Loading ...It’s Just Speculation
With all due respect to those who took the plunge and made boat loads of money on bitcoin and other cryptos, it’s just speculation! You can justify it anyway you want but they are just momentum ponzis because there is Nothing there, just like fiat currency. I believe blockchain is a great development that will have usefullness in many applications. I believe that when someone actually backs a digital crypto with gold and or silver it will become the new reserve currency to replace the fiat only US dollar. That said the current cryptos that are backed by nothing are worth nothing just like fiat currencies. As long as there is a greater fool out there they may have value at any given moment but when the music stops they will all be as worthless as all the fiat currencies.
Agree…
That’s true, but I just paid for a holiday with the ‘worthless FIAT’ that I got from my crypto profits. It’s a trading vehicle, just like any other. A couple of my gold mining holdings went to zero, just like any other investment can (except physical PM’s/diamonds/fine art/property etc). It’s great to hold wealth in physical stuff, but it’s also great to turn $100 into $1000 in the space of a few years by trading crypto/junior miners/uranium miners. At some point, you need to release the ‘monetary value’ of your investment to exchange it for whatever it is you want to buy (vacations/property/education fees/new car, whatever).
Yes you converted BITCOIN to FIAT…the death of GBTC is AU…
Yes, I wonder if a massive power outage during a existential crisis (perhaps a war involving EMP’s) might enhance the migration from digital to physical.
Well done. As long as you understand it is just like trading other potentially worthless assets you can make money and using T/A is the best way to time such speculations. My problem is the many who don’t understand or refuse to accept that cryptos (up to this point) have no intrinsic value.I believe one or two are in registration or somewhere along the process to back them with gold?
You’re dead right Chartsmaster – intrinsic value (like FIAT) = ZERO
Buying Bitcoin presumes the central banks of the world are deaf dumb and blind. The Empire will allow no competitors. They will make transactions in Bitcoin illegal just as the US sanctions imposed through the Swift system is currently choking Russia and others. Why do you think Iran’s oil production is down 80%? The international wire transfer system, Swift, does not allow people to pay for the oil. Congratulations
NS on your profits! The conversion of Bitcoin into fiat still works. Not for long.
Agree with Chartmaster’s premise
Most bitcoin believers are saving in bitcoin …Keeping a portion of their wealth in bitcoin as an alternative to fiat.
One day the music will stop ( as it seems to have done in China )
That would be a potentially very costly mistake indeed.
Desagree ! Cryptos are here to stay !!
Of course only those with real utility will survive, but there are sone that have and that solve sone real world problems.
The new financial system will be decentralized; when the time has come, everything will be rolled over into the new system.
You can say value is not intrinsic, but the value will flow there nonetheless !!
GBTC has been touted as digital GOLD…we know it has no relationship to GOLD or any kind of an inflation multiplier…it’s solely driven by buyers and “scarcity”…great cross border payment exchange which I can not believe goes unnoticed by the Fed/Treasury/IRS