Let’s Have Something Besides Fiat Currency!
MsMorrisine
Posts: 33,238 ✭✭✭✭✭
MsMorrisine
Posts: 33,238 ✭✭✭✭✭
MsMorrisine
Posts: 33,238 ✭✭✭✭✭
Comments
Breaking News!
I was gonna say, we already have ₿itcoin
It's all about what the people want...
Where’s Musk?
Fun fact, the United States government seized 69,000 Bitcoin from the founder of the “Silk Road” website back in 2015.
https://www.wsj.com/amp/articles/justice-department-seizes-1-billion-of-bitcoin-tied-to-silk-road-website-11604612072
They later sold them at auction to several private entities such as Tim Draper.
https://www.google.com/amp/s/www.newsbtc.com/news/bitcoin/tim-draper-18-million-first-bitcoin-batch/amp/
It's all about what the people want...
I have no idea where this bitcoin phenomena will end up, but somehow do not think it will end well. No matter their assigned, real or perceived value, they are an electronic medium. I guess my opinion (worth exactly what opinions are worth) is, make hay while the sun shines. Should major disaster strike, the entire house of cards will vanish. Cheers, RickO
Good. That's fewer for me to mess with.
I suppose it's too difficult to use gold to back the paper. imagine the exchange rate fluctuations.
but what backs ₿itcoin ?
Unicorn farts...
https://marketwatch.com/story/crypto-traders-blame-bitcoins-tuesday-tumble-partly-on-glitches-at-exchanges-and-a-44-million-sale-order-11631049906?mod=home-page
Knowledge is the enemy of fear
So someone sold ~900 bitcoin and the system collapsed?!?
fiat currency works just fine when it is backed with responsibility and restraint by its issuers.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
“We’re sorry. It’s not us. It’s the monster. The bank isn’t like a man.”
“Yes, but the bank is only made of men.”
“No, you’re wrong there—quite wrong there. The bank is something else than men. It happens that every man in a bank hates what the bank does, and yet the bank does it. The bank is something more than men, I tell you. It’s the monster. Men made it, but they can’t control it.”
--- John Steinbeck, Grapes of Wrath
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong