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2 minutes ago, nobody said:

For our purposes, it's fiat currency.  Ie, not backed by anything, but if you want to argue the semantics of the word fiat, I didn't go look up the webster's dictionary definition.  I would argue that the main point of calling a currency fiat is to say it's not backed by gold or silver.  That's obviously the point here.  Not that it's government issued.

No bitcoin is not fiat currency. You're literally the only person who I have ever heard say this and a simple google search will tell you it's not. 

And no the US is not going to ban bitcoin. They figuring out how to classify it for sure but they are not going to ban it because bitcoin is no threat to the USD just like gold isn't a threat to the USD.

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1 minute ago, Cdub100 said:

No bitcoin is not fiat currency. You're literally the only person who I have ever heard say this and a simple google search will tell you it's not. 

And no the US is not going to ban bitcoin. They figuring out how to classify it for sure but they are not going to ban it because bitcoin is no threat to the USD just like gold isn't a threat to the USD.

Really?

https://www.google.com/search?q=is+bitcoin+a+fiat+currency&safe=active&rlz=1C1GCEU_enUS822US822&sxsrf=ALeKk02UHHFIkEp76MeRh9cy5-_IQb_r5w%3A1617839003979&ei=m0NuYLioO9Gq0PEP4_CTyAw&oq=is+bi&gs_lcp=Cgdnd3Mtd2l6EAMYADIECCMQJzIFCAAQkQIyBAgAEEMyBwgAEIcCEBQyBAgAEEMyBAgAEEMyBAgAEEMyBAgAEEMyBAgAEEMyAggAOgcIIxCwAxAnOgcIABBHELADOgcIABCwAxBDOgUIABDJAzoICAAQsQMQgwE6BQgAEJIDOgUIABCxA1CgzyNY1ewjYIX0I2gEcAJ4AYAB_QSIAeoVkgEJMC40LjQtMS4zmAEAoAEBqgEHZ3dzLXdpesgBCsABAQ&sclient=gws-wiz

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Point is that it isn't backed by gold (or anything).  If you don't want to call that fiat, I'm cool with that.

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Just now, nobody said:

Yeah really... click on the first link or any of the other links in your post.

From the very first link: https://www.bitpanda.com/academy/en/lessons/whats-the-difference-between-a-cryptocurrency-like-bitcoin-and-fiat-money/

What is fiat money?

Commodity money gets its value from its own worth, like with precious metals (e.g. gold and silver), salt, or even shells. Fiat money has attributed value because a government declares it legal tender - it has no intrinsic value.

What are cryptocurrencies?

Cryptocurrencies are digital assets that are a medium of exchange between two parties. They allow direct transactions between individuals without the intervention of an intermediary, such as a bank. While fiat money is subject to inflation and central banks can print more at any time, the leading cryptocurrency Bitcoin has a fixed supply of 21.000.000 units, making it even scarcer than gold.

 

 

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1 minute ago, nobody said:

Point is that it isn't backed by gold (or anything).  If you don't want to call that fiat, I'm cool with that.

I can agree with that.

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5 hours ago, tanatastic said:

If I bought in again it would tank, fact. 

This x130.  I really should be receiving some sort of stipend for staying out of the market.  🤔

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China created it's own digital currency, FWIW.

Also the whole scarcity argument is complete BS.  Just because something is scarce doesn't mean it has value.  The only value of bitcoin right now is what someone will pay for it, that is the bottom line.  Until someone can create valuable utility, it is subject to complete collapse.

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1 hour ago, Mrs. Voltaire said:

China created it's own digital currency, FWIW.

Also the whole scarcity argument is complete BS.  Just because something is scarce doesn't mean it has value.  The only value of bitcoin right now is what someone will pay for it, that is the bottom line.  Until someone can create valuable utility, it is subject to complete collapse.

Yeah man that's literally how everything works. That's such a weak old argument. And don't tell me gold can be made into jewelry or used in electronics. Sure gold can do that but there are other metals that do it better. Gold is only valuable because of what someone is willing to pay for it. Your car is only valuable because of what someone is willing to pay for it. Same with stocks, bonds, land. 1,800 acres of land in Montana has way more utility than 1/4 acre block in Manhatten but the block in Manhatten is worth 10x as much?

All I'm trying to say is utility is ONE way of determining how valuable something is, but there are thousands of other factors that come into play to determine value.

The fact is, bitcoin store of value IS bitcoin utility. It's digital gold. It does what gold does, but a million times better. It has been the best investment this past decade and will continue to climb as it passes other asset classes.

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4 minutes ago, Cdub100 said:

Yeah man that's literally how everything works. That's such a weak old argument. And don't tell me gold can be made into jewelry or used in electronics. Sure gold can do that but there are other metals that do it better. Gold is only valuable because of what someone is willing to pay for it. Your car is only valuable because of what someone is willing to pay for it. Same with stocks, bonds, land. 1,800 acres of land in Montana has way more utility than 1/4 acre block in Manhatten but the block in Manhatten is worth 10x as much?

All I'm trying to say is utility is ONE way of determining how valuable something is, but there are thousands of other factors that come into play to determine value.

The fact is, bitcoin store of value IS bitcoin utility. It's digital gold. It does what gold does, but a million times better. It has been the best investment this past decade and will continue to climb as it passes other asset classes.

Everything that you mentioned has far more utility than bitcoin.  It is literally a piece of code that does nothing.  Absolutely nothing.

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10 minutes ago, Mrs. Voltaire said:

Everything that you mentioned has far more utility than bitcoin.  It is literally a piece of code that does nothing.  Absolutely nothing.

...and gold is a piece of dirty metal that does nothing better than other metal. Humans have decided it has value. Same with bitcoin. 

Just because YOU don't see the value doesn't mean it is worthless. Quite the contrary it's worth 60k per coin. You can keep blabbing it has no utility, no value, it does nothing. Yet it continues to hold value and increase value. Clearly, you are wrong.

 

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44 minutes ago, Mrs. Voltaire said:

Everything that you mentioned has far more utility than bitcoin.  It is literally a piece of code that does nothing.  Absolutely nothing.

You probably made this same argument when it was less than 10k/ coin. Simpleton

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Mrs Voltaire knows so much more about this than the head of Fidelity's digital assets. 

https://www.marketwatch.com/story/weve-reached-a-tipping-point-on-bitcoin-adoption-fidelitys-tom-jessop-says-11617847910?siteid=yhoof2

I bet she was screaming from her soap box about how this internet thing is a hoax in the 90s

Also on her agenda, AI will never infiltrate business in a significant way. VR/AR will never be more than a gimmick, cars will never drive themselves, and paper money will make a come back rendering credit cards useless

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8 minutes ago, Frozenbeernuts said:

You probably made this same argument when it was less than 10k/ coin. Simpleton

It still amazes me these people are out there. A decade of growth that destroyed every other investment. A price that is holding just under 60k. Major corporations, banks, and investors are buying into it.

But newbie says it has no value. :lol:

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1 hour ago, Cdub100 said:

...and gold is a piece of dirty metal that does nothing better than other metal. Humans have decided it has value. Same with bitcoin. 

Just because YOU don't see the value doesn't mean it is worthless. Quite the contrary it's worth 60k per coin. You can keep blabbing it has no utility, no value, it does nothing. Yet it continues to hold value and increase value. Clearly, you are wrong.

 

I never said it doesn't have any value, dummy, I said it has no utility.  Gold does, as you said, people collect gold, they wear gold, they display gold, they create things with gold.  Nobody does this with bitcoin.

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45 minutes ago, Frozenbeernuts said:

You probably made this same argument when it was less than 10k/ coin. Simpleton

I did, and I'll continue making it when it reaches a million per coin if nothing changes.

Obviously you've never lived through any bubbles.  In history we've seen lots of sh!t that people have paid lots of money for that have been worthless.

I'm not saying bitcoin is worthless, but the only thing giving it value is perception.  That makes it very dangerous.

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37 minutes ago, Cdub100 said:

It still amazes me these people are out there. A decade of growth that destroyed every other investment. A price that is holding just under 60k. Major corporations, banks, and investors are buying into it.

But newbie says it has no value. :lol:

I never said no value you retard.

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12 hours ago, Mookz said:

This x130.  I really should be receiving some sort of stipend for staying out of the market.  🤔

Buy and hold. Treat it like an investment, not a tradeable asset until it appreciates enough for you to take some nice profits.

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Bitcoin was around 2.5k when this thread started, we all should have taken it a bit more seriously then. We'd all be retired now.

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16 minutes ago, Reality said:

Bitcoin was around 2.5k when this thread started, we all should have taken it a bit more seriously then. We'd all be retired now.

But newbie says it doesn't have value.

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Tulips aren't that valuable either, but it didn't stop the price of tulip bulbs to skyrocket in the 1600s.

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11 minutes ago, nobody said:

Tulips aren't that valuable either, but it didn't stop the price of tulip bulbs to skyrocket in the 1600s.

Really? You are going to bring up the tulip boom of the 1600s as a comparison? Did you hear that on boomernews.com?

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Just now, Frozenbeernuts said:

Really? You are going to bring up the tulip boom of the 1600s as a comparison? Did you hear that on boomernews.com?

Ever hear of the dot com bubble in 2000?  People were dumping money into companies that didn't do , and the stock prices kept going up, until people decided it wasn't worth it anymore, then it all crashed.  Don't pretend that it can't happen.

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1 minute ago, Mrs. Voltaire said:

Ever hear of the dot com bubble in 2000?  People were dumping money into companies that didn't do , and the stock prices kept going up, until people decided it wasn't worth it anymore, then it all crashed.  Don't pretend that it can't happen.

You are out of this discussion. No need to comment any further

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2 minutes ago, Frozenbeernuts said:

You are out of this discussion. No need to comment any further

No your mom is out, out of my house, I kicked her out this morning after I pink socked her.

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32 minutes ago, Mrs. Voltaire said:

Ever hear of the dot com bubble in 2000?  People were dumping money into companies that didn't do , and the stock prices kept going up, until people decided it wasn't worth it anymore, then it all crashed.  Don't pretend that it can't happen.

And then what happened? The tech stocks dominate the market the last 20 years and continue to do so.

The people who lose are the people who sell.

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15 minutes ago, Cdub100 said:

And then what happened? The tech stocks dominate the market the last 20 years and continue to do so.

The people who lose are the people who sell.

When you bought a million shares of pets.com, it's gone.  I'm not talking about buy QQQ you dummy.

You really don't understand how money works, do you? :lol:

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10 minutes ago, Mrs. Voltaire said:

When you bought a million shares of pets.com, it's gone.  I'm not talking about buy QQQ you dummy.

You really don't understand how money works, do you? :lol:

Says the guy who says a 60k bitcoin holds no value. You've made a huge fool of yourself and you don't even know it.

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4 minutes ago, Cdub100 said:

Says the guy who says a 60k bitcoin holds no value. You've made a huge fool of yourself and you don't even know it.

I never said bitcoin has no value you focking repeating piece of sh!t.  It's clear that it's value today is $57K.  It's value in 6 months could be $30K  or $10K  or $100K.  I said it has no utility.

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9 minutes ago, Mrs. Voltaire said:

I never said bitcoin has no value you focking repeating piece of sh!t.  It's clear that it's value today is $57K.  It's value in 6 months could be $30K  or $10K  or $100K.  I said it has no utility.

Wow you think the price can move? What an amazing observation thanks for sharing. And I've shown you it has utility, but you keep saying the same nonsense. 

 

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1 minute ago, Cdub100 said:

Wow you think the price can move? What an amazing observation thanks for sharing. And I've shown you it has utility, but you keep saying the same nonsense. 

 

Oh that's right, you paid your mold inspector with bitcoin, it's gonna take over the world.  also in retrospect, you probably paid $81K for a mold inspection. :lol:

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Just now, Mrs. Voltaire said:

Oh that's right, you paid your mold inspector with bitcoin, it's gonna take over the world.  also in retrospect, you probably paid $81K for a mold inspection. :lol:

Yeah man, that's why I argue it's not a currency. Just go buy your FORD stock and collect your $.06 dividend.

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2 hours ago, Frozenbeernuts said:

Really? You are going to bring up the tulip boom of the 1600s as a comparison? Did you hear that on boomernews.com?

I didn't realize that was something a boomer would say.  Obviously, that changes everything.  I guess market bubbles don't form after all.

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3 hours ago, nobody said:

I didn't realize that was something a boomer would say.  Obviously, that changes everything.  I guess market bubbles don't form after all.

Its the same argument people have been making for years about bitcoin. Back in 2017 this same comparison was made. Too bad some people listened to the boomers about the tulips from the 1600s 

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25 minutes ago, Frozenbeernuts said:

Its the same argument people have been making for years about bitcoin. Back in 2017 this same comparison was made. Too bad some people listened to the boomers about the tulips from the 1600

You mean when it fell from 20k to $1200?

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Looking at Digibyte. It's been around for a while and seems to be a good project.

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1 minute ago, Frozenbeernuts said:

Whats the price right now?

Somewhere around $58k. Does that mean a bubble didn't pop back then?

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4 minutes ago, nobody said:

Somewhere around $58k. Does that mean a bubble didn't pop back then?

So people shouldn't buy bitcoin? You can say the same thing about every single resource, property, investment, security.

What's your point? 

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14 minutes ago, nobody said:

Somewhere around $58k. Does that mean a bubble didn't pop back then?

That's literally every single investment ever. There are ups and downs. Amazon's price crashed over 90% at one point. At this point you are either trolling or have no idea how investing works

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