Bitcoin and Crypto Talk (Merged) (1 Viewer)

CanadianSaint

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Anyone invested or trading bitcoin or any other cryptocurrency?

Im holding .5 bit coin for kicks.
 

tomwaits

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I was listening to Jim Rogers on a podcast and he was saying he isn't on board with Bitcoin for multiple reasons. The main reason being the government can make it illegal at anytime and then the value would crash. Amusingly he said he was investing in Chinese wine.

 

Hedon James

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I was listening to Jim Rogers on a podcast and he was saying he isn't on board with Bitcoin for multiple reasons. The main reason being the government can make it illegal at anytime and then the value would crash. Amusingly he said he was investing in Chinese wine.


I can only guess that is because it's a more liquid asset. Ba-dump.....tsshhhh. I'll see myself to the door...
 

superchuck500

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I was listening to Jim Rogers on a podcast and he was saying he isn't on board with Bitcoin for multiple reasons. The main reason being the government can make it illegal at anytime and then the value would crash. Amusingly he said he was investing in Chinese wine.


I think there's a greater chance of Chinese wine becoming illegal than bitcoin.
 

tomwaits

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I think there's a greater chance of Chinese wine becoming illegal than bitcoin.

If Bitcoin was ever to even remotely appear to be a threat to the dollar hegemony, the state would make it illegal and cite something stupid like terrorism or organized crime. They already hint at such things with Bitcoin.

Also China is currently 5th in wine production and growing.
 

superchuck500

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If Bitcoin was ever to even remotely appear to be a threat to the dollar hegemony, the state would make it illegal and cite something stupid like terrorism or organized crime. They already hint at such things with Bitcoin.

Also China is currently 5th in wine production and growing.

I stand by my comment.
 

DaveXA

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If Bitcoin was ever to even remotely appear to be a threat to the dollar hegemony, the state would make it illegal and cite something stupid like terrorism or organized crime. They already hint at such things with Bitcoin.

Also China is currently 5th in wine production and growing.

If the US ever made it illegal, they would have to bail out the industry. People are getting paid salaries in Bitcoin now. I don't think it's going anywhere.
 

itztime

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I was listening to Jim Rogers on a podcast and he was saying he isn't on board with Bitcoin for multiple reasons. The main reason being the government can make it illegal at anytime and then the value would crash. Amusingly he said he was investing in Chinese wine.

I bet he buys the heck out of it on the dip ;).
 

tomwaits

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If the US ever made it illegal, they would have to bail out the industry. People are getting paid salaries in Bitcoin now. I don't think it's going anywhere.

Bail out what industry? Contracts also used to be payable in gold, and FDR made that illegal.
 
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Mr. Blue Sky

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I have decided to only check on my BTC once every five years, so as to not be tempted to do anything with it, and keep it long term.. That said, curiosity has the better of me- what is the price of a Bitcoin this morning?
 

DaveXA

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Bail out what industry? Contracts also used to be payable in gold, and FDR made that illegal.

Bail out people who are relying on this as a means of income. If people are getting paid in Bitcoin, do we just bankrupt them by instantly making their earnings and savings worth zero? Seems like an untenable proposition to me. The more invested people become in it, the more difficult it will be to make it illegal.
 
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I have decided to only check on my BTC once every five years, so as to not be tempted to do anything with it, and keep it long term.. That said, curiosity has the better of me- what is the price of a Bitcoin this morning?
57.4k when I looked a few mins ago.
 

superchuck500

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Bail out what industry? Contracts also used to be payable in gold, and FDR made that illegal.

He didn't make gold illegal, gold still has value as a precious metal and trades as a commodity - he just moved to end gold's use as currency and associated banking and transactional activities that had to do with transitioning from the gold standard. I think those dynamics were largely peculiar to the move away from the gold standard and not a terribly persuasive analog to the possible federal interest in regulating bitcoin.

Bitcoin's perceived value comes from its asset value based largely on its programmed limit past which new bitcoin cannot be created, not so much in its transactional value as currency. Yes, if the US prohibited the transacting of any business in the United States with bitcoin, it would harm its value but less than half of bitcoin trading in 2020 occurred on US exchanges. The US can't outlaw bitcoin worldwide and I'm not really sure why it would ever want to try absent a truly monumental change in how business is conducted in the US. Asset trading and some novelty consumer use as a currency don't seem to raise any of those concerns.
 

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