Bitcoin is a Ponzi

[Originalman]

bitcoin is not backed by any assets....The majority of currencies used in the global economy do not have any backing. By definition, a fiat currency is a currency without backing, and this is what every major economy in the world uses to conduct daily transactions inlcuding USD

Exactly the US dollar ain't backed by anything and was decoupled from gold back in the 70s thanks to Nixon Administration. Money in most countries including the US isn't backed by anything and is printed from thin air.

The only difference is that 1st world countries money is basically backed by their power, influence and military. That why their money isn't volatile. But developing countries don't have this power and influence so that is why their money is highly volatile and why inflation runs crazy in those countries. That is one reason so many people in Latin countries use Bitcoin because it stores actual monetary value better their their countries dollar which loses value due to extreme inflation. Plus its much cheaper to send bitcoin back and forth to family members than western union or other wire services.

 

[ORDER_66]

Breh you got Cathie Wood investing in bitcoin, CEO of Square Jack Dorsey is all in Bitcoin and is converting Square to a type of Bitcoin company, MicroStrategy (CEO Michael Saylor) is buying bitcoin miners and mining Bitcoin they are one of the biggest bitcoin holders that are a public company. Not to mention the countless hedge funds and billionaires that are buying bitcoin. Hell Jack Dorsey stepped down from twitter as CEO so that he can focus on Square transitioning to be a bitcoin company.

These folks and others understand that bitcoin is a hedge against inflation and a holder of wealth because it is becoming more and more rare. Why do fools think all these damn companies are adopting. Even the big banks are now offering their high roller clients an opportunity to invest in bitcoin. Bitcoin is now the new gold...if you not investing at least a small portion of your net worth in it then you are hustling backwards.

Finally everything is going digital. Are fools on here not aware that photos, games, movies, music and etc are all digital now? What did they expect that money/assets wouldn't go Digital?

Only a fool would see banks, billionaires, multi national companies, countries all investing in something and saying it was a fad. shyt would be like seeing planes in the air in 1910 and saying planes were a fad. Or seeing the oil boom in 1859 and saying oil was a fad. Or seeing the gold rush in 1855 and saying gold was a fad.

These old antiquated fools always end up looking stupid when shyt pop off. remember they called the internet a fad too no foresight having ass muthafukkas a Ponzi scheme in a few years or less y'all gon find out...

 

[ogc163]

Biotech and nuclear energy is highly speculative as well... And can you truly expect "real innovation" in industries that are as centralized and controlled as healthcare and utilities?

1. The fact that they are highly speculative is not relevant to what I wrote.

2. Yes you can expect innovation in industries that are heavily regulated and centralized, even if those factors have made and will continue to make innovation more difficult.

But, those constraints being present doesn't change my stance that innovation is still likely to occur, especially in regards to biotech as more capital and the decreasing of regulatory constraints because of Covid has accelerated innovation in that industry. Further, the potential upside of innovation in those two industries dwarfs the potential upside of the use of cryptocurrency even in relation to cryptos best case scenario.

I'm curious and I pose this question to you and any other potential crypto/bitcoin advocates; when do you expect the use of crypto to become prevalent ( more than 50% of the population) in the US?

 

[Red11]

this is obvious and people who trumpet bitcoin as the future are praying you join in and buy bitcoin so the price goes up.

NO ONE USES BITCOIN AS CURRENCY. NO ONE.

I do…sometimes I use Swiss francs as well ( due to the 1000 franc bill)

 

[bnew]

80% of bitcoin is backed by Tether (USDT). There is only enough Tether to cover 60% of all bitcoin. Tether is heavily invested in Chinese bonds. The Chinese market is about to go into a recession thanks to their real estate market collapsing. Evergrande, the seventh largest real estate company in the world, has announced they are unable to pay back foreign investors. When tether collapses, you won't be able to sell your bitcoin. I've stayed away for this reason.

I might buy in if it tanks.

 

[Red11]

80% of bitcoin is backed by Tether (USDT). There is only enough Tether to cover 60% of all bitcoin. Tether is heavily invested in Chinese bonds. The Chinese market is about to go into a recession thanks to their real estate market collapsing. Evergrande, the seventh largest real estate company in the world, has announced they are unable to pay back foreign investors. When tether collapses, you won't be able to sell your bitcoin. I've stayed away for this reason.

this is a much better argument! This is the biggest threat to bitcoin. Tether will ruin Bitcoin when people attempt to trade in those tether for fiat. If there Is no actual money backing tether 1:1 ( no evidence there is).

 

[GoldenGlove]

What’s wrong with our currency financial system

The traditional banking system is designed for the vast majority of people to deposit their money into them to build up their (the banks' reserves and capital) so that they can in term lend it out and make interest on it.

Black dollars specifically have always been deposited into banks to be leveraged for others at a much higher rate since their inception. This is all done with banks giving us less than 1% in a savings account.



Also, banks as of March 2020 the government set the reserve requirement ratio to 0. Which effectively means, a bank doesn't even need to have your funds liquid and available.

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2021

Why is there so much smoke from some of you nikkas about crypto, Web 3.0 and DeFi but y'all are completely ok with the government legally saying it's fine for your bank to invest and loan your money into various markets/businesses/communities without you earning anything from it?...or in some cases, even having your funds available?

 

[Skooby]

There's a reason why the black market and those involved in the underworld/underground wants to use crypto. It's largely unregulated.

Once governments actually hand down concrete standards and regulations I'm guessing most cryptos are going to tank.

 

[Xyrax]

Lol what a dumb response.

We bought our house, outright. And still had a remaining 130k+ to pay off our student loans on money made from BTC and ETH.

Now we are currently not holding any crypto. But we took that profit, improved our lives and moved on while investing in the traditional market instead.

But what's "dumb" is thinking that those of us that have made a come up on trading crypto give a shyt about what nikkas been saying for the entire 12 years of the lifespan of crypto. At some point some of yall are talking to yourselves more than you are talking to "us".

The core of it is that crypto has made a lot of people a lot of money. And those of you that have spent that decade+ calling those investors dumb/stupid are increasingly annoyed at seeing those dumb/stupid people make money hand over fist while you sit on the sidelines trying to make fun of nikkas caking up. If you don't like it, then don't. But its been over 10 years, the shyt shouldn't be on yall mind like this unless theres some other reason you really mad.

 

[EndDomination]

and what backs the mighty dollar? NOTHING. its as valuable as we make it out to be just like bitcoin

That's not *quite* how U.S. currency works.

Its a medium of exchange

 

[old pig]

At some point some of yall are talking to yourselves more than you are talking to "us".

that’s all it is…I call it “consolation posts”…it makes him/others feel better about not being able to understand it/capitalize on it

 

[old pig]

Breh you got Cathie Wood investing in bitcoin, CEO of Square Jack Dorsey is all in Bitcoin and is converting Square to a type of Bitcoin company, MicroStrategy (CEO Michael Saylor) is buying bitcoin miners and mining Bitcoin they are one of the biggest bitcoin holders that are a public company. Not to mention the countless hedge funds and billionaires that are buying bitcoin. Hell Jack Dorsey stepped down from twitter as CEO so that he can focus on Square transitioning to be a bitcoin company.

These folks and others understand that bitcoin is a hedge against inflation and a holder of wealth because it is becoming more and more rare. Why do fools think all these damn companies are adopting. Even the big banks are now offering their high roller clients an opportunity to invest in bitcoin. Bitcoin is now the new gold...if you not investing at least a small portion of your net worth in it then you are hustling backwards.

Finally everything is going digital. Are fools on here not aware that photos, games, movies, music and etc are all digital now? What did they expect that money/assets wouldn't go Digital?

Only a fool would see banks, billionaires, multi national companies, countries all investing in something and saying it was a fad. shyt would be like seeing planes in the air in 1910 and saying planes were a fad. Or seeing the oil boom in 1859 and saying oil was a fad. Or seeing the gold rush in 1855 and saying gold was a fad.

great post by the way but you’ll still have ppl expressing horribly ignorant, antiquated views about drug dealers using crypto lmaooo

 

[WaveMolecules]

I know somebody who uses a card from crypto.com and they used the card to pay for stuff. So what you sayin?

I do…sometimes I use Swiss francs as well ( due to the 1000 franc bill)

exceptions that prove the rule.

 

[ORDER_66]

We bought our house, outright. And still had a remaining 130k+ to pay off our student loans on money made from BTC and ETH.

Now we are currently not holding any crypto. But we took that profit, improved our lives and moved on while investing in the traditional market instead.

But what's "dumb" is thinking that those of us that have made a come up on trading crypto give a shyt about what nikkas been saying for the entire 12 years of the lifespan of crypto. At some point some of yall are talking to yourselves more than you are talking to "us".

The core of it is that crypto has made a lot of people a lot of money. And those of you that have spent that decade+ calling those investors dumb/stupid are increasingly annoyed at seeing those dumb/stupid people make money hand over fist while you sit on the sidelines trying to make fun of nikkas caking up. If you don't like it, then don't. But its been over 10 years, the shyt shouldn't be on yall mind like this unless theres some other reason you really mad.

They Really gonna be hating in 2022 when the market rebounds and it goes on another bullrun. And any of us that invested heavy in the crypto we got in from 2021 blow up next year.... hate everywhere man...

 

[gho3st]

The traditional banking system is designed for the vast majority of people to deposit their money into them to build up their (the banks' reserves and capital) so that they can in term lend it out and make interest on it.

Black dollars specifically have always been deposited into banks to be leveraged for others at a much higher rate since their inception. This is all done with banks giving us less than 1% in a savings account.



Also, banks as of March 2020 the government set the reserve requirement ratio to 0. Which effectively means, a bank doesn't even need to have your funds liquid and available.

Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2021

Why is there so much smoke from some of you nikkas about crypto, Web 3.0 and DeFi but y'all are completely ok with the government legally saying it's fine for your bank to invest and loan your money into various markets/businesses/communities without you earning anything from it?...or in some cases, even having your funds available?

Let these nikkas cook mane. They the type to criticize from high up without doing anything in their life. They refuse to acknowledge that there are risks with everything. It’s up to the investor to minimize risks and cake up