• There has been a recent cluster of spammers accessing BARFer accounts and posting spam. To safeguard your account, please consider changing your password. It would be even better to take the additional step of enabling 2 Factor Authentication (2FA) on your BARF account. Read more here.

bitcoins

Mike95060 said:
That's only 1/2 the story. we have laws preventing you from doing that. Its fraud. I don't see a crypto equivalent. We have the opposite. Powerful people pushing the scammy coins. Sorry but i think that's a crypto wide problem that includes bitcoin.
Click to expand...
I disagree. There's no law against me selling you Danbucks for your bucks. I can do that right now. You can buy Monopoly money, can't you?

You are confusing gullibility and ignorance with some sort of systemic aspect of Bitcoin and blockchains.
 
With crypto currency, if you put money into it and don't understand how it works and what it's about, then that's on you.

Stupid can hurt.
 
Take ~100k USD. Buy 1 bitcoin. The value of that bitcoin is now simply tied to people's speculation of bitcoin with regards to converting that bitcoin back to USD.

The anarchy that is required to devalue the dollar will equally hit bitcoin. The scam, in my opinion, is that the belief that all the bitcoin participants will respect the currency.
 
James said:
Take ~100k USD. Buy 1 bitcoin. The value of that bitcoin is now simply tied to people's speculation of bitcoin with regards to converting that bitcoin back to USD.

The anarchy that is required to devalue the dollar will equally hit bitcoin. The scam, in my opinion, is that the belief that all the bitcoin participants will respect the currency.
Click to expand...

What would they do that would "disrespect" the currency? Sell it for less than market value?
 
Are we agreeing that market value is what someone will trade in exchange for a quantity of bitcoin?
 
Counterintuitively, I'd say that the price says that it's not well respected.

I don't think we're done with the repetitive cycle of investing where, when life is good, certain markets take on excess speculation more than others. We haven't had hard economic times for a while, at least since 2008***, which coincides with the start of the rise of bitcoin. Bitcoin has value, but the ticker value of bitcoin is essentially a metric of excess speculation across tech. A lot of tech is loaded with hype value right now. It's just a fact of having money to spend, people like tech stuff and more spare cash is almost a 1:1 with irresponsible spending. It doesn't change the arbitrary nature of currency though, which bitcoin could totally be someday, but it's 95% traded as an e-commodity and 5% a currency, which means it will get hit every bit as much as inflated tech will when our silicon valley pt.2 bubble pops.

***I know folks might think "...but Covid!", but I'm talking about actual hard times *as represented in consumer spending, or a lack thereof*.
 
Last edited:
What Byke said is in line with how I see it. If there is a recurring payment schedule, would you use a fixed bitcoin quantity or would you compare bitcoin to the government currency and get an equivalent at that time? Paying rent with 1 bitcoin would be historically bad for the consumer. Paying rent with a USD equivalent of bitcoin would be historically good for the landlord.

But there is no sense to involving bitcoin except it's trendy.
 
James said:
What Byke said is in line with how I see it. If there is a recurring payment schedule, would you use a fixed bitcoin quantity or would you compare bitcoin to the government currency and get an equivalent at that time? Paying rent with 1 bitcoin would be historically bad for the consumer. Paying rent with a USD equivalent of bitcoin would be historically good for the landlord.

But there is no sense to involving bitcoin except it's trendy.
Click to expand...

One guy bought two pizzas for 10,000 bitcoin back when bitcoin was worth fractions of a penny.

One guy bought a house from Sears in 1908 for $1998.

The value of currencies change over time. Fiat currencies are inflationary as more can be (and will be) printed. Bitcoin is deflationary as no more bitcoin will ever be produced once the initial 21 million are mined.

There is sense in involving bitcoin if you want insulation from fiat currency inflation. Does one egg have more intrinsic value in 2025 than it did in 2024? No? Then why does one egg cost one dollar in 2025 when you could get two eggs for that same dollar in 2024? Answer- your dollar is worth less.

What can make your bitcoin worth less? Only the opinion of the market regarding the value of bitcoin.
 
When a market drops, you have more buying power with USD, but when you money *is* the market, then your buying power is gone with it. That's the downside of using a commodity as a currency.
 
byke said:
When a market drops, you have more buying power with USD, but when you money *is* the market, then your buying power is gone with it. That's the downside of using a commodity as a currency.
Click to expand...

Except when it's USD whose value drops. Which it has, and is.
 
Has the intrinsic value of gold increased?

1740094140550.png
 
I always keep an eye on EUR to USD and it's not quite $1.02 like it was recently, but it's also not $1.20 like it was not that long ago. It stays tighter because it's treated like a currency. If BTC truly were just a currency, it wouldn't be priced anywhere near where it's at, but it's traded as a futuristic tech commodity in a time where people have a surplus and are inflating discretionary tech.
 
I think it's an awesome platform for illicit actions. All the new black mail schemes tend toward bitcoin. I think it's the preferred human trafficking currency.

:laughing
 
byke said:
I always keep an eye on EUR to USD and it's not quite $1.02 like it was recently, but it's also not $1.20 like it was not that long ago. It stays tighter because it's treated like a currency. If BTC truly were just a currency, it wouldn't be priced anywhere near where it's at, but it's traded as a futuristic tech commodity in a time where people have a surplus and are inflating discretionary tech.
Click to expand...
One of the interesting things to think about with bitcoin. Like the way dollars used to be so highly valued we used fractions of them as everyday currency, and "breaking a dollar" was for a high value transaction, usually, one may not transact in whole bitcoins very often, but instead in "satoshi" or "sats", each of which is 0.00000001 BTC. Over time as the value of bitcoin increases, so will the value of sats, resulting in us transacting in the dozens or hundreds of sats. People already buy bitcoin this way on exchanges.


James said:
I think it's an awesome platform for illicit actions. All the new black mail schemes tend toward bitcoin. I think it's the preferred human trafficking currency.

:laughing
Click to expand...
Wrong. USD is. I can't imagine where you got that idea.
 
Love the movie and the scene, but I think that's rolling all inflation into one category, inflated or not, that when a chicken nugget is correctly valued at 50c, that 51c and 50 million, is the same overvaluation.
 
byke said:
Love the movie and the scene, but I think that's rolling all inflation into one category, inflated or not, that when a chicken nugget is correctly valued at 50c, that 51c and 50 million, is the same overvaluation.
Click to expand...

It's a correlation. Bitcoin is deflationary in nature; fiat currencies are inflationary in nature. That same Sears Craftsman house from 1908 that cost $1998 would cost you $109,989 today, or close to two orders of magnitude more. I bought coffee for bitcoin in 2012; I paid 2 bitcoin for some over-roasted coffee from San Antonio. Today that same coffee would cost me 1000 satoshis, or less by four orders of magnitude and half as much.
 
You must log in or register to reply here.
Back
Top