Gold is a safe investment, they say.
- Thread starter JohnnyDoe
- Start date
One of the biggest threats to Bitcoin specifically is the development of a pseudo-fractional reserve type system due to the involvement and eventual monopolization by Big Finance types that destroys the utility of it. Something else will rise to fill the need if so.
Some kind of “bimetallism” is trying to and will eventually establish itself with another crypto to stand alongside Bitcoin as a lesser coin more suitable as a medium of exchange.
there are many coins that aspire for this - zero success so far, nobody cares
the power of bitcoin is not in the fact that it's "the best" - it's in the fact that it already is a will be the reserve asset - everything meaningful will (have to) be built on top of it
XMR is a transport layer, payment rail with certain desirable property - but no money, not a long-term store of value, not your personal reserve asset
That is exactly the need and use case the second coin(s) will fill.
The problem is only a long-term problem once they own enough to maintain a monopoly on the asset. Then you’ll see a pseudo-fractional leverage system develop where the capitalization of Bitcoin backed assets like ETFs exceeds the value of available Bitcoin. In the short-term, that will be great for those who hold Bitcoin. In the long-term it will crush asset liquidity, promote the adoption of alternatives, and create a bubble that will destabilize the underlying asset when it pops. Maybe. That’s my prediction.
these will be (and should be) second layer backed by BTC - it's waste of energy to (try to) build an alternative - we can talk in 20 years 😉
ETF and bitcoin reserve companies will sooner or later come with proof or reserves... but sure, the same scumbags what cheat with paper gold and silver will try to do the same with BTC - the difference is with BTC we have an option to do it right and only those who will fall for the next iteration of trust-based system will get burned again
Gold went absolutely nowhere between 1982 and 2003. That's too long term for most. There have been more recent movements up, but you have to be careful.
Employees are bad by definition. The rare exceptions don’t make for the rest of them. Jack Welch (GE’ ceo) used to fire 10% of his employees every year. Btc is not something to be managed/developed by employees.
Well, I stopped watching Mr. Cramer some 15 years ago. IMO he is a loudmouth with a huge microphone but very little knowledge. My $0.03 (used to be $0.02, now adjusted for inflation).