Bitcoin pushing $70k...

[eric2381]

Your knowledge on crypto is fantastic. You seem to be very knowledgeable about the ins and outs of it. Good luck to you in your endeavours.

[raab]

Originally Posted by Dean2

Glad you bumped this one too. Makes very interesting reading to go back through the last couple of years. Given the Trillions lost in Crypto I am kind of amazed there are still fans of this. I get why criminals and terrorists love it, but not anyone else.

Dean now that a few days have passed since our last chat on crypto. I wanted to ask you if you’ve read the book below? I would be interested to hear your insights given your financial background.

The book is one of the reasons I’m a fan of the potential uses of crypto and the whole deFI movement. Ideally I would like to find a crypto which tracks a commodity basket, is easily redeemable for essential goods, and allows for loans and savings in the issued crypto currency.

I think competition in currency markets would be a good thing for Canadians as the current government monopoly has devalued dollars and as a result made millions of young Canadians poor. While those holding assets mainly the baby boomers have benefitted from the inflation effect.

Anyways let me know if you think competing private currencies would be a good thing or a bad thing? I see crypto as one way of breaking the government monopoly on our currency.

Also I would like to re-iterate my position that crypto is not an investment but simply a medium of exchange or better put an alternative currency.




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[raab]

To add to my post above, it appears there are companies working on tokenizing assets so that we can have asset backed currencies. I know many people are looking at AI and the Green transition to be major changes in the next 50 years, but for me how we bank and think about money could change substantially in that time.

An example of a company working toward asset backed currencies is Reserve. You can learn more from the video and website below.

https://www.youtube.com/watch?v=OBaIBCcKil4
https://reserve.org/en/protocol/

[Dean2]

Originally Posted by raab

Dean now that a few days have passed since our last chat on crypto. I wanted to ask you if you’ve read the book below? I would be interested to hear your insights given your financial background.

The book is one of the reasons I’m a fan of the potential uses of crypto and the whole deFI movement. Ideally I would like to find a crypto which tracks a commodity basket, is easily redeemable for essential goods, and allows for loans and savings in the issued crypto currency.

I think competition in currency markets would be a good thing for Canadians as the current government monopoly has devalued dollars and as a result made millions of young Canadians poor. While those holding assets mainly the baby boomers have benefitted from the inflation effect.

Anyways let me know if you think competing private currencies would be a good thing or a bad thing? I see crypto as one way of breaking the government monopoly on our currency.

Also I would like to re-iterate my position that crypto is not an investment but simply a medium of exchange or better put an alternative currency.




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Did not read that particular book, however it is a concept that has been talked about many times over hundreds, even thousands, of years. Like you, I would love to see a non-government alternate currency. The Gold Standard effectively de-nationalised money because you had to have enough gold reserves to back the currency you issued. The first to issue paper backed by Gold were the money lenders 3000 years ago. Gold was difficult to carry and hard to store safely so many wealthy people would deposit their gold and get paper gold certificates for the value they deposited, this evolved into denominated certificates that were then traded for goods rather than going to the repository, taking out gold and paying in gold. Once the money lenders and countries went to fractional then no reserves you end up with GDP backed currency, which effectively puts money under full government control.

While I like the idea of a currency not tied to a country government, Crypto is not an effective currency. You can't have a currency that swings as radically in value over short periods of time like crypto does, and it is not backed by anything at all. The same thing that makes it not an investment also makes it not a currency. The idea in your next post about asset backed currency is just another form of a Gold Standard. When the money supply and transactions are in the Trillions daily who will have a large enough asset base to back a currency, and can you trust the asset holder. Even if the asset backed currency is only used for a portion of settlements it would still take a very large asset base to be an effective currency.

[Roderek]

Originally Posted by Roderek

This downturn (Crypto Winter)was predictable every Bull run in crypto has had a major downturn close to 90%. Not going back to read all the posts but am confident I have mentioned this before. It is also predictable that when we get close to the next Bitcoin halving(which correlates to all the big historical runs) you will see prices run up again.

I have also mentioned this in the past that the next Halving is anticipated to be March of 2024, so you should see the price start to go up late 2023 early 2024.

Bitcoin is on the rise again, right on time with the anticipated Bitcoin halving that should happen around March 2024.

When Bitcoin rises so do the alt coins.
Nov 27-today(USD)
Bitcoin 36,756--->43,581
Ethereum 2033---> 2330
Solana 54.19--->95.20
Quant 97.19--->114.49
Near 1.78---> 3.36
Cardano 0.38--->0.62

All of these are still aways off from their all time highs, but starting to climb in that direction. My best guess we see all the ones I listed above pass there all time high by late March.

This is not in anyway Financial advice. Please do your own research.

I already took profit on most of these before the prices crashed, and continued to invest small amounts each week( (DCA), so some of those are currently down. In hindsight I should have just put the money aside and bought it as the market dropped more and closer to the bottom. In the end it will still work out if these all continue to trend as I expect.

Even with the amount I have put back in I am still ahead in all of these.

Crypto is still very volatile and can change on a dime, however, the market does follow the Bitcoin Halving at least for now.