Let’s Have Something Besides Fiat Currency!

MsMorrisine

https://www.google.com/amp/s/www.latimes.com/world-nation/story/2021-09-06/as-el-salvador-adopts-bitcoin-its-young-president-is-dismantling-democracy?_amp=true

MsMorrisine

Breaking News!

https://twitter.com/nayibbukele/status/1435023474494410753

LukeMarshall

I was gonna say, we already have ₿itcoin

MsMorrisine

Where’s Musk?

LukeMarshall

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/

ricko

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

TwoSides2aCoin

Good. That's fewer for me to mess with.

MsMorrisine

https://twitter.com/nayibbukele/status/1435260422110732300

MsMorrisine

I suppose it's too difficult to use gold to back the paper. imagine the exchange rate fluctuations.

but what backs ₿itcoin ?

taxmad

@MsMorrisine said:

but what backs ₿itcoin ?

Unicorn farts...

cohodk

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

Wingsrule

So someone sold ~900 bitcoin and the system collapsed?!?

derryb

fiat currency works just fine when it is backed with responsibility and restraint by its issuers.

Unknown

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derryb

“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