Originally posted by cutmymilk
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I laughed when I saw people referring to any new surges as the Johnson Variant. -
Musk tweets again sending Bitcoin to its lowest since February as his increasingly blatant attempts to destabilise the currency continueComment
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The problem is bitcoin/crypto, not Musk. It's not like he's the CEO of bitcoin; his words should hold little weight but the nature of the beast is that it's extremely volatile.Comment
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100%. Simply putting out a tweet doesn't seriously destabilise the Dollar.Originally posted by Brad View PostComment
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Exactly. If the bank of England put out a report you could expect The Pound to respond to the content of that, but not if Pewdie Pie said he preferred the Euro to the Pound on a Twitch stream.Originally posted by Cassius_Smoke View PostComment
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Its volatility surely comes from the fact that it's a thinly layered scam, the whole thing.
I mean so is the entire economy, in a sense... But real-world currencies, despite not being based on something solid like gold, are inexorably wrapped in trade deals, property, loans, mortgages... Things the world over which make them kinda semi-real.
The whole idea with bitcoin, regardless of how you spin it, is that the currency is based on a perception of value. It has little inherent value, and its entire "true" value is its ability for some people to buy it and sell it at a profit, which ultimately means that some people will make money, and some people will lose an equal amount of money.
If you challenge that value, even slightly, the whole thing becomes a farce.Comment
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It's other value is the ability to purchase something anonymously? Governments can't trace it?Comment
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It’s actually very traceable so that’s not really a feature. According to Bitcoiners it’s a ‘store of value’. A store of value which crashes every time a celebrity CEO trolls it on Twitter. LolComment
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It's even less real then stocks and shares (and that takes some doing). At least shares you get a bit of paper saying you own so many 'bits' of a company. And if you buy enough 'bits' you actually own the company.
Bitcoin isn't anything. It's literally just 0&1s.Comment
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Yeah I think crypto needs to die in a fire really. We need everyone to lose everything so it just goes away. Giving musk way too much credit, maybe that’s he plan. He needs that electric for his cars; can’t have it being wasted on pretend money mining.Comment
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Thing is, it doesn't seem like it would take much for this to happen. It really is incredibly fragile and, at its core, it is literally nothing. Asura says it has little inherent value but I can't see how it could be considered to have any. Except for people just getting together and deciding that it does. But then as some of us have pointed out, that's kind of how real money works too. I've had more insight into crypto money over the last six months than I have had in my entire life and it baffles me.Originally posted by Brad View Post
Edit: Just going to add that there has been one use case that seems positive - allowing for the payment of goods in oppressive regimes. As pointed out, movement of it is very transparent but tracking down the owner of individual wallets is next to impossible (hence its association with crime) - this can in some cases be a positive.Comment
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Enough to make anyone's head twirl, its not exactly gonna boost salesComment
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