Strategic Bitcoin Reserve?

[goaded]

Which is it?

files.mastodon.online/.../3bc2b5244f8b10c5.png To pay down debt

files.mastodon.online/.../3cad105e5c53b4b1.png To create a fool of last resort

Don't know/see results

[msc545]

I have no idea but anything involving Bitcoin seems like a scam at this point.

[goaded]

That would be because it's an obvious scam.

[Levin]

A scam in what sense? Don't get me wrong, bitcoin/crypto is highly flawed.

However, I heard some figures recently. Something like in 2018 an US average house was $280000 which was about 40 bitcoin at the time. Now an US house is 400000 odd, which is four bitcoin. Your currency is being inflated and mismanaged. Life is becoming ever more difficult.

If you bozos had invested in bitcoin 10 years ago. You'd be stinking, filthy rich.

Plus there can only ever be 21 million bitcoin. A crucial point. Watch as your benevolent dear leaders print, print, and more print.

[goaded]

@Levin Except if people cashed in their bitcoin today, its price would plummet to its true worth. It has zero intrinsic value. Have you never heard of Ponzi schemes? Hyper-inflation? Bubbles?

You'd be lucky to buy a loaf of bread with 100 bitcoin.

"there can only ever be 21 million bitcoin". So? There are dozens of crypto coins out there, like Dogecoin. The only thing they all do is waste energy.

[Levin]

So is fiat currency, ie dollars, pounds, etc. It has zero intrinsic value. It's only value is the good faith that the political and monetary system of a country is stable.

Except central banks, governments, what have you, inflate the currency out of desperation and incompetence, for idiotic political reasons such as during convid. The limited supply of bitcoin is a really pivotal point.

Like I say, the technology and concept is highly flawed for myriad reasons. But grunting, 'bitcoin bad', 'ugga ugga', 'bitcoin pyramid scheme', 'bitcoin and granny waste fuel'. Fails to capture a nuanced and thoughtful answer, and also, some of the ways in which we're all being screwed over by the ineptitude of our own governments.

But I know, gotta be careful. Criticising one's government. Might wind up in jail!

And no, at present, you will have 7.5 million £ in your account if you own 100 bitcoin.

[goaded]

@Levin I knew you'd say that, but that's the whole point of the difference; a country backing up its currency means that they will sell you things of value that they own or produce in exchange for that currency. Bitcoin might as well be tulip bulbs, except you can swap a tulip for something else of value.

Think about it for a second. Did that house really lose 90% of its value, or is the "value" of bitcoin unrelated to reality?

If you own 100 bitcoin, you own 100 bitcoin. No pounds, dollars, yen, or any serious currency in your account.

https://en.wikipedia.org/wiki/Tulip_mania

[Levin]

Well, its value is determined by supply and demand. So yes, it would lose its value and become worthless should people decide that. You're not stating anything anyone does not know.

Just that as an 'asset', it is holding its value infinitely better than the currency of our respective countries. That does not mean it will do so in the future. It's a highly volative and risky asset.

[goaded]

@Levin Except an apple, say, has intrinsic value. You can eat it and stay alive another day. Bitcoins are essentially useless, except for crimes.

[Levin]

If you say so, Kier Starmer.

So if I offer you one bitcoin now, or an apple. Which do you choose?

[goaded]

@Levin I'm not starving, so I'd swap an apple for something stupid.

[Levin]

That stupid thing has just earned you £74k. Congratulations.

Another champagne socialist!

[goaded]

@Levin No, it didn't. Because you wouldn't pay what you think is worth £74k for an apple, unless you were starving.

If somebody offered me a bitcoin, I'd tell them to change it into real money and give that to me.

[DrPepper12]

@Levin full faith n credit doesn't come with bitcoin

[DrPepper12]

Sounds like another banner Trump idea! What could POSSIBLY go wrong?

[exitseven]

the whole idea of Bitcoin is to have a currency independent of any government. There is really nothing backing it up and when the wheels falloff the wagon it will not be pretty.

[goaded]

Exactly why the government shouldn't be buying into it.