Crypto Currency

Like I asked you last time, I need a couple satoshis to go buy some paper towels at Kroger. How can I get them?
 
Busy working, thanks for answering all that Dion.
I’m still trying to reconfigure my company for better online sales. Also we’re going to start taking bitcoin for payment online. Right now I’m updating all packaging to sell on amazon and Facebook marketplace. I found competitors in LA doing this. Lots of work to do updating banners, online videos, then buying ads in a month. Apparently, selling small products easy to ship exponentially out performs my 2,000 lb carbon vessels etc. I have to adjust! My Facebook ads will drive traffic to my website where customers can pay in bit coin. I’m sure most will remain USD now. Lots of opportunity in this new environment.
 
Can’t you scan from your phone from the square cash app? For instance at Kroger.
 
No but Dion knows. Plus learning about BTC will make you cool to grandkids, your children or maybe your wife. Not sure about that last one.
 
There are other other tangible items, including other metals, that could have been chosen just as easily, so there is some "arbitrariness" to it. It is also arbitrary in the sense that various countries have more gold deposits than others. Hence, at the whim of those holding gold deposits and declaring that they declare gold to be the "standard" measure of value, they are wealthy and others are poor. You could not be more arbitrary.
Click to expand...

It wasn't arbitrary at all. Gold and Silver won out because they were better currencies. It was a market competition, and they won. It is no more arbitrary than VCR winning over Betamax.

Only if people believed in the value of the "real" money, just like they believe in the value of paper money.
Click to expand...

People still believe in the value of gold and silver. They do because they have value outside of being money, unlike paper.

I stated that commodity money has been used and discarded for centuries. Commodity money, such as sea shells, were used in the Bronze Age, so yeah, it has been around.

Also, you can't say, without being in conflict, that people did not discard commodity money while simultaneously stating that the most valuable commodities won out over time. Obviously, the people did discard commodity money such as salt, sea shells, and bronze knives in favor of other commodities.

Governments do manipulate markets. I just don't see how owning an electronic signal, limited in supply, is going to fix any problems.
Click to expand...

Your statement is untrue though. Because over centuries only other commodities were used as money after the previous one was discarded. The best money won out over time. That isn't an argument against commodity money. It is the history of how we arrived at the best ones.

Your thinking is all twisted up. Sure some commodities were discarded, but fiat currency didn't exist until 1971.

You don't see it but many others do. Listen to them.
 
Eventually fiat currency will lose out to “something else”. Since 2008 too many central banks have been printing there way out of a recession. US, UK, Ireland, Greece, Germany, Italy and many others. When more currencies see deflation and therefore Global Economies see inflation whereby food & real estate become too expensive for the middle class. That’s when we’ll see fiat currency get dumped for “something else”. So far that appears to be BTC. There may be other crypto currencies that get that strong like Ethereum but my moneys on BTC. Maybe some countries will go back to the Gold standard. But I don’t see that as sustainable. And some countries will create there own crypto currencies, but I see BTC as by far the strongest. Fiat currency is in its death throws, but I’m sure we’ll string it out as long as possible. 5 years, 10 years? It’s coming!
 
“The best money won out over time”. What money would that be? That answers the question of why would anyone believe in crypto currency as a commodity money that will win the day. Been there, done that. Just like Lyft and Uber are computerized versions of the jitney, the bitcoin commodity money idea is not new. It is today’s “sea shell” , but it sounds “cool” with terms like “block chain”. Take away the bells and whistles and you are left with a failed idea that could not and cannot survive.
 
Why does square cash app say I reached my limit on buying bit coin? Plenty in my business account, it won’t let me buy anymore? I had to buy with cash app and transfer to my cold storage wallet could not use a Debit card.
 
AC said:
Why does square cash app say I reached my limit on buying bit coin? Plenty in my business account, it won’t let me buy anymore? I had to buy with cash app and transfer to my cold storage wallet could not use a Debit card.
Click to expand...
I know that Cash App places some daily & monthly caps on this. It says so in the app. I don’t know why though.
 
iatrogenic said:
If the concern is how the money supply is manipulated by governments, why would you not be concerned that anyone can issue a crypto currency in an amount of their choosing, and "print" as much of the crypto currency as they want? Isn't that already happening?

What is magic or correct about the arbitrary 21,000,000 bitcoin limit? How is the liquidity affected if everyone acts in the manner you described and buys Bitcoin as an investment instead of using it as a currency?

Could the 21mm limit be increased? Who controls the limit? Are you sure?
Click to expand...


I submit that because Crypto currency has it's value based on the black market, it is probably a more valuable currency than our own dollar. Black market has been around forever and isn't going away, crypto currency will maintain it's value much longer than any domestic or foreign currency. The real question is, what a normal person can do with it. Obviously you can't use it at the grocery store or to pay your mortgage here. This is where its usefulness ends. This is what fuels my apprehension with getting into bitcoin. How liquid is it?
 
Why would a black market commodity used as a currency have more value than an actual currency used and accepted world wide?
 
iatrogenic said:
Why would a black market commodity used as a currency have more value than an actual currency used and accepted world wide?
Click to expand...

Government manipulation of said currency. Most of the major underbelly transactions for drugs, guns etc are done in crypto currency under the radar of government law enforcement. Hell, I'd be willing to bet our government is using crypto currency to buy and sell stuff they don't want tracked by congress. It's probably the purest form of Capitalism left on the planet.
 
Kernel has bitcoin atm’s in Dallas, Houston, and LA. Kernelatm.com.
Square cash app lets you buy it on your phone and transfer to a safe offline wallet like Trezor. I just received my Trezor from amazon on Friday. Crypto writers think it will go to $20K by 12/31/2020. Some billionaires are putting up 20MM to 80MM to get in cheap! Some more than that I’m sure. It’s a good investment. I don’t buy gas or food with it. I sit on it and watch the price.
 
Bitcoin has taken a Covid-19 hit along with all other asset classes as people escape to cash in a crisis, but over the longer term I think it could retain value as an uncorrelated asset.
 
And the common use cases like buying everyday things are not here, but Layer 2 solutions like the Lightning Network are being built for this purpose. It allows for high transaction volumes in smaller amounts off the main blockchain (second layer), and then does on-chain settlement later. This is the micropayments option.
 
AC said:
Kernel has bitcoin atm’s in Dallas, Houston, and LA. Kernelatm.com.
Square cash app lets you buy it on your phone and transfer to a safe offline wallet like Trezor. I just received my Trezor from amazon on Friday. Crypto writers think it will go to $20K by 12/31/2020. Some billionaires are putting up 20MM to 80MM to get in cheap! Some more than that I’m sure. It’s a good investment. I don’t buy gas or food with it. I sit on it and watch the price.
Click to expand...
That’s a better sales pitch than, “criminals use it”.
 
What if the criminals found out they can use dollars to buy drugs and such? That would be a shameful stain on USD and others would stay away from it.
 
You must log in or register to reply here.

Recent Threads

Prediction Results Threads

2024 Schedules

Back
Top