Bitcoin is a Ponzi
 

Funny clarification....

https://www.youtube.com/watch?v=mo2NRBMyDMA

China agrees and recommends to stay away from Bitcoin..

thieves currency

Buying Bitcoin is like going into a casino. You buy plastic chips that have no intrinsic value and gamble on the volatility. When you leave the casino, you convert it back into dollars so you can buy things outside the casino.

Kinda like the dollar bill, it's only worth what we think it is worth.

One thing about Chinese, they’re not stupid or gullible and they don’t waste their yen. They get their yen’s worth.

Ponzi or no Ponzi.
I wish I had bought a $100 of them when they first came out!

30% Ponzi. The trend is to stable coins which are back by T-Bills.

And that's any different than houses? cars? groceries? memberships? a lifestyle? jail time?

if you think its worth the price or cost, then you have a tendency to buy, if not you pass. .

It may be a Ponzi scheme, but the federal and state governments are planning on spending taxpayers' dollars to buy it for a "strategic" Bitcoin reserve, so that politicians who loaded up on it can unload it and leave taxpayers holding the bag.

^ Now this I can believe.

A house, cars, groceries, memberships, lifestyles, jails are tangibles. So is a dollar bill in that it's made of paper or linen. The value of said dollar bill is in our mindset unless you're using it to start a fire. :a040:

maybe, but value is a human judgement, which is conceptual, about making a decision about physical and conceptual choices. . and the judgement is something happening in your brain in both the conscious and the subconscious, which you can't escape. .

so using that behavioral framework, its no different what you are evaluating / judging, everything has a value. behavioral economics postulates and proves humans are not rational. So whatever you want to believe in, go for it. . you aren't going to convince me to believe otherwise

Hacked
 

Bitcoin block chain will be hacked eventually. In 10 years folks will be laughing at what people paid for it. Technology will well have surpassed hacking block chain tech.

You just made a sound case for bitcoin.:beer3:

I don't own any part of a bitcoin or whole bitcoins and never will. The framework for the dollar and bitcoin are the same, belief in value.

And by the time that happens, my guess is there will be many very rich people from their investment in bitcoin and cashing it in. Also, in 10 years there is a chance that BRIC will have decimated our belief in the dollar so many will be holding worthless paper. Time will tell.

Everything you listed is a liability. Your house is not an asset, it’s a liability. Unless you sell it, make money renting it out, it’s a liability even if it’s paid off. You have to pay property taxes on it, insurance on it, and if you don’t pay your taxes, they can take it from you.

I hope you understand the difference between houses, cars, groceries and lifestyle.
Even if these drop in value you can still live in the house, get into your car to drive to the store to buy groceries that you will consume, to continue your lifestyle whatever that is.
Your Bit Coin drops in value, what do you have.
I don't understand what you mean by jail time.

& gold.

Many said indoor plumbing wouldn’t work either. Might want to hop on the evolution train.

The only good reason to ever buy crypto was to get rich quick. If you did then congratulations. Of course there are hundreds of stocks that you could have bought and had similar results.

But those days are over and there is no compelling reason to buy crypto. Why invest in something that people warn "not your keys, not your coin."

And if you think exchanges are safe then you should spend some time reading the horror stories on reddit.
Be careful, I lost my life savings to Binance
https://www.reddit.com/r/binance/com...gs_to_binance/
You will not get the same prompt attention that you do from your bank.

The material makeup of a currency provides a fraction of the the value it is supposed to represent. You are right that it can be burned as fuel, but there are better-value fuels out there.

Tangibles can be traded as themselves. Wine to drink. Cigarettes to smoke. Food to eat. Not a means of exchange, but a direct trade. When the house of cards collapses, I’d rather have 1000 bottles of wine than $10k of paper losing value by the hour via hyperinflation.

Crypto, through its limited quantity will be much more stable than the dollar, as no one can print more of it, devaluing it over and over again.

If anything is a Ponzi scheme, it’s the dollar. Not bitcoin.

This fast talking presenter proves that Bitcoin is indeed a Ponzi scam, if not a Ponzi, it's a digital scam!

An alternative to buying bitcoin outright and paying fees to buy and sell is to buy an ETF. IBIT is one of the more popular ETFs.

No wonder "he" is encouraging everyone to invest in Bitcoin.

I used to think bitcoin was a scam but there is a lot of momentum towards bitcoin becoming mainstream including the US government starting a bitcoin reserve. International acceptance makes it look a lot like gold as an investment. I’m coming around to considering IBIT to help diversify.

It’s probably more speculative than many retirees can stomach. But I do think it’ll continue to grow in acceptance.

YUP... You'd be a multi-millionaire today.

The current administration plans for the taxpayers to pay for it.

What is the current administartion planning to have paid for by taxpapers? You lost me there. :shrug:

Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile – The White House

Note - this was ordered back in March, and they've been in the process of ramping up implementation. It's been in the news within the past week.

Quote:
Originally Posted by DrMack View Post
Bitcoin block chain will be hacked eventually. In 10 years folks will be laughing at what people paid for it. Technology will well have surpassed hacking block chain tech.

OrangeBlossom:
The current administration plans for the taxpayers to pay for it.


From your response to DrMack it appears that the plan is for Taxpayers to be paying for hacking, lol.

$10,720,258,812.80 at today's price

I’d rather have the casino chips. They have a face value and a counterparty with an obligation to cash them in for you. With Bitcoin, you’re digitally searching for a greater fool who is willing to buy them from you.

Sorry, I thought it was pretty obvious that I was responding to the "what people paid for it" - in other words - the fact that the taxpayers will be paying for bitcoin whether they want to or not, because the government will be investing in bitcoin to create a reserve stockpile.

I didn't think I'd need to mansplain that, but here we are.

Don't worry, you weren't mansplaining at all. You were clarifying what you were getting at..:ohdear:

But they are risky assets. You don't have anything equivalent to an FDIC for a custodian. You might be able to sue them but good luck with that. What happens if you lose your keys?

Coinbase not safe. I was Hacked and lost money when the BTC left Coinbase Wallet with out my permission. I lost all my money
https://www.reddit.com/r/CoinBase/co...nd_lost_money/

There are no keys if you own IBIT. It’s an EFT that holds bitcoin. I personally would never own bitcoin on my own.

And yes they are risky but then so are stocks, bonds, real estate, etc.

If there’s bitcoin, there’s a bitcoin wallet, and there are keys.
A system administrator has those keys at blackrock.

Better hope they’re trustworthy.

No keys being held by me personally is what I meant. Blackrock is pretty legit.

Lost $75,000 in Crypto After My locked I Phone Was Stolen—What Are My Next Steps?
https://www.reddit.com/r/CoinBase/co...d_i_phone_was/

What is the reason to own BTC now? The Get Rich Quick phase is over.