Why is Bitcoin "digital gold" crashing right now?

Status
Not open for further replies.
Duke of Marmalade said:
You will notice that The Big Short has not been able to resist tilting the thread towards his world view obsessions.
Click to expand...

Oh dear! I detect a tone.

In fairness, it was I who offered to say no more should I not be able to find some mutual understanding on the divisibility issue. I have used the plight of the billions of unbanked in the face of emerging new technology v inefficient institutions but may have inadvertently overstepped the mark with my intrusions.
So I will park it here on this topic.
 
tecate said:
then that will involve you bringing evidence to the table to back up your counter claim.
Click to expand...

We've been through that before on the difficulty in proving something doesn't exist. When it should be so simple for you to back up your claim if it were true, that fact that you refuse to do so speaks volumes.
 
Leo said:
We've been through that before on the difficulty in proving something doesn't exist. When it should be so simple for you to back up your claim if it were true, that fact that you refuse to do so speaks volumes.
Click to expand...
That's a misrepresentation of the situation, Leo. There's as much onus on you to disprove as there is for me to prove. It's a cop out to suggest otherwise.
 
tecate said:
That's a misrepresentation of the situation, Leo. There's as much onus on you to disprove as there is for me to prove. It's a cop out to suggest otherwise.
Click to expand...

How do I prove something doesn't exist? You made the claim, it would stand to reason that the onus is on you to prove it.
 
Leo said:
How do I prove something doesn't exist? You made the claim, it would stand to reason that the onus is on you to prove it.
Click to expand...
Is it a case as simple as something that does or doesn't exist Leo? Quite honestly with this convoluted back and forth I don't even remember what your question was! Can you restate it please.

Also bear in mind that we've gone through a whole host of things - point by point and your focus is on one specific item. That hardly shows a lack of willingness to engage on the topic or an inability to substantiate claims made.
 
tecate said:
Is it a case as simple as something that does or doesn't exist Leo?
Click to expand...

If it's so simple why can't you do it? How do you go about proving that something doesn't exist? Around 60% of the population of Iceland believe fairies exist, most of us believe that's nonsense, but there is no definitive proof that they don't exist.

tecate said:
we've gone through a whole host of things - point by point and your focus is on one specific item.
Click to expand...

Yes, because whenever anyone tries to address more than a single point you keep expanding into more and more topics, ignoring the original question until people just give up and we end up going in circles on page 23.
 
Leo said:
If it's so simple why can't you do it?
Click to expand...
See my last post. What is your question? Please restate it.

Leo said:
Yes, because whenever anyone tries to address more than a single point you keep expanding into more and more topics, ignoring the original question until people just give up and we end up going in circles on page 23.
Click to expand...
Ah, so you can address more than a single point but I can't? That makes complete sense Leo, doesn't it? And as regards the going round in circles, there's two sides to that at best. At worst, someone following a Trump strategy (i.e. keep posting the same untruth) deserves to get called out on it. And ignoring points - that's priceless Leo. It's quite the opposite. I'm still waiting for Brendan to respond to this - and to explain the calculation he uses to arrive at the fair price of gold. You have not been immune from said practice yourself in the past.

You speak of 'going round in circles' and all that was necessary from you in that last post was to re-state your question. :rolleyes:
 
Last edited:
Within the last ten days, there has been mention amongst commentators of the possibility of a dollar crash over the course of the next 18 months. Prominent amongst them has been former Morgan Stanley Asia and Yale Economist, Stephen Roach.

Roach's Bloomberg Opinion piece: "A Crash in the Dollar is Coming".

In the course of the article, Roach believes that a dollar crash is inevitable. He estimates a devaluation in the region of 35%. He also states that both gold and cryptocurrencies should benefit directly from that dollar weakness when it comes.
 
Last edited:
Reports out yesterday suggest that Paypal/Venmo are likely to add crypto to their respective platforms. It remains the matter of speculation but there are some strong indicators - including job postings for a 'Technical Lead - Crypto Engineer' and a Blockchain Research Engineer. What gives it further credence is the traction that rival CashApp has achieved by offering the ability to buy/sell Bitcoin. That's not likely to have gone unnoticed by Paypal.

Paypal claim 305 million active users and 54 million active users via Venmo.
 
Last edited:
tecate said:
Reports out yesterday suggest that Paypal/Venmo are likely to add crypto to their respective platforms. It remains the matter of speculation but there are some strong indicators - including job postings for a 'Technical Lead - Crypto Engineer' and a Blockchain Research Engineer. What gives it further credence is the traction that rival CashApp has achieved by offering the ability to buy/sell Bitcoin. That's not likely to have gone unnoticed by Paypal.

Paypal claim 305 million active users and 54 million active users via Venmo.
Click to expand...
What about the Paypal fees? ;)
 
Firefly said:
What about the Paypal fees? ;)
Click to expand...
What about them?

Leo said:
Paypal probably worried WhatsApp are rolling out free P2P money transfer globally.
Click to expand...
Now it seems that they're not.

Just so that it's not misunderstood - folks that see value in decentralised cryptocurrency are happy to see CBDCs and corporate money come into the arena (whether that be via Facebook or FBs WhatsApp, etc.). It will ultimately lead to greater take-up in the use of decentralised digital currency.
 
Last edited:
Immediately following Black Thursday back in March, bitcoin was found to be highly correlated with the S&P500 for a time. That correlation has [broken link removed] more recently. Yet bitcoin has the stronger inverse correlation with the USD.

Since Jan 1, gold is up 30% while bitcoin is up 55%. Bitcoin is proving to be a better hedge against an ever weakening USD.

The US has printed more $ in the month of June than it did in the first two centuries of its existence. Earlier this week Goldman Sachs expressed concern that the USD could lose its global reserve currency status.

Ari Wald of investment bank Oppenheimer recommended buying bitcoin and gold on Tuesday - with a nod towards bitcoin right now on the basis that its price hasn't extended as much as gold more recently.
 
Last edited:
Cricketer said:
That's astonishing. What's your source of that information?
Click to expand...
Two Centuries of Debt in One Month

(Moorehead's letter to investors in its entirety makes for an interesting read generally. It touches on consideration of many of the objections to bitcoin that have arisen in discussions here. It also delves into other aspects of the sector that have not been discussed here (the emergence of DeFi among them).)
 
Last edited:
In a further boost to bitcoin's formative claim as digital gold, $1.2 billion business intelligence company MicroStrategy announced today that it had recently purchased $250 million worth of bitcoin - making it the company's primary treasury reserve asset. CEO Michael Saylor stated:

"We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value. Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it. We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”
"[Bitcoin] is a dependable store of value" he added.

CFO Phong Le:
"MicroStrategy believes that buying $250 million in Bitcoin will provide it the opportunity to earn better returns and preserve the value of our capital over time compared to holding cash."
 
Last edited:
Status
Not open for further replies.
Back
Top