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aNoob7000 | 2 years ago

Bitcoin as money died a while back. Now, it is going to replace gold and other assets.

discuss

Bitcoin as M1 "base" money has surpassed the British Pound in value[1], and has surpassed the US dollar FedNow network in number of payments[2].

[1] https://www.nobsbitcoin.com/bitcoin-is-now-5th-largest-base-... [2] https://rumble.com/v4h9oqc-483-bitcoin-is-the-7th-largest-ba...

sickofparadox|2 years ago

Its worth noting that FedNow was only rolled out in July of 2023[1] making it a poor measuring stick for total transactions, since most banks have not yet adopted the standard yet.

[1]https://www.investopedia.com/what-is-fednow-7963716

1970-01-01|2 years ago

It's not money in the real sense. You can't buy water with it. You can't buy medicine with it. You can't buy land with it. The map is not the territory with Bitcoin.

npoc|2 years ago

Any money first has to establish itself as a stable store of value. Only then can it be useful as a medium of exchange and unit of account.

Look up Gresham and Thiers' Laws

loceng|2 years ago

I just don't understand why anyone who "hodls" Bitcoin, and the similar, trust the price - as it's not grounded on anything?

basch|2 years ago

what is gold grounded it? its value for circuits? or because other people want gold?

youve been able to hold bitcoin in a retirement account for a decade now, depending on your start date ... could be a good or bad investment.

https://finance.yahoo.com/quote/GBTC/chart#eyJpbnRlcnZhbCI6I...

if you bought at any time besides in the year 2021, your investment held its value. at this point, its just a place to park value, until its not. unlike the other comment saying its not gold, it clearly is functioning as gold-like.

1970-01-01|2 years ago

So it's grounded on encryption. Break the encryption and all is worthless tomorrow.

Ekaros|2 years ago

I think there is enough people who have brainwashed themselves that Bitcoin is the magical new super gold... Add to this cohort of grifters who peddle it and gold... Some "sound money" theorist in too.

I'm believe our current economic system entirely bonkers and going to crash, but that doesn't mean we won't build it on fiat again... But some people think we will go back to some type of hard money... For which bitcoin is the internet age grift...