That would be nice, but still early, this bill is only to pay, but its a baby step in the crypto direction. But it shows me that a state wants to own crypto and likely looks to invest in it, which is like always, positive news.
Actually, if the bill passes, the state must convert the payments to US dollars within 24 hours. It appears to forbid holding or investing in cryptos.
I sense a huge move into gold in the near future. Maybe even pork belly futures. Anything tangible is going to look good with the dollar, bonds and whatever crypto turns into being simultaneously hammered in the next crisis.
Whatever it is Bitcoin cannot be the new gold because it has no tangible value. It has the scarcity thing going for it but you cannot put it in a vault as a hedge against long-term depreciation of asset-value and know that it will retain value next month, next year, next decade, etc. In any flash crisis that occurs Bitcoin is likely to be one of the first assets that people panic sell because it has no track record of maintaining value in times of economic volatility.
As the interest rates rise and inflation increases the value of our dollars continues to decline. Meanwhile the value of bitcoin, which is deflationary, continues to rise. Yes, we had a huge drop recently but over a year and over time it has risen substantially. Demand goes up, supply remains the same. Gold is a good store of value and yes, it has some tangible value, but it's also much more difficult to transfer especially internationally. There's also plenty of gold in the earth that hasn't been pulled out which has potential to decrease its value. Bitcoin may be better than gold as a store of value.
The value of our dollar is declining right now because Trump has been rattling the trade war saber for years and is now putting policies into place to make it reality. Let me ask you a question: does it not bother you that the blockchain takes so long to process transactions? In the event of a crisis how will you be able to quickly get out of Bitcoin if that is what you choose to do? Particularly if millions of other people are all trying to divest at the same time? Let me ask another one: does it not bother you that Bitcoin has been the equivalent of a stagecoach robbery circa 1880 for many of its early investors? This thread got started when a major exchange (bank) got robbed a few years ago. Since then there have been other thefts, acknowledged and unacknowledged that have involved billions of dollars of Bitcoin value vanishing into thin air, with no apparent accountability on the part of the exchanges that were "robbed". Final question: Bitcoin's value has soared and plummeted at the drop of a hat with extreme volatility the first rule of play. Does that ever happen to assets of actual value or only in situations in which a speculative bubble is forming? Whether you like it or not the odds are pretty good that the crypto-currencies are in effect a vast pyramid scheme with a sizeable percentage being raked off the top by the exchanges in the form of acknowledged and unacknowledged "thefts". Until everybody panics and tries to sell at once the operators of the exchanges are just fine, because they can always shift assets around to satisfy the current redeemers. Bernie Madoff looked too good to be true and he was.
There's a lot to address here. Basically, you're not understanding or ignorant to several important details. I don't say that as an insult, just stating a fact. I'll try my best to explain later.
If a Country wants to pay in gold, they physically have to move millions of dollars in gold. If a country wants to pay in Bitcoin, it requires one transaction over the blockchain that is a million times more secure than moving large amounts of gold to a different country. Every satoshi can be tracked, can you say the same about every dollar bill? no, or any currency? no. Are we going digital? Yes. Are there countries that pay majority digitally already? Yes. So why would someone want a countries specific currency rather than a currency that can be used anywhere in the world and has a limited supply and is decentralized? Gold is not accepted as a payment, Bitcoin is and is growing in that regards (Yes slowly, but surely, keep in mind, we haven't even entered early adoption yet).
Not really, unless the fee has gone up since 2008 it costs $1.75 to transfer a 28 pound gold bar from the Portugal pile to the Paraguay pile. http://abcnews.go.com/Business/story?id=5835433&page=1
Perhaps this is the beginning of the February surge. He kept saying it would come in the middle of the month so this may be it, this may be the start of the next bull market that should last into June or even September from what I recall.
Bitcoin just broke 10k like it was nothing after 9k was a struggle, this happened last time, remember 9k took forever but 10k fell down instantly? and then it proceeded to run up to 20k soon after. I think the next resistance line is around 13k. Cliff Highs Web Bot kept saying $13,888 in February, I do believe we get there. Amazing how accurate his bot is with Crypto.
Depends who you ask. I don't buy bitcoin but I've been buying up ADA every chance I get while the market is low. I think it's a good time to buy bitcoin it just doesn't feel right buying it to me when it's so much higher than it was when I originally got in. edit: BTW, bitcoin hit a daily high of $1049.19 on March 30th 2017 which was significantly higher than the year before - March 30th 2016 it maxed at $415.50. Not too shabby.
I love it when GG shows up in here to tell us bitcoin is going to tank because it usually is followed by the market going up.
Gold is up a fair amount over the last two months also. The problem investors have right now is that even US treasuries look potentially unstable due to the looming trade war. Gold is a flat, unexciting store for value but it is shiny and tangible and very hard for thieves to steal in the dark of night.
