Bitcoin crash coming?

[svandamme]

yep, and I don't understand why it's taken gubmints so long to take action...

[tabs]

Originally Posted by Wayne 962

That's pretty funny, and a bit of an advanced joke (Dennis Miller style!).

-Wayne

Let me guess a 7% loss on every transaction?

[stevej37]

^^^
Yep..pretty much.
Can't get the 'one arm bandit' sound for that.

[tabs]

Crypto is like a fiat currency..so you burned a lot of time and energy to come up with one so have I on this Board.

Govts so far have not perceived it as a threat as it has been so minuscule ...once they do..ohh well.

The real problem is TRUST...how long has Crypto been around? Who says it has value? Without Internet/cloud or electricity...wat the fk is Crypto???

Gold and Silver on the other hand has 5000+ years of history attached to it...people trust Gold and Silver as having value...it is built into the DNA.. I can hold it in my hand, it has weight and people have no problem recognizing it. I will trade you one Gold coin for your sister..

[Crowbob]

Originally Posted by tabs

Crypto is like a fiat currency..so you burned a lot of time and energy to come up with one so have I on this Board.

Govts so far have not perceived it as a threat as it has been so minuscule ...once they do..ohh well.

The real problem is TRUST...how long has Crypto been around? Who says it has value? Without Internet/cloud or electricity...wat the fk is Crypto???

Gold and Silver on the other hand has 5000+ years of history attached to it...people trust Gold and Silver as having value...it is built into the DNA.. I can hold it in my hand, it has weight and people have no problem recognizing it. I will trade you one Gold coin for your sister..

Hello, Tabdullah Numero Uno!

My memory is not what I remember it to be but here goes anyway.

Wasn’t it you who argued a few years back that S & G did not have intrinsic value? I could be wrong, so no offense intended.

Also, after thinking about cryptocurrency, I was trying to figure out where my initial resistance to it being viable was. It is because of its intangibility. It simply doesn’t exist. So, IMO, it’s very difficult for it to somehow have value. I understand I use nonexistent money every day when I use my credit card, write a check or whatever. The card, nor the paper check, has any intrinsic value. What they represent, ie., the money in the accounts, really also doesn’t have any intrinsic value. They are merely pieces of paper. But even further, those pieces of paper (dollars) used to represent the value of gold. But now, since we are off the gold standard, even the gold doesn’t exist. A trillion dollars of newly printed dollars does not automatically and magically create the corresponding pounds or tons of gold.

So my problem with crypto is that it is not one layer removed from gold, as is paper money, which is physical. Nor is it two layers removed from gold, such as a credit card, which is less physical, but crypto is actually THREE layers removed from gold and doesn’t even exist at all!

My house could burn down but the gold within it would still exist. My bank could go broke, but my gold still exists. If the interwebs is kaput my gold still exists.

This reluctance on my part may not be rational, but so what.? Nobody said I was sane to begin with.

[Arizona_928]

How do you spend gold/ noble metals when the majority of business is virtual/online.....

[brp914]

There is a gold-backed crypto. Just checked - dow jones futures as of 11:47am PST : -511. Maybe we settle the question as to the value of PM :smiley:

[RobFrost]

Originally Posted by Arizona_928

How do you spend gold/ noble metals when the majority of business is virtual/online.....

Sell it online

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[Arizona_928]

Originally Posted by brp914

There is a gold-backed crypto. Just checked - dow jones futures as of 11:47am PST : -511. Maybe we settle the question as to the value of PM :smiley:

But that's my point. Future of trade is not going to the provisions shop and weighing out gold dust for a warm jacket(albeit short of conplete melt down of society/ no electricity).

Everything is becoming electronic. That's why NFT's are going nuts.

[RobFrost]

Originally Posted by Arizona_928

Everything is becoming electronic.

is not a precise statement. It's in this imprecision of understanding that the crypto echo chamber cons you.

Can you email your house to somebody? Can you eat your app when hungry? Can you breathe electricity?



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[Wayne 962]

Originally Posted by Arizona_928

That's why NFT's are going nuts.

One has to separate NFTs from the garbage that people are selling. NFTs are a great concept - perhaps the only one that I really like in crypto. NFTs are a digital "Certificate of Authenticity" akin to the ones that used to be delivered with collectible junk bought from the Franklin Mint. The NFT is an electronic version of that.

NFTs can be used to "certify" or "authenticate" anything, much like a county recorder records a deed for real estate, or the local DMV records and manages the title records for a car or truck. The nice thing is that the NFTs make this "ledger" a publicly accessible, distributed record that cannot be altered.

So NFTs are kindof interesting in this fashion, and one can think of a bunch of uses. But yodelheads trying to assign value to worthless stuff have jumped on the hype bandwagon, and started selling digital images and other nonsense stuff with NFT certificates attached. The actual thing their selling is virtually worthless, but they make it seem rare and authentic by attaching a Franklin Mint-style certificate of authenticity to it. It's important to distinguish the difference between the value in the object, and the certificate that accompanies it. Others may disagree with my opinion on this.

Here's a related funny incident where crypto-related people without too much common sense paid 2.66M euros for a copy of the Dune pitch book from a few decades ago, and with the purchase, they thought they owned the rights to reprint the book and also to produce a cartoon series based upon the drawings in the book. I.E. they bought a copy of a book, and thought they bought the intellectual property. A copy has also been circulating online for years. A whole bunch of people are making fun of this dude on Twitter here: https://twitter.com/thespicedao/status/1482404318347153413

-Wayne

[McLovin]

That’s pretty funny.
The book was estimated at around $25,000 but he paid $2.6 million because he thought he also bought the intellectual property rights.
But wasn’t it an auction? So that means at least one other person was also bidding in the millions.
That doesn’t really make sense. At the same auction at the same time there are at least 2 people making a complete, inexplicable multimillion dollar mistake about an obvious intellectual property issue? Or some other explanation?

[Wayne 962]

Originally Posted by McLovin

But wasn’t it an auction? So that means at least one other person was also bidding in the millions.
That doesn’t really make sense. At the same auction at the same time there are at least 2 people making a complete, inexplicable multimillion dollar mistake about an obvious intellectual property issue? Or some other explanation?

YES! That's what I thought too. In any auction that results in stupid money, there must be at least two people who think something is worth the final price. I *do* wonder what the other people were thinking. Hmmm...

-Wayne

[McLovin]

For the movie version, I’d make it the worlds greatest shill

[stevej37]

Not the smartest move.

https://www.marketwatch.com/story/nfls-odell-beckham-jr-took-his-750-000-salary-in-bitcoin-how-much-did-it-end-up-costing-him-11643050374?siteid=yhoof2

It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp. To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup

— Odell Beckham Jr (@obj) November 22, 2021

[RobFrost]

Originally Posted by stevej37

Not the smartest move.



https://www.marketwatch.com/story/nfls-odell-beckham-jr-took-his-750-000-salary-in-bitcoin-how-much-did-it-end-up-costing-him-11643050374?siteid=yhoof2



It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp. To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup— Odell Beckham Jr (@obj) November 22, 2021

With a publicity stunt and some giveaways he can grow his social media following, then get paid hundreds of thousands of dollars per sponsored social media post to promote his sponsors' products to the gullible. So turns out he's smarter than those of us who thought it wasn't smart.

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[red 928]

[pmax]

Intrinsic value.

[MysticLlama]

I work in the mortgage industry.

The ability to be able to set up a smart contract using chosen open source and validated legal parameters, validated and locked currency, a confirmed mortgage provider, and a validated and locked deed of trust for a property that could then be executed all at once with greatly less need for escrow, title, county recording, mortgage buyers, securitization companies, etc., would be HUGE.

Not even close to there yet, but that's where this is going longer term.

And whether whatever is out there now gets standardized or not is also just a big moving target. Both fixed quantity and floating quantity currencies have their pros and cons.

Imagine selling your car/boat/etc. to someone in a single phone transaction that has verified funds for you, real id for ownership, changes the title over, gets them a car loan, pays the fees as needed, moves liability, all with no paperwork or trips to the bank or DMV.

[svandamme]

Well maybe not single phone transation
but back when i lived in holland , it really was close to being that simple

get loan, get cash in your account
go to seller , take posession of keys and papers
call bank, initiate transfer of the funds with a speed wire transfer
Seller checks his account, sees the money minutes later
do the transfer of the title
call your insurer, and you are good to go

The key to all this was that number plates stay with the vehicle.. So no need to wait for plates to be made and sent to you..

So not a single call, but you could get it sorted in half an hour really.. And the porcess streamlined to more online since I lived there...