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bitcoins
- Thread starter enki
- Start date
afm199
Well-known member
OK, just bought my second round of blockchain currency. Bought and sold the Bitcoin ETF a while back, just bought some Ethereum today on Paypal. Will hold it a while.
So, I bought $100 worth. This should cover my retirement, right?
So, I bought $100 worth. This should cover my retirement, right?
You can subdivide gold down to an atomic scale.
It still has a limited supply.
As does bitcoin.
The limited supply drives scarcity, which creates perceived value.
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afm199
Well-known member
Bro!
afm199
Well-known member
Yes and no. You can subdivide a digital currency to whatever fraction that you choose, which makes it, for all practical purposes, infinitely divisible. Just add another zero to the left of the decimal point.
Historically, the search for a stable currency has been fruitless. Gold was supposed to have played the role of anti inflationary alternative, but is just stopped being that, not due to scarcity, just lack of interest. With Bitcoin most buyers today are almost certainly hoping for the long term ever upward push and quick profit simultaneously. At some point, that will just stop working. It's mostly a speculative product.
In the long run, it has no intrinsic value other than as valuta. I'd rather own stock.
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Are you really arguing that because there are a finite number of atoms in gold, but not a finite amount of divisibility to bitcoin, that makes gold a legitimate store of value, and bitcoin an illegitimate store of value?
Is that really the argument you mean to make, here?
afm199
Well-known member
Apparently you did not read my post, or I failed to cogently state what I meant. Neither one is a legitimate store of value, there is no such thing. The intrinsic value of gold, Bitcoin, or stock is whatever the market will pay for it.
Agreed. I only read the part you posted before the edit, apparently. Hence the limited quote.
That'd make a pretty compelling rationale as to why I mightn't have read it.
Climber
Well-known member
So, I have a question.
Currently, a ton of people are donating their computers and electricity in order to 'mine' bitcoins.
What's going to happen once there are no more coins to be mined? Where will all of that processing power (I understand it's enormous) to maintain bitcoins come from after that?
afm199
Well-known member
Agreed. I only read the part you posted before the edit, apparently. Hence the limited quote.
No need to apologize, but thanks!
panthera
Ride or Die
From transaction fees. Currently there are 6.25 btc minted per block. When you mine a block you are paid in new coins and miner fees. That can make up a coin or so in each block. By the time 2140 (when all new coins are minted)there will be no more new coins but each block will contain miner fees. That will maintain the network.
panthera
Ride or Die
Bitcoin is on the move again in anticipation of Coinbases direct listing coming this next week. Get ready for a violent move to the upside. Coinbase is asking the company I work for to build out another 4 floors in SF. Also the shitcoin XRP is moving with the payoff to the SEC that happened last week. Ripple is also asking to bid another floor build out at 315 Montgomery. The crypto market cap is now north of 2 trillion dollars. With the current monetary policy, we will see 10 trillion in the next few years. Fiat is garbage. Get your ducks in a row.
Abacinator
Unholy Blasphemies
Is the value of bitcoin not inextricably tied to fiat? I mean, we keep referring to it's value in dollars.
panthera
Ride or Die
Everything is tied to the fiat of the region you are in. The value of gold, property, stocks, etc. can also be measured against fiat until we are on a Bitcoin standard. I already value things in Bitcoin. When I go to purchase anything I look at it as to how much Bitcoin I could have for that price. Knowing that our monetary system is fucked and there will be no end to inflation due to rampant printing, I value what Bitcoin is and what it can do for humanity. It unshackled us from a debt based system.
I cringe when I think of folks that are on a fixed income knowing full well that their value they created throughout their life is being stolen in the form of inflation. The current system will have us all on the hamster wheel for life. The only way out is death or Bitcoin.
I cringe when I think of folks that are on a fixed income knowing full well that their value they created throughout their life is being stolen in the form of inflation. The current system will have us all on the hamster wheel for life. The only way out is death or Bitcoin.
Abacinator
Unholy Blasphemies
I honestly don't see how bitcoin will solve that problem
panthera
Ride or Die
I’m not sure what you mean. Please be a little more specific.
Yakoo752
USN
Tesla has accepted Bitcoin on a few transactions so far
Buyer we’re shocked by their tax bills
Buying something with BTC is the same as executing stock in the green.
You gotta pay them gains
This is why I struggle to see it as currency.
If I gotta DCA and IFO my currency, it’s failed already.
Buyer we’re shocked by their tax bills
Buying something with BTC is the same as executing stock in the green.
You gotta pay them gains
This is why I struggle to see it as currency.
If I gotta DCA and IFO my currency, it’s failed already.
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panthera
Ride or Die
If you have the cash you buy Bitcoin then send that and you have no tax liability. If you have large Bitcoin holdings and need cash, you leverage those holdings and take a loan out. This solves two problems. You don’t incur taxes and you now get a write off of the interest. Same as wealthy individuals do with art, real estate, stocks, etc. You have to play the same game if you want to hold on to your hard earned value. Never hold it in fiat. Bitcoin is what you want it to be. For me it is a store of value. If I want to transact in it, it is a currency.
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