Bitcoin Delight

[sumdumguy]

Today 100 measly bitcoin are worth 10 million US or 14.1 million Canukistani. Sheesh so Polly was right.

[fjlip]

How does CROW taste CC?

[biglentil]

Bitcoin has a market cap greater than all the Canucks bucks in circulation.

[blackpowder]

Am I the only one for whom the tangibility of these things escapes him?
Reminds me of FDR using Joe Kennedy as first SEC chair. Joe made his fortune doing all the shady things he subsequently outlawed. Brilliant. After the crash of course.
Musk?
Actually it's time these were cleaned up and regulated. Friend of mine lost a small fortune to a miner of some kind.

[biglentil]

Tangible no but at least a finite supply of unlike the zero's and 1's that make up ones bank account balance. Deposits are arguably less tangible, under fractional reserve rules Canadian Banks only have approximately 3% of all deposits on hand.

[chuckChuck]

So how did the rise in bitcoin reduce inflation like Crypto said it would?

We are not going to take economic advice and monetary policy from people who still believe the earth is flat! LOL

[cropgrower]

wrong again ,PP said crypto currency could be used as a way to protect yourself from inflation , not stop or reduce inflation

[chuckChuck]

More crap from Crop!
"As Poilievre campaigned for the Tory leadership on the way to a landslide victory, he spoke positively about decentralized finance and cryptocurrency. At one point, he argued that crypto would allow Canadians to "opt-out" of inflation, which was soaring at the time."

[cropgrower]

exactly what i said , do you even understand what you write ? opt out of inflation is not stopping inflation of reducing it

[chuckChuck]

Sure crop. Its an unregulated investment that is purely speculation and gambling and often used by criminals to avoid money laundering laws.


So how much have you made on bitcoin their Crop? Be honest.

[goalieguy847]

OH MY GOD.
unregulated that is purely speculation!
Diamonds. Supply owned 95% by debeers.

Gold. What % is owned by reserves and rio tinto..etc etc.

If you cant see the benefits of bitcoin staying unregulated then youre a fool.
Once the govt starts to regulate it thats the end of it. They will be able to control the price as much as they want.
i own 2 bitcoin. Bought em pretty low too!!!
You know there are ALOT of companies that accept bitcoin as payment such as..

PayPal
Wikipedia
Microsoft
AT&T
Starbucks
Whole Foods
Home Depot
Shopify

BILL GATES ACCEPTS BITCOIN?
the current 10% owner of john deere?

get real chuck. If you dont understand HOW bitcoin is a way to protect against inflation ans govt useless oversight.. then you need a lesson in finance.

[blackpowder]

Let's see how many go straight to an insult without anything else.

I think it's bubble - ish right now.
Regs are coming sooner or later.
Wish I'd learned a little more about them a few years ago.
A lot of scams out there and when/how do you own a legal title.

[biglentil]

So how did the rise in bitcoin reduce inflation like Crypto said it would?

We are not going to take economic advice and monetary policy from people who still believe the earth is flat! LOL

Chuck you don't have a sniff on either topic. You have at best a grade 3 understanding.

[furrowtickler]

Chuck you don't have a sniff on either topic. You have at best a grade 3 understanding.

Much like 99% ag topics , zero sniff

but social justice issues, the chucks have er nailed lol

[chuckChuck]

Bitcoin is speculative and volatile
The fundamental issue for bitcoin is what gives it value, Prasad says, and its only
value is scarcity. In contrast to the dollar, which the Fed can create in infinite
amounts, bitcoin has its 21 million cap.
The idea is that something scarce will preserve its value
better if the money supply increases, Prasad says. “But
there is no intrinsic value for bitcoin, because it’s a purely
speculative financial asset. There’s no valuation model,”
he says.
True, he says, bitcoin is scarcer than gold—but bitcoin
isn’t being used for much outside of speculative
transactions, while “gold has some intrinsic value for
industrial and jewelry usage.”
There are other issues that limit bitcoin’s value as a hedge, Prasad says. For one
thing, the technology isn’t as reliable as it looks. “It’s supposedly a medium of
exchange without a traditional intermediary like a bank,” he says. But “it’s
volatile and inefficient in transactions. The blockchain system can’t handle a lot
of bitcoin transactions at once.”
Swings in price are a big issue. “Bitcoin provides a pretty good return
sometimes, but there’s the large volatility,” he says. “Given that it is a
speculative asset, we have seen it behave like other risky assets. It can be much
more volatile than stocks.”
Measured daily over the past three
years, bitcoin put up a standard
deviation of 3.4 from its average
price—a measure of volatility, with
higher being more volatile—while
stocks were at 1.1 and gold just 0.9,
Prasad says.
Consider bitcoin’s price swings since
2020. On March 8 of that year, bitcoin
was trading at $5,392. A little over a
year later, on April 4, 2021, it had
soared to $60,205. Within three
months, the price had dropped by
almost half, then more than doubled
about four months later. After more
swings in between, on Oct. 3 of this
year, the price stood at $27,468