Bitcoin has pushed through the $US100,000 barrier for the first time, while the Australian currency languishes near seven-month lows and the ASX ekes out modest gains. Here's how the day's trade unfolded, with insights from our business reporters, on the ABC News markets blog.
By God crypto is stupid
Imo it’s about as stupid as the ASX, and the rest of the stocks markets for that matter
All of those things are linked to assets that actually exist, and produce something. Their value is based on the tangible thing that is produced.
Bitcoin is based on how many crypto lock scams were successful in getting the ransom paid this month, and how much dirty money a crime syndicate needed laundering.
elaborate
Tell me what the value of a dollar is based upon.
We allow bits of worthless plastic and metal, and electronic bits to ‘pay’ for real goods and services.
You allow your employer to transfer electronic bits to a digitally stored ‘bank account’ for your hard work and labour.
Maybe that’s because everyone just trusts or believes it has value. There are plenty of examples in history where a currency crashed because people lost faith in it’s value.
If you want to explore some other areas, look into barter vs currency, the gold standard, money creation and how the commercial banks create money via deposits, and the Reserve Bank creates money for the government.
so your issue is with fiat money and basically the entire modern monetary system… nice
I still don’t understand how a literal ponzi is as stupid as fiat money but you do you
Don’t force assumptions on me. I have no issue with fiat or other ‘money’. Or property, or investments.
Ahh, my friend, forget ponzi. Explain economics to me.
Or, alternatively, explain how ‘traditional’ investments or property or fiat differ from a ponzi.
‘Elaborate’. I’ll wait.
I don’t know if you mean to come across like a profound philosopher whos stumbled onto a great secret that makes all economics? digital currency? fiat currency? as dumb as a literal ponzi but if you could get your point across without being vague as hell that’d be great.
The emperor has no clothes 🤣. That’s as simple as I can put it.
You keep bleating ‘Ponzi’ as if that’s a logical explanation.
Pick anything you like. Anything. Prove it’s not a Ponzi. It might help you understand what an actual Ponzi is.
you can make money in a ponzi, just need to make sure you aren’t the last one buying the top… and with el salvador buying 1 per day https://bitcoin.gob.sv/ i’m not sure the end of the ponzi is even in view