Investors Fleeing to Bitcoin for Safety Risk Even Steeper Losses | Crypto Craft

  • Investors Fleeing to Bitcoin for Safety Risk Even Steeper Losses

    From investopedia.com

    Leading cryptocurrency Bitcoin enjoyed a surprising rally in recent weeks, climbing by more than 14% in August as of this writing alongside traditional investment haven gold. Investors have favored the digital coin as they seek safety from broader stock market turbulence. Experts say that investors are looking for shelter in digital assets because cryptocurrencies are easily accessed by traders all across the globe and because they remain free from government meddling and interference, according to a recent in-depth report by Bloomberg. Still, though, Bitcoin is not a guarantee: investors may be in for a shock if the ... (full story)

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Deepthink
Aug 8, 2019 6:34pm
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"Let me put my assets in the most volatile market there is, for safekeeping of course!"

That's quite funny, actually. I might borrow that. You make a valid point. The truth is, yours is a fair and solid critique: bitcoin is too young to be regarded, in any conventional sense, a safe haven asset.

And yet a confluence of unconventional events now conspires, ever so slowly, to create bizarre conditions whereby bitcoin may indeed find itself a de-facto safe harbor, a fleeting bubble of stability and transient island of value, amidst more dire and exigent circumstances.

Only time will tell.
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Hasher
Aug 8, 2019 10:39am
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Let me put my assets in the most volatile market there is, for safe keeping of course!
Reply
Deepthink
Aug 9, 2019 1:40pm — Edited
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Quoting TudorIoan
{quote} <i>Only time will tell. Bitcoin is a new invention. Bitcoin is a commodity, an asset, the free market will decide its existance and value. Bitcoin is at the begining. ...all bullshit. We see cryptocurrencies traded in the market, so we don't care what they really are anymore. But the cryptocurrency concept is rotten deep in its very heart. Since it's inception, bitcoin has been thought of as an anonymous way to move money, so the law enforcement can't track illicit earnings. There is no doubt of that. They even claim that ! They want to...
Your inflexible certitudes sound a bit dated, circa 2013.

Firstly, Bitcoin is not anonymous, as those of us receiving IRS letters can attest to.

Like all technology, nothing about Bitcoin is inherently moral or immoral. Technology's myriad uses or abuses are informed solely by the intentions and consequences of human actors; the tech itself being ethically neutral.

Moreover, Bitcoin has no master agenda, and nobody gets to dictate what it is or isn't. It is a collaborative creation premised on consensus and dependent on network effects. And even if it weren't, never in history has any technology conformed to the strict aims and original aspirations of its inventor. As a social phenomenon, technology will always take on a life of its own. In the end, society will be the final arbiters of Bitcoin's fate.

But make no mistake, the law will tame the wild west of the crypto frontier. The evolution of networks will shape the law and the law will shape the evolution of networks. And neither the moralizings of hand-wringing cynics nor the rogue imaginings of anarcho-capitalists are likely to change that.
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TudorIoan
Aug 9, 2019 12:57am
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Quoting Deepthink
"Let me put my assets in the most volatile market there is, for safekeeping of course!" That's quite funny, actually. I might borrow that. You make a valid point. The truth is, yours is a fair and solid critique: bitcoin is too young to be regarded, in any conventional sense, a safe haven asset. And yet a confluence of unconventional events now conspires, ever so slowly, to create bizarre conditions whereby bitcoin may indeed find itself a de-facto safe harbor, a fleeting bubble of stability and transient island of value, amidst more dire...
Only time will tell.
Bitcoin is a new invention.
Bitcoin is a commodity, an asset, the free market will decide its existance and value.
Bitcoin is at the begining.

...all bullshit.
We see cryptocurrencies traded in the market, so we don't care what they really are anymore.
But the cryptocurrency concept is rotten deep in its very heart.
Since it's inception, bitcoin has been thought of as an anonymous way to move money, so the law enforcement can't track illicit earnings. There is no doubt of that. They even claim that !
They want to tear apart the world's current order. They claim that loud and clear in daylight.
Fck the goverment is the slogan!
This has no future.
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TudorIoan
Aug 9, 2019 12:27pm
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Quoting cityRat
{quote} Not a bad idea for Venezuelans, Turkish, Argentines, Zimbabweans and any other third-world country with unstable monetary systems and currencies.
Who told you that?
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TudorIoan
Aug 9, 2019 2:14pm — Edited
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Quoting Deepthink
{quote} And thus spake Zarathustra. . ? Your litany of concrete certitudes sounds a bit dated, circa 2013. Firstly, as all should know by now, Bitcoin is not anonymous, as those of us receiving IRS letters can well attest to. And, like all technology, Bitcoin has only potential, not morals. Technology's myriad uses and abuses are informed solely by its human actors, the tech itself always being amoral. Moreover, Bitcoin is a collective creation. And even if it weren't, it's not in the nature of technology to conform to the original aims of any single...
Woah, deeeep think indeeeed
So it's a collective creation, something like a flash mob, ahaaa! it's art, why didn't you say so
Ok, deep thingzz, now take it slow and read few years about CDOs collective creation, deflation, monetary policy ...wait, wait, forget it! I'm sick of you teeny millenium crypto fanboys, just go back to your collective video game!
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TudorIoan
Aug 10, 2019 6:59am
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Quoting TwoSense
About this post. {quote} I've never heard that either with the exception of Venezuela. There's a lot of stories out there of citizens moving to crypto out of need. It was a lot of people's only option out of their currency that's worthless now. Actually DASH went down there and tried to take advantage of the situation and marketed the hell out of their crypto. It was the most widely adopted...
Come on, there's no such thing as "sound money". Limited supply in bitcoin by algorithms can't save national economies from bad politics which can lead to bankruptcy, plzzzzzz! I hope you're not some kind of Maduro fan (jk)
There is no "stability" which can be induced by transforming everything in crypto...

It's all about deflationary effect. The simple plain example is the value of bitcoin in Zimbabwe.
(please study about deflation spiral effect in some inadequate money supply environment, and also about dormant effect on economies without government-led inflation as an economic incentive)
Monetary policy tools are indispensable for the free economies ! Crypto is not suitable for such operations.
Teeny millenyalzz can't have grip on that, but I think you can.
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cityRat
Aug 9, 2019 11:04am
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Quoting Hasher
Let me put my assets in the most volatile market there is, for safe keeping of course!
Not a bad idea for Venezuelans, Turkish, Argentines, Zimbabweans and any other third-world country with unstable monetary systems and currencies.
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TwoSense
Aug 9, 2019 11:46pm
Permalink
About this post.
Quoting TudorIoan
{quote} Who told you that?
I've never heard that either with the exception of Venezuela. There's a lot of stories out there of citizens moving to crypto out of need. It was a lot of people's only option out of their currency that's worthless now. Actually DASH went down there and tried to take advantage of the situation and marketed the hell out of their crypto. It was the most widely adopted at first. Then, the citizens started to move from DASH to Bitcoin, rejecting DASH. I've read quotes about Venezuelans willing to pay much higher costs to use Bitcoin instead of DASH. I don't know all the details, but I did do some research on DASH after hearing that. That's a crypto that won't be around in the future. It's a house of cards that will fall because there are fundamental issues with the DASH technology that eventually won't let them scale. Also, fuck DASH.

As for the other countries mentioned, the only reason I can see them moving out of currencies and into cryptos would be at the government level in order to put up the middle finger at US sanctions. At this point, I don't think the risks of doing that outweigh the 'benefits' of pissing off the US. When crypto is more stable, then we might see it used as leverage against the USD. The impact that would have on the dollar is very huge, related to oil and other commodities being priced in dollars. Anyways, bitcoin. Let's stick to bitcoin and why cityrat thinks Argentines are better off moving their assets to bitcoin.
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Deepthink
Aug 10, 2019 12:46am — Edited
Permalink
Woah, deeeep think indeeeed So it's a collective creation, something like a flash mob, ahaaa! it's art, why didn't you say so Ok, deep thingzz, now take it slow and read few years about CDOs collective creation, deflation, monetary policy ...wait, wait, forget it! I'm sick of you teeny millenium crypto fanboys, just go back to your collective video game!
_________________________________________________

No "teeny Millenium" here, whatever that is. I presume you meant to say, Millennial teen, but I am neither a Millennial nor a teen. Besides, I'm pretty sure there are few, if any, Millennials still in their teens. But I'll assume, for your sake, you meant Gen-Z or Post-Millennial teen. But because your emoji-strewn post is largely incoherent and slightly indecipherable, it's hard to know for sure what you meant to say about anything.

In fact, I can't help but wonder whether you even replied to the right thread. Perhaps you meant to reply to a subject thread on The Troubled Asset Relief Program (TARP) of 2008?

You imagine, no doubt, you articulated something intelligible. Certainly, your laughing emojis suggest you thought you said something funny. Yet, regrettably, only you and the good Lord above will ever know for sure whether that's true. But I'm still glad you were entertained in your own autistic way.

I've heard laughing is good for the soul.
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