"Bitcoin Will Go To A Million Dollars"

lukep said:
There really are two things that matter to a fiat currency's survival in this world:

1. How big the military is backing it.
2. How much Debt that country is in.
Click to expand...
Neither of these two is correct.

lukep said:
The debt is really getting bad, bros. For all 3 big currencies in fact, the USD, the Euro, and the Yen, they are all in epically shitty shape! All 3 Printing at record levels while their economies wither. All 3 Printing just to pay off the interest on their debt, never the debt itself. All three doing advanced Keynesian borrowing tactics that tempt fate daily. ALL THREE OWNING A LARGE CHUNK OF EACH OTHERS' DEBT, TOO. Shit's going to be bad bros. Really, really bad.
Click to expand...
This is a libertarian lie used to sell gold, silver, to fund raise for politicians, to sell survivalist food, etc.

Professional fund managers who handle billions of dollars in wealth don't believe this is inevitable or even likely in the short term. These are people with skin in the game, who are very keen to watch for this sort of catastrophic event.

The libertarian math is, what goes up must come down. Which is great if we lived in a world where the value of the dollar wasn't subjective, but based on objective balance sheet truth.

But we don't live in that world. We live in a world where the stock market crashes every two years, and people climb right back in until the next crash.

And so I think it is most likely, that if the USD survived the end of Bretton Woods, and Ron Paul freaking out in the 1970s, until now, there is a pretty good chance that the dollar will last another 40 years (Lindy Effects).

That said, if you want to use this as your shill hustle for Bitcoin, worried that the value might drop if people on WF aren't buying them, then go for it.

But I think, if you really want to be an advocate of Bitcoin, you'd get off this forum and go stand on a street corner with a sandwich board sign and reach the every day man.

B3pt2wk.jpg
 


Kiopa_Matt said:
So that means by the end of it all, Bitcoin will be a $21 trillion dollar economy?
Click to expand...
Now where did I say bitcoin will absorb the entire USD debt?

Keep up with the game, Matt. I'm just saying shits going to get tough for everyone in the western economies and bitcoin will be an awesome place for them to flee into.
 
guerilla said:
And so I think it is most likely, that if the USD survived the end of Bretton Woods, and Ron Paul freaking out in the 1970s, until now, there is a pretty good chance that the dollar will last another 40 years (Lindy Effects).
Click to expand...
Oh; I get it now... It's all so clear...!

You're simply insane.

I'd never considered this before but it's impossible to avoid this conclusion, given the circumstances.

If I didn't think you had any exposure to economics I'd have written you off as someone who can't tell what would happen if a country's debt grew far larger than any hope to pay off its' own interest. Or what would happen when every single citizen is born into $60,000 worth of debt and jobs are drying up like never before... Or when $126 Trillion in unfunded liabilities have no chance of getting funded in our lifetimes... Or simply when the fed has proven it has no ability to slow down the record-pace-setting printing presses.

Since you have demonstrated that you understand the problem behind each of these issues, I conclude that you're a stark-raving loonie bird.

Whew, thought it was something serious for a minute there.
 
lukep said:
Now where did I say bitcoin will absorb the entire USD debt?

Keep up with the game, Matt. I'm just saying shits going to get tough for everyone in the western economies and bitcoin will be an awesome place for them to flee into.
Click to expand...

Bitcoin has a cap of 21 million coins, right? So, 21 million times $1mil each coin = $21 trillion.

In comparison, the US GDP last year was $16.6 trillion. I think the $1 million/coin just might be a tad delusional.

Again, I like Bitcoin, and think it will change the face of online commerce. In 5 years from now, I can easily see myself paying for hosting, domains, contractors, and so on with BTC. Actually, you can already do all that now. However, to think it's going to change the world is delusional.
 
lukep said:
Do you honestly think that the PBOC will keep the Yuan linked to that basket once hyperinflation starts up in earnest between them? Bullshit. They'll simply declare that they've uncoupled it, and the Yuan is now worth a Yuan, which is the world's strongest currency because they have the world's strongest economy at that point.
Click to expand...

Yes of course a country with a high volume, low margin, capital intensive, export driven economy like China would manage to survive the collapse of the worlds 3 largest currencies which account for more daily trade than the next 25 currencies combined.

Nothing assures foreign investment better than a country with tight currency controls, lack of property rights, protectionist polices, and a vast number of state owned enterprises that account for 45% of the total economy.
 
You always claim that shit is going to get tough, but you never explain how. You know what happened during the hyper inflation back then?

People had boatloads of money. That was it. They didn't starve and die. They just had bills with large numbers on them. That's all that really happens when a currency goes down. Maybe some of you will die, because you'll be exposed for the leeches you are. No Adsense check no food on the table. Net 30 won't cut it. But don't act like that will affect any Noticeable part of the population.

You fool yourself into believing that the second some economy hiccs up, you'll fall to the blind rage of some lower class citizen. You're not really a libertarian at all. You're just a racist/elitist.


You know i don't give a shit about keynesianism. But you have to admit our car factories and steel Mills and cutting edge science doesn't disappear because it was bought with worthless money.

You just have to get over the distinction of something being a currency. A currency is an asset like every other one. You buy low and sell high. Ideally.

Here comes the next imaginary violence torture scenario. It's ridiculous. Governments can't declare half the population undesirables. Not logistically feasible. Don't try Hitler. I know more about that than you do.
 
Is this going to be like last time Luke? I hope not. You remember dont you? Lukep drunk with BTC and when the going got tough Lukep goes into hiding.

With comments like
Lol... Gold? How dare you compare bitcoin to that worthless relic
Click to expand...

you are going to go through a very rough spot some point in the future. I understand getting swept up in the mania. But just remember this quote

Be fearful when others are greedy, and greedy when others are fearful. ~Warren Buffett
Click to expand...
 
lukep said:
Do you honestly think that the PBOC will keep the Yuan linked to that basket once hyperinflation starts up in earnest between them? Bullshit. They'll simply declare that they've uncoupled it, and the Yuan is now worth a Yuan, which is the world's strongest currency because they have the world's strongest economy at that point.
Click to expand...

The Yuan is pegged (with allowable drift around the CPR) to these currencies to keep the value of the Yuan artificially low, facilitating low relative costs of Chinese goods and maintaining the trade surplus that China enjoys. The US and other major trade partners of China have been advocating a looser trade band for years for exactly this reason. The PBOC has argued against a looser trading band due to added costs for Chinese businesses and destabilization of their BoP resulting from potentially dramatic volatility in exchange rate; they are concerned with deflation as they should be. If somehow the USD and Euro experience hyperinflation, which is not going to happen anytime soon, the PBOC immediately removing or significantly decreasing the CPR would be incredibly dangerous for their economy as it could easily both decrease domestic prices and drastically increase relative export costs. Meanwhile their trillions in USD reserves and debt held would be devalued even further as a result. The Chinese do not and should not want extreme appreciation of their currency against the currencies of their major trading partners.
 
If the high btc price makes you envious, why not get some for yourself?

For myself, bitcoin is just a pump and dump. It might keep getting more and more popular.. or some other innovative currency will replace it. I just don't know
 
lukep said:
If I didn't think you had any exposure to economics I'd have written you off as someone who can't tell what would happen if a country's debt grew far larger than any hope to pay off its' own interest.
Click to expand...
What would happen Luke, please tell us what conclusion Rothbard came to.

lukep said:
Or what would happen when every single citizen is born into $60,000 worth of debt and jobs are drying up like never before.
Click to expand...
Slow down Malthus, people are wealthier today than they have ever been in the past.

lukep said:
Or when $126 Trillion in unfunded liabilities have no chance of getting funded in our lifetimes.
Click to expand...
See Rothbard.

lukep said:
Or simply when the fed has proven it has no ability to slow down the record-pace-setting printing presses.
Click to expand...
You do understand that the FED expands and contracts the money supply, right?

I guess you probably don't because you probably can't even explain the process by which the FED creates money and introduces it into the economy. See, this is the downside of hanging out on true believer forums and getting washed daily in propaganda and idealism. People stop thinking, in some cases, they never start. The delusion becomes real, fantasy becomes congruent.

After getting all worked up about debt 9 years ago, and Ron Paul repeatedly hinting a dollar default was AROUND THE CORNER, guess what? We're still here. The world's investment bankers still hold USD. Regardless of whether one understands the mechanics intimately, the fact remains that somehow, the dollar is continuing to chug along.

There is a lesson in this, and in some ways, you're a manifestation of it. The capacity for humans to ignore long term consequences, kick the can down the road, turn a blind eye, and ignore facts may be more powerful than bankruptcy, it's certainly more powerful than insolvency. Never underestimate the capacity for humans to believe in something long after it stopped making sense (if it ever did).
 
Hey, that makes me wonder. WTF is the FBI doing with all the Bitcoins they seized from Silk Road, other drug dealers, and so on? They've seized tens of thousands of Bitcoins, haven't they?

Maybe the assigned task force of the cyber-crimes division is just sitting on a bunch of Bitcoins, watching them raise in value, and cashing a few in whenever the office feels like partying it up on the beach in Acapulco for a few days?

Maybe I'm wrong, but I'm pretty confident they're not using the seized Bitcoins to pay down the US national debt.
 
Well, I looked into buying bitcoins yesterday, but it seems like such a hassle turning fiat into bitcoins. Identity verification, wire transfer fees, purchase fees, etc.
 
You must log in or register to reply here.
Top Bottom