...when the people start to realized the paper money BTC they're holding is only worth as much as what they think it to be... FTFY. Also works with gold. Well touché. But you're wrong, it's different. Here's why: for fiat, say a 1 dollar note is worth 1 dollar. for Bitcoin, one btc can worth 100, 1, 1000, 1000000 dollars. It's not up to me to think how much a btc is worth and that's how much it's worth. With fiat, if I have a one dollar note, I know it's worth one dollar and anyone else I trade that one dollar note to knows it's worth one dollar. And that one dollar note is worth one dollar because it's printed to be a one dollar note, decided by the government. Capisce? can you eat dollars? the only thing that matters is how many goods can a dollar buy, and the answer is less and less every year. Can you eat BTC? *More importantly, does ur mom know ur on the interweb? the point is that bitcoin will maintain its purchasing power just like gold did simply because it can't be printed. the USD is a bunch of paper the bankers print all day long, no paper money ever survived in history. The point is both gold and Bitcoin lost purchasing power this year, Bitcoin spectacularly. My shitcoin is an exact clone of bitcoin. It also can't be "printed all day long." How much should I put you down for? Re. "no paper money ever survived...": No digital currency ever survived in history. How old are you? |
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Cut to >Dingy motel room, billyjoeallen banging blow and some hooker while screeching ...Central banks print it out of thin air. Other banks create it out of thin air also by fractional lending. Money supply (M3) is growing at an exponential rate and the only real taper is in the bitcoin source code.
Explains everything. |
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Wham! The dicks are really out & swinging!
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Not following you at all. Sure, one dollar is always worth one dollar--not open for interpretation. Are you now saying that fiat is not "only worth as much as what they think it to be"?
Just take the zimbabwean dollar crisis. The people have no trust in their own currency anymore, no matter how the government tried printing and telling them look, this zimbabwean dollar note is worth this much. The people just don't think it's worth as much, cause nobody else thinks it's worth as much, so there's no value at all, even though it's officially money Wait, are we switching topics? My point is simple: BTC is only worth as much as people think it is--no different from fiat. *Other than most stores give you a blank look when you ask to pay with it. |
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...when the people start to realized the paper money BTC they're holding is only worth as much as what they think it to be... FTFY. Also works with gold. Well touché. But you're wrong, it's different. Here's why: for fiat, say a 1 dollar note is worth 1 dollar. for Bitcoin, one btc can worth 100, 1, 1000, 1000000 dollars. It's not up to me to think how much a btc is worth and that's how much it's worth. With fiat, if I have a one dollar note, I know it's worth one dollar and anyone else I trade that one dollar note to knows it's worth one dollar. And that one dollar note is worth one dollar because it's printed to be a one dollar note, decided by the government. Capisce? can you eat dollars? the only thing that matters is how many goods can a dollar buy, and the answer is less and less every year. Can you eat BTC? *More importantly, does ur mom know ur on the interweb? |
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Now post 10 years gold price chart.
To what end? I said gold is becoming obsolete, not that it was obsolete all along. I mean, come on, gold? And you guys think fiat is a dinosaur  If gold is becoming obsolete, it's because eventually it'll be digitized. Bitcoin can easily replace physical gold in terms of its function as a store of value Well sure Bitcoin can easily replace gold. So could Litecoin and any clonecoin. Or shares in some dead artist's paintings. What's your point? I'm beginning to realize you are too shallow to follow this discussion. Shares in some dead artist's paintings replacing gold? smh. You must be one of those folks who think Bitcoin is just 'magic internet money' Wrong again. Stop relying on your ever-erroneous realizations, and ask an adult to help. |
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... This is but a baby bullwhale  3k wall, bearwhale was 30k wall and 8k market sell. And not taking any chances, either. |
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Anyone wants to call how high we go before dump? My guess: 363
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...
PS: There is a wall at 350.
Oh my... |
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Now post 10 years gold price chart.
To what end? I said gold is becoming obsolete, not that it was obsolete all along. I mean, come on, gold? And you guys think fiat is a dinosaur If gold is becoming obsolete, it's because eventually it'll be digitized. Bitcoin can easily replace physical gold in terms of its function as a store of value Well sure Bitcoin can easily replace gold. So could Litecoin and any clonecoin. Or shares in some dead artist's paintings. What's your point? |
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...when the people start to realized the paper money BTC they're holding is only worth as much as what they think it to be... FTFY. Also works with gold. Well touché. But you're wrong, it's different. Here's why: for fiat, say a 1 dollar note is worth 1 dollar. for Bitcoin, one btc can worth 100, 1, 1000, 1000000 dollars. It's not up to me to think how much a btc is worth and that's how much it's worth. With fiat, if I have a one dollar note, I know it's worth one dollar and anyone else I trade that one dollar note to knows it's worth one dollar. And that one dollar note is worth one dollar because it's printed to be a one dollar note, decided by the government. Capisce? Not following you at all. Sure, one dollar is always worth one dollar--not open for interpretation. Are you now saying that fiat is not "only worth as much as what they think it to be"? |
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Now post 10 years gold price chart.
To what end? I said gold is becoming obsolete, not that it was obsolete all along. I mean, come on, gold? And you guys think fiat is a dinosaur |
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^Ah, gotcha. Went over my head.
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...when the people start to realized the paper money BTC they're holding is only worth as much as what they think it to be... FTFY. Also works with gold. |
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Conflict and cooperation between intelligent rational decision-makers.
Meaningless non-sequitur sentence fragment between intelligent, rational BTC dumps? @Searing: It's a bear market. |
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...It's more like digital gold. Like gold, you don't use your gold to buy stuff, you sell your gold for fiat to buy stuff.
Gold, as a store of value, is becoming obsolete. Like Bitcoin, it has been a poor store of value in the recent years. Even when compared to USD.  |
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None of the replies actually dispute the reasoning. Because you all believe it yourselves.
Right off out on the sauce.
Believe what? |
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When the price rises the next wave will come in just like every other time.
You know what else works like that?  |
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... Was it you who just shorted with 60 BTC $7 above support  No, but the answer would be the same if I did. Trading is a competitive, not a cooperative, sport. That said, care to show your hand? I was all fiat but just bought some back at $355 and $354. My average buy back price is now $553.4 after selling a bit. I'm pretty happy about that, as I feel it is a bit risky to be without BTC at the moment (especially at Bitfinex - Just look at the upper part of the ask side on their order book ). A lot of shorts were opened on the 10th, and that was a nice day to go short. But most have since closed... and a few new risky ones have since opened. These shorts along combined with the shakeout from $390 should provide plenty of fuel for further movement up. So If we manage to stay above $350 I think it is most likely that we will move up in the next couple of days. I'll stop being a dick for a second just to break up the monotony, and to admit that I haven't been able to read the market well since ~this time last year. Much smarter, $-richer, and tougher kids came to our sandbox. I've been slowly selling since that time. Slowly. *Almost forgot to post a gif  |
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