It's called cryptocurrency, but new FDIC data shows that most Americans don't use it as currency—they mainly hold on to it for price gains, not for transfers or purchases.
https://www.fdic.gov/household-survey/2023-fdic-national-survey-unbanked-and-underbanked-households-report
https://www.fdic.gov/household-survey/2023-fdic-national-survey-unbanked-and-underbanked-households-report
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Just think of it as a longterm bond, and don't try to be a day trader; its fine!
Lightning ⚡️accepted!
https://bitcoinoutlaw.com/
No only is it not a currency now, it was never capable of being one in the first place.
Bitcoin processes 7 transactions per second. Visa, on the other hand, is able to process approximately 24,000 TPS.
And cash could be in the millions per second.
Why the fed targets consistent inflation in a healthy economy.
1. Serves as a medium of exchange
2. Acts as a store of value
3. Functions as a unit of account
You've described it doing what money does fam 🤪
Fiat currencies serve as a medium of exchange, store of value & unit of account, too.
It’s a virtual commodity with no intrinsic value.
2. Why are they passing legislation on it?
3. Why are US companies spending billions to obtain it to use as reserves?
It’s looks shady as hell to me.
The dollar is shady as hell by your standards.
So why are you earning your wage in it, saving in it, investing with it?
Cause it's not the dollar/btc it's the person at fault...
Bitcoin can serve as a medium of exchange in countries like El Salvador, where it is legal tender. The US doesn't even have sensible framework for its use yet.
Legally, in the U.S. decentralized cryptos are defined as commodities.
Black Rock trading crypto doesn’t mean it has intrinsic value; it has a fluctuating market value, similar to trading an option.
Intrinsic value is the inherent worth of an asset, independent of its market price. It's determined by fundamental factors like cash flows, utility, and growth potential. Essentially, it's what an asset is truly worth, based on its own merits, not external market conditions/speculation.
Bitcoin’s only value is determined by financial markets.
I’m not against owning bitcoin, but it’s not a strategic asset for the U.S.
Sweet!
forehead_slap dot gif
Currency has to become (slowly and steadily) less valuable, or at minimum hold steady value.
Every penny you earn would best be held, rather than spent or invested. And that would go for BANKS, too.
Currency that appreciates is shitty currency. Holding coins doesn't *produce* value. This means it'll be over valued and is economically disastrous.
World mobile token is one such gem.
Too expensive in fees to transact. Also way too slow. It can't handle high volume of transactions.
It's not a security. It doesn't meet the criteria to be.
Arguably not really an asset, unless you consider beanie babies or pet rocks also assets.
🤮
Lightning ⚡️accepted!
https://bitcoinoutlaw.com/
none of this is working and it never will.
I'd say I disagree that it's working.
Always things to improve, but I count the things that work flawlessly as I go about my day and I’m impressed
You folks think bitcoin is a Ponzi? Someone has to be in charge of a Ponzi scheme. Bitcoin doesn’t have anyone in charge. It’s run on a consensus mechanism.
How quickly we forget our own history.
I really want to post my GIF of Homer Simpson, having converted all of his dollars into Itchy and Scratchy Money, seeing that no stores at Itchy & Scratchy Land accept it as payment. But I've never been able to make it work! Never. It's the perfect crypto metaphor, & I can't get a GIF
In reality it’s used all over the world to transfer value of labor, services and goods. The US is at the bottom of adoption due to lack of willingness to understand blockchain and crypto.
The main failure of crypto is that it’s just not needed.
The idea belongs to the dotcom era.
“Same as now, but on the internet!”
#CryptoBubble
Public blockchains are somewhat traceable.
I expect it to be substantially shady.
https://www.hsph.harvard.edu/news/features/nobel-laureate-discusses-ways-to-alleviate-global-poverty/#:~:text=Banerjee%2C%20along%20with%20his%20wife,most%20efficient%20way%20to%20administer
I don’t think that’s true at all.
Most people over retirement age have probably only heard of it in passing, but that’s not the majority of low income households.
JP’s point is that it’s not lifting up lower income earners, as claimed.
This notion that poor people are going to invest is such out of touch nonsense.
Your take is poorly informed and laughable.
The US isn’t anywhere near representative of the global ecosystem.
Who uses it for purchases, and where?
Unless we're talking person-to-person transactions, I'm unaware of any online or brick-n-mortar businesses accepting crypto for everyday purchases.
https://bsky.app/profile/torrleonard.bsky.social/post/3lbd7lqytqc2b
It’s utterly worthless in any utilitarian purpose.
Unless of course the website was a black market
It’s also just a speculative market based solely on the concept of ‘the greater fool’
It has many uses.
They said the same thing about the internet back in the day…. Luddites don’t evolve, they just yell at the next disruptive thing that threatens their understandings of the world.
I wonder how Mr. Beast is doing.
Right now.
I believe he's hiding behind a bunch lawyers.
Tying not to go jail.
That doesn’t necessitate its use and adoption.
Utterly wrong.
The benefits of a centralized currency is that it’s subject to the law and there are governing bodies that actually exist as a recourse should you ever get defrauded or robbed.
This way, you're not waiting weeks for the banks to fleece you in fees and interest.
You don't really understand crypto, at all.
Do you.
a chance to accumulate wealth without inflation.
I just don’t see it.
And clearly in the U.S nearly every cryptocurrency is just used as a means of pumping an asset before dumping it off. It’s the greater fool every time.
Solana,for example,made a lot of promises as to its potential use cases,but ended up just being filled with lots of ambitious projects that were all essentially hot air
Crypto still feels like the early internet dot com bubble
and easily accessible and probably too big to fail. The quarterly 13F’s are a fun read to see which institutions are dipping in. Blackrock is a buyer of their own ETF “IBIT”
Good luck!
https://www.journalofdemocracy.org/online-exclusive/how-dictators-use-financial-repression-against-their-opponents/
https://www.journalofdemocracy.org/online-exclusive/how-to-dictator-proof-your-money/
2) Crypto “currency” just means it has the properties of money (means of exchange etc)
3) It’s similar to investing in early stage tech stocks - volatile, risky.
Funny to see this chart this afternoon … showing we were even more correct than we thought.
Usdt is used as a currency though.
https://www.ergoforum.org/t/a-proposal-for-a-public-good-stablecoin/3432
... that takes six days and a team of tech specialists to process the one buy.
While the US is far ahead in banked citizens, the other 6.75+ B people in the world are using and in position to adopt digital currency for exchange of value for labor, goods and services.
Say goodbye to the American Empire
“Investing” in an “asset” that can only gain value when more people buy in — how is that not the definition of a piramide scheme?
So even if the world collapses You can use it to um….
Imagine a certificate of ownership of a piece of gold but you don’t actually own the gold it’s like that (na they would never make that pitch o wait nft’s)
If i want a rock feature I’m not buying the rocks as an investment , a gamble , a store of value
I’m buying them in order to have some rocks to look at
But to your point, being able to trade in something you can't physically produce is how people like Phony Stark operate…
Without the guy he bought it for even serving yet
The corruption is so clear 100 of billions is being invested into the ally’s of the man already.
YES!
YES!
YES!
YES!