Quote:
Originally Posted by starkind
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When real monies start getting converted wholesale to digital currencies that is when to buy in.
The value of a bitcoin is its authenticity...like a non counterfeit dollar or real money. None of it has any real intrinsic value beyond what we ascribe to it socially. We don't "need gold". The governments say you do and create a system where gold has value.
Once the governments place authority behind the authenticity of bitcoin its now just proof of ownership of the pie of coins in circulation and if governments could control the production of coins they would jump on it in a heartbeat because it's way harder to make fake coins than fake pennies. It's also cheeper to store and move around and trade once it's in circulation and way more durable.
As it stands exactly as it is now its virtually play money without a regime change or until governments are the only ones allowed to authorize new coins.
Hope that helps.
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I feel like I'm already paid in digital currency. I get numbers added to my bank account and I use those numbers with debit and credit cards. I pay my bills all electronically and only ever use paper money when buying gas right now because with credit it costs even more. I can't even remember the last time I held a coin, and I'm being serious.
I know it's not the same thing as crypto but the currency I'm paid in is backed by the federal government, and my bank account is secured. In my remaining lifetime I don't anticipate a collapse of the dollar so I'm fine with it. Bitcoin had a meteoric rise and for some governments it's better to use it than their own currency. Shithole countries are starting that but the big countries like the U.S. and China are working to either limit crypto, regulate it or maybe start their own regulated crypto.
It's also nowhere near as safe and secure as people think. Just look at how much of it has been seized by the U.S. government.