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Author Topic: [2020-01-13] This Key Data Point Shows Bitcoin Took A Huge Step Forward In 2019  (Read 204 times)
Betwrong (OP)
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January 14, 2020, 03:05:32 PM
 #1


Even members of the United States Congress began to describe Bitcoin as an enormously valuable asset that could eventually threaten the U.S. dollar’s global reserve currency status.

I know, some of you, guys, don't care about the price, but isn't it a good news that now members of the US Congress, say the same words we've been seeing on this forum for years?

Also, what do you think about Bitcoin's "closer correlation with gold" than that of other cryptos, as mentioned in the article?

Read more here:

https://www.forbes.com/sites/ktorpey/2020/01/13/this-key-data-point-shows-bitcoin-took-a-huge-step-forward-in-2019/

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January 16, 2020, 02:40:01 AM
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The assumed correlation between Bitcoin (the digital gold) and gold (the physical gold) can be getting some traction this 2020. We will see if there is really that relationship between the two assets this year. Personally, I am sure that we already established some semblance of this connection but this needs more validation especially in the face of adamant pessimism of many (especially some famous gold supporters who are not into Bitcoin).

As to some politicians already taking notice of Bitcoin, that can be a big recognition of this digital asset, and we can conclude that slowly Bitcoin is waking up those who are holding the reign of powers in the government. But if these people will unite to put some blocks for further growth of Bitcoin then that can be bad news.

I am looking forward to more developments that will push Bitcoin more into the mainstream and will be giving weight on Bitcoin as a global currency and as a recognized store of value kind of platform.
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January 16, 2020, 08:25:04 AM
 #3

Bitcoin as currently drafted can’t be considered a currency that threatens the global reserve currency of the US dollar.
We have a lot of technological limitations that reduce the trend in this adoption.
Perhaps, after we overcome the restrictions of realization and achieve enough market capacity, some governments begin to recognize BTC as a currency and thus we can talk about the establishment of a parallel entity for gold.

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January 16, 2020, 01:10:37 PM
 #4

I don't care about the gold correlation thing or pay any attention to it but certain American politicians voicing the potential of BTC to play a global role does show a few of them are paying attention and I don't remember any of them saying that before last year.

It's in no state to do that at present and it certainly doesn't do that either, but some day it could.

I watched all of the first round of Libra hearings in congress or wherever it was and it was clear they are conscious of Bitcoin's possibilities. They were simultaneously wary of letting it run riot but also of letting America's position in the space slip away.

They also very clearly understood the fundamental differences between Bitcoin, all the other shit out there and tokens like Libra in a way that was deeper than I expected.
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January 19, 2020, 08:57:39 AM
 #5

I don't care about the gold correlation thing or pay any attention to it but certain American politicians voicing the potential of BTC to play a global role does show a few of them are paying attention and I don't remember any of them saying that before last year.

It's in no state to do that at present and it certainly doesn't do that either, but some day it could.

I watched all of the first round of Libra hearings in congress or wherever it was and it was clear they are conscious of Bitcoin's possibilities. They were simultaneously wary of letting it run riot but also of letting America's position in the space slip away.

They also very clearly understood the fundamental differences between Bitcoin, all the other shit out there and tokens like Libra in a way that was deeper than I expected.

This gives hope for more progress in the future. Smiley This is what what I've been thinking for quite a while. They(government officials) can be stupid themselves but they can hire smart advisers. And that's what they are doing already, because those of them who aren't, have small chances of surviving in the long run.

Someone once said that one of the biggest problems of Bitcoin is, in fact, a lack of education among the majority of the population. It's no secret that the government officials are not smarter than the average person, but their advisers can be.

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January 22, 2020, 05:21:11 AM
 #6

I'm not sure what a closer correlation to gold really means in the long run.

At the end of the day, these are two assets independent from the fiat monetary system. The difference between them is that one is quite archaic and bulky to transact with, and can't quite be classified as a currency given the fact that it's so difficult to transact with and is not necessarily fungible; while the other fills these exact holes.

I don't think that there is any major development coming out of people talking about BTC as a potential reserve assets around the world - that comes as no surprise to anyone. When it actually happens will be the big news.

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January 22, 2020, 09:33:35 AM
 #7

This gives hope for more progress in the future. Smiley This is what what I've been thinking for quite a while. They(government officials) can be stupid themselves but they can hire smart advisers. And that's what they are doing already, because those of them who aren't, have small chances of surviving in the long run.

I wouldn't be too happy too fast. You cannot know what are their plans and next moves. I wouldn't be surprised they'd use this knowledge for favoring banks keep their current monopoly.
I think that playing the card of "Bitcoin is no threat for banks" ("We come in peace") is better, safer and not untrue.

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January 22, 2020, 06:49:02 PM
 #8

Going along with the posts above, I see and hear lots of "traction" from BTC on media channels.  Seems like we are seeing more and more exposure.  Some of it is great stuff, and of course the other tone is that its for bad guys only.  It can be a wild ride over time for collectors/users of BTC.  Been almost a decade now for me and the highs and lows will keep some up at night.  I just dust off my Trezor(s) once and awhile and keep betting long term that someday I will be the happiest investor in the world, LOL!

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January 22, 2020, 07:15:24 PM
 #9

At the end of the day, these are two assets independent from the fiat monetary system. The difference between them is that one is quite archaic and bulky to transact with, and can't quite be classified as a currency given the fact that it's so difficult to transact with and is not necessarily fungible; while the other fills these exact holes.

Gold is quite liquid though, which surprised me. I am adding to my Gold position slowly but surely, but what I noticed is how easy it is for people to buy and sell Gold bars/coins amongst each other. As far as the bulk part goes, it's also not much of a problem with how a 100GR bar easily fits in your pocket without anyone noticing, that small it is while having a high dollar value.

Gold is truly decentralized, peer to peer and does its work offline as well. Bitcoin however is more divisible, easier to verify and transfer, but things aren't as bad with Gold as people think they are. I was one of them until I saw how vibrant the Gold ecosystem actually is.
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January 25, 2020, 10:49:20 AM
 #10

This gives hope for more progress in the future. Smiley This is what what I've been thinking for quite a while. They(government officials) can be stupid themselves but they can hire smart advisers. And that's what they are doing already, because those of them who aren't, have small chances of surviving in the long run.

I wouldn't be too happy too fast. You cannot know what are their plans and next moves. I wouldn't be surprised they'd use this knowledge for favoring banks keep their current monopoly.
I think that playing the card of "Bitcoin is no threat for banks" ("We come in peace") is better, safer and not untrue.

I don't know. I've been always thinking that Bitcoin is a threat to banks, at least at their current state. If they will not change, if they will not embrace blockchain technology, they won't survive in the long run. But I agree that we should not act aggressively, because it's never a god idea to threaten those who are in power. I just think that saying that "Bitcoin is no threat for banks" is not not untrue. Or, what am I missing here?

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January 25, 2020, 11:36:22 AM
 #11

"Bitcoin is no threat for banks" is not not untrue. Or, what am I missing here?

Bitcoin will most probably not replace banks, at least in the near future. This means that they are not a threat.
Of course that Bitcoin is a competitor. But banks compete each other too and the ones that don't do a good business (also meaning that they evolve) will not survive (although this usually means they are bought by other banks).
So in the same way I don't say that banks are a threat to banks (only competition), in the same way I say that Bitcoin is not a threat to banks.
Am I wrong?

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January 25, 2020, 01:13:22 PM
 #12

This gives hope for more progress in the future. Smiley This is what what I've been thinking for quite a while. They(government officials) can be stupid themselves but they can hire smart advisers. And that's what they are doing already, because those of them who aren't, have small chances of surviving in the long run.

I wouldn't be too happy too fast. You cannot know what are their plans and next moves. I wouldn't be surprised they'd use this knowledge for favoring banks keep their current monopoly.
I think that playing the card of "Bitcoin is no threat for banks" ("We come in peace") is better, safer and not untrue.

Bitcoin is more of a threat to inflation prone fiat currencies and central banks than commercial banks. Bitcoin banks would be closer to Swiss banks vs, say, Deutsche bank.
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January 26, 2020, 01:16:02 PM
 #13

"Bitcoin is no threat for banks" is not not untrue. Or, what am I missing here?

Bitcoin will most probably not replace banks, at least in the near future. This means that they are not a threat.
Of course that Bitcoin is a competitor. But banks compete each other too and the ones that don't do a good business (also meaning that they evolve) will not survive (although this usually means they are bought by other banks).
So in the same way I don't say that banks are a threat to banks (only competition), in the same way I say that Bitcoin is not a threat to banks.
Am I wrong?

No, you are not wrong, in my opinion. I agree that the word threat should better be replaced with competition because it sounds more polite this way.

However, just for fun, consider the following. Imagine a woman saying to her sister about another woman, she just found out her husband is chatting with: "I don't see her as a threat. Rather, she's just a competition."

I mean, we, all of us, we are married to banks, in a way. And they are very sensitive about our loyalty.

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January 26, 2020, 07:46:01 PM
 #14

No, you are not wrong, in my opinion. I agree that the word threat should better be replaced with competition because it sounds more polite this way.

I think that there may be some other subtle differences too, but I am not good enough to express them. Or maybe it's only in my head.

However, just for fun, consider the following. Imagine a woman saying to her sister about another woman, she just found out her husband is chatting with: "I don't see her as a threat. Rather, she's just a competition."

L.M.A.O. !

I mean, we, all of us, we are married to banks, in a way. And they are very sensitive about our loyalty.

I beg to differ. At least in my country they don't move a finger to help you in order to gain you as customer, nor care much if you stay or leave. At least if you are a small fish.
So it's usually your (first) employer that will be the one choosing the bank for you (and only because of the employer the bank may offer some benefits/special packages over time).

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