General Discussion

Xolodno

(6,760 posts)

49. Econ professor described gold as this...

Thu Dec 26, 2024, 05:23 PM

19 hrs ago

...you dig a hole in the ground to extract a worthless mineral and then dig another hole to put this worthless mineral in and guard it.

Money is a medium of exchange. The value of the dollar is based on how confident you are for the USA to still be here tomorrow. Of course, that gets manipulated a bit, but if I could buy Rubles right now, believe me, I would, those damn things are on a fire sale right now. If the US government collapsed, our dollars would be worthless. You can go out and buy Confederate States of America dollars or Rubles of Imperial Russia, outside of collectors value, they are all worthless because those governments don't exist any more.

Bitcoin is a perceived value of a medium of exchange. A value that is derived as a safe haven because its not beholden to the stability of a nation. Plus its easy to hide, launder, avoid taxes, etc. You walk into an airport with a suitcase of cash, a lot of questions are going to be asked. Not to mention, it may be confiscated for awhile when the investigations go through. Have a million in Bitcoin in the USA, can be redeemed in virtually every nation without physically carrying any hard currency.

That's its appeal. But it can crash for whatever reason.

As for myself, I prefer very small gems. Easy to hide in your clothes, metal dectors don't go off, passing one off as payment doesn't attract too much attention, etc.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

54 replies

= new reply since forum marked as read

Highlight:

I was just thinking. Do you (like me) think that BITCOIN [View all] bluestarone Wednesday OP

In addition... 2naSalit Wednesday #1

No Lulu KC Wednesday #2

Well, if nothing else it's the best money laundering bluestarone Wednesday #3

They wrote after Trump's 2020 defeat, not after is recent win. I'd like to know what they think now. nt pnwmom Wednesday #27

Here's something Lulu KC Wednesday #37

The original goal, IIRC, was to bypass the banking system. usonian Wednesday #4

crypto currency, of any stripe, is such a farce Trailrider1951 Wednesday #5

Agree! bluestarone Wednesday #7

It's mostly a younger people thing & they are making money womanofthehills Wednesday #14

I agree. Maybe THAT was also part of these assholes plans? bluestarone Wednesday #15

I have a friend (44) who is heavily into it. CanonRay Wednesday #22

I'd rather go to Vegas if I want to take that kind of chance with my money. brush 18 hrs ago #54

I'm not a fan of Bitcoin but Disaffected Wednesday #16

It's in here Lulu KC Wednesday #38

Where is it? Disaffected Yesterday #40

The article talks about how much power is used to "harvest" bitcoin Lulu KC Yesterday #41

All internet related monetary transactions, including blockchains, obviously need electricity Disaffected Yesterday #46

Got it Lulu KC Yesterday #47

True, but a quantum compute break of blockchain security... getagrip_already 18 hrs ago #52

That's not true all confoosed 18 hrs ago #50

BITCOIN One World Government monetary system. Emile Wednesday #6

I was with one of my husbands maga nephews last night and he is big into bitcoin kimbutgar Wednesday #8

Today its just another example of "the greater fool" theory. Callie1979 Wednesday #9

I get that moose65 Wednesday #29

This is comforting Lulu KC Yesterday #42

There's nothing backing it. It's a form of gambling. Joinfortmill Wednesday #31

The only thing backing bitcoins are the US dollars and Euro dollars that people are trading for bitcoins FakeNoose Wednesday #39

Easily stolen or lost. Then there is it's based on stock market. Blue Full Moon Yesterday #45

If they ever bring back "Pet Rocks" I've already oasis Wednesday #10

Amazing how todays Americans became so how should i say bluestarone Wednesday #12

One side of any deal using Bitcoin for a transaction is a fool. Callie1979 Wednesday #11

It seems to me to be anciano Wednesday #13

I would have guessed that the original purpose was tax evasion. EarnestPutz Wednesday #17

I tried to put a bitcoin in the parking meter the other day. defacto7 Wednesday #18

lol! bluestarone Wednesday #20

I do think it's a scam, yeah Jilly_in_VA Wednesday #19

Here's a decent Trump/Bitcoin/US Treasury piece- Snarkoleptic Wednesday #21

It is a way to circumvent banking laws Trenzalore Wednesday #23

A few years ago, enigmania Wednesday #24

Stay away from Bitcoin! Aussie105 Wednesday #25

Saw an ad on TV this afternoon BOSSHOG Wednesday #26

Harder to track income ....taxes underpants Wednesday #28

Crypto is the "You knew damn well I was a snake..." dchill Wednesday #30

I always get "the internet is a series of tubes" vibes awesomerwb1 Wednesday #32

I would no sooner buy Bitcoin or any other crypto currency... A HERETIC I AM Wednesday #33

No JCMach1 Wednesday #34

YES! Jrsygrl96 Wednesday #35

Seems to me to be a notinkansas Wednesday #36

Some people already do think he's the "chosen one" Lulu KC Yesterday #43

For all the supposed activity in crypto DFW Yesterday #44

If someone gives you a bitcoin... Alephy 18 hrs ago #53

No Deep State Witch 22 hrs ago #48

Econ professor described gold as this... Xolodno 19 hrs ago #49

Crypto is for Criming - by Paul Krugman FalloutShelter 18 hrs ago #51