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bitcoins

panthera said:
PayPal now is allowing you to pay merchants in bitcoin.
https://finance.yahoo.com/m/0a82f4f0-0de0-323e-af29-d678f61ee7a2/bitcoin-climbs-as-paypal.html

Visa now is integrating USDC into its platform.
https://finance.yahoo.com/news/bitcoin-breaks-near-58k-visa-104029258.html

I hesitate posting in the traditional investing thread because of the vitriol of some that post there.
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We can post vitriol here too. :laughing

Not sure I understand why bitcoin would rise in response to Visa supporting USDC. Isn't that a competitive cryptocurrency?

Anyway I bought some Visa a while back partly because it was looking at crypto. So far so good. I'm not brave or young enough to dive in more directly.
 
No USDC is not a competing currency. It is a stable coin pegged to the US dollar and can be minted the same as fiat can be printed. Its just their way of getting in the "crypto" game. I would not be surprised if they announce they are going to support Bitcoin in the near future.
 
Yep and with more to come.

Here is Chipotle, probably gonna get in the as well:
https://finance.yahoo.com/news/chip...-part-of-effort-to-reach-gen-z-212929169.html

It is only a matter of time. They all see the writing on the wall. Government issued currency is going to fail. Give me one example of a fiat currency that has stood the test of time. They ALL have failed. In the digital age, it is happening quicker. Folks have to ask themselves why companies that are healthy are putting their spare cash into Bitcoin. As far as I'm concerned they are smarter that everyone on BARF. Ive put my bet in as to who is right.
 
panthera said:
Yep and with more to come.

Here is Chipotle, probably gonna get in the as well:
https://finance.yahoo.com/news/chip...-part-of-effort-to-reach-gen-z-212929169.html

It is only a matter of time. They all see the writing on the wall. Government issued currency is going to fail. Give me one example of a fiat currency that has stood the test of time. They ALL have failed. In the digital age, it is happening quicker. Folks have to ask themselves why companies that are healthy are putting their spare cash into Bitcoin. As far as I'm concerned they are smarter that everyone on BARF. Ive put my bet in as to who is right.
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We have hundreds and probably thousands of years of history on fiat currency but <15yrs of crypto. What makes you so confident? Don't mean that aggressively I'm actually curious your thoughts on it
 
asdfghwy said:
What makes you so confident?
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Good question.

https://www.technologyreview.com/20...VDqo9D6Ob3iv2aWCunjCRQl7hw#Echobox=1616774269

Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase’s popular exchange platform. Its blockchain, the history of all its transactions, was under attack.

An attacker had somehow gained control of more than half of the network’s computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once—known as “double spends.” The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate.io, has admitted it wasn’t so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).
Click to expand...
 
asdfghwy said:
We have hundreds and probably thousands of years of history on fiat currency but <15yrs of crypto. What makes you so confident? Don't mean that aggressively I'm actually curious your thoughts on it
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Name me one fiat currency that has lasted for more than a few hundred years. There are none. All fiat goes to zero eventually. Now we live in a digital age. Bitcoin is the native currency of the internet and is deflationary. We know what the set inflation rate of bitcoin is. What's the inflation rate of fiat? Bitcoins inflation takes a hit ever 4 years with the halvening. Fiat gets inflated often. Biden announced a new 2.5 trillion spending plan today. After that happens,60% of all money in circulation will have been printed in the last 12 months.
 
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Mike. Ethereum is a way for the developers to have you part with your bitcoin. Especially eth classic. Look into Ethereum and why Ethereum classic is even in existence.
 
panthera said:
Name me one fiat currency that has lasted for more than a few hundred years. There are none. All fiat goes to zero eventually. Now we live in a digital age. Bitcoin is the native currency of the internet and is deflationary. We know what the set inflation rate of bitcoin is. What's the inflation rate of fiat? Bitcoins inflation takes a hit ever 4 years with the halvening. Fiat gets inflated often. Biden announced a new 2.5 trillion spending plan today. After that happens,60% of all money in circulation will have been printed in the last 12 months.
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That $2.5 Trillion is not printed and most of it never will be. Money supply does not increase like that.
 
You are right. I read a little deeper. I thought this was part of the 3 trillion stimulus that Congress has been mulling over. So we are back to 40% with still no end in sight. The fed did say publicly that they can print infinitely. That’s some scary shit. Bottom line is the dollar is fucked. BlackRock came out yesterday and said they are getting in the Bitcoin space now.
I’m curious about your opinion of what is happening and why do you think these big banks and investment companies are doing this? Other than making money off of being the middleman. I just checked the FRED site and they just discontinued listing the M2 money supply. It was probably to shocking for most people to see.
 
So if fiat is (ostensibly) backed by the treasury/government securities, what is crypto backed by?
 
panthera said:
You are right. I read a little deeper. I thought this was part of the 3 trillion stimulus that Congress has been mulling over. So we are back to 40% with still no end in sight. The fed did say publicly that they can print infinitely. That’s some scary shit. Bottom line is the dollar is fucked. BlackRock came out yesterday and said they are getting in the Bitcoin space now.
I’m curious about your opinion of what is happening and why do you think these big banks and investment companies are doing this? Other than making money off of being the middleman. I just checked the FRED site and they just discontinued listing the M2 money supply. It was probably to shocking for most people to see.
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That's called MMT, for lack of a better phrase. Although what the Fed says and does are not the same. The first whiff of inflation is going to alter any plans to print yet more money, as the bottom line is that bonds issued must be paid, and inflation means raised rates, which is contrary to the theory of government paying off bonds with ever cheaper money.

I'm not surprised some companies are embracing Bitcoin. It's a proxy for both gold and currency, though it has weakness, as it is simply a private enterprise digital product and will probably, in the long run, be so strongly regulated that it loses attraction. It also has no intrinsic value, meaning that competing products have just the same "attraction."

M1 and M2 are no longer used, now there are new names, something like M2SL or something like that.

I am appalled at the flood of cheap money being pushed out, and doubly appalled by the idea that it has no consequences. The new $2 Trillion infrastructure plan will probably push bond yield up high enough that it shocks the country. (Meaning that borrowing cheap money is suddenly no longer possible as nobody will buy the Treasuries at 1.75%, they will demand 2.5%.)
 
afm199 said:
Hope.:nchantr
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True to a point, just as you hope the government makes the right decisions about our fiat currency and doesn't tank it one day. HOPE

But, Bitcoin specifically is also backed by the fact there is a limited supply. Once it is all "mined" there is no more. Limited supply, so supply and demand becomes real.

At this point arguing against crypto seems a bit long winded. In 2016/2017 I could see the resistance and why some would be weary. Now it is supported by Goldman Sachs, Visa, Paypal, Square, Canadian ETF, Tesla, Overstock, and many others. Not having just 1% in your portfolio seems like you're ignoring an emerging market, like Warren Buffett not trusting the internet.
 
jiffy said:
True to a point, just as you hope the government makes the right decisions about our fiat currency and doesn't tank it one day. HOPE

But, Bitcoin specifically is also backed by the fact there is a limited supply. Once it is all "mined" there is no more. Limited supply, so supply and demand becomes real.

At this point arguing against crypto seems a bit long winded. In 2016/2017 I could see the resistance and why some would be weary. Now it is supported by Goldman Sachs, Visa, Paypal, Square, Canadian ETF, Tesla, Overstock, and many others. Not having just 1% in your portfolio seems like you're ignoring an emerging market, like Warren Buffett not trusting the internet.
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Hope is why I invest in the stock market, and get up every morning.:thumbup

As to Bitcoin supply, the supply is meaningless. There will always be a secondary market in partial shares of a Bitcoin, if needed.
 
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afm199 said:
Hope is why I invest in the stock market, and get up every morning.:thumbup

As to Bitcoin supply, the supply is meaningless. There will always be a secondary market in partial shares of a Bitcoin, if needed.
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Supply is meaningless? You may feel that way but the market does not.

Partial shares of Bitcoin exist within Bitcoin already, it's called a Satoshi. A Satoshi is a 100 millionth of a Bitcoin.
 
jiffy said:
Supply is meaningless? You may feel that way but the market does not.

Partial shares of Bitcoin exist within Bitcoin already, it's called a Satoshi. A Satoshi is a 100 millionth of a Bitcoin.
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Exactly. And that's why a limited supply doesn't matter. You made my point.
 
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