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Justarandomjohn's avatar

After the example of Canadian government freezing personal property in banks, what do you think about a case for cryptocurrency? And keeping some money outside of the regular banking system? It appears quite arbitrary that the government can declare whoever to be not in the good books and seize their money?

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Hgbnkkm's avatar

What if the Gman ….can’t stop it ?

Making something” illegal “ is one thing, making it disappear from use is entirely different.

Think drugs.

Even if the Gman created and released BTC into the wild ( highly unlikely!) that doesn’t mean they control it. It’s open source software.

Look. The “value” in anything is what someone is willing to pay for it. Er’body knows that. “Value” changes over time and markets of course. Old man yells at clouds …about the ridiculous “value” of TSLA, BTC, AMC- matters not. The current price reflects its underlying value.

Tulip mania. What a silly and oft repeated analogy. So Tulip bubble occurred and popped- gone forever, right. Tulips never regained their high/glory, right ? Fool me once… BTC has gone from zero $ in 2009 to about $20,000 today -14 Years later. 14 years and not just still kicking but thriving. Tulip was one rise, one bust, done forever. BTC has gone through many 70% drawdowns over the years and yet claws back to higher values over the long term. Explain how that is in any way analogous to Tulip Mania?

Currencies on average have about a 250 yr shelf life of being on top. How comfortable are you with USD continuing that role for the next 50,100 yrs? I’d wager you that BTC will outlive the USD as we know it. Unfortunately you won’t be around to pay and I won’t be alive to receive payment.

Gold bugs. I get it. Gold is a confidence asset just like BTC. Like BTC it’s ONLY reasonable use is store of value. It’s not priced at $1800/oz bc it’s pretty or used industrially . No it’s priced MUCH higher than it’s practical physical use cases. Gold is valuable ONLY bc it can’t be readily debased/inflated. And that is solely bc it’s rare and difficult to mine.

So BTC is crazy nonsense! You can’t “hold” it !!! Oh my ! As if that’s a prerequisite of value- do you “ hold” your USD ? Sure prob about 1% or less of what you own. The rest is a data entry on a computer at your bank etc. Do you snuggle up at night w your JNJ stock certificates ? It’s a data entry. Crazy? Imagine you are an alien visiting earth for the 1st time and watching the gold environment. First you see immense amounts of effort , machinery , labor being used to dig up millions of pounds of rock in dangerous locations across the world. Then tiny amounts of a yellow metal are extracted from this mess. Much more Money and time and effort is spent congealing this raw gold into minted bars and coins. These heavy items are then shipped across the world (w paid insurance) to gold dealers. Who then put them into safes and spend considerable effort in securing these small otherwise no-value, worthless coins. The dealer eventually sells this chunk of metal to Joe 6 pack. Joe forks over paper USD he’s earned by his own labor ,smiles, takes possession of these small gold coins. He then immediately places them in his own safe. The gold then sits there in the dark never ever doing anything useful other than providing confidence that it is THE store of value.

And you think BTC is crazy ?

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