You refer me to a Dr Amos and I see that he envisages a role for bitcoin in international settlements. That to me puts him at zero in my estimation even below @tecate 's opinion of Krugman.
from a profession that can't even agree with itself alot of the time, it's a peculiarity to me why so much value is placed in their opinion on bitcoin
Exactly and one would have thought that bitcoin would have been fertile ground for further disagreement. It is the (near) universal agreement that impresses me. But for avoidance of doubt my skepticism on crypto does not rely in any significant way on this observation.Wolfe Tone said:from a profession that can't even agree with itself a lot of the time
It is the (near) universal agreement that impresses me
I am just saying that the absence amongst bitcoin enthusiasts of any heavyweight economist (sorry Veldes and Amoss are not in that division) Is telling.
Yes, that seems to be a factor - a big fear of hyperinflation even collapse of our economic system. Antonopoulos (Mr Bitcoin) going so far as to state that he hopes that won’t happen.I would attribute more to the recent news stories of ECB and Federal Reserve additional stimuli as being of more significance, but that is just a matter of opinion.
But if that were the main explanation wouldn’t gold be also shooting the lights out?
Gold has gone sideways since last September, bitcoin has increased 250%, go figure
Yes, that probably explains it. JP Morgan have turned their spoofing to bitcoin - 10 times its price by 2022.Perhaps, but whatever about allegations of bitcoin price manipulation, we know as fact gold price manipulation.
JP Morgan fine
This doesn't make any sense to me. If bitcoin warrants a 250% rise because of its Hyperinflation Insurance then, presuming gold has similar HI characteristics to bitcoin, it too should be showing huge rises. You seem to think that for gold to increase by 250% would need over $20trn to enter the market. Not at all, the price could go there with scarcely any transactional activity at all.Secondly, the gold market is worth around €9trn?
If bitcoin was not a player, perhaps gold would be worth €9.5trn?
Firstly there was a significant amount of Institutional investment. Secondly, this was enough to be a signal to old time bitcoiners and retail 'investors' that the next growth cycle is beginning, especially when the previous all-time-high was breached.nothing has occurred in recent months to give bitcoin such a huge increase, not only against the $ but also against gold.
I'm not sure I understand where you're going with that? Are you suggesting a price collapse and if so, what's the catalyst? How would this give Biden a problem?I wonder if it will fall just after Jan 20th to give Joe Biden an issue? Or am I just too cynical about makey up money?
You seem to think that for gold to increase by 250% would need over $20trn to enter the market.
I don't understand your reference to Au going from 9trn to 9.5trn.Not at all, Duke.
I don't understand your reference to Au going from 9trn to 9.5trn.
reduction in supply because of the halving. This is such an unreal world that I have to fact check all statements. I can confirm that the supply of bitcoins is higher now than it has ever been.
Before Christmas you said that the btc price should be so much higher if monetary expansion was a driver. Now its much higher and you're still not happy. Gold is much higher over the last 18 months and you figure that bitcoin shouldn't outperform it even though its a much younger asset that is coming of age. Also, there has been some limited move from gold directly to bitcoin in recent weeks.But if that were the main explanation wouldn’t gold be also shooting the lights out?
Gold has gone sideways since last September, bitcoin has increased 250%, go figure
He knows well but he's trying to build a different narrative.You do know that it is a reference to the supply of new bitcoin that the halving refers to?
As @tecate observes, I am well aware. I checked on Coindesk. Around 3 million bitcoins traded in the last 24 hours. Even if miners dump every single bitcoin they find as soon as they have washed them, that would account for less than 1k of that 3m i.e. less than 1 per 3 mil. How so called experts can argue that a halving of the new coin supply has any material impact on the supply/demand dynamic is really telling. The crypto phenomenon keeps telling me things.You do know that it is a reference to the supply of new bitcoin that the halving refers to?
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