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Right but remember with it comes to those big DS there not just digital currency but the digital gold on the stock market that will be just that and not diversified as some may think.

After all, in one major respect it is no different to BTC, USD, LEK or yapstones. It is because people believe in it. It is no less a fiat currency than the others. It isn’t backed by anything. It just is.

I guess it all started 5,000+ years ago when european, north african and asian peoples realised that gold was different. There wasn’t much of it, and it didn’t rust or corrode. And it was beautiful. And heavy, which made it unfakeable. Easily worked. Easily tradeable, it could be used for barter for perishable goods, or animals; and thus it became a store of value. When paper currencies were developed by the Chinese, they were always redeemable for gold, and fully backed by it. The piece of paper was simply more convenient, lighter, easier to hide.

Later on in western cultures the paper currencies would be abused, by more paper being printed than there was gold to back it. And thus another advantage of gold became apparent. If you had gold – you had gold. If you had a paper promise for gold you didn’t have gold, you had a paper promise. Ummmm; a paper promise. A piece of paper, issued by the government, promising to give you some gold. What could go wrong.

My response to cryptocurrency conversations when they first started emerging from the primordial blockchain was “tulips”. This has not changed. What, exactly, do you have when you own a bitcoin? As far as I can see, you own the right to a particular sequence of zeros and ones which are stored multiple times in a disseminated network of computers. And in your personal crypto wallet, a hard drive or part of a hard drive which usually requires a password etc. etc. and so is secure. Or on a crypto exchange which makes it easier to buy and sell. So you own – what? What is a one or a zero? A distortion in a magnetic field? So you own the rights to a series of magnetic fluctuations? Whatever it is, it relies on a lot of sophisticated stuff to access and transfer (spend or acquire) them, which can be intercepted by hackers now, let alone when quantum computers arrive. Tulips seem a lot simpler.

Bitcoin is currently valued at $100,000 by the market. Maybe roughly the same as a skilled worker – certainly in Oz a skilled tradesman can earn that in a year. At the height of the tulip bubble a tulip sold for ten times the wage of a skilled artisan. On that metric BTC could reach $1m before the bubble pops. So plenty of time for everyone to jump on the bandwagon! YEEEEHARRRR!! Ride them coat tails.

Or, if you really want to clean up, issue your own. Surely the success of Dogecoin, which was issued as a joke, must be the ultimate sign that it’s all without foundation. It currently has a market cap of $46bn and a current supply of 147bn and no limit on how many can be issued. And it is, officially, a joke, poking fun at BTC. I think it’s performing its function perfectly.

So for me the metal has value over and above paper and crypto currencies simply because it a physical item that cannot be destroyed, even if it is lost in a South Welsh Newport landfill site (you’ve gotta doubt that a hard drive would still be functional after all these years). It cannot be hacked when you try to spend it or convert it to fiat. It just is. Tulips it is not.

KCS Holiday Express
https://www.railpictures.net/photo/873867/

“never existed”

Kind of like something else I can think of…

I like the story about the people back then in Holland who had a friend over … and while left in the kitchen to his own devices he espied an onion on the table and sat down and started to eat it … of course it turned out it was an immensely valuable Tulip bulb!

So we should call it Blackcoin?

Re Tulips

the Black Tulip was the most valuable tulip….but if memory serves it never existed….!!!!!

President-elect Donald Trump threatened on Saturday that the U.S. would reassume control of the Panama Canal if it felt that Panama wasn’t honoring the terms of a 1977 treaty regarding the waterway’s legal status.

But after decades of tensions around the canal, the Carter administration signed two treaties in 1977 with Panama’s military dictator, Omar Torrijos, to transition control of the vital shipping passage over to Panama. Under the terms of those treaties, Panama would gain control of the canal by 1999 and the U.S. would retain the right to defend the canal from any threat to its neutrality.

https://www.politico.com/news/2024/12/21/trump-panama-canal-00195820

He left out one other “D” that people are Dying to receive in 2025, and for those receiving it, it is more important than all the other “D’s” combined.

Depression, Debt, Default & Destruction in 2025 -Martin Armstrong

As said here a few times before, it seems likely that Bitcoin is just about conditioning the public for a CBDC as a replacement for the dollar.

How does it have that kind of worth.

Florida’s Santa train
https://www.railpictures.net/photo/873322/

Tks for yr 8.33

I am looking fwd to watching it,,,,but the first few mins tells me oil, will do v well, to provide all the energy, all that Robotics needs…..electricity demand is gonna explode.

Bitcoin IMO is the Emperor who had no clothes. Everyone in his kingdom was afraid to tell him they could see he was running around naked, so they told him how beautiful he looked in his new clothes.

Being based on nothing but the faith that it is worth something, Bitcoin is backed by nothing and has no actual value other than your faith that it is worth something. If the lights go out, or the grid goes down, or the internet access plug gets pulled, Bitcoin does not exist, nor does your Bitcoin “fortune”.  Thanks but no thanks. I’ll just stick with my physical silver and gold.

… from a credible source.

They don’t have inflation under control. They will need to start debasing the currency at an accelerating rate next year as the economy is recognized to be in recession, increasing the risk of ‘inflation’ measures jumping into double digits.

Northern Lights
https://www.railpictures.net/photo/873627/

looks like all the demonrats voted for it and Hakeem Jeffries loved it.

Hard to believe it’s a good deal for Americans.

and good for the 38 congress members that said no to the 2nd pork filled garbage.
I’m not convinced they be able to pull it off with the smaller bills because of the uniparty RINO’s I hope so.

Shut it all down, Biden is still president right?

Glad we were up a little today but it was weak. Best thing we could hope for is a low volume melt up next week but that’s a huge stretch.

It’s not just about money at this point if you look at these anti constitutional and American treatment to others closer is about needing to use people to stroke their ego.

That includes refusing to help the citizens and misappropriating our money to self interest. Who’s king of the mountain figuring theirs nothing you can do about it  and they want us to pay for it too. They need to put a out right end the Federal income tax. It’s nothing but organized theft where they got the game plan down behind closed doors in secret.

I bet these other countries have been using these so called bills  to fleece money from us every year for decades. Make some excuse and pay them a few million and they walk out with much more for themselves.

They need to think about the speaker who shows same old same as it was before just sign it.

Also people are noticing the left want to pit  Trump and Musk against each other like who’s running things now and exposing what their doing behind closed doors  and want to shoot the  devils advocates and messengers they can’t bribe either and hope they don’t get away with it.

With more people involved that can’t be bribed it may take longer because theirs gonna be a fight and disagreements  and have bumps in the road but the end hopefully the result should come out better. As far as the citizens this should be a bipartisan issue exposing where their money is going when it’s needed here.

https://www.zerohedge.com/precious-metals/are-chinas-big-gold-purchases-protection-against-dollar-or-attack-it

Interesting as the QQQ’s give some back.

“Thomas Massie has won. The House GOP leadership is splitting the spending bill into smaller pieces.

Each section will be voted on individually and allowed to pass or fail on it’s own.

CR, disaster relief, debt limit increase, etc. They will each be separate votes.”

https://x.com/WallStreetMav