The price of a single Bitcoin rose to more than $100,000 for the first time on Wednesday, a milestone for a digital coin that was once mocked as a sideshow. The virtual currency now stands as arguably the most successful investment product of the last 20 years. Read more: https://nyti.ms/3BdDkIh
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Isn't rehypothecation and other financial wizard things what caused the 2008 crisis?
Rehypothecation may not have "caused" the crisis, but isn't it an example of an instrument that brought a degree of systemic danger by stacking up risk that the participants underestimated?
This is not intended to be used for payments.
For payments you can use layer 2 called Lighting Network with close to zero fees
You can send lightning payments in the form of "2 USD to grandma". Gets delivered in a second, virtually free and it is secured by the bitcoin blockchain.
If I have an existing lightning channel with the recipient the fee would be literally $0.00.
If you're Russian and you want to help Ukraine, you can send bitcoin directly to the government adress. That's what I did. Neither your bank nor your government will be able to block your transaction or identify you.
It is printed out of thin air.
Bitcoin supply is hard-limited.
Have you lost your mind?
Explain to your readers how it increases in value - what’s the underlying growth mechanism?
Oh right. There isn’t one.
Those who climb high, will fall low.
Some people believe it will give them a pension.
They call it freedom, I call it recklessness.
ZERO guardrails and protections.
I'm just waiting for someone to pull the plug.
One Black Swan event...
http://www.capitalmarketevent.com
Divisible, portable, verifiable, storable, scarce.
Gold has many of these properties too.
He argues all money is debt based. It's the reason they put the King's or George Washington's face on it, because that is the face of the person guaranteeing the debt.
One memorable example is the currency that issued from the first central bank, the Bank of England. The King borrowed gold from rich guys for war in France in exchange for the notes, which could circulate.
And will be again.
Blackrock trusts them enough to handle their BTC stack.
But I would much rather save in bitcoin, which at least goes up even if volatile, than save in dollars, which inflate away a compounding % every year.
I’m gonna hafta sit with that one a while.
Does that mean that saving and gold is a bad idea?
By the way I will let you know that the volatility of gold is a little high, can go up but it can also go down
Just one example: just topped up one of my asian mobile sims from within europe for literally zero fees.
I too despise Trump. But just because he uses hotels, aeroplanes, cars, phones and wears clothes, doesn’t make me want to stop using those things as well.
Because they wanted to show they had some tangible value! 🧱😄
I was just pointing out that the hysteria claims are unlikely as hysteria has a limited shelf life.
So perhaps be open to the fact you simply might not see the potential that people who are putting up real money do see.
Is bitcoin like this? The new supply of coins does not move based on the price. It is more like land, which is fixed supply
It's an indication of the amount of desperate attempts to get rich quickly, no matter the actual value or any collateral consequences.
What does that say about society?
They still seem to care way more about the price of it.