In a way it is money
I can go to AMC and buy a movie ticket with it.
There are many things I can buy by exchanging crypto
I can go to AMC and buy a movie ticket with it.
There are many things I can buy by exchanging crypto
BITCOIN
- Thread starter Weather Man
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How is bitcoin "deflationary?"
Thirteen years old is not "new."
Uber totally dismantled the incumbent taxi industry in <5 years.
Netflix totally dismantled the incumbent DVD industry in <5 years.
The iPhone totally dismantled the incumbent cell phone industry in <5 years.
EVs were a novelty 5 years ago and they are now >5% of auto sales.
I could go on and on.
The fact that you are no closer to using BTC for anything besides a topic of debate on a car forum should tell you what a scam it is.
Anyone who bought after the peak mania had their investment in BTC deflated, so I agree with him there. The holdlers think there is a third wave of suckers out there that will bounce the price up. The pool of suckers is diminishing rapidly with the implosion of crypto coins. The trend line since the last peak at $60,000 is bending down at an ever steeper rate. Everyone is waiting for the one of the whales nerves to break and bail, and then watch out below, shit will get real fast.
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The CFTC just charged a bitcoin firm with operating the 'largest ever fraud' involving the cryptocurrency
Jennifer Sor - Yesterday 9:31 AM- The CFTC announced charges against a bitcoin firm for defrauding investors out of $1.7 billion.
- Mirror Trading International operated as a fraudulent multi-level marketing scheme, the CFTC said.
"This action is the largest fraudulent scheme involving Bitcoin charged in any CFTC case," the commission said in a statement. Investors who pooled funds in the company, which was advertised as a bitcoin trading pool, lost a total 29,421 Bitcoin, a value of over $1.7 billion.
The firm, based in South Africa, advertised returns as high as 10% a month through investments manged by a trading "bot". CFTC documents state that Mirror Trading invented account figures and created "a fictitious broker at which the trading purportedly took place." Commissioner Kristin Johnson called the company a "Ponzi scheme" in a statement.
Cryptocurrency investors have dealt with a wave of scams and hacks this year. Earlier this month, the FTC reported that over 46,000 crypto owners were scammed in 2021, accumulating losses of over a billion dollars in bitcoin, ether, and other digital assets.
News of Steynberg's fraud also came on the same day the FBI announced a $100,000 reward for "Cryptoqueen" Ruja Ignatova, who stole $4 billion from victims in another scam. The Department of Justice on Thursday also charged six individuals with running various crypto schemes.
The CFTC said it was looking into heavier regulation of cryptocurrencies last month, according to the Wall Street Journal. In the meantime, the commission stated it is in the process of returning funds to MTI's investors – although it may not fully recover the money members had in the pool.
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Yeah but his basis is $500!
Then he had 2 chances to cash out a ridiculous winner. Now he gets to test his nerve with the other whales. Since there are no circuit breakers, and it trades 24/7, it will be pretty spectacular when it happens. Go to sleep at $19,000 and wake up to zero, what a kick in the nuts.
His basis is not $500. It is pure fantasy.
What! Didn't everyone buy BTC at $500!
It is possible that he has a few coins from that level. One of the guys at my station was holding onto one coin for years just for the hell of it and made it all the way to 40k before he broke down and sold.
Sitting around the table last evening, adults discussing different products that have spiked up in price. My 10 year old says "not everything is going up in price" heads turn, and we let him chime in........"stocks and crypto are going down". At least he's paying attention.
Because the price was $60k a few months ago and is no under $30k.
Deflation
If you buy an EV you won’t suffer through high gas prices. - Peter Buttplug
I bought one BTC for market price $100. There are other ways to get bitcoin besides buying.
they are even Bitcoin Brick and mortar places to do trading
How is that deflationary?
So if I “store” my money in BTC, it’s a good deal?
Please explain?
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Vauld, a crypto lender backed by Coinbase Inc., said it froze withdrawals and hired advisers to explore a potential restructuring, joining rivals from Celsius Network to Babel Finance in resorting to last-ditch measures to survive the market rout.
The Singapore-based company hired Kroll as financial adviser and Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisers, Chief Executive Officer Darshan Bathija said in a blog post on Monday. All withdrawals, trading and deposits on the platform have been suspended.
The Singapore-based company hired Kroll as financial adviser and Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisers, Chief Executive Officer Darshan Bathija said in a blog post on Monday. All withdrawals, trading and deposits on the platform have been suspended.
Bitcoin is deflationary because:
-the supply is capped at 21 million btc.
-as mining difficulty increases automatically, the number of mined bitcoins decreases per amount of work (hashing) is done.
Imagine what a dollar would be worth today if the money supply was capped?
Number of Bitcoins in circulation worldwide from October 2009 to April 4, 2022
Who decided it is capped at 21 million and who regulates that?
No single entity controls Bitcoin policy, code and development. Satoshi Nakamoto specified the 21M cap. Although this can be changed, it is highly unlikely this will ever occur. Bitcoin derives its value from scarcity (deflationary) and increasing supply would go against this.
So who are these entities that control policy, code and development? It's not Satoshi Nakamoto because there is no such person. And the cap would definitely be changed if there ends up being a way for people to benefit. Rules and regulations change all the time.
I don't wish you any bad luck with Bitcoin but I ran for the hills when I learned its founder(s) identities were being kept secret. I mean I would never make a stock investment in a company if nobody knew who the CEO was.
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