Bitcoin

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  • #212594
    robbo203
    Participant

    Useful article this. So basically the more Bitcoin is regarded as a speculative asset the less likely is it to live up to its name as a cryptocurrency. As an asset its price has gone up by leaps and bounds but at the end of the day we all know what happens to speculative bubbles – they burst! A lot of people are going to end up having their fingers burnt

    https://marker.medium.com/the-bitcoin-dream-is-dead-8b621d2d7dbd

    #212596
    alanjjohnstone
    Participant

    Will bitcoin replace gold as the go-to when there are political or economic tensions?

    #212598
    ALB
    Keymaster

    Fool’s gold, yes. My Krugerands are under my bed.

    #213799
    ALB
    Keymaster

    In the days when gold and silver coins circulated as the currency this was an obvious ways of resources. The anti-state libertarians who created Bitcoin as an electronic equivalent of anonymous cash have found a way of recreating this waste. Lots of electricity is required to “mine” ( their term) Bitcoin and it has now been calculated that so much is wasted for this purpose that it amounts to as much as is consumed in Argentina:

    https://www.bbc.co.uk/news/technology-56012952

    #213961
    alanjjohnstone
    Participant

    Bitcoin soared through the key $50,000 level as the growing acceptance of the world’s biggest cryptocurrency among large banks and investment funds continued to draw in mainstream investors.

    https://www.theguardian.com/technology/2021/feb/16/bitcoin-surges-through-key-50000-level-in-european-trading

    I was reminded of this

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