Nihalthandi
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I’m looking to get into crypto. Any help for a beginner?
Who is into Crypto ?
- Thread starter Mick
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It’s is backed buy billions of hours of computing that is creating the 21million coins that will eventually exist.
He didn’t mention either the archaic banking system we have now that is abused by corrupt governments.
You only have to look at the money laundering that has took place over the last two decades in this country. We are second on the list of money laundering hotspots globally.
At least with blockchain everything is on a public ledger for all to see.
The banking system’s doesn’t like crypto currencies because when people withdraw fiat currency to buy Bitcoin, they effectively replace a bank with the Bitcoin blockchain
Bitcoin and cryptocurrencies make reserve banking and most traditional financial institutions start to look irrelevant.
The anachronistic infrastructure of trust that will be bypassed totally, when everyone is exchanging value directly via peer to peer self-sovereign transactions would probably make a better banking system in my opinion. But opinions are like a holes everyone’s got one.
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Neither is fiat backed by anything.
Exactly it’s an iou. The world is run on debt
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Every note that is printed is straight into debtExactly it’s an iou. The world is run on debt
World debt currently over $300 trillion
I heard about some miners in Canada.
If BTC dropped below 20k they weren’t making any money. The economy is not doing very well so I don’t think they can expect much to happen in the meantime other than price going lower tbh.
If BTC dropped below 20k they weren’t making any money. The economy is not doing very well so I don’t think they can expect much to happen in the meantime other than price going lower tbh.
If the S&P keeps dropping I can see BTC hit 12-13k $ tbh.
Yes. Don't do it.
Please explain exactly how that gives any value to bitcoin.
Not quite true. Although there is no gold or other assets to back fiat, there is the guarantee of the government which issued it, who can step in to support the currency in a crisis.
It’s also backed by money that is invested into its market cap that fluctuates like any other asset. Mining BTC is a multi million dollar industry.
We are moving towards a digital age where Financial institute and businesses will use Blockchain technology to run their finances. I think BTC and some other crypto currencies will play a role in this innovation. If enough people adopt and see value in something it becomes valuable over time as BTC is doing. To say it has no value is just naive imo. Now you tell why it has no value, that’s if you think that.
We will all be alright then won’t we as we can always trust a good old government
I will add that the Dollar is the most widely used fiat currencies and before that it was the Pound. I think in the future it will be a crypto currency and it will have other crypto currency competitors.
So what exactly is this money "invested" in its market cap? Do you mean the money investors spent to buy bitcoin? If so, then that money is gone, because it has all been converted to bitcoin, so cannot provide any backing.
Bitcoin's value is illusory, based entirely on trust and confidence. If that collapses, Bitcoin will be worthless, as no-one will want to buy it or accept it in payment.
I don't think that anyone would suggest that a British government would behave as recklessly as Germany's Weimar government or Zimbabwe's Mugabe government, which is what it would take for the value of sterling to collapse. Barring that, the IMF/World Bank would not allow a major world currency to collapse and would step in to support it, inevitably with the requirement for austerity measures until the currency stabilised.We will all be alright then won’t we as we can always trust a good old government
When the pound was the dominant world currency (over 100 years ago) we were on the gold standard, so it wasn't a fiat currency.
I know the that the Pound was on the gold standard as was the Dollar but now governments are just fiat printing at will. The IMF hate crypto currencies because it is undermining their monopoly on the fiat system and the banking system’s that have a massive influence on government’s and world leaders.
Here’s a Dollar chart for you look at.
Here’s a Dollar chart for you look at.
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Can you explain what units are being used in that vertical scale to measure purchasing power?
This is a better example tbf
The dollar has lost 92% of it’s purchasing power since 1933. If you had bought a dollar’s worth of BTC in 2010 it would be worth over a $200000 today or £165000 or any fiat you wanted to change it into or you could have just kept your dollar I suppose, if you don’t like investing.
The dollar has lost 92% of it’s purchasing power since 1933. If you had bought a dollar’s worth of BTC in 2010 it would be worth over a $200000 today or £165000 or any fiat you wanted to change it into or you could have just kept your dollar I suppose, if you don’t like investing.
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