Could Rolex prices come over all Bitcoin?

[Robf52]

Originally Posted by SDGT3

First, your wrong. It was created so that underworld deals could be done, ie avoid govt detection.

Second, if there's a finite number of bitcoins it's the same as being on the Gold Standard, that's no long viable for an expanding economy.

Finally, China as well as other countries have either outlawed it or have heavy restrictions. What makes you think that any govt that has a strong reserve currency will want a digital competitor to their own?

The world's reserve currency is USD, and it's anything but strong. Over the past 15 years alone, the USD has lost almost 30% purchasing power. The current movement among countries (China, Russia, India, Brazil, etc) to de-dollarize only puts more pressure on the dollar. Will the US ever pay down $34T in accumulated debt? The only way out is inflation.

Digital currencies may gain currency in places like China, but, due to privacy concerns in places like the US, a USDC is hard to see happening.

[baythan]

There is no reason comparing Crypto space and Rolex. No reason at all.

[RichardBartlett]

Originally Posted by SDGT3

First, your wrong. It was created so that underworld deals could be done, ie avoid govt detection.

Second, if there's a finite number of bitcoins it's the same as being on the Gold Standard, that's no long viable for an expanding economy.

Finally, China as well as other countries have either outlawed it or have heavy restrictions. What makes you think that any govt that has a strong reserve currency will want a digital competitor to their own?

There is simply no evidence to back this up. It was almost certainly invented by one or more 'big brains' interested in these things.


That part of it has been used for criminal activities is par for the course. On the plus side you can't roll up a bitcoin and snort coke up it so it's not all bad..

China outlawed it like the internet purely because they cannot control it. Although they have a digital Yen so they can control the money supply.

America is the worst for a supposedly free capitalist country, the perpetual stalling of a digital currency because they fear the loss of the $ is head in the sand stuff.

BRICs is powering on, China, Russia and India are already buying and selling oil in their own currency. Africa is looking at that too and the dollar will plummet in a few years as the world moves on. And it will.

[EEpro]

Originally Posted by RichardBartlett

There is simply no evidence to back this up. It was almost certainly invented by one or more 'big brains' interested in these things.


That part of it has been used for criminal activities is par for the course. On the plus side you can't roll up a bitcoin and snort coke up it so it's not all bad..

China outlawed it like the internet purely because they cannot control it. Although they have a digital Yen so they can control the money supply.

America is the worst for a supposedly free capitalist country, the perpetual stalling of a digital currency because they fear the loss of the $ is head in the sand stuff.

BRICs is powering on, China, Russia and India are already buying and selling oil in their own currency. Africa is looking at that too and the dollar will plummet in a few years as the world moves on. And it will.

Didn't Hamas recently find out how open and transparent the blockchain is (as well as their donors)?

Using it for illegal activities is damn risky compared to Benjamins.

[RichardBartlett]

Originally Posted by EEpro

Didn't Hamas recently find out how open and transparent the blockchain is (as well as their donors)?

Using it for illegal activities is damn risky compared to Benjamins.

In fact, it’s possible that no one understands the challenges of using cryptocurrency for fundraising better than Hamas. On April 27, 2023, Al-Qassam Brigades (AQB), the military wing of Hamas, announced the shutdown of their longstanding cryptocurrency donation program. AQB cited concerns for the safety of their donors given the prosecution of those who donate through cryptocurrency.

Indeed perhaps we would control terrorism better by banning cash not crypto??

[0nly5iv3Digits]

Originally Posted by RichardBartlett

In fact, it’s possible that no one understands the challenges of using cryptocurrency for fundraising better than Hamas. On April 27, 2023, Al-Qassam Brigades (AQB), the military wing of Hamas, announced the shutdown of their longstanding cryptocurrency donation program. AQB cited concerns for the safety of their donors given the prosecution of those who donate through cryptocurrency.

Indeed perhaps we would control terrorism better by banning cash not crypto??

Spot on. Government talking points are laughable at this point. Seriously, we know they don’t like it, but how about coming up with a better way of selling that sentiment. Only the misinformed public with no real interest fall for the whole “crypto is used for terrorism and money laundering” narrative.

That was true years ago, before criminals realized the immutability of the public ledger. I’m talking now about Silk Road and the like. Those days, however, are for the most part, gone.

[WilsdorfNDavis]

4 years ago Bitcoin was at $7500 (today it is at $44000), there's not a Rolex watch you could've bought in 2019 that is worth nearly 600% today.
And there are only a total of 4 stocks that outperformed Bitcoin in that time frame as well.

[enjoythemusic]

Originally Posted by Robf52

The current movement among countries (China, Russia, India, Brazil, etc) to de-dollarize only puts more pressure on the dollar. Will the US ever pay down $34T in accumulated debt? The only way out is inflation.

So the USA is going to desperately need to sell / rollover their massive / increasing debt at higher rates with fewer buyers from foreign entities.

How much additional currency devaluation (a.k.a. inflation) do you think the Fed's Dollar Note is mandatory to mathematically solve repayment of this massive debt burden? Is this needed currency devaluation 'fair' to those who dare buy/hold such debt?

[BraveBold]

Originally Posted by WilsdorfNDavis

4 years ago Bitcoin was at $7500 (today it is at $44000), there's not a Rolex watch you could've bought in 2019 that is worth nearly 600% today.
And there are only a total of 4 stocks that outperformed Bitcoin in that time frame as well.

Haha. Six years ago it was about $20k. The nasdaq 100 returned about 250% over that period vs bitcoin… well, you do the math ;-)

[BraveBold]

Originally Posted by EEpro

Didn't Hamas recently find out how open and transparent the blockchain is (as well as their donors)?

Using it for illegal activities is damn risky compared to Benjamins.

Actually seems like it was extremely effective for them over the span of several years. There was clearly a reason it was utilized…

[EEpro]

Originally Posted by BraveBold

Actually seems like it was extremely effective for them over the span of several years. There was clearly a reason it was utilized…

People can mail subway gift cards to Hamas too. I bet they assumed it was anonymous and encrypted or something... must watch too much US media.

At the end of the day it is a poor choice for illegal activity, laundering, and tax evasion. The moment you tie it to a KYC account it all unravels nicely.

[Wrist King]

Originally Posted by marmite2005

With Rolex mania in full swing over the past 4 years, could the tide the turn as quickly as Crypto price mania?

One minute bitcoin is going to 100k, next minute its falling and cant hold 40k, 38, 36k......with everyone selling.

Could the new money drain from watches as quick, no one needs a watch, everyone has a smart phone. As soon as the market understands that, surely the inflated prices could collapse? Good news for WIS

Classic fallacy here : for every sale there is also a purchase. There are never more sellers than buyers.


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[WilsdorfNDavis]

Originally Posted by Bravebold

Haha. Six years ago it was about $20k. The nasdaq 100 returned about 250% over that period vs bitcoin… well, you do the math ;-) [

Originally Posted by marmite2005

With Rolex mania in full swing over the past 4 years...

The OP referenced "4 years ago" thus my comment.

[BraveBold]

Originally Posted by WilsdorfNDavis

The OP referenced "4 years ago" thus my comment.

The OP made that post almost exactly 2 years ago, hence my comment.

[BraveBold]

Originally Posted by Wrist King

Classic fallacy here : for every sale there is also a purchase. There are never more sellers than buyers.


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Not true. Not true at all.

There are often more sellers than buyers. I’ll set aside market makers and consolidators for a moment and point out that if I buy $55,532.55 of Bitcoin the transaction isn’t clearing from one seller to one buyer…

You can also have one buyer purchasing from 15 different sellers. This applies in both directions, of course.

[0nly5iv3Digits]

All I’ll say, as entertaining as this thread is becoming, is that I’d rather have a position in Bitcoin than to be tied exclusively to fiat, where the savings and purchasing power of the common man are being stolen away at record speeds - talk about the biggest Ponzi scheme in history.

[GB-man]

This turned into r/conspiracy real fast

[77T]

How so many mizunderstood so mooch about nutin nobody know?

Serious you been not knowing.

Dere I say it…


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[LJubel328]

Originally Posted by GB-man

This turned into r/conspiracy real fast

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[enjoythemusic]

Before this thread gets closed...

Look everyone, just keep buying and selling. It matters not how or why, just keep it going. That's what makes a consumption-based economy go 'round n' 'round.

[EEpro]

https://www.goodreads.com/book/show/..._Jekyll_Island