Bitcoin Will Devour Gold, Says MicroStrategy CEO

Discussion in 'Economics & Trade' started by scarlet witch, Nov 10, 2020.

  1. bringiton

    bringiton Well-Known Member

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    But to be money rather than "money," an exchange medium must be generally accepted in exchange, not just among the members of a certain group. Among players of certain online games, certain digital items circulate as exchange media within the game. They function as money in the game, but are obviously not really money.
    Until it is generally accepted in exchange -- which it will not be -- it is not money.
    Money is what is generally accepted in exchange.
    Collectibles like art typically do not yield any income, only a capital gain, so they are speculative vehicles rather than investments.
     
  2. DEFinning

    DEFinning Well-Known Member Donor

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    I think we've exhausted the usefulness of this conversation. Whether or not you recognize it, our attitudes on Bit coin are very similar. The difference is that I consider it from a practical standpoint, whereas you seem more interested in quibbling over details of semantics, or on that level. No one considers buying Bit coin as an investment in art or a, "collectible--" can we agree on that? I make the comparison, with the bit coin-curious buyer in mind, precisely to show that person that what they are buying, though it is promoted as an alternate type of money, should not be thought of as being the same as real money. Nevertheless, the people who use it & accept it, think of it as just a different kind of money, & it is purchased with real money. So arguing over whether or not it is real, based on how widely accepted it is seems to me to miss the point which, again, is that people with a poor grounding in basic economics are being fooled into thinking this alternate currency is real money, when it's not. There's where we agree, & that is far & away the most important point. It seems to me that getting in a dispute over examples I suggested to those potential bit coin investors, to show them that they were merely playing an expensive game, that traditional investments like stocks are not the same as casino gambling-- points of view, I take it, with which you also agree-- serves no purpose other than to confuse the issue in the minds of these financially illiterate readers which I have in mind.

    So, thanks for the chat. I think, though, my current "signature" holds particular relevance for the conversation we've had.
     
  3. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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    Some of the best information I have found on Bit Coin.

    How Bitcoin Works (investopedia.com)
     
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  4. bringiton

    bringiton Well-Known Member

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    Thank you. I was wrong about the mining process, which is hashing, not factoring.
     
  5. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Big development coming in 2021, S&P is launching crypto indexes

    Institutional Bitcoin Investors Hodl As S&P DJI Opens New Crypto Bridge


    https://cryptonews.com/news/institutional-bitcoin-investors-hodl-as-s-p-dji-opens-new-cr-8514.htm

    I just want to personally thank all the jerks, idiots and a$$holes who have been bagging Bitcoin since its inception, no really....thank you, because if you didn't I wouldn't have been able to afford it now, it would be overpriced like all other assets :lol:
     
  6. Sappho

    Sappho Active Member

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    That is an excellent link...
    I would rather hold gold than currency.
    It protects me from currency inflation\ deflation.
     
  7. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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    I too have been buying Gold and Silver. I have been paying up more for Graded MS 70 coins ( perfect ) as they will have a large price spread over any thing less in the future. Low mintage coins and some foreign mint coins have been good buys. Sometimes we get caught up in everyday things I forget to look through our change. I found a nickle last week worth about $ 50 on the low end and $150 on the high end. Besides enjoying the artisan work on some of these coins it's the hunt that is invigorating when you find a rarity.
     
  8. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Ok peeps, last Monday nothing happened with Australia's Bail in laws this means if the bank goes bust your money is gone.... if your country have bail in laws take your money out of the bank...gold silver bitcoin.



    Now,...tune in for the Scarlet prophecies :lol: on team Trump vs team a$$hole

    When team a$$hole (who also own most of the gold) find out Trump will not put up with their coup de tat, they are going to crash the sharemarket. Ok so listen to Scarlet and take your money out of the bank and out of the sharemarket...put it under your mattress if you don't want to... gold silver bitcoin, have a nice day.
     
  9. Vailhundt

    Vailhundt Banned

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    "Bitcoin will devour gold"

    ...as the number one way to scam the gullible zero-hedge crowd? haha, yeah, I can see that.
     
    Last edited: Dec 6, 2020
  10. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    :lol: yeah... it's all nonsense... don't buy bitcoin :lol:
     
  11. Vailhundt

    Vailhundt Banned

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    Oh, i won't. I have better chances in the rigged US system.
     
  12. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    ok so we are getting clues on what a potentially successful Biden coup de tat could mean for Bitcoin.

    Ripple's CEO (Ripple a highly centralised crypto - pro banker) announced this soon after the US election.
    Ripple Boss Sounds Warning to BTC Holders Amid New Climate Change Policies
    https://insidebitcoins.com/news/rip...-btc-holders-amid-new-climate-change-policies

    And Square recently also cottoned on to what Biden's intentions are with Bitcoin
    Jack Dorsey’s Square commits $10M to green energy for Bitcoin mining
    https://cointelegraph.com/news/jack-dorsey-s-square-commits-10m-to-green-energy-for-bitcoin-mining

    First let's talk about the WHY, why is Biden looking at taxing Bitcoin excessively based on Climate Change excuses.

    We are now in the next year or two heading for a monetary reset, a new Bretton Woods and being a Wall Street insider, a bankers man, Biden must be US President so that the banking establishment can control the outcome of this monetary reset. They can't control Bitcoin and therefore they are going to tax Americans for owning it based on "excessive electricity consumption" which is bad for the climate...and in breach of the Paris climate agreement.
    They are not going to relinquish control of the money supply easily, however unfortunately for them Bitcoin is a global market and now an essential part of any portfolio....therefore if he taxes Americans the Bitcoin companies will move and other countries will benefit.

    What these corrupt criminals also don't tell you is exactly how damaging gold is to the environment.

    Gold mining relies heavily on the use of toxic chemicals and produces so much waste that it is hard to grasp.
    https://www.theworldcounts.com/chal...ng/environmental-effects-of-gold-mining/story

    The Environmental Disaster That is the Gold Industry
    https://www.smithsonianmag.com/science-nature/environmental-disaster-gold-industry-180949762/


    What's left in the wake of South Africa’s abandoned gold mines
    https://www.greenbiz.com/article/whats-left-wake-south-africas-abandoned-gold-mines



     
  13. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Yes!!!! love this

    [​IMG]

    The report, authored by the founder and CEO of the firm, Ryan Selkis, claimed that Messari had identified “Top 10 Trends We’re Following” as crypto gears up for what could be its most exciting and challenging year yet – with 2020 drawing to a close.
    https://cryptonews.com/news/messari-boss-names-10-key-crypto-trends-for-2021-8567.htm
     
  14. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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    Well, having looking into Bit Coin I decided to dip my toes into the water, so to speak. I figure if I put on a small position with a 30% loss stop it will not break me and if it runs to 30,000 it will be a nice gain. I'm also looking at MicroStrategy as they may have the answer to bringing down the energy costs to the miners in producing the remaining Bit Coins. With PayPal and Square buying, and now Boston Mutual making a large investment, Bit Coin may very well be considered a legitimate investment. I've been in PayPal and Square for awhile now. What the hell, it's only money, and after a while with massive inflation on the horizon, a good chance I could lose more with a large cash position.
     
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  15. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Look at it this way, if you lose money, it will be approx 50% of what you invest. But if you gain, the upside could be 10, 25 x what you invested.

    Also due to the current macro economic environment, a monetary & reserve currency reset, Bitcoin is a safe haven in what will soon be very choppy waters
     
  16. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Welcome to Globalism, where China's debt problem will soon also be yours.



    Who owns the debt?
    https://www.scmp.com/economy/china-...ina-debt-how-big-it-who-owns-it-and-what-next
     
    Last edited: Dec 11, 2020
  17. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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  18. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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    Keeping all options open.
     
  19. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    because whoever holds the reserve currency under a fiat system basically exports money, printing it for free while everyone else have to "earn" it...produce for it...like the US is currently doing to the rest of the world. (This causes massive inequality not only in-country - rich and poor - but also country specific - rich country and poor country)

    There is not a currency in existence today, other than Bitcoin, that meets the requirements for a fair reserve currency. Not even gold because gold is highly centralised while Bitcoin is not.

    Below is an interesting chart on crypto adoption world wide, note those countries that struggle to get dollars vs America with its "free" US dollars . Crypto is driving a bottom up revolution in currency...the irony of course is the sooner you go back to a "Bitcoin" (gold) standard the sooner your economy will be able to move to growth....as opposed to those stuck on fiat and debt continuously circling to and fro between stagnation and recession/depression. Their positive GDP's nothing more than growth in debt.

    [​IMG]
     
    Last edited: Dec 12, 2020
  20. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Yes but Scarlet we've had fiat for more than 50 years why is it a problem NOW...
    because the Eurodollar that helped to prevent hyperinflation is now failing.

    Superannuation & Pension funds only invest in countries with Moodies & S&P ratings higher than BAA3 or BBB (depending on ratings agency). This gives elites control of the money flow (where money is invested) if you don't toe the line you are downgraded and cut off from the money supply.

    This ratings system also allow them to control the value of the eurodollar...which is the true reserve currency...(The US$ is NOT the reserve currency) see ratings pic below.

    How do they control the value of the eurodollar...by changing the rating of the debt.
    The different ratings should be considered different currencies....
    AAA is $awesome
    AA is $good
    A is $ok
    and so on

    Everyone wants to trade with $awesome, and up and until 2008 was likely still happily trading with B-grade & junk debt/bonds or IOU's (whatever you want to call them). Round 2007/8 banks didn't want the risk of lower grade "currencies" and this caused a liquidity crisis, basically because the lower grade & ungraded junk bonds became too risky...after all the eurodollar as currency is only as good as the ability to service the debt.

    When Covid struck low debt countries like Australia went into astronomical levels of debt and the banks suddenly had lots of money again but reluctant to lend to anyone who are considered risky...so liquidity problems persist. This system is a pyramid scheme, the reason why they need globalism to keep the debt growing....a road to self destruction....they all know this.

    They all also know that Bitcoin is the answer but they don't want this solution because they cannot control Bitcoin...Bitcoin is a good solution for everyone...but not for them.

    The political elite and the bankers instead will opt for MMT, more money printing and absolute control of money, by forcing you to trade ONLY in their currency with heavy penalties if you don't comply. They want socialism because that way they can keep all their stolen wealth, continue to control all the wealth and there is nothing you can do about it...except go to jail. Welcome to Biden's worldview. If China's Biden coup de tat succeed this is what they will try to do under the guise of helping you.

    Many people will be persecuted, the politicians & bankers will however fail because it is a weak system that will be undermined by...
    a) previously loyal citizens now criminals due to their failure and unwillingness to trade in fiat.
    b) enemy/resource competing countries who will undermine the fiat system by facilitating bitcoin and other cryptocurrencies and
    c) criminals, because that is what they have always done

    [​IMG]
     
    Last edited: Dec 15, 2020
    Oh Yeah likes this.
  21. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    Btw let's speculate what happens to valuable assets like property, Bitcoin or gold coins etc in a MMT world where you are forced by threat of incarceration to trade with fiat.

    The last...the very last thing you want to do is convert that precious asset to worthless fiat...means we are going to see people go to absolute extremes to hold or swap assets for anything other than fiat. These assets will inflate in value and become a power tool.... of course they know this too and that is why they are already telling you... you will own nothing...because if you do you have power....but if no one except us have power... everyone will be happy :lol:
     
  22. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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    I think it is important, for some, to know that the lower the rating the more interest one has too pay. I did quite well in 08 playing the High Yield Game. Money was hard to come by unless you were willing to pay at a higher rate. It was a day to day game but mostly profitable.
     
  23. scarlet witch

    scarlet witch Well-Known Member Past Donor

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    ok peeps the bus is leaving... Bitcoin just smashed through $20 000 and $21 000 overnight... no surprises, we knew this was coming...
     
  24. Oh Yeah

    Oh Yeah Well-Known Member Past Donor

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    I should send you a commission check. Your info convinced me to take the Bitcoin plunge. I've doubled my money in stocks before but never have I bought any that doubled in one week. $23,000 wow. They say maybe $30,000 in not to short of time. One guy said expect it to fall below $20 k maybe once or twice and then shoot again towards $23 k and if it does you'll never be able to buy it under $20k again. It's almost as if the institutional investors are being forced to buy in or they will miss the boat. You know how they hate to tell their investors how they missed it. This is going to be a bubble of gargantuan size.
     
  25. bringiton

    bringiton Well-Known Member

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    It won't be the first time FOMO destroyed a lot of people's finances.
     

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