Bitcoin

[Mishman527]

I thought Crypto currency was the future.

I was wrong.

It's the present.
It would be wise to invest today if you want to live comfortably in the coming years.

 

[Fun For All]

I thought Crypto currency was the future.

I was wrong.

It's the present.
It would be wise to invest today if you want to live comfortably in the coming years.

I still prefer cash...it’ll be awhile before it’s not accepted.

 

[fall]

Lmao Booty, that was a 4:22am post. You been drinking a bit?? (not that there's anything wrong with that).

Tesla plans to accept bitcoin directly, no fiat conversion necessary.
Link: https://markets.businessinsider.com...s-cryptocurrency-as-payment-2021-3-1030239685

"Accepting bitcoin" and "pricing in bitcoin" is two very different things. Let's say the value of Bitcoin relative to dollar decrease by 50%. Will the price of Tesla in bitcoin stay the same (so, the price of Tesla in dollars will double) or will the price in Dollars will stay the same (so, the price in Bitcoin will double). As long as it is the latter, bitcoin is nothing else but a volatile commodity that Tesla agrees to buy from you at the current market price, but it is NOT a payment for the car.

 

[glamphotographer]

Once you have it, don't forget your password for the blockchain.

 

[fall]

Sigh.



You keep using US as the benchmark. This allows third world citizens access to a stable online currency(ten years of consistent growth in fact) via a smart phone. And the ability to do business worldwide. You think today. I'm in it with this and other coins and blockchain for years down the road.

I'd take three quarters in Bitcoin and the other quarter in cash today. Honestly.

Third world citizens would prefer to use U.S. dollars for their transactions (as it was always the case in the past)

 

[fall]

The problem is, its almost impossible to ban it. Even if every country banned it, bitcoin would just go underground and become even more valuable:

U.S. Lawmakers Are Realizing They Can’t Ban Bitcoin

Implementing a Bitcoin ban may not be as easy as some cryptocurrency skeptics think.

www.forbes.com

Yes, like human organs. There is an underground market for them and they are very valuable.

 

[Butler1000]

Perfect example.
No one wants to use something that is super volatile in this situation.
You're in Venezuela and your employee insists their salary should be paid in Bitcoin. Would you do it?



It would be the only thing that made sense. They trade an asset almost certainly guaranteed to go down in value (the car) for one that has been consistently going up.
More interestingly, if you buy a Tesla for 1 Bitcoin, and then a month later want to exchange it back, will they give you back one bitcoin? (I bet no.)



And then what happens?
What awesome transformation does this portend?



Space communism?
Transhumanism?
I do like that you are tagging this post with a villain.



LOL!! We're back to the NPC thing.
Adorable.

Are Teletubbies the sign of bitcoin now?
I love how absurd meme culture gets.



Perfect, so you will buy everything in Bitcoin now that it is usable in all these places?

Right now its entrepreneurs and small businesses that will benefit. But that will expand. A global economy deserves a global currency system not controlled by the petro dollar or any nation. And yes there will be multiple currencies in circulation.

Just like now.

As to your question I would consider taking part of it at least. Remember the employer probably was paid in it and is also using it to purchase supplies. And yes, you can convert it to any currency as well if you choose.

Its not all or nothing. But it removes banks from the equation if the users chose to.

Announced today 4 Caribbean nations are going to create a common Blockchain currency. I think the pandemic is going to drive more people to it.

 

[hoorawr]

Perfect, so you will buy everything in Bitcoin now that it is usable in all these places?

I don’t hold bitcoin to transact with it

nor do I believer than bitcoin will ever replace fiat currency as a effective and efficient form of transaction

 

[Butler1000]

Third world citizens would prefer to use U.S. dollars for their transactions (as it was always the case in the past)

Not as much anymore. Its getting easier to actually not use it. There are more Crypto Wallets per capita in third world nations than in the West. And more miners as well. The adoption is still in its infancy but growing.

The USA is starting to lose its power. No one will trust China. Blockchain currency will gain that trust.

 

[black booty lover]

I thought Crypto currency was the future.

I was wrong.

It's the present.
It would be wise to invest today if you want to live comfortably in the coming years.

Really? Try buying a house with bitcoin and tell me how that works out for you. In fact, try paying for a tank of gas with bitcoin and let me know how that goes.

I promise you, the people with fiat money and have decent amount of it will live more more comfortable then people with virtual coins.

 

[Valcazar]

"Accepting bitcoin" and "pricing in bitcoin" is two very different things. Let's say the value of Bitcoin relative to dollar decrease by 50%. Will the price of Tesla in bitcoin stay the same (so, the price of Tesla in dollars will double) or will the price in Dollars will stay the same (so, the price in Bitcoin will double). As long as it is the latter, bitcoin is nothing else but a volatile commodity that Tesla agrees to buy from you at the current market price, but it is NOT a payment for the car.

I'm not sure why people have so much trouble understanding this.

Right now its entrepreneurs and small businesses that will benefit. But that will expand. A global economy deserves a global currency system not controlled by the petro dollar or any nation. And yes there will be multiple currencies in circulation.

Just like now.

But that will be completely counter to the whole "hold bitcoin because it will go up" idea.
For it to be useful as a means of transaction, it will have to stabilize.
Maybe it will do that one day.

As to your question I would consider taking part of it at least. Remember the employer probably was paid in it and is also using it to purchase supplies. And yes, you can convert it to any currency as well if you choose.

I asked you if you would pay your employee in Bitcoin.
Someone says their services cost 0.1 Bitcoin a month and you need to hire them for 6 months of work. Do you do it?

Announced today 4 Caribbean nations are going to create a common Blockchain currency. I think the pandemic is going to drive more people to it.

Yes, that's called a bank. The Bahamas did it last year. China will probably be the first major economy to have one.
That the tech is going to be used to support digital fiat currency isn't surprising.
It's just verification tech.
There will be some definite advantages to having access directly to the central bank, sure.
But it is still a central bank.

I don’t hold bitcoin to transact with it

nor do I believer than bitcoin will ever replace fiat currency as a effective and efficient form of transaction

Perfectly reasonable. Wish I had jumped on it as an asset back when it was cheap.

 

[|2 /-\ | /|/]

I don’t hold bitcoin to transact with it

nor do I believer than bitcoin will ever replace fiat currency as a effective and efficient form of transaction

It won’t because it has a limited supply 21 mili, it is relatively slow compared to gen 3 crypto and cost money for each transaction.

For small transactions there is a need something that is fast and in big supply like a gen 3 crypto, is decentralized and protects against devaluing fiat. Just look at what happened to Venezuela. What do you think is happening like now when governments just keep printing money and everyone still working makes the same but prices of things keep going up. Nobody knows what will become the world spending crypto but one will take that role. Elon Musk hopes dogecoin becomes the crypto for spending.

Bitcoin still has a place as an investment, to protect against inflation, to be decentralized and protect against crumbling fiat. You can also send billions relatively fast for like $20 across the world in minutes. Try doing that with dollar or gold lol

Even people that invested $1,000 last year around this time would have made 9x profit. It’s crazy that people say ohh bitcoin is bullshit. What they don’t want easy money very quickly with even $100, $500 or even $1,000. The problem is they just don’t understand what’s happening yet.

 

[Butler1000]

I'm not sure why people have so much trouble understanding this.



But that will be completely counter to the whole "hold bitcoin because it will go up" idea.
For it to be useful as a means of transaction, it will have to stabilize.
Maybe it will do that one day.



I asked you if you would pay your employee in Bitcoin.
Someone says their services cost 0.1 Bitcoin a month and you need to hire them for 6 months of work. Do you do it?



Yes, that's called a bank. The Bahamas did it last year. China will probably be the first major economy to have one.
That the tech is going to be used to support digital fiat currency isn't surprising.
It's just verification tech.
There will be some definite advantages to having access directly to the central bank, sure.
But it is still a central bank.



Perfectly reasonable. Wish I had jumped on it as an asset back when it was cheap.

Right now Bitcoin is the granddaddy. But there will be several blockchain currencies. The point being while the tech is being adopted by nations its also being adopted by people to avoid local fiat currency.

Look there are alot of fly by night, pump and dump, going to fail start ups right now. Probably 95% of the present ones out there. You can tell by how much they release vs hold. And the history of the creators. Right now I have 3 I believe are rock solid, and about the start a fourth. They all, except Bitcoin pay gas. And will be around for awhile with steady gains. They are my long haul, 5 year side investments.

And you can still get into Bitcoin, It's going to be a 10x rise in five years. You dont have to buy a whole one. Or even half a one. And in five years, or ten it may be a local currency in some backwater I'm visiting on my boat. Or use it to pay for another tank of boat gas. Whatever.

Its an investment opportunity that is still quite viable. You should look into it.

Add ADA Cardano, and VeChain to your list to look at.

 

[Phil C. McNasty]

VISA now accepts bitcoins:

Visa moves to allow payment settlements using cryptocurrency

Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of…

torontosun.com

 

[Platon]

VISA now accepts bitcoins:

Visa moves to allow payment settlements using cryptocurrency

Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of…

torontosun.com

Did you read the article? It accepts USD coin pegged to US dollar.

 

[|2 /-\ | /|/]

 

[Phil C. McNasty]

Did you read the article? It accepts USD coin pegged to US dollar

Technically almost every global currency is pegged to the dollar, but that doesnt change the fact that VISA now accepts bitcoins: as payment

 

[black booty lover]

VISA now accepts bitcoins:

Visa moves to allow payment settlements using cryptocurrency

Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of…

torontosun.com

Do you ever read for fuck sakes???

It accepting USDC. Totally different then bitcoin.

 

[Phil C. McNasty]

Do you ever read for fuck sakes???

It accepting USDC. Totally different then bitcoin.

Oops, my bad. I thought I read bitcoin.

But they are now accepting one crypto which means all the other ones (like bitcoin) will probably follow.
VISA has already stated they want to work with bitcoin as well:

Visa CEO Reveals Bitcoin and Cryptocurrency Plans | Finance Magnates

Al Kelly, the CEO of Visa, said that the financial services company is planning to enable the buying of Bitcoin with Visa credentials.

www.financemagnates.com

In February 2021, Visa announced a partnership with First Boulevard, a digitally native neobank focused on building generational wealth for the Black community, to accelerate the company’s efforts to enter the cryptocurrency market.

“We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials. And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted,”

 

[Valcazar]

Right now Bitcoin is the granddaddy. But there will be several blockchain currencies. The point being while the tech is being adopted by nations its also being adopted by people to avoid local fiat currency.

Why do you think blockchain is about avoiding fiat currency? The stablecoins aren't doing that. The Bahama coin and the Eastern Caribbean ones aren't either.
"Blockchain can be useful" is a totally different discussion than Bitcoin.
Bitcoin uses a blockchain. That's it.

Look there are alot of fly by night, pump and dump, going to fail start ups right now. Probably 95% of the present ones out there. You can tell by how much they release vs hold.

Interesting. What does how much they release vs hold tell you?
Can you give an example?

Right now I have 3 I believe are rock solid, and about the start a fourth. They all, except Bitcoin pay gas.

You buy your gas in cryptocurrency?

And will be around for awhile with steady gains. They are my long haul, 5 year side investments.

And again, that it is a speculative investment, an asset class, is not being argued against. Black Booty Lover thinks it is a foolish one, I don't think a massive crash is coming anytime soon.
But the fact it is an investment that can make you money has nothing to do with the idea that is an alternative to central banks or whatever.
"I think this is an investment that will go up" is not about it taking over the money system. In order for Bitcoin to take over the money system, it has to stop going up.
If you think these are things to hold as investments, why are you using them to buy gas?

And you can still get into Bitcoin, It's going to be a 10x rise in five years.

Unless I decide to get a cold wallet I can just invest in it as an index.

You dont have to buy a whole one. Or even half a one. And in five years, or ten it may be a local currency in some backwater I'm visiting on my boat. Or use it to pay for another tank of boat gas. Whatever.

So you think Bitcoin is going to get 10x more valuable in 5 years but you would buy a tank of gas in Bitcoin?
Or are you trying to say you think that in 10 years it will have stopped growing in value and so it would be fine to buy a tank of gas with it then?


Add ADA Cardano, and VeChain to your list to look at.
[/QUOTE]

I like that Cardano is proof-of-stake, hadn't heard about VeChain.