NEWS JUST IN

>pretty sure the us dollar is backed by the government

WRONG
fed is a private profit making institution. Half of it is owned by europeans

So China?

that doesn't mean it isn't backed by the us government, brainlet

>hurr durr government doesn't even back its own currency

cmon now

op is a brainlet sorry
>USD ARE PRINTED OUT OF THIN AIR.
this is true but meaningless because hyper inflation exists. The value of anything is entirely based off the value that people generally agree it to be. Even gold lost its value due to inflation at given times in which a lot of gold was extracted in a short period of time.
Gold limits the supply of liquid capital!

> Half owned by Europeans

The federal reserve is owned by the 12 member banks.

It is run by the board of governors, which is appointed by congress

Congress can (and have) changed the rules followed by the bank.

It is a private organization, but it is ultimately under the control of the president and congress.

get behind the new .gov currency before it explodes

cointelegraph.com/news/fork-fail-us-government-claims-bitcoin-cash-is-original-bitcoin

It's backed by a lot of jews in government, yes. This is not a good thing as you seem to think though.

I would argue that those who have the most interest in harming America also have the most to lose in the event of hyper inflation.

If hyper inflation were to really happen (like on the scale of germany), the government would pay off its foreign debt with newly printed worthless dollars.

If this happens, the foreign debtors are screwed. So even though they may chant death to america, they don't really WANT death to america because they would be broke too.

>fed is a private profit making institution
The greatest con and scam artists of our time.

>backed by nothing.

Except it's backed by the most powerful military this world has even seen.

>would argue that those who have the most interest in harming America also have the most to lose in the event of hyperinflation.
This really depends on where they keep their capital. For example, it is possible that they are pulling scare tactics to bring the price of crypto so they can buy in cheap.

>THE PRICE OF BITCOIN INCREASED EACH TIME US DOLLARS ENTERED COINBASE
not if they buy another meme coin, and the meme coins are endless

I hate to break it to you, but all serious money managers understand that cryptos are a worthless ponzi scheme.

They're like the lottery. You through out someone who got rich, and you convince everyone that they too can get rich.

But it's just a ponzi scheme. Crypto's only have value because people think they do. And when people stop caring about who has which electrons, there will be no more value.

Yes, much of the same applies to the dollar except, as I said before, crypto's aren't backed up by a government, and national currencies are.

Cryptos are like tulips, or beanie babies, or pet rocks, or tickle me elmo's, or any other flash in the pans that people climb over each other to get, only to realize later have no real value.

>(((europeans)))

imagine being this guy

And when the grunt cuckolds aren't getting paid? Or, paid in a currency which takes 1000 units just to buy a loaf of bread or some shit?

>money so awful you need to hold a gun to someone's head

Ok, explain me how gold has any real value, literally anything but basic needs (water, food) is useless to humans, no matter how much you argue, things like gold, silver, etc. have the value that people decide to put on it. (inb4 "muh gold can now be used as..." Yes, now it can have some value, but 300 years it didn't.)
>Ponzi scheme
Since bitconnect, all the fucking brainlets like yourself only shout "muh ponzi scheme", I bet you faggots didn't even know what a Ponzi scheme was before.

I hate to break it to you reddit but you just proved my point.
>Yes, much of the same applies to the dollar except, as I said before, crypto's aren't backed up by a government, and national currencies are.
Good luck forcing everyone to buy, store and use worthless paper when it has 0 real value in hyperinflation. Pre-nazi Germany's currency was government back as well. In order to force everyone to use a worthless government back, the currency would require a tyrannical government; national fascism or communism. Take your pick

Gold is relatively rare, malleable, conducts electricity, used in medicinal applications, portable...

Have fun with your electrons

>portable

>1. US DOLLARS HAVE NOTHING TO BACK THEM UP
The most powerful country in world actually.

>2. USD ARE PRINTED OUT OF THIN AIR.
It's called debt and a long history of paying it on time.

>3. THE PRICE OF BITCOIN INCREASED EACH TIME US DOLLARS ENTERED COINBASE
Wrong. Buttcoin is crashing, wake up.

If US Dollars are worthless shouldn’t the price of Bitcoin stay the same or drop when dollars enter the market

> gold

You are correct that the only reason gold has value is because people say it has value. Gold is an oddity that way because it has no real usefulness other than looking nice.

You can use anything you want as a store of wealth, as long as everyone agrees on it and as long as it is scarce.

The best example of this is probably the Ria stones of the island of Yap. On that island, the store of wealth was a giant fucking stuck (see image).

But there is a huge difference between gold and cryptos, mainly longevity. Gold has been used as a store of wealth for at least the last 2700 years.

Mind you, I don't fault you guys for not understanding the nature of the Bitcoin/crypto ponzi scheme, because most of you are too young to remember all of the other various similar schemes that have happened in recent history.

Two of the more common examples would be beanie babies and diamonds, both of which gained their value based on the scarcity theory.

In the case of both, the release to the market were artificially held back in order to increase the value by making them more scarce.

For example... do you think that a diamond ring is REALLY worth $10k? No, it isn't. The only reason people think it is (aside from convincing themselves) is that De Beers keeps a tight control on the supply of diamonds so that supply is always less than total demand.

The beanie baby people did the same thing. By intentionally limiting the supply of these tiny stuffed animals, you had morons who were taking all their money out of the bank to buy them because they were just "sure" that their retirement was made by owning a closet of tiny stuffed animals.

Back to bitcoin and cryptos.... the technology itself is the only thing that has real value, but even that isn't great because the technology is not protected. The fact that you have new coins popping up every day using the same software technique means that ANYONE can do it.

(to be continued)

>The most powerful country in world actually.
Why are they powerful? Because of US dollars. See how your argument is circular?

>It's called debt and a long history of paying it on time.
What's the US government debt right now, by the way?

>Wrong. Buttcoin is crashing, wake up.
That's because US dollars are leaving Coinbase.

You mean China I think.

wow you're stupid

$2>$1

>NOTHING TO BACK THEM UP
except blood and lives from millions of people from south america, middle east, and africa.

>If US Dollars are worthless shouldn’t the price of Bitcoin stay the same or drop when dollars enter the market

Correct. Now explain why Tethers are worthless. Each time they're printed, Bitcoin goes up.

>What is the greatest military the world has ever seen that can be deployed anywhere in the world within weeks if you refuse to accept petrodollars

(Continued)

Now, if you want to make money on cryptos, there IS a way, but it requires disciple....

... it's based on relying on "the bigger fool theory" which states that up until the collapse, there will always be people foolish enough to invest in any pyramid scheme.

So... you buy a crypto, cash out 25% when it reaches the point that you can get your initial investment out, and then slowly pull out as the price goes up.

Because the bottom line is this, and I'm sure nearly everyone is going to disagree with me...

1. Any technology that cryptos use can be used by the banks and the big names.

2. Banks will only use their own system because the money is made by being first in the chain.

3. When they decide to go full crypto, that will be the end of all of the exiting coins, because while everyone is cheering at how money "value" they have, they will have none the day after the banks give access to their coin only on 5 or 6 million credit card machines already out in the system.

4. Bubbles multiple themselves. The reason there has been such a major recent uptick in bitcoin is because people have noticed it, and there is demand.

5. But bitcoin itself has no sustaining value. People may continue to use it in the black market, but it IS a bubble, and all bubbles burst eventually.

why are people on this board so dense? The more money that funnels into the crypto markets will directly cause the value of USD to decrease.This is simply because of the laws of supply and demand.
Can people please study about supply and demand before posting on a business board.

Kind of cringe

You're all idiots. Taxes are paid in USD, USD is backed by aircraft carriers and jets

>the great satan has God's support just because it prints 'in God we trust' on its soul-draining ritual paper

DO YOU HAVE PROBLEM WITH THE GREATEST COUNTRY ON EARTH?!

>I built those planes

And for those interested, here's a fairly straight forward article about how artificial scarcity was used to create the benie baby bubble that so many people fell for....

nypost.com/2015/02/22/how-the-beanie-baby-craze-was-concocted-then-crashed/

>conducts electricity, used in medicinal applications, portable...

>(inb4 "muh gold can now be used as..." Yes, now it can have some value, but 300 years it didn't.)
How do you deal with the fact that you're borderline brain dead?

Maybe... just maybe... we don't tell anyone that we're printing money and the inflationary pressures won't be a problem.

Which takes us back to an easier solution... you want to get wealthy while supporting America? Buy and hold Lockheed Martin for a few decades.

300 years ago* Idk how I missed that

Trust me we want to nuke just about everyone

The USA is powerful because it have the biggest military in the planet ever, a huge territory, best companies, industry and technology.

China is a joke, ask any Chinese. There is a reason why rich Chinese people wants to move their funds out of the country.

wow you are stupid

>1. Any technology that cryptos use can be used by the banks and the big names.
>2. Banks will only use their own system because the money is made by being first in the chain.

Yes, banks can do it, they can also create their own web search engine like Google, they can also create their own social network like Facebook, they can do anything they want, right? Because they have a shit ton of money, right? Let me go search another good examples at chase.com, the best web search engine.

You just dont get it man
There exist no other thing that you can "store value in" , send to an anonymous person that you don't know on the other side of the world, almost instantaneously and almost for free, all while staying user yourself

There exists no other thing that you can store in your head, cant be seized, confiscated or printed at will

Deep, man.

So Tether = USD.

All the better for crypto.

Even more stupid shit...
There is little point in "private" blockchains
There is little demand for a "bank crypto" because that is not very different than using the existing system, which is extremely shit, because of banks and insane regulations and ineffeciencies

You guys realize that every country in the world buys oil with USD right? USD is unofficially backed by oil. It’s the only thing that’s actually keeping the US band aided together.

Soon it is bought with CNY

Keep dreaming chink

Ya, except....

1. They don't have to "create" their own, they can simply use the same code/technology as bitcoin and keep it all for themselves.

In fact, they've already started doing it....

wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

2. Bitcoin is too unstable to be used by banks and investment houses.

Imagine that they close out their books at the end of the night and don't know if their money will lose 40% before they wake up the next morning. There isn't a banker in the world who would ever go along with such an insane idea.

3. The "power" of bitcoin to the black market user is the lack of centralized control. This is good for them, but it is bad for legitimate organizations who rely on centralized control to keep everyone playing by the rules.

Example: The options clearinghouse. You can buy options from various brokerage houses, but ALL of them go through and are regulated by the options clearinghouse. This keeps everyone playing by the same rules.

So OK, I will ask you a serious question and hope for a serious answer.....

.... excluding the block-chain technology itself (which can be done by anyone who decides to do it).... why would bitcoin have value and others would not? Or in other words.... if a bank sets up a block chain system with all of the other big banks, why would they need bitcoin?

If your answer is the anonymity of it all, you must first acknowledge that you are removing 90% of the market by kicking out the people who would trade a lack of price swings for being able to trade on the black market.

That's kind of the point I'm trying to get across.... Other than an outsized demand/supply ratio, there is no reason for bitcoin to have any value at all. And there's no reason to suspect it won't eventually crash like every other bubble in history has crashed.

What are treasury bonds?

>state religion = atheism
>be religious in China, have organs harvested
Wumao qian have been deposited in your Sina Weibo account comrade

Wrong. The USD is backed up by the government's ability to tax the citizens.

I get it, I just disagree with you.

Your argument is that the value in bitcoin is that it can function as a payment system for black market transactions.

That's fine... but what percent of the public ever has the need for black market transactions?

How many people are going to be sending money back and forth across the globe, without wanting the guarantee that comes from a regulated industry.

You say there is no other method that fits the criteria. If you exclude the black-market aspect, it sounds a lot like a credit card, doesn't it?

Except a credit card has an established structure to protect both the buyer and the seller from fraud on either side of the transaction.

>but it is ultimately under the control of the president and congress.
yeah sure kiddo
youtube.com/watch?v=zf3sfb7QFr8

And at the same time, many people seem to argue that cryptos are a protection against the day that the dollar finally collapses.

If you live in the US, and the dollar collapses (or goes into a german-style hyperinflation), you're going to be screwed anyway.

If that happens, there will be no electricity, no food in the grocery stores, and eventually no water in the tap.

It's pretty hard to use an electricity-based payment system when no one has electricity.

A recent example: Puerto Rico after the storm and flood.

The entire island went 4 months without electricity. I wonder how many bitcoin transactions they were able to process during that period?

>nothing to back them up

ever heard of guns you dumbass

I get what you are trying to say though

You're talking about the textbook definition of delegation and republic

We elect our members of congress. We get to fire them at the polls every few years, but once in office, they can make decisions without asking our permission.

Congress appoints the governors, and can choose to not reappoint them. But once appointed, they have a right to make decisions without permission.

Btc apostles are too stupid to realize it's a scam

Gold bugs are the same way. If the shit hits the fan, lead is far more valuable than gold.

palladium is where its at

Government fiat is backed by the threat of state sponsored violence.

In the event of catastrophe, no precious metal is of value.

You want value... buy a few cases of bic lighters.

After so many years of convincing people not to smoke, most people have lost the ability to create fire when there is no electricity.

If the world comes to an end and you control fire, you're king of the block.

Bitcoin has value because it is the original immutable public ledger and won't go away so long as it is publicly traded or used in the exchange of goods and services.

This brainlet thinking an armed force has anything to do with the economy. Pop quiz, pajeet: when the US dollar was worthless during the Great Depression, which country did the US Army invade to save the dollar?

I don't know if you're baiting me, or if you actually believe that nonsense.

>1.
NOTHIN WRONG WITH ME
>2.
NOTHIN WRONG WITH ME
>3.
NOTHIN WRONG WITH ME

Sort of.

The governments ability to enforce its taxes ties the USD to doing business in the US. But it does not assign it's value. The value itself is the interest people have in doing business in the US, that have to paid taxes.

Venezuela can enforce it's taxes too, but they can't force people to do buisness in their country,

>still own no cryptocurrency in the year 2018

by saying the dollar is backed by the army he clearly means you can redeem your dollars for portions of the us army if need be

>lots of smelly soldiers with some rice and one AK-47 magazine each can match literally thousands of nuclear warheads
i kek'd

>don't worry goyim
>you're still in control
>t. Jew B. Banker

>us army
No friendo, USAF/USN are the relevant branches. US Army and USMC are being decommissioned.

>t. Boomer N. Coiner

>)
If they pay them in dollars, the army themselves have a vested interest in keeping the dollar valuable.

There's no making sense of the bubble mentality.

At one point, this one flower would have bought you 12 acres of land.

No not the flower, but the promise of the flower. The market was mostly the Tulip based IOU's. People typically did not actually have the flower.

reminder that the USA is first world nation country and tether is a single shady cayman island operation run by anonymous whos.

Fuck yeah! I've always wanted 0.00001 of an M1A2 Abrams tank. That should deter any assholes trying to devalue mah USD.

Let me change that... there IS making sense of bubbles, but people forget the lessons they learn every time.

The key to a bubble is that there must be a break between the intrinsic value of the object itself, and those who make their money through transacting the object in question.

So in the case of Tulips, once people started trading tulip bulbs as a speculative instrument, that's when the bubble began.

Same thing with housing. For decades the housing market supported itself because people bought homes for utility reasons. It was only when there was the growth of flipping and buying for speculation that the bubble happened.

This happens, of course, because the speculators create an artificial demand which drives up prices. People are willing to pay more and more NOT because they think that the object has value, but because they think it will have MORE value in the future and they will be able to profit by it.

Let this sink in, especially if you are crypto.... do you deal in crypto because you USE the crypto for transactions (meaning: it has utility), or do you buy because for speculative reasons (because you think the value will go up).

If you're in the second crowd, your participating in and enabling your own bubble.

Reminds me of the 1970's when the Hunt brothers tried to corner the silver market, but most of you are too young to remember that one either.

You are correct. Thank you for noticing the difference. I expand on the thought here:

>Reminds me of the 1970's when the Hunt brothers tried to corner the silver market, but most of you are too young to remember that one either.
Bragging about getting old is cringey

The people from Hong Kong are more trustworthy, because at least we know they aren't Jews.

good point

One of the few values of age is institutional knowledge. You see the same things tried (and fail) enough time to recognize the same pattern.

During the silver bubble people were melting down grandma's old silver set and selling other heirlooms for a quick buck.

Of course it had a positive outcome to those who collect silver coins. The drastic reduction in supply helped their value even after the hunt brothers were busted.

...

>abrams tank
>not redeeming your dollars for a qt army grill