courts  ok bitcoin etf

    Posted by Glad on 29th of Aug 2023 at 10:34 am

    courts  ok bitcoin etf

    BTC - Gov lawyers basically

    Posted by DigiNomad on 29th of Aug 2023 at 01:05 pm

    BTC - Gov lawyers basically suck (I know personally - worked closely with an army of them in my office for 12 years).  Over aggressive at the wrong time, especially in this administration, and screw themselves with stupid decisions leading up to an organizational goal. Only makes sense that the court was so harsh on the BTC decision - they totally screwed the pooch when they approved a BTC futures ETF. If they wanted to fight and win, that should have been the hill where they took a stand. Correct ruling given their previous missteps....but guarantee Yellen and Co are freaking out now about how to slow crypto down (and eventually crush it). Pesky democracy getting in the way, but the constitution is pretty clear on only allowing a single currency. That won't change - crypto will stay taxed as a capital asset, which makes it fine for a store of value, but horrible for transactions.

    As a libertarian, I love the idea of crypto. But as a student of finance and econ, I also greatly appreciate the incredibleperks that come with the dollar as the world's reserve currency. It's actually pretty unfair to other economies, but Americans are on the right side of a bad deal.  

    I'm kinda surprised GLD isn't

    Posted by DigiNomad on 29th of Aug 2023 at 02:22 pm

    I'm kinda surprised GLD isn't weaker on BTC news.  Almost no one under the age of 35 would rather own Gold than BTC and/or ETH as a store of value.  I suppose it still has industrial use (not as many as silver) and is very popular in places like India. 

    gold will have its 'bitcoin''

    Posted by matt on 29th of Aug 2023 at 02:57 pm

    gold will have its 'bitcoin'' movement/moment one day going to 3000, or 5000 an ounce if that long term count I have on the monthly is correct

    I like bitcoin but  my problem is, what intrinsic value does it have over Gold or even the US Dollar? The only thing is that it's supply is limited, there's a limit on how many Bitcoins can exist. That adds value, but it also reminds me of my old sport cards collecting days where you would have some 50 year old Hank Arron card that is good shape, somehow survived all those years where kids put cards in their bike tire spokes and moms threw them in the trash, and all off a sudden you have a brand new card that is worth 10X more because Tops decided to only print 20 of them - it created an artificial value for a brand new card that doesn't have the intrinsic value of the 50 or 70 year old card that survived all those years

    Even the Fiat US Dollar has intrinsic value as it is backed up by all the assets of the US Government. Bitcoin's only intrinsic value is that it's limited to a set number of coins, but beyond that it's not backed by anything. 

    again I think Gold will have its day, especially when we eventually enter some sort of crisis - long term all the debt can ever be repaid, eventually there'll be some sort of reset or Britten Woods 3 sort of thing as the world is awash in too much debt that can never be repaid no matter what kind of grow you may get. I think China's real estate issue is something like 70 trillion, that's more than the entire GDP of all the countries combined, and that's just China - throw in Europe, the US etc - eventually will have to be some sort of reset. And maybe Bitcoin will spike to 500k? on that or maybe it won't or will be banned. Gold I think under such a circumstance could see it 5K or 10K who knows. 

    Then there's NFTs... same boat

    Posted by fredsaid on 29th of Aug 2023 at 03:38 pm

    Then there's NFTs... same boat as crypto.  No value other than what someone will pay for it and how scarce the supply.

    Glad - thanks for posting 

    Posted by steve on 29th of Aug 2023 at 10:40 am

    Glad - thanks for posting 

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