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(BBC-US)   Bitcoin hits $20,000 mark. For those of you still unclear about such sketchy currencies, the dollar is the US's version of fiat money and is backed by the full faith and credit of its government   (bbc.com) divider line
    More: Interesting, Finance, safe haven asset, recent rise, Funding, number of large institutional investors, time of uncertainty, Institutional investor, Hedge fund  
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235 clicks; posted to Business » and Main » on 01 Dec 2020 at 12:38 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



21 Comments     (+0 »)
 
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2020-12-01 12:20:28 PM  
I remember back in 2009 there was an article about this new thing called bitcoin which was a digital currency. That's interesting, I thought, lets see what farkers think about this. The confidently disdainful farkers who knew finance convinced me that I shouldn't waste a couple hundred dollars buying 10 bitcoin just for the hell of it, because it would never catch on and was obviously just something to fleece the rubes.

I've been taking advice from the wise people of fark.com ever since.
 
2020-12-01 12:36:07 PM  
You can use fiat money to buy one of these:

Fark user imageView Full Size
 
2020-12-01 12:46:11 PM  
Bitcoin is always going to trend up, because it's an inherently deflationary 'currency'.
 
2020-12-01 12:46:13 PM  
The full faith and credit of the United States of America.

I remember when that meant something.
 
2020-12-01 12:59:08 PM  

Jubeebee: I remember back in 2009 there was an article about this new thing called bitcoin which was a digital currency. That's interesting, I thought, lets see what farkers think about this. The confidently disdainful farkers who knew finance convinced me that I shouldn't waste a couple hundred dollars buying 10 bitcoin just for the hell of it, because it would never catch on and was obviously just something to fleece the rubes.

I've been taking advice from the wise people of fark.com ever since.


It still is just something to fleece the rubes.  It's just the amount of money the rubes proved willing to commit was so high no one's willing to cash out quite yet.
 
2020-12-01 1:00:20 PM  

Jubeebee: I remember back in 2009 there was an article about this new thing called bitcoin which was a digital currency. That's interesting, I thought, lets see what farkers think about this. The confidently disdainful farkers who knew finance convinced me that I shouldn't waste a couple hundred dollars buying 10 bitcoin just for the hell of it, because it would never catch on and was obviously just something to fleece the rubes.

I've been taking advice from the wise people of fark.com ever since.


The Euro was mercilessly pooh-poohed when it was announced as well. It's almost as if something new and different was a threat to the establishment or something.
 
2020-12-01 1:04:04 PM  
Bitcoin is the crossfit of the finance world.
 
2020-12-01 1:09:49 PM  
I remember back when Bon Jovi first came out and everyone on Fark was like "Bon Jovi will never make any money" but I invested all my money in Bon Jovi and now I own a computer so big that not even Bill Gates could afford it.
 
2020-12-01 1:19:59 PM  
That has to sting for the folks that spend the late 90s ordering pizzas with them....
 
2020-12-01 1:47:06 PM  

FrancoFile: Bitcoin is always going to trend up, because it's an inherently deflationary 'currency'.


Pretty sure this is by design.
 
2020-12-01 1:50:54 PM  

Geotpf: FrancoFile: Bitcoin is always going to trend up, because it's an inherently deflationary 'currency'.

Pretty sure this is by design.



Yes, it's by design.  A stupid design, but a design nonetheless.
 
2020-12-01 3:55:54 PM  

FrancoFile: Geotpf: FrancoFile: Bitcoin is always going to trend up, because it's an inherently deflationary 'currency'.

Pretty sure this is by design.


Yes, it's by design.  A stupid design, but a design nonetheless.


It's still has to obey the law of Supply & Demand.
 
2020-12-01 4:02:02 PM  
Fark user imageView Full Size


Hmmm, it appears there seems to be a pattern forming.
The only people who seem to have made it big are the original miners, investors and people who bought back in 2019.
Thats the beauty of Bitcoin, its only worth what people can be suckered into paying for it.
A snake can fart in Uzbekistan and Bitcoin will drop $5000.00 for "reasons"
 
2020-12-01 4:30:18 PM  

mcreadyblue: FrancoFile: Geotpf: FrancoFile: Bitcoin is always going to trend up, because it's an inherently deflationary 'currency'.

Pretty sure this is by design.


Yes, it's by design.  A stupid design, but a design nonetheless.

It's still has to obey the law of Supply & Demand.


"The law of supply and demand" applies to goods being transacted in a currency; the pricing of a currency itself is only partially subject to that rule.

Is it a currency, or is it a collector's item with artificial scarcity and negligible utility, like a Franklin Mint collectible plate?
 
2020-12-01 4:40:27 PM  

FrancoFile: Is it a currency, or is it a collector's item with artificial scarcity and negligible utility, like a Franklin Mint collectible plate?


As a practical matter, there's no difference.  It's worth what people are willing to pay for it, no more, no less.  Anything can be used as a currency if everybody agrees it's worth something.
 
2020-12-01 4:52:12 PM  

Geotpf: FrancoFile: Is it a currency, or is it a collector's item with artificial scarcity and negligible utility, like a Franklin Mint collectible plate?

As a practical matter, there's no difference.  It's worth what people are willing to pay for it, no more, no less.  Anything can be used as a currency if everybody agrees it's worth something.



Not quite.

A currency has to do two things - act as a medium of exchange, and serve as a store of value.

A practical currency has to have zero or extremely low friction - it has to be portable, easily accessible, easily split into fractional units, have minimal transaction costs, and have near-zero transaction time.

The giant stone coins used by the Yap Islanders aren't practical, because they aren't portable and can't be easily split into fractional units.

Bitcoin fails the practicality test as well, because the transaction costs & transaction time are non-negligible.
 
2020-12-01 5:02:53 PM  
TotallyRealNotFake:
Hmmm, it appears there seems to be a pattern forming.
The only people who seem to have made it big are the original miners, investors and people who bought back in 2019.


Um sure.  You could have bought last week and been up 10%.  That's pretty solid money for a week.

Many analysts have bitcoin going up 2-5x in the next year.  If that happens some low cap alt coins will probably 100x while riding the wave. There is still lots of room to make money.

FrancoFile:

Is it a currency, or is it a collector's item with artificial scarcity and negligible utility, like a Franklin Mint collectible plate?

Cryptocurrencies are a new class.  While they have attributes of currencies and commodities, they are neither.  And both.  It's best to think of them as their own thing and not try to pigeonhole them.  Even within crypto, different tokens have different uses for different markets.
 
2020-12-01 5:09:59 PM  
FrancoFile:
A practical currency has to have zero or extremely low friction - it has to be portable, easily accessible, easily split into fractional units, have minimal transaction costs, and have near-zero transaction time.

Bitcoin fails the practicality test as well, because the transaction costs & transaction time are non-negligible.


Counterpoint: Bitcoin fees have fallen a lot in the last few years due to some protocol upgrades, and they are near zero most of the time.

The lightning network which is still basically a sidechain in beta reduces wait times and fees to almost nothing.

For online purchases, bitcoin is still somewhat practical for payments.  Amazon doesn't really care if they get your money now or in a couple hours for instance.

That being said, there are other cryptos that facilitate payments better without the hassle.
 
2020-12-01 5:20:10 PM  
Subby, the US Murica Dollar is backed by the US gov's ability to tax and create debt.   Global oil transactions are also denominated in dollars, which means the dollar is on a defacto oil standard.   It's the reason why the dollar is the world's most important currency.
 
2020-12-01 6:11:48 PM  

Jubeebee: I remember back in 2009 there was an article about this new thing called bitcoin which was a digital currency. That's interesting, I thought, lets see what farkers think about this. The confidently disdainful farkers who knew finance convinced me that I shouldn't waste a couple hundred dollars buying 10 bitcoin just for the hell of it, because it would never catch on and was obviously just something to fleece the rubes.

I've been taking advice from the wise people of fark.com ever since.


Yeah, about that... stay off of Reddit, too.

:(

Posted serious question about a few positions and was met with a shiat-storm and took their advice.

Silver lining.... paying less in taxes!!!????
 
2020-12-01 7:33:07 PM  
You can't invest in Bitcoin, you can only speculate in it. Like owning precious metals or gems.

The purpose of Bitcoin is to facilitate money laundering, everything else is rubes providing window dressing.
 
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