[2013] Bitcoin May Be the Global Economy's Last Safe Haven

[TolmiePeak]

WHAT!??!?!?!?!?! Cuz bitcoiners (prob I should say HODLers or something like that) don't want no stinkin gold.
"sold in" not the same as "tethered to", whatever that means to you at this moment.

But why is it priced in US dollars?

 

[Brett]

Gold grifters and crypto grifters keep away from each other -- professional courtesy. And everyone stays away from "precious moments," hummel, collectible plates, bogus coins which aren't legal tender anywhere and similar. It's just more pleasant not dealing with wackos.

yeah, crypto grifters have got it easy, just market the "Meme coin" and the suckers send you money - $$$$ !

 

[WaikikiFirst]

why is it priced in US $

when they priced it in hot dogs, the brokers/dealers couldn't afford health insurance because they kept getting fat and cancerous from sneaking into the central hot dog repository and eating the hot dogs

 

[Brett]

when they priced it in hot dogs, the brokers/dealers couldn't afford health insurance because they kept getting fat and cancerous from sneaking into the central hot dog repository and eating the hot dogs

yeah, crypto coins can be priced in any denomination

Top Meme Coins by Market Cap​

https://www.coingecko.com/en/categories/meme-token

 

[T_R_Oglodyte]

yeah, crypto coins can be priced in any denomination

Top Meme Coins by Market Cap​

https://www.coingecko.com/en/categories/meme-token

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Reminds me of a bit from the old Rocky & Bullwinkle show - probably one the Aesop and Son sketches - about King Midas. He turned everything into gold, but then gold became so plentiful that it was worthless. Everybody had so much gold that gold was worthless. So the people switched to something that did have value - turnips.

 

[Brett]

Meme Coins Like Stir Wild Market
https://www.wsj.com/finance/trump-meme-coin-crypto-explained-c881afff

"These days, anyone can create a meme coin within minutes thanks to the proliferation of websites that specialize in one-stop token creation. Users simply need to plug in the desired names, tickers and descriptions of their tokens and pay a fee before launching their very own meme coins.

Th'e mania over meme coins all started with a Shiba Inu. Dogecoin is the original meme coin that set the internet ablaze. Its popularity exploded after Elon Musk, the Tesla chief obsessively tweeted about it. Today, it trades at 37 cents, putting its market cap at $55 billion. That is down from a peak of over $80 billion in May 2021

"One of the primary criticisms of meme coins is their susceptibility to pump-and-dump schemes in which large holders cause sharp price declines by selling more tokens than the market can absorb. The sudden drop in price of ten leaves investors with worthless tokens, an act that is known in crypto parlance as a rug pull.

 

[Brett]

U.S. Creates a Cryptocurrency Fort Knox​

Federal Cryptocurrency Strategic Reserve established

https://finance.yahoo.com/news/trum...d-of-white-house-crypto-summit-090057235.html
https://www.usatoday.com/story/news/politics/2025/03/06/trump-crypto-fort-knox-reserve/81834323007/

"new purchases can only be made for bitcoin, the oldest and most valuable cryptocurrency"

"Thursday’s order makes the U.S. one of the few nations to have a crypto reserve, in part because of how difficult stockpiles can be to manage and secure, and in part because of
skepticism of the value of cryptocurrencies among many government officials worldwide"

 

[WorldT]

The US doesn't have the money to acquire new crypto (Bitcoin) assets and really is not planning to. The assets that will go into this reserves is what is already being held by the DOJ and Treasury from seizures, recovery, and payments.
So nothing new other than bringing the assets into one storage place.

 

[Brett]

The US doesn't have the money to acquire new crypto (Bitcoin) assets and really is not planning to. The assets that will go into this reserves is what is already being held by the DOJ and Treasury from seizures, recovery, and payments.
So nothing new other than bringing the assets into one storage place.

If one believes the Wall Street Journal that's not quite true. Some person keeps bragging about their $13 Billion "meme coin" - it's easy money

You would buy a "U.S. Bitcoin", right? - it's patriotic !

https://www.wsj.com/politics/policy/trump-crypto-president-meme-coin-0ca2c31b
https://www.wsj.com/us-news/inside-sbfs-campaign-for-a-presidential-pardon-from-trump-baf53eb4

 

[pedro47]

Where do you purchase this bitcoin and how much is the exact cost per coin?
I just Google the cost. This bitcoin is down as of Friday.
$86, 000 dollars for one bitcoin. You must be crazy or super rich, with nothing to do with your money. LOL

 

[TolmiePeak]

Where do you purchase this bitcoin and how much is the exact cost per coin?
I just Google the cost. This bitcoin is down as of Friday.
$86, 000 dollars for one bitcoin. You must be crazy or super rich, with nothing to do with your money. LOL

Timeshare salespeople are saints in comparison to the grifters involved in crypto.

 

[Tia]

Timeshare salespeople are saints in comparison to the grifters involved in crypto.

The name Sam Bankman Fried should prove this

 

[emeryjre]

The name Sam Bankman Fried should prove this

Crypto Grifts come in various flavors
Sam Bankman Fried ran an age old scam
He lied about values of his holdings
Shifted holdings among subsidiaries to complicate the asset valuation process
He used bitcoin as his holdings

Meme Coin scams are completely different
Meme Coin scams are really a sight to behold when measured on a gullibility scale
Only a truly gullible person would have any involvement in purchasing a meme coin
The promoter can make a lot of money
The purchaser has an extremely low probability of being a winner

 

[jp10558]

Crypto is on it's face at best an invented speculative version of "digital gold", at worst actively bad for everyone who isn't either trying to do illegal digital transactions or scam people who turn off their brains at "computer". Even as a speculative asset it's incredibly volatile, and as quantum computing comes online (that has a potential to break pre-quantum encryption) vulnerable to various fundamental breakages IMO. If any of the traditional cryptography people are right about quantum computing (or even if there's any traditional breakthrough in cracking algorithms) Bitcoin may be as "valuable" as gold would be if alchemy suddenly became real and I could turn any random item into gold.

What's worse IMHO is no one really settles in bitcoin. You're paying huge fees to get normal currencies into and out of crypto, and I have to believe that's passed on in the pricing by anyone who does "take crypto" - not to mention unless they're a true believer, I'd also want to price in the risk that the $100 equivalent Bitcoin (notice how nothing is priced in bitcoin) might well be $50 by the time the crypto transfer completes (though I guess it might also be $150 which is a different issue for the buyer).

Finally, Bitcoin just sucks from a usability perspective - and Ethereum isn't any better. The rest are basically memecoins no matter what they say - if you're not at least a little into crypto - have you even heard of Stellar Lumens? DOGEcoin?

I could go on, but I won't - there's less "there there" than in Fiat currencies. There's less "there there" than bullion. And there's the other obvious to me problem - as long as crypto works - for any legal transaction there are better, faster, easier and cheaper ways to settle. If stuff gets bad enough that traditional ACH, Credit, Paypal etc stop working, Crypto isn't going to work either - but bullion might. If the USD or other major currency fails (which seems unlikely, but possible) - I would personally bet on another reserve currency like Euro or GBP being picked up to settle transactions rather than Bitcoin. So Crypto remains in my mind a new kind of penny stock for people to gamble on, but it has fundamental limitations that make it impossible to scale to being any major currency (look up transactions per second on top of costs, look up fixed maximum number of bitcoin etc).

 

[Carolinian]

I read an article that quantum computing will make hacking any of the digital "currencies" much easier. While active "wallets" can probably be given extra protection, at a price, inactive "wallets" may beomce easy to hack and empty, putting a lot more active supply into the system. Even if active "wallets" can be at least somewhat protected, all of this estra bitcon (notice I leave out the "i") in the system will knock down value.

I have never been a fan of crypto, and agree with the financiers who have called it "rat poison" and a "digital Ponzi scheme". It has also raised the specter of central bank digital currencies which are a threat to personal privacy. Some states have already passed laws to discourage central bank digital currency.

 

[amycurl]

I still love that Michael Che got Musk to admit that crypto was a hustle on national tv.


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[Brett]

I still love that Michael Che got Musk to admit that crypto was a hustle on national tv.


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yes, and Elon said DOGE coins were a scam - - and social security !
OMG ...