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William Seger

(11,113 posts)

8. This is why it's absurd to use it as a "currency"

Thu Dec 5, 2024, 10:24 AM

Dec 5

With the price fluctuating so much and so fast, if it's used as currency, either the buyer or the seller gets screwed in virtually every transaction. The only rational reason to use it as a currency is to hide a transaction that could otherwise be tracked. People buy bitcoin with the hope of getting rich when other people buy bitcoin hoping to get rich -- almost like tulips and Beanie Babies, except that those actually have some intrinsic value.

I would never buy bitcoin because it's entirely based on software. After 35 years as a software developer, I've developed a healthy distrust of it. What I would worry about is that someday, some smart person will find a way to hack it, which would immediately make your "investment" worthless. (And if I ever did buy bitcoin, I wouldn't be dumb enough to leave it in a "wallet" on someone else's computer.)

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Highlight:

Bitcoin Hits a Milestone: $100,000 [View all] RandiFan1290 Dec 5 OP

And it will wreck our environment faster than we're already wrecking it. Woohoo. Scrivener7 Dec 5 #1

LLM (AI) says: "Hold my beer..." nt EarthFirst Dec 5 #2

Tulip bulbs reach a new high. multigraincracker Dec 5 #3

Monopoly money at it's best.... Bengus81 Dec 5 #4

the good news is MAGATs will continue accumulating these worthless tulips... cadoman Dec 5 #7

Socialism buyout yankee87 Dec 5 #12

Except Trump is talking about using your tax dollars to buy a bitcoin "strategic reserve". LudwigPastorius Dec 5 #16

That Trump would want to buy bitcoins should be the biggest red flag..... Bengus81 Dec 6 #22

Depends hueymahl Dec 5 #13

Probably Bitcoin womanofthehills Dec 5 #20

So what...certain Trump watches are "worth" $100,000. Bengus81 Dec 5 #5

So a made up thing backed by nothing is moniss Dec 5 #6

This is why it's absurd to use it as a "currency" William Seger Dec 5 #8

Borrowing a term from the collapsing economy of the PRC, it's a "greater idiot" product. BobTheSubgenius Dec 5 #11

Pin meet bubble melm00se Dec 5 #9

And tomorrow it could drop to $1. Jacson6 Dec 5 #10

Bitcoin is digital gold hueymahl Dec 5 #14

Here's the thread from 2013 when it hit $200 RandiFan1290 Dec 5 #15

Love it! hueymahl Dec 5 #17

With any luck, you'll never find out why bitcoin is not gold William Seger Dec 6 #23

The chairman of the fed, Blackrock, Fidelity and multiple nation states disagree with you hueymahl Dec 7 #24

Gold is in demand for electronics manufacturing and for jewelry William Seger Dec 7 #28

Don't understand this whole bitcoin business. Fla Dem Dec 5 #18

You can start by signing up with a popular company like Coinbase womanofthehills Dec 5 #21

The genius of bitcoin is it is not owned or controlled by anyone hueymahl Dec 7 #25

Fake money LiberalFighter Dec 5 #19

further proof that it is more ponzi like scam than currency lapfog_1 Dec 7 #26

The pump phase is about to turn into the dump phase. comradebillyboy Dec 7 #27

Both BTC & the Dollar are fiat money in that... snot Dec 7 #29