cnocbui wrote: » What countries employ a gold standard? It' a historical quirk. The US ended it almost half a century ago. Current money supply is not gold backed, if that was what you implied, it's value is abased on empty promises and fiction.
coolshannagh28 wrote: » There is a strong school of thought that thinks that the problems started when the gold standard was abandoned.
makeorbrake wrote: » You're making my point for me. You've totally misunderstood. Firstly there are many cryptos and whilst some pursue the same aims, those objectives differ considerably. Within the ones that have forked away from Bitcoin, they've failed. This notion that multiple cryptos dilute the potency of bitcoin is a fallacy. All cryptos are not equal. You can create your own tomorrow, sure. If it doesn't bring something tangible to the party then it's unlikely to go anywhere.
cnocbui wrote: » There is a strong view that adherence to the gold standard significantly worsened the Great Depression. Personally I think the problems started when greedy people started inventing new and myriad financial instruments to make themselves massively rich. Why would a sane government allow derivatives, junk bonds, credit default swaps, sub prime mortgages, etc? I do have sympathy with the gold standard and that viewpoint. Fractional reserve banking is trouble waiting to happen. You lend fictitious money to someone, but expect and require them to repay you with real money. Yeah, why not. :rolleyes:
patsy_mccabe wrote: » 2 simple questions for you; what exactly does bitcoin do and what is it's intrinsic value?
makeorbrake wrote: » Bitcoin fulfills the role of hard money. Its intrinsic value is provided by way of its inherent properties. - Seizure Resistant When a bank or state fails, your hard earned savings are likely to take a hair cut. That can’t happen with self custodied bitcoin. - Censorship Resistant Nobody can dictate on what/where/when you spend it. It facilitates worldwide permission-less transactions. - Durability Despite ongoing attacks on the bitcoin network over 11 years, the decentralised bitcoin network has remained online. Compare that with bank systems, visa, etc. - Portability It's the most portable store of value there is. - Divisibility Bitcoin has eight places of decimal - it can be transmitted in tiny amounts. (network fees have proven to be a problem in the past for micro-transactions but the emergence of the Lightning Network will take care of that). - Pseudo-Anonymous It's psuedo-anonymous. There are updates waiting in the wings that can make it fully anonymous and fungible. - Designed-in Scarcity Above all else, it’s scarce. It has designed in scarcity - and all stakeholders know exactly how that works. That involves a fixed supply of 21 million bitcoin. If you were to say gold has value as jewelry, industrial use, etc - then why doesn’t its value reflect those uses? It doesn’t trade at production cost level. Other than that, if you're looking for 'backing', bitcoin is the energy standard that Henry Ford proposed a century ago. That powerhouse of a PoW consensus mechanism and security system is fueled by energy.Here’s the ‘intrinsic value’ of the cotton paper brought to you by the FED/BoE/ECB/BoJ, etc.
Jim2007 wrote: » At the end of the day it is no better than the tulips... It depends on confidence and we can see from the tulips that can disappear over night.
Bob Harris wrote: » The S&P had a weak close probably in anticipation of this.
Shedite27 wrote: » About a half hour before close, Bernie Sanders tweeted that the deal wasn't yet completed and that he had some problem with it. The slide started after that.
Bob Harris wrote: » So it's not only Trump's tweets that dictate the market.
Nemeses2050 wrote: » European markets a bit queit today, probably waiting US for directions. Any EU based solid companies on people's watch lists.
Bob Harris wrote: » 3.28million jobless claims v 1.5m forecast.
The Phantom Jipper wrote: » The FTSE hasn't really reacted to the news breaking. Bouncing around -2% since it was announced.
Nemeses2050 wrote: » Yep, not much reaction from US futures either :eek:
Shedite27 wrote: » Volkswagen is my big one, they've invested €30bn in electric vehicles, I expect them to be to the fore of that in 5/10 years time. They're about 50% below their peak currently.
voluntary wrote: » Worse the news larger the pump. Speculators are counting on FED to pump even more money into the markets now, as the unemployment increases. This is a short term play though. More money will not fix this particular problem I'm afraid.
bilbot79 wrote: » Invested 3k the other day now I have 4200. Humming and hawing about whether to stick or twist.
all about the mane wrote: » Depends on your plan. Should really have exit strategy decided before entering at all. That reduces the emotion effect once in.
