Will be listening to this later, usually has good explanations.
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Crypto currency (IF banned from CA)
- Thread starter YoboCopter
- Start date
Bitcoin a safe haven during national economic crises but not Covid-19 pandemic, Kingston University research finds
Research by a Kingston University economist provides fresh evidence for Bitcoin being a safe haven for finance during a nation's economic crisis. The cryptocurrency proves volatile during a global crisis, however, as seen during the Covid-19 pandemic.
www.kingston.ac.uk
Uh-oh
www.cityam.com
Exclusive: My mission is to make the UK love crypto, says Matt Hancock - City AM
Former cabinet minister Matt Hancock has doubled down on his support for crypto and said it is his “mission” to make the British public love digital assets. Hancock, who has emerged as a fierce defender of the crypto industry since resigning as health secretary in June, told City A.M. that he...
www.cityam.com
nikom court
Player Valuation: £20m
maybe if you lived a privileged life in the west,inflation wasnt a problem,Inflation wasn’t really a problem until 2021 so I’m a bit bemused as to why you are using a 5 year timeframe for this particular discussion about its merits as an inflation hedge.
Current US Inflation Rates: 2000-2024
The annual inflation rate for the United States was 2.4% for the 12 months ending September, compared to the previous rate increase of 2.5%, according to U.S. Labor Department data published on October 10, 2024. The next inflation update is scheduled for release on November 13 at 8:30 a.m. ET...www.usinflationcalculator.com
Surely an inflation hedge needs to perform during the period when inflation is actually high ie in recent months? And bitcoin‘s performance has been decidedly mixed on that front. There has been a lots of ups and downs but its price today is not much different from its Jan 1st 2021 price of $29,374 so I’m not sure what inflation hedge it has really provided when it mattered.
Bitcoin USD (BTC-USD) price history & historical data – Yahoo Finance
Discover historical prices of Bitcoin USD (BTC-USD) on Yahoo Finance. View daily, weekly or monthly formats.sg.finance.yahoo.com
but how about people from countries like turkey,argentina,zimbabwe and venezuala they have had rampant inflation for decades.
thats the beauty of bitcoin it separates money from the state!
i said in 2020 when they turned on the printing presses to pay for covid it was going to cause mega inflation problems,
i was laughed out of here!
nikom court
Player Valuation: £20m
same as they did before 2009,with the petro dollar.
the petro dollar is backed by violence and wars
bitcoin is backed by peace!
I agree inflation has been a major problem in some countries and Japan has been battling deflation for years.
Discussing the myriad reasons why the West is now dealing with higher inflation is probably for another thread (global supply chain snarl up due to Covid is a significant one imo).
However it doesn’t really address the original point of whether bitcoin has been a good inflation hedge or not for someone residing in those Western countries where I presume (please correct me if I am wrong) the majority of bitcoins are held.
So your classing child sex trafficking and pedophilia has peace?? Why a strange take
https://cdn.icmec.org/wp-content/up...-Sexual-Abuse-Material_03.17.21-publish-1.pdf
Not in El Salvador
Fazakerley Fan
Player Valuation: £750k
How does everyone buy bitcoins? Because for a invention for moving money, indepence from government control and complete anonymity. Going online and giving your passport details and a photo of your mug completely defeats the point?
Tbf Bitcoin has done a fabulous job of seperating money from that state but in the context of separating it from the state treasury leading to a potential bond default
I found this very illuminating:
[excerpt here, full interview below]:
I’m a savvy investor, and by “savvy investor,” I mean I put my money into index funds and ignore it for several years. During that time, there are dividends and share buybacks where the companies put their profits into me. I then eventually sell it to somebody else. And my gain is not just the difference between what I bought it for and what somebody else bought it for, but that plus the benefit of all the dividends and interest.
So the stock market and the bond market are a positive-sum game. There are more winners than losers. Cryptocurrency starts with zero-sum. So it starts with a world where there can be no more winning than losing. We have systems like this. It’s called the horse track. It’s called the casino. Cryptocurrency investing is really provably gambling in an economic sense. And then there’s designs where those power bills have to get paid somewhere. So instead of zero-sum, it becomes deeply negative-sum.
Effectively, then, the economic analogies are gambling and a Ponzi scheme. Because the profits that are given to the early investors are literally taken from the later investors. This is why I call the space overall, a “self-assembled” Ponzi scheme. There’s been no intent to make a Ponzi scheme. But due to its nature, that is the only thing it can be.
Full article:
www.currentaffairs.org
[excerpt here, full interview below]:
I’m a savvy investor, and by “savvy investor,” I mean I put my money into index funds and ignore it for several years. During that time, there are dividends and share buybacks where the companies put their profits into me. I then eventually sell it to somebody else. And my gain is not just the difference between what I bought it for and what somebody else bought it for, but that plus the benefit of all the dividends and interest.
So the stock market and the bond market are a positive-sum game. There are more winners than losers. Cryptocurrency starts with zero-sum. So it starts with a world where there can be no more winning than losing. We have systems like this. It’s called the horse track. It’s called the casino. Cryptocurrency investing is really provably gambling in an economic sense. And then there’s designs where those power bills have to get paid somewhere. So instead of zero-sum, it becomes deeply negative-sum.
Effectively, then, the economic analogies are gambling and a Ponzi scheme. Because the profits that are given to the early investors are literally taken from the later investors. This is why I call the space overall, a “self-assembled” Ponzi scheme. There’s been no intent to make a Ponzi scheme. But due to its nature, that is the only thing it can be.
ROBINSON:
Is that why you see the pile of Super Bowl ads for investing in cryptocurrency? Because the people who are the early investors need to keep finding new suckers and trying to convince people that putting their retirement savings into cryptocurrency is a sound idea?WEAVER:
Yep. Because it’s a self-created pyramid scheme, you have to keep getting new suckers in. As soon as the number of suckers dries up, it collapses. And because it’s not zero-sum, but deeply negative-sum, there are actually a lot of mechanisms that can cause it to collapse suddenly to zero. We saw this just the other day with the Terra stablecoin and the Luna side token. This was basically another Ponzi scheme implemented in the larger space of Ponzi schemes.Full article:
Why This Computer Scientist Says All Cryptocurrency Should “Die in a Fire”
UC-Berkeley’s Nicholas Weaver has been studying cryptocurrency for years. He thinks it’s a terrible idea that will end in disaster.
www.currentaffairs.org
nikom court
Player Valuation: £20m
in the case of the uk,bitcoin was an excellent hedge against inflation before 2021 (the date you mentioned) due to low interest rates and even against 2% inflation your money would evaporate in pathetic 0.01% cash isas.
holding cash in a legacy bank is like holding an ice cube in your hand
hope this addresses your original point.
nikom court
Player Valuation: £20m
i have used bisq and localbitcoins to buy bitcoin and done none of that.
nikom court
Player Valuation: £20m
why would you use the government wallet or give them your private key?