Bitcoins: A new world without green backs.

by Fisherman 15 Replies latest jw friends

  • Fisherman

    The US army backs up the green back and Saudi's oil must be paid in dollars so that every nation that uses oil must buy money from the US to pay for oil.

    Is it advantageous to print money or is digital money the upcoming economy?

    Also, are bitcoins legal? I read that market for them is soaring. Any pros or cons in starting to use them?

  • Saethydd

    Well, the internet isn’t a sovereign nation so I don’t think anyone has the jurisdiction to enforce a currency standard for the internet, so as far as I know it isn’t legal. However, as with all currencies, the only thing that gives its value is the social construct that we’ve all agreed to assign it some value.

  • JakeM2012

    Financial advisers are saying, "Don't mortgage your house to buy bitcoin." It's volatile, and around 1000 people control the whole pie which could mean the market is susceptible to manipulation.

    When you start getting cab drivers giving financial advice, be careful. Remember the VHS and Betamax VCR war?

    "By now, you've no doubt heard about the massive bitcoin rally this year. And you may also have read about other cryptocurrencies, such as litecoin and Ethereum, surging too.

    But there are over 1,300 cryptocurrencies in existence. And while bitcoin dominates the market, several other digital currencies are making waves."

  • Fred Franztone
    Fred Franztone


  • faithnomore

    bubble has made me some $$

  • Crazyguy

    The US dollar is the gold standard currency of the world. If you want to buy oil from any OPEC member nation you have to do it with this currency. The federal reserve bank and others monipulate gold silver and other currencies to keep the US money king. They have gone to war and overthrown governments to keep it King.

    Bitcoin will fare no differently, it may do for a while but eventually there will be a monipulated crash. If not then they’ll tie it to the US dollar some way.

  • Fred Franztone
    Fred Franztone

    War makes money for some but for most it's a disaster.

  • Fred Franztone
    Fred Franztone

    A very AOL 2004 response, well done.

  • faithnomore

    Thank you! 2004 was a good year!

    And sorry you didn't get in but I'm doing pretty good since I sold my bitcoins bought in 2015 at $300 a bitcoin and sold this year.

    I'm pretty freaking happy:)

  • Fred Franztone
    Fred Franztone

    As I said, a few will get lucky whilst the majority will suffer. I'm sorry your boundless wealth can't buy the intellect to see that, you could use some when you lose it all on your next venture.

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