good in bitcoin.

ColinC

(8,282 posts)
8. Curious how bitcoin is any more unethical than regular gambling or other purely speculative
Fri Oct 15, 2021, 04:52 PM
Oct 2021

investments? Or is it that gambling is unethical and since Bitcoin is basically gambling, then it is unethical?

fescuerescue

(4,448 posts)
15. Fortunately I'm extra ethical in other areas
Sat Oct 16, 2021, 03:28 PM
Oct 2021

So dabbling in a little unethical math (bitcoin) evens things out.

Celerity

(43,162 posts)
16. Completely flawed analogy. Tulips are not fungible, not durable, and involved a massively
Sat Oct 16, 2021, 03:34 PM
Oct 2021

complex supply chain, especially during that time.

BTC is fungible, is durable (ie it's value is not subject to physical deterioration) and is redeemable globally within an extremely short time frame without physical movement.

The tulip analogy is thus fatally flawed at multiple points.

empedocles

(15,751 posts)
4. 'Extraordinary Popular Delusions and the Madness of Crowds' - McKay
Fri Oct 15, 2021, 02:16 PM
Oct 2021

A whole working farm, for a certain tulp bulb?

walkingman

(7,583 posts)
9. I view BC the same as I do the celebrity mega-rich. It is all about taking
Fri Oct 15, 2021, 07:01 PM
Oct 2021

advantage of the vast amount of people that put there money into "hot people" or those that like to simply gamble. Obviously there is the element of money-laundering but in reality BC is no different that other currencies - If you have faith in it, and it is legal tender for goods and services, it is just another currency.

I don't get the social media celebs so I cannot understand most of the crypto movement. I imagine some will prosper and some will lose - only time will tell.

I really don't care.....

hunter

(38,305 posts)
10. No, it's not "just another currency."
Fri Oct 15, 2021, 07:11 PM
Oct 2021

Real currencies are backed up by the full faith and credit of the social entities that back them.

Guys like Alexander Hamilton and Benjamin Franklin, and later John Maynard Keynes, understood what money is.

fescuerescue

(4,448 posts)
13. I agree. But that's also the point
Sat Oct 16, 2021, 03:25 PM
Oct 2021

It was intended from the beginning to be NOT associated with any country.

hunter

(38,305 posts)
17. Gold is not associated with any currency.
Sat Oct 16, 2021, 03:46 PM
Oct 2021

Using it as money is equally foolish.

Gold does have uses, for example, as an electrical conductor or for making pretty jewelry.

Bitcoins on the other hand are essentially numbers having certain predefined properties and are not useful for either purpose.

If I owned pi I might be the richest guy on earth.

I suspect bitcoin was engineered as an obfuscated chain-letter-pyramid scheme, possibly with ill-intentions , maybe as a joke.




fescuerescue

(4,448 posts)
14. China is weird. That have banned it probably a dozen different times
Sat Oct 16, 2021, 03:27 PM
Oct 2021

But it's still all over China.

I think something get's lost in the translation of their ban vs out ban.

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