The Rise and Fall in Bitcoin Value

Communications Center Out Of Pod Experience
621

I’ll take another look into it. In the old days coins were worth the vaule they were, it’s like trading in quantities of dry grain/rice but without the drawback if getting humid. Then it evolved in a NFT of the actual value (gold mostly in western countries) printed on paper.
Then paper had to be secured as people wanted to fork their own versions of currency. I think it was Nixon who was like “Let’s pull the anchor” and it became “free” thus requiring oversight or it would go the way of the Bitcoin and not be stopped by a small group of economists (unlike Bitcoin which isn’t controlled but gets more and more control by law thus wile you thing it’s free it’s being chained up and those thinking ‘but bitcoin is free so I can do what I want and not go to jail’ will not end up the owners of everyone’s money. At best you end up with a lot of money from “Wolf of Walstreet copycats” and “really desperate and uninformed people”. And the latter is what really bothers me as in real life this happens too but there are courts to protect them. Banks have to comply to rules whereas some exchanges wont. Anywyas, now it’s mostly a plastic card with a code that is lined to a computer at a bank verifying if you have the value in a certain monetary unit and no longer paper or rice or ricepaper for that matter. Or Paypal, a verification system that will add another layer of “intermediate” but offers payment facilitatment.

I’m not sure why you think the government doesn’t do as the people want, yes they will try to get away with whatever they can but in the long run, they get replaced. Nothing of power should exist that has no accountability. Roman philosopher Cicero wrote about it in “Tusculan Disputations.” and that in 45 B.C. but still applies today.

622

Money is something that naturaly emerged when people started to trade with each other. There are many iterations of it, but it was always something that is rare.

The reason why it ended up being mostly gold was because it is one of the rarest and most durable metals. It can’t be created and it can’t be easily dug out of the earth in big quantities.

But because it’s not easy to transport and hard to verify, it endet up in vaults and we started to use paper money that was redeamable for gold. Obviously that is already worse than gold coins, because as long as not everyone is redeeming, you can already print more paper money than you have gold, which is already fraudulent. And this happened to such a degree and became so obvious that people and even countries wanted to get their gold back… And since that would have completely collapsed the currency, they simpley refused to redeem the paper and effectively ended the gold standard.

And now we have gouvernment enforced money that doesn’t even has the base characteristics of money, it’s not rare, it can be printed as much as they wish.

If you think about what money actually is, it’s stored work. If all the money in the economy represents the work we do for each other, and the US fed then prints 60% more money over the last two years, what does that actually mean? There isn’t also 60% more actual work in the system, you can’t print that. So what they actually did was cut the stored work people own in half and sent the other half to the banks, without asking anyone affected. That money then made it’s way into the stock market and real estate, further inflating those asset prices, making everyone think everything is fine, number go up.

When the economy was fine, this worked. They could siphon of the increase in productivity plus a bit more, and told you a little bit inflation is healthy. Which is utter ■■■■■■■■. If everything gets more automated and needs less work to produce, we would have a deflationary currency not inflationary.

But now the things are different and they completely overdid it. I’m not even sure if they can salvage this. If they had any control over it, it wouldn’t have come to this in the first place. And look how they blame everything but themselves for the mess they caused. Now it’s suddenly the war that is to blame, even though inflation started to ramp up to severe levels long before that…

Satoshi created Bitcoin because of this. It does not have the weakness of gold and it’s absolute rare, something we did not know was possible before. It’s like a better version of gold you can send around the world in seconds.

This is why I opt out of the fiat system. I trust Bitcoin more. And I don’t ask anyone to follow, all I ask is that I’m allowed to store the work I DO in the currency I see fit to do the job it is supposed to be doing. And I’m aware of the volatility risks, it’s not like I did not plan for that.

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623
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624

No, there are many cryptocurrencies like bitcoin, all they lack is the hype. People still do the same stuff as with bitcoin with them, they speculate.

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625

People speculate on forex markets too. In fact, “spread betting” (gambling) is what they do. See Forex Spread Betting: What It Is, How It Works

626
627

Gordon Brown did better, he sold the UK’s gold, at bottom, publically announced it before hand and a market sell off as a result, as a Dutch auction thus accepting lower and lower bids!

So great in fact it made a dent on the gold chart and got named “The Brown Bottom”.

He went around trying to get others to sell their gold too, the market rallied.

What idiot sells their gold, announcing it ahead of time, in a REVERSE bid auction!

You only have to be smarter than somebody dumb like him. You don’t have to be a genius.

628

Maybe the critics are looking at El Salvador wrong, I’m not sure that Bukele adopting BTC is about making profit immediately, It might simply be about sowing the seeds needed to one day become independent. This is a perfectly valid long-term strategy which would one day put El Salvador in a strong position as more countries will adopt BTC instead of/in addition to the US dollar.

I don’t care what anyone says, there is a cost to becoming financially independent, I say a country using/mning BTC and building a Volcano electricity farm are great long term investments.

Also the children born today will be adults of tomorrow, so they will grow up having a good understanding of Bitcoin, and if I was Bukele I would see if I could get some sort of regular lesson in their schools which the focus is learning about finance, economies and currencies around the world and how they effect each other. I think it is important El Salvadorian kids grow up understanding BTC.

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629

That’s like saying there are many metals besides gold, so gold is bad money. It doesn’t matter if there are a million other currencies, crypto or not, that doesn’t change the rarity or hardness (how difficult it is to create new units of the currency) of a specific currency.

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630

Transparent plastic flashing talking electronics was a thing then.

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631

You cant compare physical rare (for now) object with something that people can make as many as they like, every crypto out there was created from thin air, gold was created by means of immense cosmic physical processes and deposited as part of earth upon its formation, same as rest of them metals. They dont just appear in your computer or smartphone out of nowhere.

The value in both cases is result from different things. With crypto its hype, with metals is the purpose, rarity and energy, work people had to put into it. Crypto value in comparison was never relative to those things because its more ethereal than dust gathering on fans in your computer. Crypto is also bad for environment, as mining it you only burn energy, without gaining any real practical material that can be used for industry or to make houses, buildings, to serve humanity in any capitalist way. Crypto is nothing usefull that we didnt already had in plenty: money.

Crypto is a bubble. Like dotcoms were a bubble, like any bubble its fuelled by hype. Bubbles change but they are with us, always had been, and crypto is expensive one, born from insanity of irrationalism and greed. Creator hadnt thought about the future of humanity long enough.

632

Most cryptos are created out of thin air. But Bitcoin is created by burning a lot of energy. The result may not be a physical object, but a rare digital object because of the hashes that can’t be produced any other way than if those energy was burned.

Yes, with crypto it is hype. With Bitcoin and gold it takes about the same amount of money to mine them as they are worth.

Yes, crypto is a waste of time. But Bitcoin is the first from the ground up engineered money with properties we would attribute to the nearly perfect money. We never had better money before, Gold was fine, but ultimately failed because it was hard to transport and verify.
Money doesn’t need useful properties outside the ones that are important for it being good money. Gold wasn’t good money because it is physical and has other uses. It was good money because it was rare and hard to produce more.
Good money is worth the effort and energy we put into it as it is an absolute essential thing to have for markets and the economy to function. The fiat currencies we currently have are horrible, they don’t have a trace of the properties left that is essential for that function, they are bound to fail.

Yes, crypto is a tech stock bubble and it will eventually all collapse. Maybe there are some useful ideas among them, but the absolute most of it is trash, and even the useful bits don’t deserve the valuation they currently have. Bitcoin on the other hand is not crypto tech stock, it is just better money, and that is something different entirely.

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633

GOOD!!!

Hopefully one of the highest judges in that land will seize all assets and employ financial analysts to organise and distribute money back to investors.

Do Kwon/The Crypto exchange must agree to refund the BTC held., He should have agreed to do this before and did damage control.

634

Permission-less trust and consensus of rules, push based transactions.

That seems plenty useful to me.

Let me know when settlements move out of T+2. They’ve been talking about T+1 and T0 for years. DTCC is a monopoly, they only improve when confronted with a challenger.

635

It sounds almost too good to be true.

636

One thing the don’t like and have spend every effort to eliminiate, is bearer based value, everything has to be custodian and permissioned. It is about to get much much worse. Now you will see apps being pushed for you to record your daily life, see https://twitter.com/AndrewLawton/status/1529045188764921856. One has to ask… why and what is the action taken with this data? We all know what the consequence of this is further down the line. Remember I keep mentioning social scoring and participation in a quantified society. This is the whole objective of digital identity.

637

You’re not far off. Never agree to those “Free” Smartphone apps that morph your face into a dragon or horse or put a tiara or fluffy ears on your head. You are agreeing for that company to own the rights to the picture of your face and then they can sell it to a company researching Facial ID systems for CCTV.

Too late…most kids and young ladies already have these apps on their phone.

638

The ID apps you had for the past couple of years (the ones they said wouldn’t be forced upon you), was an acceptance and normalisation test. It will go deeper into facets of your daily life. You WILL be living in THEIR quantified society. You WILL be scored, you WILL be segregated and isolated once permission has been revoked for whatever reason (we also had an example of this with the ID “expiring” once they moved the goal posts).

I still don’t understand why people are in denial about something that is staring them in the face two inches away. Tyranny got a new brand.

5G is for mass scale vast telemetry.

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639

But I also think, the more they relay on those technologies to track everyone, the more they will lose the ability to track you without them.

I’m still not sure if we may see resistance to this or not. So far there is basically zero, as the regular person still always choses convenience over privacy, and gets easily tricked into agreeing to more surveilance with fear tactics.

More important than ever to make sure you completely control all your computing devices, or in doubt get rid of them or isolate them.

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640

Get this fact, In the second year of my car insurance policy the payments due are £30 per month + £0.05p per mile. I must install a tracking device in my OBD-II slot in my car and the company can track wherever my car goes and calculate my mileage. It is also some what of an anti-theft tracker.

The first year was £50 per month + £0.05p per mile.

My saving on car insurance must be a good £100 per month compared to the next cheapest insurer, so I was tricked into agreeing to more surveillance due to the fact I’m in debt and looking to cut costs. People think I’m lying about how cheap my policy is.

The company in UK providing this is called: By Miles incase anyone wants to take a look. The policy is ideal for me as I don’t do much mileage.

It seems a massive discount is applied in order to surveil you.

I’ve seen another deal with my bank, If I allow them to track my spending habits apparently I earn £30 to £40 per month, obviously the data I generate must be sold lots of times in order for them to approve such payments.

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