Is crypto currency...

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Geo said:
The wealthy are buying gold and silver. The next fiat currency is not going to fly. The whole whole world is already moving toward a commodity backed currency. We will have to as well. And yes, people are going to get hurt financially. They won't even see it coming.
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Whatever currency the central banks and governments implement will be the one that is adopted. Probably a CBDC. ....Unless there are some sort of global revolution which I see as pretty unlikely. At least now.
 
acceptance said:
Whatever currency the central banks and governments implement will be the one that is adopted. Probably a CBDC. ....Unless there are some sort of global revolution which I see as pretty unlikely. At least now.
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A CBDC needs to be pinned to something. It can't be imaginary, that is not going to fly.
 
Where is the intrinsic value???
Gold, coffee, salt, marijuana… even sex, etc… all have a timeless street value. What makes crypto worth anything???
 
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Geo said:
A CBDC needs to be pinned to something. It can't be imaginary, that is not going to fly.
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No it doesn't. That's the whole point of a fiat currency. Bitcoin is imaginary in the same way as a fiat currency is for that matter. It is just that it's supply is limited.
 
No government wants to restrict themselves to a commodity based currency. Somehow it is being sold that Bitcoin is a like a commodity based currency because it's supply is (supposedly) limited, but it's not based on anything other than a clever computer code.
 
acceptance said:
No it doesn't. That's the whole point of a fiat currency. Bitcoin is imaginary in the same way as a fiat currency is for that matter. It is just that it's supply is limited.
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Nope Bitcoin is pinned to the dollar. You know how many dollars you need for a coin.
 
Geo said:
The wealthy are buying gold and silver.
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That was kind of my point from the get go. They love their wealth and will do what is necessary to protect it. And when gold/silver markets are all regulated through CBDC transactions they will go along with it so that their gold and silver holding won't become another pile of metal in a backyard you can't cash in. You can sit on a mountain of gold but it's worth much less if you can't get whatever the currency of the day is to buy and sell stuff with. You're stuck to bartering....
 
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Geo said:
Nope Bitcoin is pinned to the dollar. You know how many dollars you need for a coin.
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No, that's just the bitcoin price quoted in US dollars. There is also BTC/EUR, BTC/GBP, BTC/JPY and so on. Bitcoin is not "tied" to anything other than the value people attribute to it, which is no different than gold itself, really. But gold is a physical asset with thousands of years of proven human value. In my view, BTC is just a short term trend.
 
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VonBonfire said:
That was kind of my point from the get go. They love their wealth and will do what is necessary to protect it. And when gold/silver markets are all regulated through CBDC transactions they will go along with it so that their gold and silver holding won't become another pile of metal in a backyard you can't cash in. You can sit on a mountain of gold but it's worth much less if you can't get whatever the currency of the day is to buy and sell stuff with. You're stuck to bartering....
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Bartering would only last so long before it devolves into chaos. Also keep in mind gold and silver are both commodities as well.
 
acceptance said:
No, that's just the bitcoin price quoted in US dollars. There is also BTC/EUR, BTC/GBP, BTC/JPY and so on. Bitcoin is not "tied" to anything other than the value people attribute to it, which is no different than gold itself, really. But gold is a physical asset with thousands of years of proven human value. In my view, BTC is just a short term trend.
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Ok, say the dollar no longer exists, which also means all the other fiat currencies went out first. How do you buy a Bitcoin? Do you send someone a goat?
 
Geo said:
Ok, say the dollar no longer exists, which also means all the other fiat currencies went out first. How do you buy a Bitcoin? Do you send someone a goat?
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Fiat currencies will exist so long as centralized governments exist. Apart from that, yeah, you would trade for bitcoin with gold, silver, salt, etc. Whatever commodities that are most easily used as a medium of exchange.
 
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acceptance said:
Fiat currencies will exist so long as centralized governments exist. Apart from that, yeah, you would trade for bitcoin with gold, silver, salt, etc. Whatever commodities that are most easily used as a medium of exchange.
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Right, so what we would have is a commodity backed digital currency.

Now, depending on who and how it's setup, will other countries honor it or start their own?
 
Geo said:
Right, so what we would have is a commodity backed digital currency.

Now, depending on who and how it's setup, will other countries honor it or start their own?
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A commodity-backed currency means that the currency can be exchanged at a fixed rate for the commodity itself. That is, the currency is simply a representation of that commodity. That's why for example the British pound was called such, as one British pound was the equivalent and could be exchanged for one pound of silver. After that tie is broken, as when Nixon took the dollar off the gold standard, then the currency is floating and no longer backed by the commodity. There are some digital currencies I believe that are backed by commodities at a fixed rate. Maybe Venezuela had one with oil?
 
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TheBiggestJerk said:
Where is the intrinsic value???
Gold, coffee, salt, marijuana… even sex, etc… all have a timeless street value. What makes crypto worth anything???
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I'm def not the expert. Trying to follow it myself. I think if you start around page 6 (January 2024) of this thread it will help. @CrazyNutz did a decent job of explaining with the halving and hashes etc. I believe some of it is based on the need/desire to invest in the future of digital currency and the fact that blockchain transactions require computing power. Which leads me to my question.

What happens if the grid goes down or the Internet locks up? How many DNS servers does it require to run the Internet? Have you ever had a slow/no loading page even though your Speedtest shows mass bandwidth. It take a ton of electrical power and computing power to run the Internet. it doesn't take much electrical power to trade gold, coffee, salt, pot, or pussy. :dunno:
 
Also - amazing how much banning was going on back in the day :lol:
 
311splawndude said:
I'm def not the expert. Trying to follow it myself. I think if you start around page 6 (January 2024) of this thread it will help. @CrazyNutz did a decent job of explaining with the halving and hashes etc. I believe some of it is based on the need/desire to invest in the future of digital currency and the fact that blockchain transactions require computing power. Which leads me to my question.

What happens if the grid goes down or the Internet locks up? How many DNS servers does it require to run the Internet? Have you ever had a slow/no loading page even though your Speedtest shows mass bandwidth. It take a ton of electrical power and computing power to run the Internet. it doesn't take much electrical power to trade gold, coffee, salt, pot, or pussy. :dunno:
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I haven't seen old @CrazyNutz lately but I know he lurks around. I hope he has a nice Christmas holiday. He's a swell guy.

As for DNS servers it amazes me how life slows down if you shut off the internet and turn the phone off or just permanently attach it to a wall like the old days.
 
VonBonfire said:
I haven't seen old @CrazyNutz lately but I know he lurks around. I hope he has a nice Christmas holiday. He's a swell guy.

As for DNS servers it amazes me how life slows down if you shut off the internet and turn the phone off or just permanently attach it to a wall like the old days.
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Yeah. I try to turn off screens as much as possible for multiple days in a row. Helps if you have something to do otherwise, like play a guitar or go to a cabin in the middle of nowhere. :D
 
311splawndude said:
Also - amazing how much banning was going on back in the day :lol:
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I'm guessing you must've seen one of the "financial" threads that attracted bots like flies to fly paper bro'.

So yeah, it probably wasn't a fair indicator of the overall state of play.
 
TheBiggestJerk said:
Where is the intrinsic value???
Gold, coffee, salt, marijuana… even sex, etc… all have a timeless street value. What makes crypto worth anything???
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Just because it's not a tangible asset doesn't mean that it doesn't have intrinsic value. But like a lot of people, I think that value is likely faddish and vulnerable...
 
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