I just bought $200,000 of Bitcoin

[Yellowtail]

4 minutes ago, happydreamer said:

I believe they'll do away with algorithmic stablecoins all together and enforce fiat-backed reserve Stablecoin only with increased regulations on audits.

Will the value of the coins not then be pegged to whatever fiat currency is backing them? 

[Whale]

Its bye from me as I fly tomorrow, be safe everyone.

 

To the crypto haters ... Theres a lot of tropes being used which are not true but you are right to question the validity of crypto, the crypto lovers should also question it more. You may also need to question the validity of our current financial systems more?

 

To the crypto supporters .... a lot of tropes also being used, you may believe in crypto but you may need to question your belief a little more?

 

To those sat in the middle .... I am sat with you, I actively invest but I am a born sceptic.

 

I don't claim to be anything more than an enthusiastic gambler trying to make a hedged bet on the future. I hope nobody has serious losses and that includes myself :+)

[dj230]

7 minutes ago, Whale said:

Its bye from me as I fly tomorrow, be safe everyone.

 

To the crypto haters ... Theres a lot of tropes being used which are not true but you are right to question the validity of crypto, the crypto lovers should also question it more. You may also need to question the validity of our current financial systems more?

 

To the crypto supporters .... a lot of tropes also being used, you may believe in crypto but you may need to question your belief a little more?

 

To those sat in the middle .... I am sat with you, I actively invest but I am a born sceptic.

 

I don't claim to be anything more than an enthusiastic gambler trying to make a hedged bet on the future. I hope nobody has serious losses and that includes myself :+)

Have a safe flight

[happydreamer]

18 minutes ago, Whale said:

Its bye from me as I fly tomorrow, be safe everyone.

 

To the crypto haters ... Theres a lot of tropes being used which are not true but you are right to question the validity of crypto, the crypto lovers should also question it more. You may also need to question the validity of our current financial systems more?

 

To the crypto supporters .... a lot of tropes also being used, you may believe in crypto but you may need to question your belief a little more?

 

To those sat in the middle .... I am sat with you, I actively invest but I am a born sceptic.

 

I don't claim to be anything more than an enthusiastic gambler trying to make a hedged bet on the future. I hope nobody has serious losses and that includes myself :+)

Best of luck dude.  Thanks for always providing an objective perspective.  Godspeed

[Airalee]

59 minutes ago, happydreamer said:

Tell me a stronger global currency or better yet one the rest of the world holds as a standard.  

 

Ya...that's what I thought.  

Not disagreeing with you, but as the old joke goes (paraphrased of course)….

 

”Put 9 economists in a room and you’ll get 10 different opinions”

 

So….that being said…

 

Gold?

 

Being that the US holds the most gold maybe that would keep the USD on top?

 

I was also surprised to read that the US also holds quite a substantial amount of Bitcoin (with the Ukrainian government coming in second place)

 

https://marketrealist.com/p/how-much-bitcoin-does-the-government-own/
 

Not arguing for nor against anything you have said.  Just kinda thinking out loud.

 

 

[happydreamer]

26 minutes ago, Yellowtail said:

Will the value of the coins not then be pegged to whatever fiat currency is backing them? 

No...the only way for it to work (In my opinion) is for it to be pegged to the fiat reserve.  USDC and (questionably) USDT are backed by fiat reserves 1:1.  UST is decentralized and is / was backed by the LUNA token which fluctuates in market value.  Luna bought up a <deleted>-tonne of BTC thinking it would act as a reserve if there was a huge selloff of UST.  Obviously (now) didn't work out like that

[happydreamer]

11 minutes ago, Airalee said:

Not disagreeing with you, but as the old joke goes (paraphrased of course)….

 

”Put 9 economists in a room and you’ll get 10 different opinions”

 

So….that being said…

 

Gold?

 

Being that the US holds the most gold maybe that would keep the USD on top?

 

I was also surprised to read that the US also holds quite a substantial amount of Bitcoin (with the Ukrainian government coming in second place)

 

https://marketrealist.com/p/how-much-bitcoin-does-the-government-own/
 

Not arguing for nor against anything you have said.  Just kinda thinking out loud.

 

 

I always thought it was because we had the gold reserves.  Someone more intelligent on the subject may be able to speak more about this.

[Airalee]

4 minutes ago, happydreamer said:

I always thought it was because we had the gold reserves.  Someone more intelligent on the subject may be able to speak more about this.

Yeah….I thought the same and looking around the internet I see that the original Bretton Woods agreement put the USD as the global reserve currency because the dollar was linked to gold at that time.

 

https://www.investopedia.com/articles/forex-currencies/092316/how-us-dollar-became-worlds-reserve-currency.asp
 

It seems that it is also argued that the size of the economy, financial markets etc. are also contributing factors.  Military strength?

 

I think it’s hard to find someone with more knowledge on the subject.  At least definitive knowledge.  I have always considered it a very interesting topic albeit a very murky one.

 

If you really want to stretch your brain to the limit on the subject, read some of FOFOAs blog.

 

http://fofoa.blogspot.com

[Sparktrader]

2 hours ago, Yellowtail said:

Will the value of the coins not then be pegged to whatever fiat currency is backing them? 

No point in buying fiat backed. Same losing returns. Cash falls by 3 to 5% a year. Losing 8.5% now in the US.

 

Without risk no reward. Btc crashed 4 or 5 times. Rose again

 

[Adumbration]

17 hours ago, dj230 said:

Fortunately the USD is backed by the US government and not a bunch of people on the internet saying "BTC TO THE MOON" 

Lets see how that goes...

[Celsius]

Congratulations

[SAFETY FIRST]

12 minutes ago, Celsius said:

Congratulations

Sadly I reckon it's commiserations. 

 

 

BTC hasn't been performing well since the purchase. 

 

 

[Lacessit]

1 minute ago, SAFETY FIRST said:

Sadly I reckon it's commiserations. 

 

 

BTC hasn't been performing well since the purchase. 

 

 

I'd suggest the poster was being sarcastic.

[Walker88]

I see many here who try to equate sovereign debt with personal or corporate borrowing, and thus declare govts that continually run up debt as deadbeats. That sentiment indicates a lack of understanding of civilization.

 

No nation ever repays its debt, and none ever will. It's a game that allows all of us to have a means of exchange so that we don't have to kill each other to get something to eat. All an indebted nation has to do is service its debt, which is to say make interest payments. So long as a nation can service its debt, all is well, because the alternative, especially in a large nation/economy, is too scary. Everybody agrees to suspend their disbelief so that society remains civil. Small nations with insignificant markets can get in trouble, but so long as they are not a major piece of the global economy, no real harm is done save for internally (see Greece a decade ago, Argentina on a regular basis).

 

The US is the current king and is likely to remain so for the foreseeable future, unless 45 is re-elected, in which case the dollar will collapse. The USG has taxing authority over a massive and productive economy, which is the true backing of the dollar. The ambition and enterprise of all the firms that make up the US economy is what allows the dollar to stay valuable, because the govt can tax profits. Also, the US has massive liquid markets. Any sum of capital can enter or leave the bond or equity market with little impact. There is also rule of law, which serves as a protection for owners of capital. The strong military is the frosting on the cake.

 

Yes, it will all end someday, but there is no country ready to take the helm. By default, the US remains at the top, likely in the lifetime of any adult now alive (kids, not so sure).

 

If the dollar were to collapse, little would be worth anything, as most of the world would devolve into a state of nature. Arable land, water, guns and ammo would have value. Most everything else...precious metals, art, crypto, nfts, etc. would be worthless. Think Mad Max. Anybody think Mel Gibson would have felt at ease if he had 1000 bitcoins? Much preferable would be 1000 12 gauge shells.

[Sparktrader]

1 hour ago, Walker88 said:

No nation ever repays its debt, and none ever will.

Incorrect. Oz did in about 2006. At least net debt was zero.

[Longwood50]

On 3/2/2022 at 4:39 PM, Sparktrader said:

Wrong for 13 years. Thats pretty good. Always easier to find a bad judge and do the opposite.

Just wondering how that bitcoin portfolio looks these days? 

[Sparktrader]

2 minutes ago, Longwood50 said:

Just wondering how that bitcoin portfolio looks these days? 

Pretty good for those who bought at 5k or less.

[scubascuba3]

On 2/15/2022 at 4:20 PM, Pravda said:

 

It will never go to zero. Every average millionaire could swoop it up.

 

Entry point 55,600

 

 

What's Pravda's view on the current free fall?

[Sparktrader]

1 minute ago, scubascuba3 said:

What's Pravda's view on the current free fall?

He sold it months ago

[Sparktrader]

Amazon and Telsa have gone down a lot

[Hummin]

Embrace for impact sooner or later. Are you ready? 

[Sparktrader]

Just now, Hummin said:

Embrace for impact sooner or later. Are you ready? 

For what?

[scubascuba3]

3 minutes ago, Sparktrader said:

He sold it months ago

what did he sell at?

[Sparktrader]

Just now, scubascuba3 said:

what did he sell at?

Search the topic

[Sparktrader]

On 2/15/2022 at 8:40 PM, bkk6060 said:

I actually believe you may get rich.

True inflation on some reports is more around 15 to 20%.

Good luck, should be interesting to see what happens.

 

???

[scubascuba3]

2 minutes ago, Sparktrader said:

Search the topic

no thanks, i wanted to hear what he thought of the current free fall anyway

[Sparktrader]

3 minutes ago, scubascuba3 said:

no thanks, i wanted to hear what he thought of the current free fall anyway

Why? He is no expert

[scubascuba3]

1 minute ago, Sparktrader said:

Why? He is no expert

anyone spending $200k you'd hope they know a decent amount

[Sparktrader]

On 2/15/2022 at 7:07 PM, Pravda said:

I'm a total crypto sceptic. Check my past posts. But for the love of god there is a double digit inflation worldwide and I just can't in good faith watch my savings evaporate. 

 

The hedge funds will be pumping this worthless crypto to the moon. Let's see if I'm right or wrong.

 

Good luck to me.

Doesnt sound like it

[bkk6060]

I sold mine and am out for good I think it could go to zero.  Many people just don´t understand it or want to deal with it and think it is a scam.  Will probably be totally obsolete.