Bitcoin price hits $40k less than three weeks after shattering $20K

Re:Bitcoin price hits $40k less than three weeks after shatt... by beefield on Thursday January 07, 2021 @02:09PM (#25675712)

Bitcoin does absolutely not get rid of monetary policy. It just has it's own kind of monetary policy. Which, to be clear, has been tried and tested in the form of gold standard and deemed not satisfactory.

Further, bitcoin has absolutely nothing to say about amount of currency in circulation in a world where credit is used to create currency (i.e. modern world).

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Re:Bitcoin price hits $40k less than three weeks after shatt... by ur-whale on Thursday January 07, 2021 @02:27PM (#25675972)

> has been tried and tested in the form of gold standard and deemed not satisfactory.

I believe the comparison is unfair:

    - Gold can't be transfered in under 10 minutes halfway round the planet

    - Gold can rather easily be confiscated

    - Gold is very hard to subdivide to tiny quantities

    - Gold can easily be "faked", especially for tiny amounts.

    - Gold's supply is not really finite

    - [edit]: carrying 100kg of gold across a border is - to say the least - problematic

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Re:Bitcoin price hits $40k less than three weeks after shatt... by beefield on Thursday January 07, 2021 @02:41PM (#25676177)

Those have very little to do with monetary policy (https://en.wikipedia.org/wiki/Monetary_policy)

Plus, in the modern credit-money world, an IOU from a bank worth 1 BTC, IOU worth one ounce of gold and IOU worth $1[1] have precisely same technological properties and limitations.

[1] A.K.A "Money in your bank account"

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Re:Bitcoin price hits $40k less than three weeks after shatt... by paras2594 on Thursday January 07, 2021 @03:41PM (#25677150)

I do believe these statements as the best way anyone could have defined.

And when it comes to Buying Bitcoin over gold https://www.buyucoin.com/buy-bitcoin-india this is the apt choice

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Re:Bitcoin price hits $40k less than three weeks after shatt... by thorwasdfasdf on Thursday January 07, 2021 @02:29PM (#25676000)

Which is exactly why, over the long term bitcoin will continue to go up in value. As more and more countries debase/devalue their currency bitcoin will just keep going up and up.

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Re:Bitcoin price hits $40k less than three weeks after shatt... by apta_ on Thursday January 07, 2021 @05:05PM (#25678252)

> Which, to be clear, has been tried and tested in the form of gold standard and deemed not satisfactory

Deemed unsatisfactory by who? The money printers? The banks? Yes, the people who make money off of lending money, something clearly prohibited in Islam, Judaism, and Christianity.

Clearly people want no part of this anymore, that's why bitcoin and other crytpocurrencies have a significant value proposition for many.

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