Lol what, who is taking it seriously?
this post was submitted on 21 Dec 2024
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Bitcoin
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I am. BTC keeps growing and more institutions are seeing its benefit. Maybe you had specific criticisms?
It's '25. Bitcoin has been debunked as anything but a pump toy back in ’15 already. A decade ago. It's literally not getting any adoption. Nobody uses it for anything but trading. It has been proven that it is being pushed up and made liquid by Tether since '16 at least. There are court records with evidence, just Google it.
What do you mean its made liquid by tether?
Tether is a stable coin made of treasuries, somehow that's buying Bitcoin?
Deliberately dense?
https://letmegoogleforyou.com/?q=tether+bitcoin+price+manipulation
After looking at it it seems as though tether has treasuries to back all its tether coins, which means its essentially lending out its coin backed by short term treasuries with 0% interest. So in a way its turning treasuries into a liquid form of money, like cash.
They do buy a small amount of Bitcoin with the profits, which doesn't seem nefarious, MicroStrategy does the similar with its bonds. Its no more nefarious than mortgage backed securities, which let's a buyer inflate the money supply by taking a low interest loan, which is approved by the Fed in order to increase aggregate demand to push a 2% inflation target.
In an October report, the US Department of the Treasury referred to Bitcoin as “digital gold”, noting its use as a store of value.
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El Salvador has accumulated some $600m worth of Bitcoin reserves and is one of just a handful of countries, along with the Central African Republic, that accepts the asset as legal tender.
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BlackRock CEO Larry Fink, who once described Bitcoin as an “index of money laundering”, in January said the commodity was “no different than what gold represented for thousands of years” and an “asset class that protects you”.
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One of the reasons Bitcoin has gained strength in value is the poor performance of economies such as Argentina, where inflation last year skyrocketed more than 200 percent, according to Gerald Celente, founder and director of the New York-based Trends Research Institute.
“People were seeing their currencies being devalued… People were saying: ‘I’m losing all my money, what am I going to do?’ They can’t afford to buy gold, so they started buying whatever they could in cryptocurrencies like Bitcoin, so that kept it strong,” Celente told Al Jazeera.
Sounds very toppish.
It's still a speculative asset with no intrinsic value. That'll never change. Even in-game items have more intrinsic value than any crypto.
But, I'll also say the same could be said about most currency, including USD. What is the intrinsic value of it? Nothing. Its only value is what others think it is worth.