Peter Schiff - "The dollar is now off ten percent since Trump was inaugurated."

[Mordan]

The whole crypto thing cracks me up. At least with bitcoin a few retailers accepted it. As far as I can tell nobody accepts the new cryptos as payment. The market has completely dropped the pretense that it may actually be useful. Now it's pure speculation.

you also sound my dying grand mother. She would not use the Internet because government would spy on her emails. She wanted face to face contact. Crypto boom is like the dotcom boom. The old idiots just don't see it.
What are you doing on a internet forum anyways? Internet forums crack me up too.

 

[Mordan]

How long is this "private key"?



https://en.bitcoin.it/wiki/Private_key



So it isn't in their head as suggested. Worse than a credit card number. Thanks for the info.

One of the factors which will keep something like bitcoins from gaining wide acceptance is its complexity. Too hard and inconvenient for most people to try to use. People hate their bank password system enough already.

look my edits. for an example. Private keys depends on the base. In Bitcoin base is 256. So you have 2^256 possibilities.

Yea there is a lot of speculation that the tech will become easier to use down the road.

Anways right now Bitcoin use case is as a store of value and hedge. It replaces Gold. Only smart people need to use it. Many already do.

 

[cocrehamster]

Peter Schiff.

Has Schiff ever NOT said the market is in a bubble and crash/recession is coming?

 

[cocrehamster]

Pssst. Don't tell anyone I told this secret, ok?

Bitcoin doesn't exist. It's merely software that records delusional interactions between people that live in a fantasy world. It's imaginary numbers in a computer and you can never store value in something that doesn't exist. And you certainly can't store value in something that can be turned off from your access at a whim or utterly erased from existence.

Besides, the NSA thanks you for your support. Please don't tell me you think the rise of Bitcoin wasn't planned and executed by the same old suspects.
http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

Does software exist? Does it have no value? Have you seen the valuations of software companies?

 

[Pauls' Revere]

You know, I really thought the crisis in 07/08 was gonna get so out-of-control that the Fed couldn't have turned it around (not saying they fixed anything, but they certainly somehow restored faith in the system faster than I would have expected) . But I'm starting to wonder if there even is any limit to what they can fudge numbers on to maintain the illusion. These guys running the Fed have terrible economic theories but they are great economic magicians.

I discuss the FED with a coworker at least weekly over the last two years. We bet on wheather or not they will hike rates and such. He comes at me with econ data and jobless rates etc...which are good under a normal economic FED. By that I mean the recession and the recovery where anything but "normal". I kept telling him this all a big PR campaign to maintain faith in a system and the illusion of credibility to the FED and by extension other central banks.

 

[devil21]

Does software exist? Does it have no value? Have you seen the valuations of software companies?

Apples and oranges. Of course the bitcoin software exists. A "bitcoin" does not exist. However, unlike other forms of software such as operating systems or large databases containing information useful to a corporation's mission*, Bitcoin provides nothing productive in any form by itself and therefore has no value. A digital FRN provides nothing productive in any form by itself and also has no value either. The only reason either are assigned any value is because of the delusions of those that think they exist as something other than mere book-keeping entries.


*Note: bitcoin does contain info useful to a corporation's mission but it's a whole nother kind of corp with a whole nother type of mission but I'll leave that rabbit hole alone for now.