Gold is scarcer.
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Iām with you @anon28145038 once you have enough, there is no need to have more in my opinion. I just want to be comfortable, and have something to leave behind for my friends and family
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Well, thanks for the response. I respect you for that. I took macro at community college and didnāt learn much. (I knew of micro more back in the day). If what you are saying is true, how come the most successful people and corporations are buying bitcoin if itās going to fail? It seems right side up to me. If I invest 100, I could lose some of it or all of it. But I could make way more than my initial investment, hence the risk Iām taking and I see it as a low risk investment.
Thatās true. Governments have historically been the issuer of currency, but isnāt the federal reserve a private entity?
Who owns that?
Iām not disagreeing. If anything I see government regulation hurting bitcoin to the most extreme of regulation it being outlawed or banned or even a 51% network attack. It wouldnāt cost much to destroy it. Right now, they might allow it, but I donāt see how it could work together unless fundamentals and paradigms change 100+ years from now. In the long run, it will be a competitor. One will succeed and the other will falter.
Some regulation is good. I think (in my ignorance) that smart, good regulation is needed. Maybe Iām super duper wrong though. Bitcoin is designed to be independent of regulation. It doesnāt really need it. But there are bad actors on both sides.
People need to be good people and good shepherds.
Itās kind of a weird thing that a decentralized currency is being held in centralized accounts and wallets, which is okay I guess, but runs counter to the currency itself. But maybe some sensible regulation is centralized accounts among other things. Iām not trying to be a hypocrite as I am not really good at technology right now (due to schiz) and Iām sort of lazy, but more of the formerā¦so I have my crypto on an exchange. I donāt really understand it all. I pay a higher fee and everything but get some sense of security but at a risk/cost. (off topicā¦)
I guess if you think your currency (dollar in my case) is at risk of inflation and being devlaued like it is now, governments and the elite (fed reserve) might not be always in the best interests of its citizens and might even (probably worse) not know what they hell they are doing at all. (driving off a cliff as they say).
I guess time will tell. I learned about this in school. Wiki says it lasted 1 year long. Bitcoin has been around 10+ years, right? I watch some bitcoin advocates on youtube and itās going to take years and time to become a legitimate, long term replacement or mature enough to go fully mainstream. Itās a cool technology to watch and grow with.
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You are actually close to the truth. But thatās running into conspiracy territory.
Debt-based fiat is usuriously tilted towards the central banks. Inescapable debt burden.
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Some wealthy individuals and some corporations are buying Bitcoin for short-term gains. Bitcoin is not a long-term investment since the cypto-currency was recently introduced. I do not see Bitcoin succeeding unless there is government intervention in its regulation. Bitcoin in speculative in increasing price by speculators which is similar to stock equities in the stock market. Bitcoin is a high risk investment. I donāt know how you can conclude that Bitcoin is a low risk investment.
A Central Bank issues fiat paper currency for the public to use. The Central Bank is controlled by the government and you would know this if you had studied macroeconomics.
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" The Federal Reserve Banks are not a part of the federal government, but they exist because of an act of Congress. ā¦ While the Board of Governors is an independent government agency, the Federal Reserve Banks are set up like private corporations. Member banks hold stock in the Federal Reserve Banks and earn dividends"
Sounds like quasi public to meā¦based on a quick google search.
I am not an American but if my knowledge of the US Federal Reserve is correct, the Federal Reserve stores all the gold bullion that the US owns. The Central Bank and the Federal Reserve are two very different entities. The Central Bank controls the mint which issues more or less currency.
Iām pretty sure the Fed prints money, man; they control the fiat currency.
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As I understand it, the amount of gold held by a country no longer is the standard upon which their currency is valued.
It all seems to have become vaporware
Gold seems a fairly arbitrary way of measuring wealth, anyway. Besides itās rareness, itās not like it is good for anything. Electronics, perhaps but Iām not even sure of that
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China does not hold a lot of gold in its reserves yet is the second largest economy worldwide. If one is to measure the value of a countryās currency then the currency is only worth the production output of a country measured in GDP.
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That seems much more realistic, yes
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Bitcoin has been around since 2009. That is ancient in technological terms.
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Bitcoins introduction is very recent. However, Bitcoin has been around much longer than Apple Pay.
We should bring back bartering. Itās so simple and good
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Youāre absolutely right, but Iāve read about unbreakable codes on the internet which would make it impossible for the government to tax corporations. I hope Iām being alarmist. The Nazis thought that their enigma code was unbreakable in World War II, and it was broken. But Iāve heard that the latest type of encryption is mathematically unbreakable.
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It will be a matter of time when those unbreakable codes on the Internet become breakable. All corporations will be taxed since they are such large business entities. There is no avoidance in paying taxes whether the tax be personal income tax or corporate tax.
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