BitCoin grows like crazy

[Chaelexi]

Well, since this thing got raised from the dead, BC was at about $20000 at the time of the posting of this thread, and now it's at around $6700. Poof go the profits.

Not sure what you are talking about, I short sold and made a tonne of money of when they fell for the first time and this latest rally is only going to be pure profit, Sold when ripple was at 2 dollars a coin and rebought at .45 a coin and sold half this morning at .8 a coin. Made a cool 25k USD this morning.

[Dizson]

Just bought a shitton of bitcoins because it's going to be big in the future.

[Chaelexi]

Confusing asking price with real value is not cool
You know what he meant, I'm sure.
1 Bitcoin's real value equals 0

By that definition a dollar bill has no real value as it is also an implied value. The value of anything is as much as someone is will to trade you for it.

[Laerrus]

Just bought a shitton of bitcoins because it's going to be big in the future.

For your sake, I hope you are in it for the long haul, BTC still needs more time to cool off before the next big pump...

and dump.

[Elim Garak]

By that definition a dollar bill has no real value as it is also an implied value. The value of anything is as much as someone is will to trade you for it.

Dollar is backed by oil

[Chaelexi]

Dollar is backed by oil

the dollar is backed by nothing, if oil goes down the dollar does not follow it. The US does not have reserves of oil large enough to back the amount of dollars that it has lent out. That is what backed by something means.

[Afrospinach]

For your sake, I hope you are in it for the long haul, BTC still needs more time to cool off before the next big pump...

and dump.

I am not sure that will happen ever again.

But hey, bitcoin has been nothing but surprising in it's lifetime. To me it is surprising it still holds any value at all:

Infinitely reproduceable(forks, competing crypto)
Expensive to use
Not backed explicitly by any economy or real assets
Frivolous
Can be precariously non fungible when you need it to be for a currency.

[willtron]

Dollar is backed by oil

dollar and petrodollar aren't the same.

[Delana]

Confusing asking price with real value is not cool
You know what he meant, I'm sure.
1 Bitcoin's real value equals 0

Do you actually know what a dollar is?

[The Stormbringer]

Confusing asking price with real value is not cool
You know what he meant, I'm sure.
1 Bitcoin's real value equals 0

So does our current system of currency...

https://en.wikipedia.org/wiki/Fiat_money

[Elim Garak]

the dollar is backed by nothing, if oil goes down the dollar does not follow it. The US does not have reserves of oil large enough to back the amount of dollars that it has lent out. That is what backed by something means.

Oil prices are in dollars, every other currency is matched against dollar.. so if oil prices in dollar go down, what effect would it have on dollar value against other currencies? (whispers: none, except for currencies that are backed by oil also - dollar value will increase compared to those)

As for having too much paper, that's what inflation is all about.

dollar and petrodollar aren't the same.

That's semantics, I haven't even used the term.

So does our current system of currency...

https://en.wikipedia.org/wiki/Fiat_money

Fiat currencies are backed by the state, that's not something to write home about, but that's more than bitcoin.

[Afrospinach]

So does our current system of currency...

https://en.wikipedia.org/wiki/Fiat_money

"A fiat-money currency greatly loses its value should the issuing government or central bank either lose the ability to, or refuse to, further guarantee its value. The usual consequence is hyperinflation. Some examples where this has occurred are the Zimbabwean dollar, China in 1945 and the mark in the Weimar Republic in 1923.

But this need not necessarily occur; for example, the so-called Swiss dinar continued to retain value in Kurdish Iraq even after its legal tender status was withdrawn by the Iraqi central government which issued the notes."

You have to nearly burn a country to the ground to destroy it's currency.

Bitcoin could disappear because, eh, why not. There is no economic activity explicitly associated with it like say... the US of A and it's dollar. There is a really big difference, but hey, keep up with the trendy opinions.

[Berndorf]

Dollar is backed by oil

The dollar isn't back up by oil. Its propped up by the us more or less forcing all the middle eastern countries to sell their oil in us dollars since 1974.

[smityx]

Current price: 14.6k USD / 1 BTC
12 hours ago: 13.6k USD
24 hours ago: 12k USD
48 hours ago: 11.4k USD

Holy cow! Growing fast. I personally wonder when will it hit 100k USD and beyond.

Do you invest? What do you think? Will it keep growing?

EDIT: 4 hours later after creating this thread price grew up from 14.6k USD to 15.25k USD. Let's go!

12 hours from now Oh F***: 9.1k USD. Christ how much did you lose.

[Elim Garak]

The dollar isn't back up by oil. Its propped up by the us more or less forcing all the middle eastern countries to sell their oil in us dollars since 1974.

Under a condition that they invest those dollars into US treasury bonds. US dollar is literally backed by oil. US pays dollars for their oil, they invest same dollars back into US economy. US dollar is backed by US economy. US economy is backed by oil, bought with US dollars which then are reinvested into US economy. It's a scheme.

[Berndorf]

Under a condition that they invest those dollars into US treasury bonds. US dollar is literally backed by oil. US pays dollars for their oil, they invest same dollars back into US economy. US dollar is backed by US economy. US economy is backed by oil, bought with US dollars which then are reinvested into US economy. It's a scheme.

imo its a misnomer to say its backed by oil. The value of the dollar is artificially propped up by forcing countries to buy dollars in order to buy opec oil. That is coming to an end though and the entire world economy is going to be restructured very soon imo.

[Elim Garak]

imo its a misnomer to say its backed by oil. The value of the dollar is artificially propped up by forcing countries to buy dollars in order to buy opec oil. That is coming to an end though and the entire world economy is going to be restructured very soon imo.

The value of everything is artificially propped. For instance the intrinsic value of Gold atom is 79 protons, 118 neutrons and 79 electrons. That's less than 59 Helium atoms. I cannot stress enough how little that is.

[Chaelexi]

Dollar is backed by oil

https://www.forbes.com/sites/pascale.../#748d3f953dd5

read the first couple lines, all money is FIAT currency also known as backed by nothing. In order for money to be backed by something you are able to take it to the currency supplier and trade it directly for that value of money. This is why fort knox used to have a significant gold and silver supply as the USD was backed by precious metals(gold and silver) and you were able to directly trade your money in for these metals to the government at any point. That also means the US needed to have x amount value in gold and silver, where x is the amount of currency that was in circulation.

[Elim Garak]

https://www.forbes.com/sites/pascale.../#748d3f953dd5

read the first couple lines, all money is FIAT currency also known as backed by nothing. In order for money to be backed by something you are able to take it to the currency supplier and trade it directly for that value of money. This is why fort knox used to have a significant gold and silver supply as the USD was backed by precious metals(gold and silver) and you were able to directly trade your money in for these metals to the government at any point. That also means the US needed to have x amount value in gold and silver, where x is the amount of currency that was in circulation.

You sre not as smart as you think you are.

[Chaelexi]

You sre not as smart as you think you are.

If you are trying to insult someone's intelligence you may want to make sure you spell things right.......just saying.