Bitcoin returns to $18K

Do you remember laughing at me for preaching Bitcoin 2 1/2 yrs ago, after the famous bubble burst? Assuring me that Bitcoin was dead, spiraling down the toilet? Accusing me of trying to pump up popularity so I could salvage my own investments?

I won’t name names, but you know who you are.

Turns out this deflationary consensus-based decentralized asset is holding its value & then some.

Much more than I can say for the US dollar.

That was probably me. I’m still not a fan of Bitcoin.

Bitcoin has problems & challenges, but people incorrectly extrapolate them into fatal flaws.

And they miss the key point, which is that this is the best prospect we have ever seen – lasting 11 years at this point – for breaking the government monopoly on money. Throughout its entire history, government has only used money to steal the value of labor from uneducated & poorly educated citizens.

This is finally a form of serious competition. And competition does not exist between governments, except in a fraudulent race to the bottom while everyone tries to devalue their own currency the fastest.

That my issue with Bitcoin. It isn’t really used as money other than people buying drugs and hookers. It isn’t overly anonymous overtime.

[quote=“brobbs, post:1, topic:4002, full:true”]Accusing me of trying to pump up popularity so I could salvage my own investments?

Lol! Which idiot thought a dude pumping up bitcoin to 20 people on a message board could affect the price of it so you could profit?

I still think bitcoin is insane. I do see some valid uses for it but the volatility makes it difficult to hold. The only personal use of bitcoin I am aware of, my old roommate was a controller of a regional store. They were attacked with ransomware. They paid $75,000 in bitcoin to get their data back.

Companies will not widely embrace the use of bitcoin. There is not as many internal controls with respect to access and approvals for expenditures. I work in finance at a fairly large company. I am backup person for treasury functions. The process that companies go through to release money from a bank account goes through multiple people with segregation of duties. By the time final approval of wires to be released comes to my desk, there have been approvals then input by another then it comes to my desk for final approval and release of funds. I just don’t see this happening with bitcoin. Also, there would be no stopping an employee from stealing everything and disappearing. My personal access is limited to approving wires up to $100,000,000. It use to only be $50,000,000 but one day the primary guy was out and I did not have the system access to approve the $75,000,000 wire.

Maybe I will learn some more about bitcoin in the coming months.

I almost sold a gun several years ago for bitcoin. Back then it was only valued about $400. The guy offered me 1.5 bitcoin but I wanted cash instead. I could have turned that $600 gun into $27,000 if only I did that transaction.

This is a very common response, but it generally reflects “inside-the-box” thinking, i.e. framed by the status quo.

With an imaginative attitude, the possibilities are endless.

I’m not concerned with big companies accepting & adopting Bitcoin. Most big companies have passed their peak of innovation & quality production, and have begun the slow decay that happens when an organization gets too complex & unwieldy, and dedicates its existence to working good deals through the government rather than serving new customers’ needs & wants. Lobbying, lawyers, blah blah blah. It becomes a big club, like Government Lite, where newcomers have to suck up to succeed.

A decentralized currency empowers private individual entrepreneurs, whereas the heavily regulated fiat monetary system tends to disadvantage them.

Now is Bitcoin there yet as a fully fledged competitor? No. But it has potential. Naysayers are always going to say “because it can’t now, therefore it can’t ever” (i.e. compete at scale). But that is linear thinking reflecting inertia bias.

And it is exactly what so called experts said about the internet’s role in the economy as well as its ability to livestream video in the gross excess quantities that it does today. If you had told someone back in 1995 that we would be able to watch high-definition videos live over the internet, and that we would be doing “one-click purchasing” today, they would have told you you were crazy without batting an eye.

I am not against bitcoin, but I don’t understand it so I would not get involved in it.

What do you buy with bitcoins? Are there stores that you use that accepts bitcoins? Until the stores you shop at accepts bitcoins, then you are stuck with traditional banking and use of cash. It is really no different than physical gold or silver. What store do you go buy items with physical gold? I am sure that areas in gold mining areas, there is a lot of transactions using gold but outside of that I would imagine it is pretty rare.

That’s not in dispute… If you think my argument is that lots of stores currently accept Bitcoin, then you haven’t paid attention to a single word I’ve said.

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