Thanks Diane, THIS is an AMAZING post. You teased out, clearly and brilliantly, all the unsettling questions. I've been afraid to admit all those confusions and suspicions.
How are you going to bash bitcoin and cryptos when in your first sentence you admit you dont understand how it works? Really discredits your whole argument
If 20% of bitcoin owners have lost their codes, that would be a very good reason for its value going up! If people continue to lose their codes, bitcoin will become priceless! There won't be any available for sale!
Sent this on to my #1 son who lost a few of his bc of a key “issue” and he knows his way around a computer. Even if I had the money I wouldn’t waste it on this stupid boondoggle.
Diane, as much respect as I have for you, your argument about bitcoin screams of ignorance.
An ounce of gold, at about $2,000, consumes about $1,200 to produce (energy and labor) for mining, operations, head offices, distribution and so on. Bitcoin is a fraction of that amount. Gold has no utility beyond a store of value, so how is that different from bitcoin? Gold is just really a rock.
And then, how is bitcoin any different from any other fiat currency which most governments have created out of the ether?
It isn't.
The Canadian dollar, USD, Euro, and so on, are pieces of paper and zeros on a ledger. The world has attributed value to those zeroes much in the same way as the world has attributed value to bitcoin. If there's a seller, and a buyer, then it has value.
Thank you for this! I'm so tired of clever conmen destroying the world, and families.
It is a vital tool for criminals, terror organizations and Bitcoin promoters.I would consider Bitcoin ownership a ‘tell’ of criminal activity.
Thanks Diane, THIS is an AMAZING post. You teased out, clearly and brilliantly, all the unsettling questions. I've been afraid to admit all those confusions and suspicions.
How are you going to bash bitcoin and cryptos when in your first sentence you admit you dont understand how it works? Really discredits your whole argument
If 20% of bitcoin owners have lost their codes, that would be a very good reason for its value going up! If people continue to lose their codes, bitcoin will become priceless! There won't be any available for sale!
Sent this on to my #1 son who lost a few of his bc of a key “issue” and he knows his way around a computer. Even if I had the money I wouldn’t waste it on this stupid boondoggle.
Diane, as much respect as I have for you, your argument about bitcoin screams of ignorance.
An ounce of gold, at about $2,000, consumes about $1,200 to produce (energy and labor) for mining, operations, head offices, distribution and so on. Bitcoin is a fraction of that amount. Gold has no utility beyond a store of value, so how is that different from bitcoin? Gold is just really a rock.
And then, how is bitcoin any different from any other fiat currency which most governments have created out of the ether?
It isn't.
The Canadian dollar, USD, Euro, and so on, are pieces of paper and zeros on a ledger. The world has attributed value to those zeroes much in the same way as the world has attributed value to bitcoin. If there's a seller, and a buyer, then it has value.
I forwarded your paper to a friend . . . He says . . .
Law of Supply and Demand. I talked about this very topic a few days ago.
My point is: behind demand for bread is hunger, behind demand for bitcoin is greed.
This makes bread price relatively stable while bitcoin soars. :)
BTW. A few years back I thought about mining it. I read a few articles that persuaded me otherwise.
I should sue the authors for huge financial losses. :)
On the other hand any currency is just an agreement/understanding.
Is the money in your bank more real than the bitcoin? Just a number in a computer nowadays.
Jim
Diane . . . As always, well researched, succinct, adroit, well written . . . You nailed it !
Long overdue full disclosure on a product that scams even 'The High and The Mighty' !!
Dovyou mean Paypal? (Wrote Palpal)