scale the Bitcoin price (slow it down.3x speed shrink it by a factor of 60 and overlay it with the gold chart, this is what I see: Gee That gold curve from the 70s looks familiar. Bitcoin still looks to have a great future as a trading and investment vehicle. You wouldnt believe it, but bitcoins fatal flaw is an electricity problem. All we know is we are entering a new era of price discovery, one where institutions trading Bitcoin without ever having to buy the underlying asset get to bet against us if they want. Usually Joes will wait for confirmation from several miners (the rule of thumb seems to be six confirmations) before agreeing to sell the pizza ( confirmation means that a recorded transaction request is included in following blocks). And thats all it says. It is true that a simple declaration that such and such is money will not do, even if backed by the most convincing constitutional evidence of the states absolute sovereignty.
Sure, put some to work for your retirement goals, but also realize that Bitcoin trading and investing is like putting money on the line in a big casino.
You get to make your own odds.
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The dollar proclaims on its face, This note is legal tender for all debts, 1 unit forex public and private. Paul De Grauwe painted a stark picture of Bitcoins inability to function as a universal currency. Sure, put some to work for your retirement goals, but also realize that Bitcoin trading and investing is like putting money on the line in a big casino. Of course, that hasnt stopped our modern-day financial engineers from jumping on a good bubble when they see one. To use a simple example from. Here are recent excerpts demonstrating this black or white, but definitely not gray mindset: Crypto is the mother or father of all scams and bubbles.