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531

And all the coin-heads cry out in horror... but... but... but I was told it haz value... lol.

And all the coin-heads cry out in horror... but... but... but I was told it haz value... lol.

(post is archived)

[–] • 4 pts

Goys please don't invest in something that could potentially undermine our power over you!

[–] [deleted] • 2 pts

I have no problem with the concept of digital currency, but there has to be a better way. The current systems are too dependent on too few big players and on a single point of failure, which is the internet.

[–] • 3 pts

Pretty much yes.

I've always held a belief that if you can't physically have it in your hands you don't really own it.

I think a good example of this would be "buying" music or content for a video game. One checkbox and poof, it's gone.

When amazon music first showed up I bought a few albums worth of content. I'm glad I was able to DL those MP3s and burn them to cd because a few years later they changed how their store works & I lost access to them. Had it happen again with apps. It gets removed or dropped from the store and I'm sol. Zero recourse, no refunds. If I can't have it in my hands, I'm pretty reluctant to pay to "keep" things on someone else's computer.

[–] [deleted] • 1 pt

This is far more important than most people realize, i don’t by download books either as they too have been deemed ‘unpopular’ at times and removed from access and i dont buy anything ‘cloud’ or subscription based. If the shit hits the fan i want to be able to keep operating without relying on the internet to make things run.

[–] • 4 pts

LOL!

Like he's trying to say the USD IS a useful "store of value"! MAXIMUM KEK!

[–] • 3 pts

Of course the criminals are going to say that. Seriously, any one think federal reserve notes are a good store of value? Do you know the term debasement? Have any idea how much federal reserve notes are debased? Imagine a currency that loses 2% of its value every fucking year. It's actually much higher than that. Have you heard the euphemism "quantitative easing?" Imagine the inflation of the capital markets breaking into the consumer market. Federal reserve notes are only good for transactions. Paying Bill's is it. Any excess currency needs to be converted into a hard asset as soon as possible or you lose it.

So what does Powell recommend as a store of value? I know, gold.

[–] [deleted] • 1 pt

If there is no power or network, I can still pay with dollars, gold or silver.... not so much with an intangible ghost currency.

[–] • 1 pt

Exactly. This is one of the problems I have with crypto currencies.

[–] [deleted] • 2 pts

BUT DE BLOCKCHAIN! YUO CAN PRINT IT OUT!

Lol. The only reason why I'd bother with crypto is to make easy money to spend on shit. That's it.

[–] • 2 pts

Old saying.. If you don't hold it you don't own it. I will take gold and silver thank you.

[–] [deleted] • 2 pts

Crypto is a fad, but fads can run for quite some time. It'll be fun to see what happens to bitcoin when it is no longer profitable to mine but until then I see it keeping a high price.

[–] [deleted] • 0 pt

At the rate it's been growing in power usage, I don't see how mining will be sustainable for too much longer.

[–] [deleted] • 1 pt

As the big banks buy it up

[–] [deleted] • 0 pt

Banks aren't buying it, they are just dealers... kinda like crack dealers.

They just want to get in on the fees collected per transaction. Banks love fees.

[–] • 1 pt

Says the guy printing fiat that's lost over 99% of its value in the last 100 years.

[–] • 1 pt

>“It’s more a speculative asset that’s essentially a substitute for gold rather than for the dollar.”

So by extension, Powell is saying that Gold is also 'not a useful store of value.' After all, Gold is not backed by anything either. lol

[–] [deleted] • 0 pt

Gold is a commodity and is priced in dollars at the intrinsic value it has as a commodity. Of course, speculators cause the price to fluctuate more so than what should normally be based on supply and demand.

[–] • 0 pt (edited )

Yes and similarly, Bitcoin is treated by the government as a commodity or property, priced in dollars. So what's your point? What the hell is 'intrinsic value' anyhow?

intrinsic - a: belonging to the essential nature or constitution of a thing

Don't try to baffle me with bullshit financial buzzwords. All that means to me is that people agree it is worth something as a means of trade, i.e. it's a form of money.

While Bitcoin is a virtual product, its "intrinsic value" is derived from the use of computing power to overcome the difficulty of creating the encrypted blocks. People agree that it is worth something. That is the similarity to gold. Powell admits this in the article.

[–] • 1 pt

...well, crypto isn't backed by the might of the US consumer or US military.

[–] • 1 pt

Either Powell is shockingly ignorant of basic economic concepts, or he's just repeating empty talking points to criticize bitcoin.

I don't think he'd be Fed Chief if he was a complete moron. Same with Yellen. The question is why are they repeating worn out criticisms that don't stand up to any scrutiny? There are actual concerns over crypto networks and real risks they could talk about.

Are they just too lazy to learn about crypto? I think they don't care at all. They believe the Treasury and the Fed can still do their jobs if bitcoin is worth $1 or $1 million. Powell is corrct in that bitcoin is eating the gold market right now. The stock market could very well come next, certainly millennials prefer crypto over stocks (except Gamestop?). But I don't really think the Fed will care if that happens either. They'll just keep printing dollars and buying treasury bonds.

Bottom Line: I don't think the Fed gives a crap about bitcoin.