Quote:
Originally Posted by kbace6
It is interesting that it has spread this far. It's "value," is compared to the dollar. The dollar is no longer backed by gold and silver, Nixon as well as opening trade with China, did that. The dollar is backed by the full faith and credit of the United States.
I think most would think that is of depreciating value.
Bitcoin is backed by NOTHING. Even who or what created it is unknown. HUH? You can buy fake real estate and even non-existent yachts in the non-existent world called the metaverse.
A better currency? Bitcoin regularly swings 6% plus on a day. Our stock market is down, if I recall 14% from it's peak. Our dollar has lost CPI 8.7%. Bitcoin has lost half it's ?? Value.
It is so much like the Ponzi scheme of 300 years ago on tulip bulbs.
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I think you've just said it yourself, the dollar is of depreciating value. There are 1/3rd more dollars now vs. just 3 years ago. It's true bitcoin is volatile....but it's a measure of value that governments can't jack with. They can't just print more bitcoin. If you dislike government shenanigans with money then bitcoin starts to look pretty appealing.
As far as non existent yachts in a non existent world...well I'd use the coca cola logo as an example. It's red ink on white paper, nothing more, but it's obviously worth a lot of money so maybe it's the same for these new types of "things"?
Joe