Comments by "" (@foxmoongaze) on "David Lin " channel.

Bitcoin has become everything about euphoria and nothing about value.
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Crypto isn't finite, it can be artificially limited, but nothing digital is truly finite. There is also no limit to the number of different crypto currencies that can be created, and none have any actual use beyond being a number on a computer. If one type of crypto currency has a software limit that is reached, or became too expensive, people could just move to another. Crypto currency is not rare or scarce, or fundamentally different from fiat currency.
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@jesselivermore9285 silly comparison as people don't claim email to be money... but it might make sense to someone who yells at books because they are not digital 🤣
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Although you are not incorrect about the USD losing value, bitcoin is also being pumped up, just look at what MicroStrategy is doing by constantly buying more and more bitcoin with other peoples (borrowed) money and then selling it's stock as it then goes up to buy more bitcoin. The government is, and will, help because it will get a ton of kick back in captial gains tax.
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@cheesyandy1 Just thinking ....... One way might be to just wait until you try to use it and trap/catch your bitcoin at point of sale. Denying all legal transaction with it could prevent 99% use of bitcoin and render it effectively worthless - no need to have your keys. The same might be done to gold, but I guess would be much less effective as gold doesn't need any hardware, software or third party involvement at all.
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I buy bitcoin for the profit trade, but hold my nose because it really does smell bad .... and will get out before it pops...
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Better a little early than late!
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@greedykidify Prices go up when there is an abundance of money compared to the things people want/need to buy. Famous art pieces are one of a kind and their price is determined by demand and the abundance of spending money in buyers pockets. Same with classic cars, houses, and bitcoin.
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@nicholaskaltenbach6569 Well, historically hyperinflation has always been a money printing phenomena - Wiemar Germany for instance, and France in the late 1700s ....
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Inflation should not be necessary if markets were not meddled with by governments and central banks - but that wouldn't favour the banks and the rich.
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If the fed starts printing it could mean a melt up in the stock market, with prices going ever higher in devaluing currency.
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Bitcoin is really no different to fiat currencies, it's just ledger entries. Sure, there is a limited issue, but if you can create infinite satoshi's that becomes meaningless. And then there is the fact that bitcoin can't work as a currency as there isn't enough energy or computing power in the world to run it. Maybe the next crypto created will be better, and perhaps backed by a basket of commodities, that would be interesting.
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You could say the USA has already defaulted when it devalued the dollar in 1933 from $20 to $35 an ounce of gold, and again in 1971 when it suspended the conversion of the dollar into gold.
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Bitcoin is a derivative of the dollar with no use other than sucking up a countries worth of energy and distracting a trillion dollars away from real assets. If you are convinced bitcoin has the same properties as gold (it doesn't), why not just buy gold?
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@gwynedd1 I don't hear argument or condescension, I hear an observation that BTC has only ever existed in a time of huge currency inflation which doesn't really give an idea of value as money pours into places that would never exist or price so high without the currency bubble.
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@BoondockSaint-l2q Hmmmm, intrinsic values, well, gold can: cover the roof of a palace, enable a space craft to land on the moon (electronics/CPUs..), help treat cancers and arthritis, make great jewellery, replace a tooth and, oh yes, store the wealth of a nation without dependencies of any kind. A Van Gogh painting? Trickier as many would give it no value except for knowing others do. So more down to the eye of the beholder, or pocket of the investor willing to gamble on the future. It can at least be hung on the wall and admired, and it will stir emotions. Unlike bitcoin, both, have no need of enough energy to run the whole of the UK every year. So, what is a bitcoin, and what can you do with it other than gamble?
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@painfuldrp9954 Explain please, I'm intrigued..... Bitcoin meets few of the requirements for real money, so what is it exactly other than a gamble for future wealth taken from future buyers?
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@usntheboy1 It's a great gamble for sure, ride the wave of euphoria and I hope it works out for you.
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I wonder if the gold pullback may not happen, or be smaller, this time if there is continued conflict in the world?
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Why do some call bitcoin a Ponzi? Is it because the bitcoin price has to keep going up or it won't be worth the miners effort, and so, new buyers have to be constantly brought in to push the price up?
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@overwhelmingevidence4836 Anything can be confiscated, even digital assets. Physical gold confiscation would be almost impossible (as easy to hide) and not cost effective to attempt except for very large holdings. FDR only managed to get about 25% in the 1930s and even that was because people were patriotic. It's more likely that they will take control at the point of sale/trade by tokenizing everything and registering ownership to an ID. This way you won't be able to take legal ownership without revealing how it was purchased - if gold or bitcoin is illegal they've got you.
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@cheesyandy1 It's not just about "compromised" vendors, for instance, anything that requires registration, declaration of ownership, or services can have the purchase method questioned. Bitcoin records all transactions on it's block chain .........
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@jackcrook4435 Well, a few people may have at the time, but a guitar is a guitar and going electric was like changing from gold bars to gold coins.
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@georgevaccaro9379 Anything that's registered in any way could be a problem, and bitcoin has a complete ledger of transactions in it's block chain....
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@georgevaccaro9379 To avoid third parties would you not need to run your own bitcoin node, and your trading counter party would need to trust you (your node)?
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@magi6969 Err, bitcoin is a peer to peer payment system, what point are you trying to make?! You need a bitcoin node to process a transaction, this is usually a run by a third party as most people don't/won't be running their own node. Any third party can potentially be an issue. Either way, the bitcoin blockchain records every transaction, and all transactions public, you have to hope the identities tied to them remain hidden.
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@magi6969 Err, yes, bitcoin is a peer to peer cash payment system - what's your point?
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@LoloLovesLife You can ban a thing, but it meaningless unless you actively do something to stop it - true for gold, drugs etc. Nigerians look for anything to use instead of their own failing currency, so everything else that can be traded has had immense increased adoption, bitcoin is just one of those things. For countries that do take action, another problem for bitcoin holders is that bitcoin carries it's history with it, so if any of your coins have been previously used for undesirable/illegal use they would be classed as contraband and could be seized - it's already happened in several countries in the west.
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When you say gold bugs, you mean money bugs ........ aren't we all that to a degree?
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@Sec_coach By then the "buck" maybe worthless though .......
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It seems inevitable that once deflation is felt by the market the money printers will start up in earnest/panic.
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@user-xg6yc8ho3w Except that I'm a software engineer and I've read the whitepaper and studied the network and architecture - so done my research! If you actually read my post you'd notice that I referred to energy required if attempting to use bitcoin as currency, not what's required to run it in it's present state, where it's barely used at all and still requires the same energy used by a country like the UK each year! Satoshi, well, almost infinite Satoshi's can be created, depending on computing architecture, it's just software 😛. Even the number of bitcoin could be increased if reprogrammed for a bigger absolute number or into multiple series. Nothing is fixed, it's code, open your mind............
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So, every fraction of BTC in a wallet can be traced back to its source, and if the administration issues an order that any BTC that has ever been held in the wallet of an undesirable becomes contraband, you'd be screwed? Bitcoin isn't fungible and I would not swap a nice clean bitcoin for one previously owned by a Russian Oligarch - would you?
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probably more like the SouthSea bubble .... in the end
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A thought about bitcoin. From what I understand most of the bitcoin is already owned by a few. As over 90% of bitcoin has already been mined how can it be of use to the world in general? Surely bitcoin is the most skewed asset in terms of distribution in the world? Would not bitcoin turn into a dollar problem on steroids, along with a shift of wealth from the current few to a new few? Just saying...... might be wrong....
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