Do tell your interpretation of that full context.
I asked for one that had inflated and deflated multiple times - not one simple boom n bust.
"If crypto is not the answer to our money problems, what is?" Good FT article
- Thread starter Brendan Burgess
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Do tell your interpretation of that full context.
I asked for one that had inflated and deflated multiple times - not one simple boom n bust.
Duke of Marmalade
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Berlin and Brussels, euro accounts I presume.Well delighted to hear it Duke. However, that was not the consensus here on AAM. There were lads scrambling to open accounts in Berlin, Brussels n' Belfast on here!
3/4 trillion lost in the last 12 months. Doing better than the prophets of bitcoin, predicting it will soon be the World's reserve currency, will command 15% of the global need for medium of exchange, not to mention attaining prices ranging up to million US$.
Technically bitcoin will of course never go bye-bye. The blockchain ledger is immutable after all. I wonder how it will be exhibited as a monument to the capacity for human greed to lead to monumental delusion. The problem with 17th century tulips is that they could not at that time be preserved as future museum pieces.
Huh? The euro didn't collapse. AAMers were trying to position themselves in the event that it did. The speculation was that a Berlin-based euro would be converted to the Mk3 Deutsche Mark. Bitcoin was still being discussed in a tiny corner of the interweb at that point.
The point is that IF that conversion took place (and if it ever takes place in the future), there will be national currencies that will be immediately devalued....with the holder of that coin taking a major hit.
No you don't Duke. I said months ago that I expected BTC to go to 10k. All through this 5 years and the up part of this last cycle, I'm not aware of anyone who didn't acknowledge the cyclical nature of BTC on here - and that with the hype cycle up, it would be accompanied by the crash down. That's all recorded via past posts.
And again, it's not that long ago that the current price was perceived to be fantastic. People have short memories. Maybe they also forget you harping on about how bitcoin would never see $20k again.
On the world reserve currency, any mention of that was in terms of a long term view. Again, the post is there in my case - I said that I wasn't all that comfy talking in terms of world reserve currency today - that' Bitcoin had a lot of work to do to get there. And by the way, just in case you think anything has changed, it hasn't! I'm not making any predictions but if it continues to develop over the coming years, it's not outrageous to suggest such a thing. Nothing has changed.
On predictions of prices ranging up to 1 million usd, I don't believe that I've ever made any such prediction - nor have I seen any other contributor here that's enthusiastic about bitcoin make such a prediction. What I have said - and I continue to say today - is that if adoption continues, then that can only drive up demand on a fixed issuance asset. Nothing has changed in that respect.
The centralized finance crap show has been far more spectacular than anyone could ever have imagined. And yet, as you acknowledged yourself, the price is still holding up. There's plenty of time yet for it to fall further. We could be in for a prolonged downturn. But we've been here before. This thing is going to keep moving onwards one way or another.
As an example, while everyone was watching SBFs criminal shenanigans at FTX, Fidelity quietly extended crypto trading to its 40 million clients.And what you omit is that we've had all of this play out with traditional markets or with other technologies before. There's nothing new in that.
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Duke of Marmalade
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trying desperately to have the last word
Yer better than that Duke.
And this is the point that some either misunderstand or choose to misunderstand for convenience. Are there morons in crypto? It's a retail phenomenon - so of course there are. However, these are not the people that progress the technology. Those with the capability to build this out are not the idiots that you make them out to be (when you tar everyone with the one brush) - far from it.
I told you back then when that topic came up that I didn't think it was really helpful to spend more than 2 minutes thinking about BTC in that role right now - given that it has a hell of a lot of work to do to get to that point. However, in no way do I agree with taking an absolutist view on this (or anything else for that matter). There's no need to even think about such a thing for the foreseeable - but does BTC have some attributes/characteristics that would be beneficial in that role? - absolutely.
Most likely the plan is SDR next but making assumptions is never a good idea Duke.
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It's not my interpretation, it historical fact. Nixon reformed and greatly increased the US's foreign aid while decoupling it from what were narrow political aims and funnelling most of it though international organisations such as the World Bank. The comment you quoted was said in the context of building good will and projecting American soft power during the Cold War. Nixon had many flaws but he did some great stuff too.
No, you said " Can you point me to an asset that has gotten tangled up in a bubble that inflates and deflates but that has no intrinsic value?"
I gave you one.
Just to recap, this is the statement that you say was made "in the context of building good will":
"Let us remember that the main purpose of aid is not to help other nations but to help ourselves"
You say that what you've just presented is not a matter of interpretation. How anyone could claim it as the 'fact' that you have is out of this world! It's the equivalent of claiming that someone saying 'I shot him in the knee cap' and somehow interpreting that as being an act of "building good will".
In writing about it around the time of Nixon stating that, author Teresa Hayter put Nixon's statement in the context it clearly belongs - aid being used as a political weapon.
Tulipmania didn't inflate and deflate repeatedly. It was one single boom n bust. My point is that something that doesn't have any value isn't going to re-inflate repeatedly.
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Plenty of posts scattered throughout AAM by you and others
if you care to search - you're quite good at the ole searching anyway , so shouldn't take you too longDuke of Marmalade
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There you go. All Western establishment behaviour is Satanic, even when masquerading as altruistic. Brethren I tell you Bitcoin is your salvation from Satan.
Bitcoin disproves your point
So your claim is baseless then. You make the baseless claim and this nonsense is the only way out. Lets be very clear. I have not expressed the 'wish and desire' for the fall of the US dollar. Likewise, I'm not aware of any other contributor here who has expressed such a view.Plenty of posts scattered throughout AAM by you and others
If you're going to make the big phat claim, then the onus is on you to back up your assertion. I've called BS on your claim.
Always the wayward inflammatory skew. Not that any rational individual needs to hear this, I have not suggested that 'all western establishment behaviour is Satanic'.
That's your assertion, Duke. The point is that time and time again, we've had this comparison with S.S.bubble and Tulipmania - yet there has never been an instance of an asset that has repeatedly inflated and deflated and not brought value to the table.Bitcoin disproves your point
Duke of Marmalade
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No, it's not unprecedented at all. Anything that has gone through multiple boom n bust cycles otherwise has been valued by society. Bitcoin will be no different. If it was vapourware, it would have disappeared on the first boom n bust - never to be seen again.
Duke of Marmalade
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Example?
We can start with property and equities.
Duke of Marmalade
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Well, it is difficult to conceive of an economy where property is worth zero and companies are worth zero. Even you can conceive of a possibility that bitcoin will be zero. So I don't see why you keep making this comparison.
Now you are probably right that there have been very few individual assets that have gone through bitcoin's gyrations. But that hardly points to evidence that surviving such gyrations guarantees immortality.
Although you do, I don't take an absolutist view on the outcome - so sure, no guarantees. However, we can certainly leave the ill-fitting comparisons with S.S. bubbles and Tulipmania behind. Whatever it is and becomes, it's neither of those things.
Over the years, it has been you who has repeatedly made baseless claims, old chap. Posters have called you out on it time & again and asked you to support assertions you have made. You have continuously squirmed your way out and often have just replied along the lines of that nobody can force you. Pot calling the kettle black indeed!
Complete deflection. You made a claim that's wayward. I've the guts of 2,000 posts here - and you can't pick out one in which I have ever expressed the 'wish and desire' that the US dollar would fail (as per your big phat claim). Extending that out further, nor has anyone else here that has otherwise posted enthusiastically about Bitcoin. Anyone with a bit of class would put their hands up and say, my bad, I made a 'mistake'.
Yes, you have spent an inordinate amount of energy on it, nearly as much as a Bitcoin miner!
Again, you're the one with a long & checkered history of baseless claims. Throwing stones in a glass house!
More deflection. You were wrong in your assertion and you don't have the good manners to own up to it.