The Bitcoin/Crypto Thread
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I agree with what Warren Buffet has said about crypto. (Plus I dont understand it 555)
“If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”
“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things — we can put up Berkshire coins... but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”
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I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
@Klaus said in The Bitcoin/Crypto Thread:
I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.
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@Klaus said in The Bitcoin/Crypto Thread:
I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.
@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.
It isn't worth anything anymore if you would concentrate all Euro in one hand.
No modern currency has intrinsic value.
It's all a matter of trust. If people trust crypto, you'll soon be able to buy shoes with it. If people do not, it will end up in the dust bin of history.
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@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.
It isn't worth anything anymore if you would concentrate all Euro in one hand.
No modern currency has intrinsic value.
It's all a matter of trust. If people trust crypto, you'll soon be able to buy shoes with it. If people do not, it will end up in the dust bin of history.
@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
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@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
The idea is that you can exchange it for spendable currency. Which you can, fairly easily.
Education is extremely important.
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Maybe I lack imagination - but I see Bitcoin as the most useful of the bench as a monetary system that's completely divorced from politics.
But - we already essentially have that in gold.
In terms of spending - I don't see how it makes my life any easier using crypto to buy things online vs. a credit card.
If anything - I do want a bank standing behind my card to help me if there's fraud or charges need to be reversed, etc.
Maybe I just don't get it - but I've tried.
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Maybe I lack imagination - but I see Bitcoin as the most useful of the bench as a monetary system that's completely divorced from politics.
But - we already essentially have that in gold.
In terms of spending - I don't see how it makes my life any easier using crypto to buy things online vs. a credit card.
If anything - I do want a bank standing behind my card to help me if there's fraud or charges need to be reversed, etc.
Maybe I just don't get it - but I've tried.
@xenon said in The Bitcoin/Crypto Thread:
Maybe I lack imagination - but I see Bitcoin as the most useful of the bench as a monetary system that's completely divorced from politics.
But - we already essentially have that in gold.
In terms of spending - I don't see how it makes my life any easier using crypto to buy things online vs. a credit card.
If anything - I do want a bank standing behind my card to help me if there's fraud or charges need to be reversed, etc.
Maybe I just don't get it - but I've tried.
It’s a currency by techie preppers, for techie preppers.
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@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
The idea is that you can exchange it for spendable currency. Which you can, fairly easily.
@Horace said in The Bitcoin/Crypto Thread:
@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
The idea is that you can exchange it for spendable currency. Which you can, fairly easily.
But that will be the defeat. If you have to exchange it to a spendable currency, then what good is it? Why not just have the spendable currency?
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@Horace said in The Bitcoin/Crypto Thread:
@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
The idea is that you can exchange it for spendable currency. Which you can, fairly easily.
But that will be the defeat. If you have to exchange it to a spendable currency, then what good is it? Why not just have the spendable currency?
@taiwan_girl said in The Bitcoin/Crypto Thread:
@Horace said in The Bitcoin/Crypto Thread:
@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
The idea is that you can exchange it for spendable currency. Which you can, fairly easily.
But that will be the defeat. If you have to exchange it to a spendable currency, then what good is it? Why not just have the spendable currency?
Ask a techie prepper, or a coup enthusiast. Governments dissolve after all.
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Been a little bit of a rally the last couple of weeks. My meager holdings are up about 7% since the New Year.
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This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.
The Brad
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Of course, that’s still 1/6th of what I put in…
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Of course, that’s still 1/6th of what I put in…
I'm sorry you're going through this. It must be really tough for you. It's important to remember that investments are always a risk and that this doesn't define your worth as a person.
It's natural to feel upset and disappointed, but try to focus on the lessons you've learned from this experience and how you can use them to make better decisions in the future. Remember that money is not everything, and that you still have many other things to be grateful for in your life.
