bitcoin is replaceable. Any digital currency can replace it.
That's meaningless. Any sufficiently rare metal or rock could replace gold too. BTC has a market cap of over 2 trillion and is widely adopted. It is limited supply. It is a huge decentralized p2p network. Sure, you can replace it with some other crypto that can rival this.
Bitcoin is public ledger. It's not private. Every transaction is recorded
That's a pro, not a con because it prevents manipulation of the ledger (like banks and governments would do in their "private" ledgers). Transactions are still anonymous. All that is recorded is the wallet hash which is not necessarily tied to real ID.
No one actually uses bitcoins as an actual fucking currency. Retards just get bitcoins and sit on them.
It is used, even by whole governments like El Salvador. If you think Blackrock is retarded then yes, they buy BTC as an asset and use it as a storage of value and a hedge against inflation.
bitcoin transactions will infinitely become more and more cumbersome to process as the ledger grows.
It won't. Technology will alleviate this. Most BTC transactions will be in satoshis. Still more convenient than using gold coins and ingots like in the good ol pirate days.
bitcoin is stuck between $100K and $110K. Gold and silver are outperforming it this year.
Cherry picking a specific timeframe after BTC has climbed, dipped and recovered doesn't prove anything. It will probably pass 200k by the end of the year in the next bull run. Here's the actual stats: https://www.longtermtrends.net/bitcoin-vs-gold/
Comparing BTC to gold in terms of appreciation is laughable - in the past 10 years BTC grew 46k% or by 146% per year. Gold grew 212% or by 12% per year. But take any timeframe you want. Even the last year BTC grew 90% vs gold - 39%. Six months BTC is still on top of gold.
Gold has been around thousands of years and maintained value.
It's a fallacy to assume that it will continue in the future. Monarchies have been around for as much time as gold and yet they were replaced. Gold as currency is a technology of the past that can't fulfill the needs of a digital globalized world as currency. It couldn't do it even 100 years ago and this is why it got replaced by fiat in the first place.
Bitcoin has lasted about 10 years and will only last so long as a superior digital coin is not developed.
I imagine people said the same thing about the combustible engine. Everything can be replaced by a superior technology and gold has already been replaced by fiat. How long it will last is a speculation.
I'm saying all this as not to hate on gold but as a realist. I stack it myself and believe there is intrinsic value in its beauty, timelessness and symbolism.
All I know is that it's good to be financially independent and anyone who bought a few dirt cheap BTCs back in the day has enough money to never be bothered about it in their lifetime and can spend a little to pay for their expenses. You call them retards but any objective person, who's not envious would call them smart investors. Sadly I missed that train because I used to think like you but it's never too late because I'm pretty convinced BTC will play a huge role in the future (not as CBDC but as its alternative).
However, i'm glad your bitcoin investment is doing well. Don't forget to pay the capital gains tax generated every time you buy something with bitcoin or convert it to cash. An extra step i don't worry about with gold, since selling it is something the government never finds out about.
You can buy stuff using BTC and the government will be non the wiser. This is why BTC is preferred in the criminal world.
An extra step i don't worry about with gold, since selling it is something the government never finds out about.
But you also convert gold to cash when you want to purchase something so what's your point? The government knows either way because they will notice a new car or a property on your name and ask where the money came from.
How can i convert bitcoin back to cash without anyone wanting to KYS Know Your Customer? Perhaps i just don't know the tricks. What am i missing?
The government does not audit my purchases. I don't think the government gives a shit if i bought a $7000 truck from a used car lot. Also unless government has records of my transactions then i can make up any excuse where i came across money.
The point is to stay off the government's radar. Don't use bank accounts. Don't use credit cards. Don't use digital coins that leave a public ledger that AI can definitely unmask you and identify you with.
I would buy some bitcoin if i was able to convert it to gold or back to cash without leaving a trail for the IRS to follow. There might be a way to do it but i don't know how.
Also, even though I'm a bitcoin critic, I've been proven wrong over the last 10 years. People were pressuring me to buy it back in 2014 and 2015. Heck even in 2010 a forum i frequented was pushing it hard. I just never could convince myself to buy something that only exists in the digital sphere. Seemed too much like a video game token to me. Obviously i was wrong. So far i was wrong. I could be correct in the long run if the think collapses.
That's meaningless. Any sufficiently rare metal or rock could replace gold too. BTC has a market cap of over 2 trillion and is widely adopted. It is limited supply. It is a huge decentralized p2p network. Sure, you can replace it with some other crypto that can rival this.
That's a pro, not a con because it prevents manipulation of the ledger (like banks and governments would do in their "private" ledgers). Transactions are still anonymous. All that is recorded is the wallet hash which is not necessarily tied to real ID.
It is used, even by whole governments like El Salvador. If you think Blackrock is retarded then yes, they buy BTC as an asset and use it as a storage of value and a hedge against inflation.
It won't. Technology will alleviate this. Most BTC transactions will be in satoshis. Still more convenient than using gold coins and ingots like in the good ol pirate days.
Cherry picking a specific timeframe after BTC has climbed, dipped and recovered doesn't prove anything. It will probably pass 200k by the end of the year in the next bull run. Here's the actual stats: https://www.longtermtrends.net/bitcoin-vs-gold/
Comparing BTC to gold in terms of appreciation is laughable - in the past 10 years BTC grew 46k% or by 146% per year. Gold grew 212% or by 12% per year. But take any timeframe you want. Even the last year BTC grew 90% vs gold - 39%. Six months BTC is still on top of gold.
It's a fallacy to assume that it will continue in the future. Monarchies have been around for as much time as gold and yet they were replaced. Gold as currency is a technology of the past that can't fulfill the needs of a digital globalized world as currency. It couldn't do it even 100 years ago and this is why it got replaced by fiat in the first place.
I imagine people said the same thing about the combustible engine. Everything can be replaced by a superior technology and gold has already been replaced by fiat. How long it will last is a speculation.
I'm saying all this as not to hate on gold but as a realist. I stack it myself and believe there is intrinsic value in its beauty, timelessness and symbolism.
All I know is that it's good to be financially independent and anyone who bought a few dirt cheap BTCs back in the day has enough money to never be bothered about it in their lifetime and can spend a little to pay for their expenses. You call them retards but any objective person, who's not envious would call them smart investors. Sadly I missed that train because I used to think like you but it's never too late because I'm pretty convinced BTC will play a huge role in the future (not as CBDC but as its alternative).
I'm sticking to gold and silver.
However, i'm glad your bitcoin investment is doing well. Don't forget to pay the capital gains tax generated every time you buy something with bitcoin or convert it to cash. An extra step i don't worry about with gold, since selling it is something the government never finds out about.
You can buy stuff using BTC and the government will be non the wiser. This is why BTC is preferred in the criminal world.
But you also convert gold to cash when you want to purchase something so what's your point? The government knows either way because they will notice a new car or a property on your name and ask where the money came from.
How can i convert bitcoin back to cash without anyone wanting to KYS Know Your Customer? Perhaps i just don't know the tricks. What am i missing?
The government does not audit my purchases. I don't think the government gives a shit if i bought a $7000 truck from a used car lot. Also unless government has records of my transactions then i can make up any excuse where i came across money.
The point is to stay off the government's radar. Don't use bank accounts. Don't use credit cards. Don't use digital coins that leave a public ledger that AI can definitely unmask you and identify you with.
I would buy some bitcoin if i was able to convert it to gold or back to cash without leaving a trail for the IRS to follow. There might be a way to do it but i don't know how.
Also, even though I'm a bitcoin critic, I've been proven wrong over the last 10 years. People were pressuring me to buy it back in 2014 and 2015. Heck even in 2010 a forum i frequented was pushing it hard. I just never could convince myself to buy something that only exists in the digital sphere. Seemed too much like a video game token to me. Obviously i was wrong. So far i was wrong. I could be correct in the long run if the think collapses.