Since Bitcoin will "fork" in each network partition, and everything will work ... fine, within each partition -- right up until the moment the network is repaired, and all but one of the "forks" simply disappears.
I think most people will be surprised that this is the correct behavior.
This is something; just not "money".
With Bitcoin, you have to shoot all the Bitcoin satellites _and_ stop the internet to do what you propose.
I assure you — all terrestrial and major satellite up/downlinks will cease within minutes of the next major conflict starting.
By the way how well do you think the other monetary systems will fair under such conditions you describe?
See the Holo / Holochain projects.
Nope. Correct behaviour is that the longest chain “wins”; all others disappear along with all their transactions.
It's a store of value. From what I gather, people are using it to protect their money against inflation.
I'd rather see usecases for cryptocurrencies linked here, not the same article every time Bitcoin surges above an arbitrary number.
Just like we have the pound, yen, yuan and dollar, I don't think any cryptocurrency will ever become the One World Currency. But when it works, it works. Just my 2 cents ...
e.g. An IPO is too expensive, so a company pursues an ICO. Or a family in Venezuela needs money so they receive bitcoin. Or college kids wants to buy LSD so he sends the payment with bitcoin. Or a paedophile wants to buy child porn, so he pays with bitcoin. etc.
The second use-case for crypto is as a commodity investment for its first use-case.
All money is amoral. It changes hands without judgement.
Hope he had thousands of more bitcoins for himself.
If no one bought any physical goods back then, then it may not have caught peoples attention, and may not have taken off.
I doubt money from MicroStrategy, Mass Mutual, Square, hedge funds and other corporate treasuries are due to FOMO…
So if you have a lot of euros on your account not making any money, you either go to the stock market (Thats why its going up, especially the visible stock such as Tesla) and things like Bitcoin...
The problem is, at some point it will come back down again, and a lot of people will lose money.
Its all network effects, and people talking to each other about bitcoin and stocks and people jumping in... It starts to look like 1930 again.
What comes up must come down. Question is when?
Famous quote with lots of counterexamples. Peter Lynch provides multiple conterexamples to many similar stock market quotes in an interview.
The Coinbase IPO will be a sign of if the people in control of the funds don't understand the complex at all - or they're simply trying to profit off of it not caring about the actual consequences and future outcome; dumb money from financial industrial complex (misaligned incentives due to fees based instead of long-term results based) buying into, perpetuating a global, decentralized Pyramid-Ponzi scheme - trying to legitimize itself by misappropriating terminology and working hard towards regulatory capture, legitimacy.
As a currency, I don't want to use a currency which goes up and down like all these.
“In our current volatility research, we compared the 90 day and year to date volatility—as measured by their daily standard deviation as of November 13, 2020—of bitcoin against the constituents of the S&P 500 Index. We found that bitcoin has exhibited lower volatility than 112 stocks of the S&P 500 in a 90 day period and 145 stocks YTD.”
I agree that Tether itself is a risky proposition - in my opinion. I wouldn't buy it.
But prove what you said about 'fake dollars'. And then prove the connection to the Bitcoin price rise that you implied by 'a coincidence'.
I don't believe you can prove this. Because if you could prove it, you would have already done so.
Edit: And I would hope we could correct the title of this post. It's not truly about 'Bitcoin value surges past $30K', it is about 'Bitcoin price passed $30K'
>Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.
So it explicitly says that it is not backed by USD, but is "valued by tether at 1 USD"
> Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans
That passage probably means that they print fake dollars, then buy bitcoin with it, which rises the price of bitcoin, and allows them to claim that their reserves are "fully backed"
The SEC has been working on Tether’s case for a while, though. Recall what happened to Ripple last month when the SEC reached a conclusion on their activities.
Edit: Just because I say I have a billion dollars doesn’t mean someone will trade a billion dollars worth of anything with me, so who does with Tether?
With Bitcoin, the only way to make money is to sell it at a higher price to someone else later. It’s a purely speculative asset.
But only wanting to earn money through effort is a ridiculous notion as well. Investing your savings is a good and necessary idea.
