The Bitcoin Thread or, How The Fed Is Going To Fuck You

[Fife]

"Buy the Dip, Dummies!" just needs a graphic aid.

[Fife]

Have you all been reading about Faceberg's new "crypto," Libra?

Turns out it is just a stand-in for fiat funny money. A useful tool for people around the world, indeed, -- and a boondoggle for FB -- but not actual money. Just more fiat.

It's not quite as imaginary as BTC is, but it's still a popcorn fart.

Facebook's Fake Money

Unfortunately, the Libra project does not appear to be driven by the desire to provide the people in this world with better money. The fact that the Libra will be run on a private ("permissioned") blockchain does not change anything. The Libra is just the upshot of an entrepreneurial attempt to profit from the global market for payment services (and later perhaps also from the credit markets), and, of course, to collect as much precious transaction data as possible. If Facebook and the others wanted to offer the world a better, actual good money, the choice is obvious: It would be a 100 percent gold-backed Libra. But who knows: Maybe this will be the next step, initiated by Facebook, Amazon, or any other company because there sure is a vast market for sound money out there.

[Speaker to Animals]

What if you just put a shit ton of precious metals in vaults distributed around the world, and then created some fractional basket of them representing one unit of a virtual currency. One unit of that currency is ownership in the precious metals and, if you so choose, you can "cash in" your virtual currency for those precious metals. Likewise, if you wish to create more of the currency, you can deliver however much of those precious metals to one of the vaults and receive your currency in your wallet.

So a person could for example mine or recycle his way into more of this currency. I'd imagine the forex market for this currency would track the gold and silver futures, but maybe not. Not sure how it would pan out.

[SuburbanFarmer]

https://onegram.org/


Unfortunately, the only reason to believe that our currency was ‘gold backed’ was the physical presence of gold in bank vaults for exchange.

There’s no reason to believe that a crypto would actually be able to be exchanged for gold.

[Speaker to Animals]

There's no reason why it shouldn't be possible. That's an important distinction. If it isn't exchangeable, then it's not legit.

A true gold currency would be mostly immune from the speculation volatility you see with BitCoin. The volatility and the kind of language you hear proponents use regarding it belies it as a risky investment, little different from investing in comics or beanie babies or some other fad.

When you hear people saying "buy BitCoin because it's going to make us rich!!!" then you are not dealing with rational individuals who understand what money actually is.

[Ph64]

Just go to your local gold ATM and trade your cash/debit/credit/bitcoin for 1g gold "bars".

[TheReal_ND]

[SuburbanFarmer]

Well ain’t this a coincidence.

https://www.zerohedge.com/crypto/ecbs-l ... le-bitcoin

[Martin Hash]

Well ain’t this a coincidence.

https://www.zerohedge.com/crypto/ecbs-l ... le-bitcoin

The irony of 1984 is exquisite.

[Martin Hash]

What should we call this new age? I just used the term "1984" but there's got to be a better word?