Barkley, OBJ, and Bitcoin

[uconnjack8]

Well Bitcoin is back to an all-time high, so if he kept it, he didnt lose money other than what could have been made with other investments.

[Fletch]

Am I missing something ... Bit coin is at all time highs. So none of them lost any money.

[uconnjack8]

Am I missing something ... Bit coin is at all time highs. So none of them lost any money.

Maybe, this thread is from a while ago and I just commented to update that

[MightyGiants]

Bitcoin as a replacement for dollars, is never going to happen.  Bitcoin's value is too unstable, it's use less and practical and ways to store it securely (and perhaps earn interest) not ideal.


Bitcoin is a way for people who are looking to break or skirt the law to be a thing.  People investing in Bitcoin like they would other no usable assets like Gold will be a thing as long as people wish it to be a thing.  I think the difference between crypto and gold is that gold has a limited supply.  While Bitcoin or any given cryptocurrency has a theoretical limit, the number of cryptocurrencies doesn't have a limit.  The other big difference is that gold does have some real-world value (jewelry and as a material), and it's been valued since man first understood the idea of money.  Crypto, on the other hand, has been around for a very short time.  If people decide they don't value crypto, its value plummets to zero because it has no intrinsic value and is not backed up by any institution or government.

Frankly, I think it's silly to ask to be paid in crypto.  Just get your check and buy as much crypto as you want.   

[uconnjack8]

Bitcoin as a replacement for dollars, is never going to happen.  Bitcoin's value is too unstable, it's use less and practical and ways to store it securely (and perhaps earn interest) not ideal.


Bitcoin is a way for people who are looking to break or skirt the law to be a thing.  People investing in Bitcoin like they would other no usable assets like Gold will be a thing as long as people wish it to be a thing.  I think the difference between crypto and gold is that gold has a limited supply.  While Bitcoin or any given cryptocurrency has a theoretical limit, the number of cryptocurrencies doesn't have a limit.  The other big difference is that gold does have some real-world value (jewelry and as a material), and it's been valued since man first understood the idea of money.  Crypto, on the other hand, has been around for a very short time.  If people decide they don't value crypto, its value plummets to zero because it has no intrinsic value and is not backed up by any institution or government.

Frankly, I think it's silly to ask to be paid in crypto.  Just get your check and buy as much crypto as you want.   

That is a myopic view. 

[MightyGiants]

That is a myopic view. 

How so?

[Fletch]

Bitcoin as a replacement for dollars, is never going to happen.  Bitcoin's value is too unstable, it's use less and practical and ways to store it securely (and perhaps earn interest) not ideal.


Bitcoin is a way for people who are looking to break or skirt the law to be a thing.

Or gee i don't know maybe they are looking for a way not to be endebted to some weird entity that no one knows much about, and are looking for honest money. I.e. you borrow money from me -- you work overtime to pay me back. not just print up money out of thin air and lend out money out of thin air.

People investing in Bitcoin like they would other no usable assets like Gold will be a thing as long as people wish it to be a thing.  I think the difference between crypto and gold is that gold has a limited supply.  While Bitcoin or any given cryptocurrency has a theoretical limit, the number of cryptocurrencies doesn't have a limit.  The other big difference is that gold does have some real-world value (jewelry and as a material), and it's been valued since man first understood the idea of money.  Crypto, on the other hand, has been around for a very short time.  If people decide they don't value crypto, its value plummets to zero because it has no intrinsic value and is not backed up by any institution or government.

Ah the good old gold argument, and I actually had some and fell for this at one time. Let me tell you I am much happier with bit coin now than I am with stupid gold. I am also glad I figured out a few things.

Just because gold is old, does not mean anything. A sucker was born every minute back then same as now.

Gold isn't really worth anything. It has no utility value but looking nice. I have some nice gold coins which I cannot bring myself to sell just because i like to look at them. I have a gold plated watch that serves that purpose.

Frankly, I think it's silly to ask to be paid in crypto.  Just get your check and buy as much crypto as you want. 

I agree actually. especially if your salary is really a matter of public record. It is going to be pretty tricky to claim 0 on line 10 of your irs form.

[PSUBeirut]

Get out of the new one if you can't lend your hand, for the times they are a-changin'.

[uconnjack8]

How so?

Every transaction is recorded forever and can be viewed by the public.  The best way to skirt the law is still cash.

I don't know if it will be bitcoin or something else, but I totally think there will be a digital currency that becomes more accepted than not as an international currency. 

[MightyGiants]

Every transaction is recorded forever and can be viewed by the public.  The best way to skirt the law is still cash.

I don't know if it will be bitcoin or something else, but I totally think there will be a digital currency that becomes more accepted than not as an international currency. 

There is an irony in accusing me of having a myopic view of crypto.   I am going to suggest you read this report that goes over all the ways crypto has helped and is used by criminals to aid in committing crimes.


https://www.europol.europa.eu/cms/sites/default/files/documents/Europol%20Spotlight%20-%20Cryptocurrencies%20-%20Tracing%20the%20evolution%20of%20criminal%20finances.pdf

[AZGiantFan]

Apropos of nothing in particular, I went to HS with Stuart Haber, one of the inventors of blockchain which is intrinsic to Bitcoin.  He was a year behind me but I knew him pretty well from Math Team.  He was obviously very very smart, but he was also a funny little guy who loved to juggle.

Personally I don't understand Blockchain nor Bitcoin, so I'll stick to tulips.  LOL