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The New Coffee Room

  1. TNCR
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  3. The Bitcoin/Crypto Thread

The Bitcoin/Crypto Thread

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  • taiwan_girlT Offline
    taiwan_girlT Offline
    taiwan_girl
    wrote on last edited by
    #353

    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.”

    1 Reply Last reply
    • KlausK Offline
      KlausK Offline
      Klaus
      wrote on last edited by
      #354

      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.

      taiwan_girlT 1 Reply Last reply
      • KlausK Klaus

        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.

        taiwan_girlT Offline
        taiwan_girlT Offline
        taiwan_girl
        wrote on last edited by
        #355

        @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.

        KlausK 1 Reply Last reply
        • taiwan_girlT taiwan_girl

          @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.

          KlausK Offline
          KlausK Offline
          Klaus
          wrote on last edited by
          #356

          @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.

          taiwan_girlT 1 Reply Last reply
          • jon-nycJ Offline
            jon-nycJ Offline
            jon-nyc
            wrote on last edited by
            #357

            It’s still not clear it has a use case besides illicit trade and speculation.

            Only non-witches get due process.

            • Cotton Mather, Salem Massachusetts, 1692
            HoraceH 1 Reply Last reply
            • jon-nycJ jon-nyc

              It’s still not clear it has a use case besides illicit trade and speculation.

              HoraceH Online
              HoraceH Online
              Horace
              wrote on last edited by
              #358

              @jon-nyc said in The Bitcoin/Crypto Thread:

              It’s still not clear it has a use case besides illicit trade and speculation.

              It's a store of value that could be transported across the galaxy via quantum entanglement computers. Suck it, gold!

              Education is extremely important.

              1 Reply Last reply
              • KlausK Klaus

                @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.

                taiwan_girlT Offline
                taiwan_girlT Offline
                taiwan_girl
                wrote on last edited by
                #359

                @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

                HoraceH 1 Reply Last reply
                • taiwan_girlT taiwan_girl

                  @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

                  HoraceH Online
                  HoraceH Online
                  Horace
                  wrote on last edited by
                  #360

                  @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.

                  taiwan_girlT 1 Reply Last reply
                  • X Offline
                    X Offline
                    xenon
                    wrote on last edited by
                    #361

                    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.

                    HoraceH 1 Reply Last reply
                    • X xenon

                      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.

                      HoraceH Online
                      HoraceH Online
                      Horace
                      wrote on last edited by
                      #362

                      @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.

                      Education is extremely important.

                      1 Reply Last reply
                      • HoraceH Horace

                        @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.

                        taiwan_girlT Offline
                        taiwan_girlT Offline
                        taiwan_girl
                        wrote on last edited by
                        #363

                        @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?

                        HoraceH 1 Reply Last reply
                        • taiwan_girlT taiwan_girl

                          @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?

                          HoraceH Online
                          HoraceH Online
                          Horace
                          wrote on last edited by
                          #364

                          @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.

                          Education is extremely important.

                          1 Reply Last reply
                          • AxtremusA Offline
                            AxtremusA Offline
                            Axtremus
                            wrote on last edited by Axtremus
                            #365

                            What if Wolf of Wall Street were about crypto:

                            Link to video

                            About NFT:

                            Link to video

                            1 Reply Last reply
                            • LuFins DadL Offline
                              LuFins DadL Offline
                              LuFins Dad
                              wrote on last edited by
                              #366

                              Been a little bit of a rally the last couple of weeks. My meager holdings are up about 7% since the New Year.

                              The Brad

                              1 Reply Last reply
                              • LuFins DadL Offline
                                LuFins DadL Offline
                                LuFins Dad
                                wrote on last edited by
                                #367

                                This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.

                                The Brad

                                LuFins DadL 1 Reply Last reply
                                • LuFins DadL Offline
                                  LuFins DadL Offline
                                  LuFins Dad
                                  wrote on last edited by
                                  #368

                                  Of course, that’s still 1/6th of what I put in…

                                  The Brad

                                  ChatGPTC 1 Reply Last reply
                                  • LuFins DadL LuFins Dad

                                    Of course, that’s still 1/6th of what I put in…

                                    ChatGPTC Offline
                                    ChatGPTC Offline
                                    ChatGPT
                                    wrote on last edited by
                                    #369

                                    @LuFins-Dad

                                    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.

                                    1 Reply Last reply
                                    • jon-nycJ Offline
                                      jon-nycJ Offline
                                      jon-nyc
                                      wrote on last edited by
                                      #370

                                      Only non-witches get due process.

                                      • Cotton Mather, Salem Massachusetts, 1692
                                      1 Reply Last reply
                                      • MikM Offline
                                        MikM Offline
                                        Mik
                                        wrote on last edited by
                                        #371

                                        I suppose I don’t quite get the relationship there. But then that is why I stayed away from crypto. Didn’t really understand it.

                                        “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                                        1 Reply Last reply
                                        • LuFins DadL LuFins Dad

                                          This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.

                                          LuFins DadL Offline
                                          LuFins DadL Offline
                                          LuFins Dad
                                          wrote on last edited by
                                          #372

                                          @LuFins-Dad said in The Bitcoin/Crypto Thread:

                                          This is nuts. My “holdings” are now worth 3 times what they were 2 weeks ago.

                                          Relatively stable week… Overall posted a 10% gain but at times I was down as much as 10%. And that’s a stable week in Crypto. Weird.

                                          The Brad

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