There are many cryptos pegged to the dollar, I like the project DAI, but most used is USDT. IMO read the original white paper, it explains the problem with previous centralized attempts before Bitcoin came along and found a first solution to the Byzantine General’s Problem.
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Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
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pilotSteve
Active Member
my problem with “stable coins” IS that they are pegged to USD! And that currency is constantly been inflated and debased! Just MHO. “I like to HODL”
Yesterday I posted a(7 year old) video in the main investor thread. Next day Elon tweets the same video. In the meanwhile the mods at TMC deleted my post. But I have a feeling someone saw the video, sent it to some friend who sent it to Elon. At least that is what I choose to believe! Wow
https://mobile.twitter.com/elonmusk/status/1358584801003884544
https://mobile.twitter.com/elonmusk/status/1358584801003884544
Johan
Ex got M3 in the divorce, waiting for EU Model Y!
Tesla to accept bitcoin as payment in ‘near future’ after $1.5 billion investment
There we go ladies and gentlemen.
There we go ladies and gentlemen.
Xepa777
Member
The giant wall of money coming into Bitcoin, while previously largely hidden, will now start to surface itself in a clearly public way.
With one of the main critiques of BTC being that it is extremely energy intensive, is anyone aware of an estimate of the total energy usage of the current financial system? Kind of a vague question, I know, but it seems like an important one to answer. Surely the current system uses a substantial amount of energy.
pz1975
Active Member
IMHO ..
So if Govt's can print money, what's stopping them from mining their own crypto?
(Couple of days back, news said India might do just that).
If Crypto mining costs come down due to renewables, then mining will become cheaper.
I don't see any value in the Blockchain algos? Another chain can surely be created? (thats why we have so many cryptos in the 1st place).
So if Govt's can print money, what's stopping them from mining their own crypto?
(Couple of days back, news said India might do just that).
If Crypto mining costs come down due to renewables, then mining will become cheaper.
I don't see any value in the Blockchain algos? Another chain can surely be created? (thats why we have so many cryptos in the 1st place).
Johan
Ex got M3 in the divorce, waiting for EU Model Y!
Sure they can do that. And sure anyone can "start" their own crypto currency. A country could for example transform their fiat currency in to a digital block chain currency. And you don't need the mining concept at all. After all, the last bitcoin will be mined in 2140. But you could just "create" a blockchain currency with all the coins already in circulation.
But it is the first mover advantage that is valuable here, and the coming real world usage of BTC that will cement its value.
CONGRATS TO ALL HERE.
BTC *STILLLLLLLLLLLLLLLLLLLL* undervalued given the magnitude of the news.
It's going to take time for the market to digest and reallocate funds. Being conservative, I am thinking 100K in 3.5 years.
Cosmo Kramer Pimp GIF - Find & Share on GIPHY
(Us dunking on peeps booting us out of the general thread) AHAHAHA
BTC *STILLLLLLLLLLLLLLLLLLLL* undervalued given the magnitude of the news.
It's going to take time for the market to digest and reallocate funds. Being conservative, I am thinking 100K in 3.5 years.
Cosmo Kramer Pimp GIF - Find & Share on GIPHY
(Us dunking on peeps booting us out of the general thread) AHAHAHA
Xepa777
Member
I bought a bunch of MSTR the first week of January
nice. My MSTR LEAP options are gonna BRRR me to match my Tesla by the end of 2022 at this rate LOL.
mekberg
Member
Toward the concept that Quantum computing will solve a computational challenge hanging over Bitcoin, is this recent sober info on quantum computing.
Of course it could be. You know what else could have been profitable. I could get paid in $ and since I have plenty of cash on hand for day to day living for a period of time I could take that $ I was paid and purchase Bitcoin (Or Tesla or any other investment) because I want to invest the $. Being paid in Bitcoin provides no benefit, but it does have a potential downside. I could get paid in Bitcoin and need the $ to pay for something and it is a bad Bitcoin day and when I sell I take a loss. How do I price my services? I do hourly software engineering for my clients. I invoice them twice per month. We have an agreed upon hourly rate that gets adjusted once per year.
BTC 4x'd in like 3 months, and you think it's going to take 3.5 years to do another 2.5x?
100K by the end of the year, or higher.
Now, it will likely crash next year. So yeah maybe 3.5 years for it to be at a steady 100k.
If you would have tried the experiment once you would have known the answer to these questions. There are thousands of purchases happening every hour paid with Bitcoin. If you want your salary to be fixed in USD, EUR, CNY, BTC, gold, TSLA or whatever, that’s no problem, you can still use BTC as a medium of exchange and store of value. Most items are listed in USD.
This has been proposed many times by the community as a potential danger. People have different theories about what would happen. One counterargument that I agree with is that assume that US today decides to create USCoin and switch all bills and coins to USCoin. What level of inflation would USCoin-have? Will it be traded on Binance? Will people use it as a store of value over for example Bitcoin or lowinflationcoin if it’s frictionless and pseudonymous to trade between the currencies or would people flee it en mass? Imo switching from fiat to crypto puts a roof on how bad you can make your currency, and today states get pretty fat by having bad currencies. It will happen at some point, but until then states intend to enjoy their fiat currencies as long as they can.
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