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20k DOW vs BITCOIN
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<blockquote data-quote="LarryBird" data-source="post: 4110253" data-attributes="member: 76548"><p>It's not a hangup, as much as it is an observation, and a potential counterpoint to the hype. </p><p></p><p>Bitcoin is supposedly worth what people say it is, just like money, and just like gold. But along with people agreeing on it, money and gold have value, because our government and central banks have told us this, and they are the only acceptable forms of payment for goods, services, and most importantly taxes. You can pay your taxes with money, and you can exchange your gold, the price of which is set in London and remains relatively stable, for money...Bitcoin doesn't have any of this going for it.</p><p></p><p>Bitcoin has no inherent value on it's own, no centralized authority to give it a value, and no government that recognizes it as a currency, at least one that you can pay your taxes with, and no method in place to stabilize it's pricing or value as a commodity.</p><p></p><p>So what gives bitcoin a value outside of people's overzealous excitement for it - people who don't even really understand it, it's intended use and reason for existing, or block chain technology in many cases? It has all the makings of a bubble. </p><p></p><p>That doesn't mean people won't get rich from it. That doesn't mean it can't be a good short term investment. It does mean that putting too much confidence or too much of your investment portfolio into it, could lead to devastating consequences. It does mean that someone will ultimately be caught holding the bag if/when the bubble does burst.</p></blockquote><p></p>
[QUOTE="LarryBird, post: 4110253, member: 76548"] It's not a hangup, as much as it is an observation, and a potential counterpoint to the hype. Bitcoin is supposedly worth what people say it is, just like money, and just like gold. But along with people agreeing on it, money and gold have value, because our government and central banks have told us this, and they are the only acceptable forms of payment for goods, services, and most importantly taxes. You can pay your taxes with money, and you can exchange your gold, the price of which is set in London and remains relatively stable, for money...Bitcoin doesn't have any of this going for it. Bitcoin has no inherent value on it's own, no centralized authority to give it a value, and no government that recognizes it as a currency, at least one that you can pay your taxes with, and no method in place to stabilize it's pricing or value as a commodity. So what gives bitcoin a value outside of people's overzealous excitement for it - people who don't even really understand it, it's intended use and reason for existing, or block chain technology in many cases? It has all the makings of a bubble. That doesn't mean people won't get rich from it. That doesn't mean it can't be a good short term investment. It does mean that putting too much confidence or too much of your investment portfolio into it, could lead to devastating consequences. It does mean that someone will ultimately be caught holding the bag if/when the bubble does burst. [/QUOTE]
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