https://www.google.com/amp/s/www.nytimes.com/2021/02/19/business/rosengren-bitcoin.amp.html I have to chuckle at these clowns at the Fed. It seems this is nothing but FUD propaganda put out to slow the meteoric rise of cryptocurrencies. This numbskull says that Central Banks offering their own crypto will stop Bitcoin? The whole point of cryptocurrency is that it is decentralized. That means no one runs it or like the US has done to the dollar: no one runs it into the ground. So even if they create their own it will have to compete with the several thousand cryptocurrencies already developed or being developed. Sorry Fed but you are too late to the game so save your Fed FUD. When other nations start to use Bitcoin to back their own currency the party is over for the US dollar. Get ready for hyper inflation and a worthless currency.
Well, Bitcoin may or may not thrive, but I think you’re making a pretty big leap saying it will make the dollar worthless.
A BTC crash is coming. Nothing that surges this uncontrollably for no reason other than because people want it to can stay immune to a correction for long.
How is it any different from fiat issued by gov, except they dont even bother with the paper or coin?
The Fed has created about 6T $ in the last couple of years. The question isn't whether the dollar will collapse. It's when does it collapse and what takes its place?
I think it's neat that coins betray inflation. They keep making coins from cheaper alloys as the years pass. Look at new pennies, any copper left? Basically pot metal. If a penny has a melt value exceeding the face value by even say, a tenth of a cent, whats to stop folks from tossing them in a furnace to produce ingots to sell at a profit?
The idea that a nation would, "back," its own currency with Bit Coin is a half-baked concept, layered in the ludicrous. For one very obvious thing, there is NOTHING BACKING THE VALUE OF BITCOIN. A country's own currency is based on a faith in that government to make good on its debts. This capacity is underwritten by all that country's economic activity, all it produces, & all the government's resources (land, mineral rights, buildings, materials, machinery & equipment, technology & information, and capacities of its personnel). Why would the government of any functioning country invest its assets in an intrinsically-worthless, imaginary money? It would make more sense to hold something that will always be in demand, like gold or diamonds. But these things are too limited in supply & have too many uses, to keep sequestered. By, "back their own currency," you mean like holding U.S. dollars, as a stabilizing force? Bitcoin has nothing to stabilize, & no way to assess, its value! It can swing wildly in either direction, with nothing to hold it, at least above, any value whatsoever. Why in God's name would a country throw away its collateral, spending its funds for a currency that has no known issuer? That means no responsible government or other party. If Bitcoin is king, for the moment, the king has no clothes. It won't be Bitcoin. As for the dollar, "collapsing," that doesn't seem to be imminent. But it is an infallible argument strategy to say, it's only a matter of when something will end, since it's only a matter of time before everything we know will be destroyed. If the dollar is replaced, it will, most likely, be by the currency of another country, or consortium of countries. While China would have the strength, one day, to assume that role, I doubt that other nations would wish to put all their eggs into the non-transparent basket of an authoritarian regime. The cost of a dedicated blast-furnace? And the inability to easily get enough pennies, on a continual basis, to risk being arrested for destroying U.S. currency?
I can make one in my yard on a small budget and skills. Already looked into it for metal casting as I weld and fabricate. They are always playing catch up. All it takes is for the profit to be worthwhile. Give it time.
The 10-year breakeven was around ~0.50% this time last year, now its a little north of 2% so yea inflation is already here. Inflation is a multifaceted phenomenon but the general onset of panic will probably create favorable buying conditions in the best opportunity to hedge against inflation: the stock market. Of course that is if a traditional inflation panic event even happens. We're in largely uncharted waters with this pandemic emergence so the rules of prior rise and fall might not be fully in play. I wont at all be surprised if BTC hits 6 digits by the time this year is over but I'm also committed to a partial phased exit strategy along the way. Because, lets be honest here, DOGE might be the official meme crypto but is BTC really that much better? We're all just one Elon tweet away from losing a fk load of money. Says a lot about this 'currency of the future' doesn't it?
Bitcoin has a market cap of 1 trillion.....it has became more stable than before but it is still volatile. But so are many investments. Bitcoin is just one of many cryptocurrencies. The Alt coins are projects that will change our financial world. Fiat currencies are the horse and buggy of the last century.
Only 21 million Bitcoin will ever be in circulation. There is roughly 18 million in supply now. Meanwhile 30 to 40 percent of the dollars ever in circulation were printed in the past year.....the government has been printing enough to devalue the dollar about 5% a year. The new administration has increased that to 15% a year. Why would I want to keep my money in something that loses 15% value a year?
"Only 21 million Bitcoin will ever be in circulation."....and that was decreed by the Almighty Himself? Never, EVER to be violated?
With copper electrolysis is common. Most metals just need a form of flux and the dross skimmed off the top. Casting lead for projectiles, I simply drag a long wood screw across the top.
Crypto has a long and not so secure history.. Old saying, "never save something digitally that you can't live without"..
He is correct. The only difference between bitcoin and beanie babies is that the former will take up less closet space when they are worthless tokens of a bygone era.
I just understand that, when you go to purchase bitcoins or crypto the buyer uses "WHAT" That should pretty much tell you all you need to know about exchanging one for the other!!
I used to just go around and get all the old lead weights around the tire shops.. I bet I still have a couple hundred pounds under snow out back
During Chairman Powell's congressional testimony today he mentioned that the Federal Reserve is looking into the POSSIBLE adoption of a digital currency by the Federal Reserve sometime in the future???
