Current Events > Bitcoin just went over $32,000.

(+) Yeah! (+)

Looks like bitcoin is the future.

---

The stimmy is doing its job, it seems!

---

Wasn't it 29k a few weeks ago?

---

gunplagirl posted...

Wasn't it 29k a few weeks ago?

Yes it's unstoppable

---

Future of what?

---

gunplagirl posted...

Wasn't it 29k a few weeks ago?

Yesterday

are things getting too hot or did btc break a ridiculous amount of resistance around 30k

---

Tbh I think the true adoption of crypto will be something like USD Coin but issued and backed by the Fed. That may be a stepping stone to decentralized currencies, but if they truly become an important part of the international economy I would expect it to be heavily regulated or treated as a security by governments so that their central bank can keep control of the money supply.

---

Jabodie posted...

Tbh I think the true adoption of crypto will be something like USD Coin but issued and backed by the Fed. That may be a stepping stone to decentralized currencies, but if they truly become an important part of the international economy I would expect it to be heavily regulated or treated as a security by governments so that their central bank can keep control of the money supply.

Isn't the whole point to decentralize?

Always just sounded like a bunch of libertarian pipedream nonsense to me.

---

Solid Snake07 posted...

Isn't the whole point to decentralize?

Always just sounded like a bunch of libertarian pipedream nonsense to me.

There are other benefits to crypto now other than decentralization these days (particularly smart contracts, accessibility, and some form of independently verified blockchain ledger). UDS Coin is basically a centralized crypto, and XRP was a successful one until it was sued by the government for selling a security (XRP) without following security related regulations.

However, money supply is typically one of the few meaningful levers central banks of free countries can use to regulate the economy and avoid outright economic depressions or excessive inflation. One of the most important aspects of good currency is that you have a decent idea what it'll be worth in the near future (why would I buy anything with btc when I think btc will double in value in a month?). On the other hand, I don't think it's unreasonable to imagine a world where a decentralized currency has some genuine and perhaps even stable value alongside fiat or some kind of government issued digital currency. If you're living in a country with a poorly regulated economy/currency, crypto may be a safer store of wealth than whatever the local dollars are.

But central banks of developed countries being allowed to replace their preferred currency with a decentralized crypto? That will never happen. But if I want to invest in the local economy of an undeveloped nation and I'm worried their government will turn their money into Zimbabwe dollars one day... maybe I'm willing to accept crypto since I will be more able to use that to do business in another country.

---

I love how clowns come out of the woodwork every time bitcoin is pumped. Hopefully this pump and dump will be the last so we can stop hearing from these insufferable tools.

---