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Posted on 3/2/25 at 6:28 pm to aero1126
quote:
Can someone explain how creating a reserve out of the most volatile type of “currency” is a good idea?
It's not and I'm pretty sure Trump can't unilaterally decide this
Posted on 3/2/25 at 6:32 pm to HailToTheChiz
quote:
It's not and I'm pretty sure Trump can't unilaterally decide this
Bet he tries anyway
Posted on 3/2/25 at 6:45 pm to aero1126
quote:
Can someone explain how creating a reserve out of the most volatile type of “currency” is a good idea?
The prices are volatile because crypto is still young and there hasn't been rules and regulations to provide stable markets and to allow companies to use it. As the rules and regulations are put in place it will be able to be used for the intended purposes which vary for each crypto but include remittance, trade finance, tokenization of assets etc.
There will still be volatility like all assets but just providing a framework will help greatly. Blockchain has many potential uses and a good application would be Elon wanting to use it to track Gov's expenditures. There are too many applications to list, you would have to research.
I get it that many people are skeptical, but it is like digitizing banking and other records or an online encyclopedia instead of using a book. It is moving not only "currency" to the digital format but allowing all forms of finance (and other applications) to be done securely, cheaper and faster.
It basically comes down to do you believe it "is the future". Think of all of the people that said no one needed a home computer, the internet wouldn't be a thing, Amazon stock was stupid because they were losing money etc.
Do your own research and bet accordingly, naysayers can short crypto if they wish.
Posted on 3/2/25 at 7:18 pm to aero1126
BTC isn't a currency, it's a store of value.
Gold is only worth what we agree that is because of its relative scarcity.
Gold is only worth what we agree that is because of its relative scarcity.
Posted on 3/2/25 at 7:25 pm to SpartanSoul
quote:
get it that many people are skeptical, but it is like digitizing banking and other records or an online encyclopedia instead of using a book. It is moving not only "currency" to the digital format but allowing all forms of finance (and other applications) to be done securely, cheaper and faster.
No it's not. It's an entirely new technology. It's not the same as going from print to digital
The problem with Bitcoin is that it's not backed or secured by anything. It's the wild wild West. It's literally a volatile stock.
Posted on 3/2/25 at 7:35 pm to HailToTheChiz
quote:
No it's not. It's an entirely new technology. It's not the same as going from print to digital
The problem with Bitcoin is that it's not backed or secured by anything. It's the wild wild West. It's literally a volatile stock.
I was using the example as an easy to understand analogue. There are many different crypto with different applications. I was trying to get the point across the it is the next evolution of technology as used in certain applications.
Backed or secured by something or not anything is only worth what someone is willing to pay. Some cryptos derive value from scarcity and others utility. The ones that derive value from utility will benefit from the upcoming rules regulations that allow them to be used.
Posted on 3/2/25 at 7:47 pm to SpartanSoul
I love the boomer’s inability to understand crypto
I offered to make a business transaction a year ago with some bitcoin I had instead of liquidating it then paying in dollars. The man even asked his son about it who said take the dollars. His $400,000 would be probably $700,000 today. If not more.
All “currency” is is a means of trading worth.
It could literally be anything.
Salt.
Gold.
Tulip petals.
Bronze coins with a face on them.
Random bits of paper.
Proof of work in a block chain ledger.
The US dollar will simply not be around for forever. That is a fact. shite the Franc and Lira went obsolete like two decades ago.
I have no qualms about betting on cryptocurrency with a little bit of my savings.
I offered to make a business transaction a year ago with some bitcoin I had instead of liquidating it then paying in dollars. The man even asked his son about it who said take the dollars. His $400,000 would be probably $700,000 today. If not more.
All “currency” is is a means of trading worth.
It could literally be anything.
Salt.
Gold.
Tulip petals.
Bronze coins with a face on them.
Random bits of paper.
Proof of work in a block chain ledger.
The US dollar will simply not be around for forever. That is a fact. shite the Franc and Lira went obsolete like two decades ago.
I have no qualms about betting on cryptocurrency with a little bit of my savings.
This post was edited on 3/2/25 at 7:48 pm
Posted on 3/2/25 at 7:59 pm to Delacroix22
quote:
The US dollar will simply not be around for forever.
If this happens in your lifetime, then you will have bigger things to worry about than your crypto.
Posted on 3/2/25 at 8:06 pm to HailToTheChiz
quote:
The problem with Bitcoin is that it's not backed or secured by anything. It's the wild wild West. It's literally a volatile stock.
It’s amazing this argument is still made.
Bro, in the time it took you to write that post, your USD LOST value. What is it backed by?
Posted on 3/2/25 at 11:09 pm to aero1126
quote:
Can someone explain how creating a reserve out of the most volatile type of “currency” is a good idea?
Sure, that's easy to explain.
See, you take all the crypto, you separate the ones that are centrailized and the ones that are decentrailized, you apply the paddington rule (in effect executing dynamic-exchange blockchain algorithms in a descending access protocol), and STICK IT UP YOUR BUTT.
Posted on 3/2/25 at 11:34 pm to CIGAR_cigarillo
Posted on 3/3/25 at 7:14 am to SaturatedPhat
quote:
Bro, in the time it took you to write that post, your USD LOST value. What is it backed by?
It's amusing to see the crypto detractors talk about how Bitcoin in the others are scams, but they never fully peel the onion and wrap their brains around the fact that our current system is called fiat currency for a reason.
The private Western Central banking system, of which the Federal Reserve is the US-based branch, literally dictates how much a dollar is worth simply because they say so. Their currency policy is ruled by fiat, quite literally.
Posted on 3/3/25 at 10:55 am to VoxDawg
quote:
The private Western Central banking system, of which the Federal Reserve is the US-based branch, literally dictates how much a dollar is worth simply because they say so. Their currency policy is ruled by fiat, quite literally.
But Dave Ramsey told them Bitcoin was bad :)
Posted on 3/3/25 at 12:42 pm to VoxDawg
I bought some ADA and XRP yesterday on the announcement thinking today would be a good day.
I’ve taken an arse kicking today on this bullshite. Now I remember why I stopped trading crypto
I’ve taken an arse kicking today on this bullshite. Now I remember why I stopped trading crypto
Posted on 3/3/25 at 12:47 pm to deltaland
quote:
I bought some ADA and XRP yesterday on the announcement thinking today would be a good day.
I’ve taken an arse kicking today on this bullshite. Now I remember why I stopped trading crypto
Are you day-trading, or investing?
Big difference. I'm a BTC maximalist, so what happens today is largely immaterial.
Posted on 3/3/25 at 12:54 pm to deltaland
Maybe don’t buy AFTER the best news of all time dumbass
Posted on 3/3/25 at 1:00 pm to deltaland
quote:
I bought some ADA and XRP yesterday on the announcement thinking today would be a good day. I’ve taken an arse kicking today on this bullshite. Now I remember why I stopped trading crypto
Bro. Since 2018 I’ve bought ADA at $1, five cents, ten cents, $2, 50 cents, and everywhere in between. Just buy a little bit every time you get a paycheck or something and dont try to think about it too much. Reassess where you’re at in the year 2030.
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