Quote from @Joe Splitrock:
Quote from @Eric Carr:
Quote from @Joe Splitrock:
Quote from @Eric Carr:
Georgia joins Illinois to offer tax incentives to bitcoin miners.
And Joe, I post the news. I post what's actually happening. I have my thoughts given the trajectory and examples of past humam behaviors, but what I post are facts
No one can tell the future and I don't give financial advice.
Yes, seen this movie before. Peer to peer file sharing, tax free online purchases, open source software and all the other technologies to change world. In the end corporations and the governments win.
There is no rational debate I could ever have with you, because you ignore everything negative relative to crypto.
Bottom line, I am pretty unbiased about crypto. I don't own it and don't care if it succeeds or fails. Even if USD failed and everyone switched to BTC, I can just collect rent in BTC. I don't care what the currency is because I own physical assets with intrinsic value. BTC has no intrinsic value.
I would also like to point out that the government impaired your "intrinsic value asset" Luckily, my tenants paid rent through the pandemic. All of them. The moratoriums have have mostly ended, but how do you feel about rent controls that are spreading across big cities?
Do you believe that the Visa and Mastercard networks have "intrinsic value" ?
How about the Internet? Does that have intrinsic value?
Where do you store your music and photos?
are you aware of any piece of real estate that has outperformed bitcoin over the last 12 years?
The government subsidizes and supports real estate, including paying rent for tenants during COVID. That is because housing is a fundamental human need. Bitcoin is not a fundamental human need. There are thousands of other crypto coins that serve near identical function of Bitcoin. Some are actually more environmentally friendly, more stable and more secure. Bitcoin has first mover advantage. Most of the reason that crypto gains value is hype and emotion. This is true of every investment to some degree, but the difference with crypto is no underlying value. Even if a company runs into financial trouble, there is generally underlying assets. Equipment, real estate, intellectual property, etc. In the case of crypto, nobody owns the intellectual property. Coin holders don't own the hardware network required to run it and the only incentive to keep the network operating is mining or transaction fees. Mining hardware and electricity are expensive, so if the value tanks or transactions fall to low levels, the miners shut down. The only way that value increases on crypto is if more people are willing to buy it. In that way, it is really a digital Ponzi scheme, because it needs more and more investors for it to go up in value. Compare that to a business/company. A company can go up in value by increasing it's customer base, increasing it's product offering or increasing its prices.
Everyone is happy when their investment goes up, but as the only financial warning says, "past performance does not predict future returns".
People made massive money from DOGE, AMC and Gamestop over the last few years. It is all junk, but if you can understand the emotional appeal, you can make money. It is just knowing when to get in and when to get out.
No they are not the same. Not even close. The same reason that gamestop and AMC and Dodge are going away, is the same reason bitcoin is gaining FUNDAMENTAL adoption. You think Russia is being emotional by legalizing it? How about Arizona, Texas?
By governmental support of pandemic moratoriums, do you mean that landlords don't have to pay their mortgages? What about the people who lived off of their real estate cash flows? What about deferred maintenance during those times? Do you think the Canadians who have had their bank accounts frozen believe that bitcoin has no intrinsic value? Do you realize there is a law that banks can seize personal accounts to to avoid insolvency?
Bitcoin is the first non sovereign store wealth that isn't a currency derivative. And exactly my point about it being copied thousands of times goes to prove that it can't be copied. You just confirmed that. Your comments prove a fundamental lack of knowledge. Do you remember my earlier comments over the last 2 years about about government departments being hacked? In particular, one financial Department of the Treasury. The bitcoin network is the most secure network on the planet.
I'm not saying I agree nor disagree with the moratoriums. But my statement was, real estate was impaired by the government. They told you that tenants didn't have to pay rent and you could not evict them.
I agree that timings important. As we saw in 2008, the same can be said for real estate. Also it's important to leave the emotion out, either for or against something.
So, do you think the Visa and Mastercard networks have no intrinsic value? How about PayPal? And your Google or Apple music and photos?
How about cash? You can say that it has intrinsic value because it has the backing of the military or whatever. But what about when countries start trading in a different currency? That's already beginning to happen.
What value do you think cash has with all the manipulation? The government is borrowing money from the fed, money that is continually becoming worth less. They are raising the debt ceiling and keeping the ponzi going just to pay the interest on the debt. Bitcoin can't be manipulated. There's more of its intrinsic value right there. Let's talk about gold. The candle was light for thousands of years until electricity came along. Gold isn't environmentally friendly. Neither is all of the power usage of all the bank branches on the planet or the Western Union locations. Gold is a major resource waste, to dig, to move, to store. Where's the intrinsic value besides it's good for electrical devices?
The Internet. It uses a lot of power. Every webserver, firewall, router, modem in everyone's house. Not to mention all of the Internet provider facilities and all the gas and maintenance that it takes for employees to get to the office and home and to everyone else's house and office for installation and support. But we can probably agree that the Internet has intrinsic value and that the resource use is worth it.
