What’s interesting is that if Gold is actually a store of value then we still operate on the gold standard over long periods of time and the existence of Bitcoin doesn’t change this. As money is printed the value of gold in terms of those dollars rise.
Ergo we aren’t constrained on a day to day basis but the gold standard but the fundamentals of inflation relative to a store of value don’t change. Or Gold isn’t a real store of value given the current levels of asset inflation occurring.
You understand what the Gold standard was though I assume, it is not that Gold was/is a store of value, the Gold Standard required countries to have Gold to back their currency, the British Pound was called a pound because you could walk down to the Bank of England and demand your pound of Gold for the pound note the bank issued, it was always more theoretical than actual but the requirement of reserves meant countries couldn't print their way out of a crisis, there is a whole class of raving loons that think countries should go back to the Gold Standard, to a large degree bitcoin proponents remind me of them, all of them seem to forget though that when you severly limit liquidity it causes incredible constraints on all areas of the economy, ordinary people lose access to any kind of credit, prior to the second world war people bought houses buy paying cash, there were no mortgages for the likes of us, that was solely for the filthy rich, that was because there was no liquidity in the system at all
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Thing is, I do want to understand. For the most part I rely on forums such as CP to read up on it. I could read the white paper but I'm not smart enough to understand. The other guides on the internet that dumb it down read as fan boys pumping Bitcoin tires.
From what I read about ETH, it makes sense to me. Much more so than Bitcoin. I would be comfortable putting a few dollars into ETHX.B to gain exposure to ETH. But I wouldn't for Bitcoin. Bitcoin is too energy intensive to be a daily currency and it's too volatile to be a store of value.
If ETH makes sense to you, I suggest reading about some of the newer cryptocurrencies.
Cardano (ADA) and Polygon (MATIC) are two that I find very promising.
I don't think very highly of BTC. It might remain as a store of value, but its value for that is dubious at best. It is the top crypto right now because it was the first one.
Eventually, the world will move to decentralized, secure and private currencies. It is inevitable. Whether there are a few of them that rule, or dozens, or hundreds remains to be seen.
Hard to call something an investment when it doesn't match up with any traditional form of valuation.
Is it a currency? Is it a store of value? Is it a technology? Or is it a banking system?
Crypto needs to make up its mind.
What is the internet?
It is a way to share news stories? Pictures of Aunt Martha? Is it a place to buy fetish wear and dildos? Is it a place for religious communities to gather? Is it a way to play video games with strangers?
If ETH makes sense to you, I suggest reading about some of the newer cryptocurrencies.
Cardano (ADA) and Polygon (MATIC) are two that I find very promising.
I don't think very highly of BTC. It might remain as a store of value, but its value for that is dubious at best. It is the top crypto right now because it was the first one.
Eventually, the world will move to decentralized, secure and private currencies. It is inevitable. Whether there are a few of them that rule, or dozens, or hundreds remains to be seen.
Any links to help me learn about ADA or MATIC?
I have exposure to ETH via ETHX.B etf. It's convenient and I can purchase it in Questrade. I'm not interested in getting a Coinbase account or putting it into cold storage or anything like that.
It is a way to share news stories? Pictures of Aunt Martha? Is it a place to buy fetish wear and dildos? Is it a place for religious communities to gather? Is it a way to play video games with strangers?
The internet needs to make up its mind.
The internet is a method of communication, nothing else
If ETH makes sense to you, I suggest reading about some of the newer cryptocurrencies.
Cardano (ADA) and Polygon (MATIC) are two that I find very promising.
I don't think very highly of BTC. It might remain as a store of value, but its value for that is dubious at best. It is the top crypto right now because it was the first one.
Eventually, the world will move to decentralized, secure and private currencies. It is inevitable. Whether there are a few of them that rule, or dozens, or hundreds remains to be seen.
So you envisage a future without debt, where we go back to paying cash up front for everything? no visa cards or car loans, mortgages or the like
"In April, the exchange told its investors it was the victim of a hack and asked them not to report the incident to the authorities on account it would “slow down” the process of recovering their missing money."
Earlier this month, the billionaire mega star posted something a bit out of the ordinary to her Instagram Stories. Kardashian was promoting a new alternative cryptocurrency, or altcoin, called Ethereum Max.
YouTubers, streamers, and all kinds of social media influencers are jumping aboard the altcoin train. They're urging their followers to look into new altcoins on a regular basis, if not flat out encouraging them to invest.
"As soon as you could exchange Bitcoin for money, every scammer came out of the woodwork," he said. "A lot of people [involved in crypto] have a history of scams."
"What you've described is called pump and dump," Springer explained in a phone call where we walked through the various altcoins and their marketing schemes. "It could also be a ponzi scheme or a pyramid scheme or even both."
Beyond being paid to simply market altcoins, some influencers have more vested interest in promoting certain cryptocurrency.
Sam Pepper was a popular YouTuber who was accused of rape and sexual assault in 2014. Since then, he has re-emerged as a TikTok star and taken up promoting altcoins. In April, Pepper was accused by his followers of being part of an altcoin scam.
Mark Cuban, the billionaire tech investor and owner of the Dallas Mavericks, wrote a blog post on June 13 that hyped up two specific alternative cryptocurrencies, including TITAN. At the time, TITAN token was trading as high as $65.
Just four days later, major investors bailed, and the coin's value plummeted. It's currently worth $0.0000000851. In an interview with Bloomberg, Cuban says he lost money from investing in the coin. He chalked up the bad investment to being "too lazy to do the math."
There was a guy on the Ethermine discord calling it like a week before it happened too. These things aren't always super obvious but there are definite fingerprints.
Other than being a crypto day trader and having something that's both stable and still in the crypto space, I just don't get why anyone passionate about this subject would hold a stablecoin. They're still just relying on the US dollar and everyone's faith in it. What happens to these stablecoins when the G7 banks issue their own crypto to run concurrently with the traditional banking system? Who would use Tether when the Bank of Canada has a coin redeemable anywhere immediately?
It's so artificial to see Tethers market cap increasing when all they do is mint new coins whenever someone wants them. The Tether team is amassing an crypto fortune and will keep doing so until they have the crypto equivalent to a run on the bank - then vanish.
Just to play devils advocate, you can earn much more interest on a stable coin as opposed to trying to earn interest on your fiat in a bank.
How does that work logically? If it is tied to the dollar, where is your interest coming from? Are they loaning your investment out like a bank? Or is it just a sign of a ponzi scheme?
