Not for me. I don’t need new wealth just need to maintain my current plan. I’m glad you younger folks are figuring out a plan to make up for the now defunct pension for life plan
@air4mdc said:
I’m interested to see what the price volatility will be when all 21 million are mined and zero available to be mined.
I'm interested to see what the price volatility will be when people realize that they are imaginary money and aren't even real.
Are you referring to Federal Reserve notes? Or financial derivatives?
As long as our debts and taxes are payable in dollars, Federal Reserve notes are as real as money gets.
And Detroit is going to allow BTC payments, so is BTC now real to you? El Salvador declared it legal tender so....
No. The important thing is the currency in which the debt is denominated, not the currency (or anything else) that is used to settle the debt. As for El Salvador, they use both the USD and BTC as their official currencies. I imagine that taxes and virtually all private debts are denominated in USD. Primarily because it's a much more stable currency, but also because the public has been reluctant to adopt BTC to any appreciable extent. Correct me if I'm wrong.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
How can/will BTC ever be considered a method of payment when it is so volatile? It can swing so wildly in the time it takes to grab a gallon of milk, walk it to the register, and pay for it that the price of the product is basically unknown.
And why is the price of BTC based on the USD if it is "currency?"
It's speculation, that's why, just like any other stock. But there's nothing backing this thing! No one even knows who exactly created it.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
@DCW said:
How can/will BTC ever be considered a method of payment when it is so volatile? It can swing so wildly in the time it takes to grab a gallon of milk, walk it to the register, and pay for it that the price of the product is basically unknown.
And why is the price of BTC based on the USD if it is "currency?"
It's speculation, that's why, just like any other stock. But there's nothing backing this thing! No one even knows who exactly created it.
Yes, volatility is an issue.
Why is gold "real money" if it's price is in USD?
Is Canadian money not real money because there's a USD conversion?
There's nothing backing the USD either except "faith".
@DCW said:
How can/will BTC ever be considered a method of payment when it is so volatile? It can swing so wildly in the time it takes to grab a gallon of milk, walk it to the register, and pay for it that the price of the product is basically unknown.
And why is the price of BTC based on the USD if it is "currency?"
It's speculation, that's why, just like any other stock. But there's nothing backing this thing! No one even knows who exactly created it.
Mostly agreed, but currencies do have market based exchange rates, and that doesn’t mean they’re not actually currencies. Bitcoin is no different in that regard.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
@air4mdc said:
I’m interested to see what the price volatility will be when all 21 million are mined and zero available to be mined.
I'm interested to see what the price volatility will be when people realize that they are imaginary money and aren't even real.
Are you referring to Federal Reserve notes? Or financial derivatives?
As long as our debts and taxes are payable in dollars, Federal Reserve notes are as real as money gets.
And Detroit is going to allow BTC payments, so is BTC now real to you? El Salvador declared it legal tender so....
No. The important thing is the currency in which the debt is denominated, not the currency (or anything else) that is used to settle the debt. As for El Salvador, they use both the USD and BTC as their official currencies. I imagine that taxes and virtually all private debts are denominated in USD. Primarily because it's a much more stable currency, but also because the public has been reluctant to adopt BTC to any appreciable extent. Correct me if I'm wrong.
That is true.
I disagree, however, that the debt denomination matters more than accepted methods of payment. You need look no further than the use of non-US coins in early America. All of those currencies were legal tender even though debts were denominated in US dollars.
@jmlanzaf
1. Yay, we agree!
2. Gold has been used for millenia, and it's value is not in question
3. Canadian money will not buy you toilet paper in the United States
4. I will take the faith my country placed in a paper dollar it issued over some digital nonsense that no one is claiming to have invented any day.
That doesn't mean it isn't an "investment." I guess it is a great investment since it is up almost 100% since January. But anything that goes up that fast, can and probably will, fall at the same rate.
I'm just not a believer in this, and I'm not an old guy. (Well, getting there.)
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Comments
I also find it impressive, that the OP started this yesterday at the $80,000 level, and it just hit $89,458, 24 hours later.
Owner/Founder GreatCollections
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Casascius are very cool. They have a special place in numismatics and the hate that is here is fairly unwarranted. Seems like cope if anything.
As long as our debts and taxes are payable in dollars, Federal Reserve notes are as real as money gets.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I own both btc and MSTR. Today was a really good day.
And Detroit is going to allow BTC payments, so is BTC now real to you? El Salvador declared it legal tender so....
Not for me. I don’t need new wealth just need to maintain my current plan. I’m glad you younger folks are figuring out a plan to make up for the now defunct pension for life plan
Agreed. But the IRS prefers checks.
I turned this one down when Bitcoin was $48,000. The seller bought it in the early days for $150. Back to physical coin.
No. The important thing is the currency in which the debt is denominated, not the currency (or anything else) that is used to settle the debt. As for El Salvador, they use both the USD and BTC as their official currencies. I imagine that taxes and virtually all private debts are denominated in USD. Primarily because it's a much more stable currency, but also because the public has been reluctant to adopt BTC to any appreciable extent. Correct me if I'm wrong.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
How can/will BTC ever be considered a method of payment when it is so volatile? It can swing so wildly in the time it takes to grab a gallon of milk, walk it to the register, and pay for it that the price of the product is basically unknown.
And why is the price of BTC based on the USD if it is "currency?"
It's speculation, that's why, just like any other stock. But there's nothing backing this thing! No one even knows who exactly created it.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Yes. I send them a DIGITAL check every year. 🙄
Mostly agreed, but currencies do have market based exchange rates, and that doesn’t mean they’re not actually currencies. Bitcoin is no different in that regard.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
That is true.
I disagree, however, that the debt denomination matters more than accepted methods of payment. You need look no further than the use of non-US coins in early America. All of those currencies were legal tender even though debts were denominated in US dollars.
@jmlanzaf
1. Yay, we agree!
2. Gold has been used for millenia, and it's value is not in question
3. Canadian money will not buy you toilet paper in the United States
4. I will take the faith my country placed in a paper dollar it issued over some digital nonsense that no one is claiming to have invented any day.
That doesn't mean it isn't an "investment." I guess it is a great investment since it is up almost 100% since January. But anything that goes up that fast, can and probably will, fall at the same rate.
I'm just not a believer in this, and I'm not an old guy. (Well, getting there.)
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."