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Anyone buy Bitcoins 7 years ago?


TasDom

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This event is a direct function of the fall of the U.S. Dollar (and our losing "reserve-currency" status). Between 2008 and 2012 the Federal Reserve inflates the U.S. Dollar more than 600% [Flashback 2008: 'Quantitative Easing 1', QE2, QE3, and the finalé, QE4 (aka QE 'infinity': no ceiling... )]. Anyone remember? After that... who knows; find the stats, if you can... The largest movement of wealth in the history of civilization. I invite rebuttal (resistance is futile). As the world's reserve currency is destroyed, people of wealth look for shelter... That's what is happening now with bitcoin.

 

Bear in mind: "Inflation" is not defined as an increase in prices (no, this would be a _symptom_ of inflation). Inflation, rather, is simply increasing the currency base of a fiat system. Pure and simple. That isn't me, that is Alan Greenspan talking.

 

Via the process of "printing" money, those who control the issue of our currency do not need to tax, they can merely "print"... and by so doing--siphon "value" from the currency base. For those interested, I invite you to do the math.

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1 minute ago, 7heavenlyplaces said:

Stronger now?  In what ways? Just wondering...

Check out the dollar index history.  It's a measure of relative strength versus other currencies.  And as a general announcement, when you post here you are exposing yourself to lots of people with education and experience.  You're not just chatting with your breitbart or info wars buddies.

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While it doesn't begin to explain all that is going on, the correlation I mention exists. The rise of stronger currencies resulting from the collapse of a weaker one is a matter of history. Anyone under the impression the U.S. Dollar is "stronger than it was" doesn't know which shell the pea is under.

My apologies for the schoolmarmish tone earlier; but, let's not reduce ourselves to trading insults.


My first foray into The Lounge. Exhilarating.

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5 hours ago, Endo said:

While it doesn't begin to explain all that is going on, the correlation I mention exists. The rise of stronger currencies resulting from the collapse of a weaker one is a matter of history. Anyone under the impression the U.S. Dollar is "stronger than it was" doesn't know which shell the pea is under.

This principle doesn't just apply to currencies.  That's why the stock market is doing so well.

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Just now, Jeff Matthews said:

I don't recall.

 

Regarding bitcoin, I don't understand its significance. It's called a currency.  What, pragmatically, can be purchased with bitcoin, other than dollars?

Whatever someone else is willing to part with for them. 

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3 minutes ago, oldtimer said:

If they are accepted.  Like any medium of exchange, it has to be accepted.

Right.  If I understand correctly, Wal-Mart, Amazon, et al. won't take it.  This brings into question whether it is a currency.  It was intended to be a currency, but it seems it turned out to be a collector's item.

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