Bitcoin Takes Another 10% Hit on SEC Warning
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The US SEC issued a strong warning about the use of unregulated currencies leading to a large drop in the price of Bitcoin (and other currencies) with BC now sitting at $9,500.
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Of course any country (particularly the US) would say that unregulated currency is dangerous and should not be trusted.
The interest is in keeping their currency "the regulated one" on top so as to ensure control over all markets.
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That stung!
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@dustinb3403 said in Bitcoin Takes Another 10% Hit on SEC Warning:
Of course any country (particularly the US) would say that unregulated currency is dangerous and should not be trusted.
The interest is in keeping their currency "the regulated one" on top so as to ensure control over all markets.
Yes, a bit skeptical of the "competitor" saying that we should be worried about it.
In other news, Microsoft recommends Windows.
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@irj said in Bitcoin Takes Another 10% Hit on SEC Warning:
That stung!
Only if you are selling at the moment and purchased when it was higher.
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The target price of any cryptocurrency is $0. Buy now!
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@dustinb3403 said in Bitcoin Takes Another 10% Hit on SEC Warning:
Of course any country (particularly the US) would say that unregulated currency is dangerous and should not be trusted.
The interest is in keeping their currency "the regulated one" on top so as to ensure control over all markets.
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@momurda said in Bitcoin Takes Another 10% Hit on SEC Warning:
The target price of any cryptocurrency is $0. Buy now!
How's that great US Dollar doing? It won't go to 0 but the value can get close.
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@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
@momurda said in Bitcoin Takes Another 10% Hit on SEC Warning:
The target price of any cryptocurrency is $0. Buy now!
How's that great US Dollar doing? It won't go to 0 but the value can get close.
That chart doesn't really make sense. On the left is the US dollar, on the bottom is years. But nothing tells us what the chart is showing because the US dollar is the flat line at top that doesn't change.
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That is the value of one US Dollar in 1913 prior to the introduction of the Federal Reserve. The value of that same dollar (according to the chart) is roughly $.10.
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@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
That is the value of one US Dollar in 1913 prior to the introduction of the Federal Reserve. The value of that same dollar (according to the chart) is roughly $.10.
That makes no sense. The value of the dollar is $1, always. The chart shows something else. Look at the line of the chart and the legend, it's not possible that it is showing the value of the dollar. Because the value of the dollar by definition is a flat line at the top of the chart. It's showing something else.
"Value of the dollar" is never against "the dollar" but against something else. And as there is nothing else on the chart, it's showing gibberish.
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@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
The value of that same dollar (according to the chart) is roughly $.10.
Right, but the value of $1 is always $1. Saying that $1 = $.10 is nonsensical.
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@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
The value of that same dollar (according to the chart) is roughly $.10.
Right, but the value of $1 is always $1. Saying that $1 = $.10 is nonsensical.
That same dollar. means the 1913 dollar versus the 2013 dollar.
$1 is always $1, but the relativevalue of $1 over time changes.
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@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
The value of that same dollar (according to the chart) is roughly $.10.
Right, but the value of $1 is always $1. Saying that $1 = $.10 is nonsensical.
Let's use another description, does purchasing power work? A $1 in 1913 has the same purchasing power as $.10 in 2013. There are multiple forces at work with the main force being the Federal Reserve devaluing the dollar.
Unfortunately, the Fed started out with a useful purpose but has turned into a Money Printing machine.
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@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
The value of that same dollar (according to the chart) is roughly $.10.
Right, but the value of $1 is always $1. Saying that $1 = $.10 is nonsensical.
Let's use another description, does purchasing power work? A $1 in 1913 has the same purchasing power as $.10 in 2013. There are multiple forces at work with the main force being the Federal Reserve devaluing the dollar.
Unfortunately, the Fed started out with a useful purpose but has turned into a Money Printing machine.
Yes, but the chart doesn't list that. If the left had chart is the 1913 dollar, it doesn't denote that anywhere.
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@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
The value of that same dollar (according to the chart) is roughly $.10.
Right, but the value of $1 is always $1. Saying that $1 = $.10 is nonsensical.
Let's use another description, does purchasing power work? A $1 in 1913 has the same purchasing power as $.10 in 2013. There are multiple forces at work with the main force being the Federal Reserve devaluing the dollar.
Unfortunately, the Fed started out with a useful purpose but has turned into a Money Printing machine.
I'm fully aware of the concept of purchasing power, but that's only one way to measure currency value as the value of things you can purchase changes like crazy over time, too. Like milk or eggs or cars are fractionally as valuable today as they were 100 years ago. But labour is much more valuable.
Most calculations of this type are against other currencies over time. but no matter what it is pegged against, another currency, a commodity, an index, both objects float over time. There is no stable value system to compare against over time, not even labour.
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@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
The value of that same dollar (according to the chart) is roughly $.10.
Right, but the value of $1 is always $1. Saying that $1 = $.10 is nonsensical.
Let's use another description, does purchasing power work? A $1 in 1913 has the same purchasing power as $.10 in 2013. There are multiple forces at work with the main force being the Federal Reserve devaluing the dollar.
Unfortunately, the Fed started out with a useful purpose but has turned into a Money Printing machine.
Yes, but the chart doesn't list that. If the left had chart is the 1913 dollar, it doesn't denote that anywhere.
To me the chart has a Full $1 at the top and it starts with the year of 1913 and the green graph (representing money) depletes as it goes down the time line on the right. Along with the title of the graph, it seemed self-explanatory to me. Sorry if it was confusing.
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@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
Most calculations of this type are against other currencies over time. but no matter what it is pegged against, another currency, a commodity, an index, both objects float over time. There is no stable value system to compare against over time, not even labour.
In this world, no system for time based valuation is perfect but it can be stable. Although stability can fluctuate as much as value.
You did hit on a key element, that both should float over time but as you can see, other than early on, it has continued to float DOWN. There is no float UP for over 70 years.
At the end of the day, the US Dollar's value has just as much chance of going to near 0 as BitCoin, cryptocurrency, or additional currencies. Just ask Zimbabwe.
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@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
@scottalanmiller said in Bitcoin Takes Another 10% Hit on SEC Warning:
@pmoncho said in Bitcoin Takes Another 10% Hit on SEC Warning:
Most calculations of this type are against other currencies over time. but no matter what it is pegged against, another currency, a commodity, an index, both objects float over time. There is no stable value system to compare against over time, not even labour.
In this world, no system for time based valuation is perfect but it can be stable. Although stability can fluctuate as much as value.
You did hit on a key element, that both should float over time but as you can see, other than early on, it has continued to float DOWN. There is no float UP for over 70 years.
At the end of the day, the US Dollar's value has just as much chance of going to near 0 as BitCoin, cryptocurrency, or additional currencies. Just ask Zimbabwe.
All this is, is inflation, though. It's true, inflation exists, but it's not very telling of anything.
I'm unclear if you are trying to say that the US currencies is bound inevitably for actually hitting zero like Zimbabwe did, or if you feel they are stable, and just always inflate?
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Another way to view the US Dollar over the last ten years. In this valuation, it increases, not decreases. Getting more buying power rather than less.
With this chart, we know what the valuation is. With the "always down" one, we have no idea what they are basing it on... labor, milk, bread, gold?
