Cryptocurrency

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Tailg8er

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Feb 25, 2011
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Me neither. I talked to the branch manager on Monday and he said he had to manually go through each transaction and discovered there was a "scanner error". No idea what that means, but I did eventually get access to the funds 5 days after I deposited them.

That may not bug some folks. But for me, it was just a reminder of why I can't stand legacy banking.

What bank? I feel like that wouldn't happen at any bank of actual size. US Bank, for instance, would see a "scanner error" in 5 seconds a mile away, definitely wouldn't have to manually go through each transaction..

As someone else mentioned, this has never happened to me or anyone I've ever known. I am only 36, though, so guess it still could someday!



Spoiler - it won't...
 

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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What bank? I feel like that wouldn't happen at any bank of actual size. US Bank, for instance, would see a "scanner error" in 5 seconds a mile away, definitely wouldn't have to manually go through each transaction..

As someone else mentioned, this has never happened to me or anyone I've ever known. I am only 36, though, so guess it still could someday!



Spoiler - it won't...

The manager said it missed a zero or something. Maybe he didn't, it's just what he said.

Bank of the West.

Spoiler - Even the most unlikely things can happen
 
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clonehome

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Jul 29, 2006
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4. I don't think government should be able to create money. Bitcoin offers stateless peer to peer value global value transfer. I don't actually see a world where it usurps fiat currency. I think they can co-exist and people can use bitcoin on an opt-in basis.

If that value proposition doesn't appeal to you, I wouldn't invest.
The problem with bitcoin and other cryptos is that it is virtually non-existent as a medium of exchange. Using a real currency to buy goods and services keeps it tethered to some consistent value. I know roughly how many dollars it should take to buy a meal, a hotel room or a type of car or house and it stays fairly constant over time. Whereas with crypto I take dollars and buy a coin and hope it goes way up for no reason at all, then sell it and take out more dollars than I put in and buy stuff. That’s the whole play and I don’t think it’s sustainable.

So the concept of bitcoin co-existing with fiat currency is murky. At what level does bitcoin stabilize and trade within a reasonable range of USD for the long haul, like the Euro and the Yen? Is it the current 17,000:1? Is it 50,000:1? Is it 10:1? It could be any of those values and is purely based on random market sentiment. The concept that the price of bitcoin will just continue going up is absurd. You can talk about hash rates, halving, defi, cold storage and any other technical aspect of bitcoin and it still doesn’t create any more value than what the next buyer is willing to pay for it.
 
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JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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The problem with bitcoin and other cryptos is that it is virtually non-existent as a medium of exchange. Using a real currency to buy goods and services keeps it tethered to some consistent value. I know roughly how many dollars it should take to buy a meal, a hotel room or a type of car or house and it stays fairly constant over time. Whereas with crypto I take dollars and buy a coin and hope it goes way up for no reason at all, then take out more dollars than I put in and buy stuff. That’s the whole play and I don’t think it’s sustainable.

So the concept of bitcoin co-existing with fiat currency is murky. At what level does bitcoin stabilize and trade within a reasonable range of USD for the long haul, like the Euro and the Yen? Is it the current 17,000:1? Is it 50,000:1? Is it 10:1? It could be any of those values and is purely based on random market sentiment. The concept that the price of bitcoin will just continue going up is absurd. You can talk about hash rates, halving, defi, cold storage and any other technical aspect of bitcoin and it still doesn’t create any more value than what the next buyer is willing to pay for it.

Metcalfes law suggests the monetary value of a network is exponentially proportional to it's user base.

I understand your bearish case, but what do you suppose will stop adoption?
 

Gunnerclone

Well-Known Member
Jul 16, 2010
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Me neither. I talked to the branch manager on Monday and he said he had to manually go through each transaction and discovered there was a "scanner error". No idea what that means, but I did eventually get access to the funds 5 days after I deposited them.

That may not bug some folks. But for me, it was just a reminder of why I can't stand legacy banking.

Lol for believing that line of ********.
 
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clonehome

Well-Known Member
Jul 29, 2006
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Metcalfes law suggests the monetary value of a network is exponentially proportional to it's user base.

I understand your bearish case, but what do you suppose will stop adoption?
The fact that bitcoin and other cryptos are not a medium of exchange so there is no way to materially value a unit of them. If you believe the size of the network theory then more people getting wallets or opening accounts at Coinbase should magically cause the price to go up. I don’t buy it.

You are clearly knowledgeable about the space so I enjoy your posts. I’m just a skeptic that people can create parallel currencies out of thin air and assign them real value. IMO the price of bitcoin has been entirely random since its inception and I don’t see anything on the horizon to change that.
 

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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The fact that bitcoin and other cryptos are not a medium of exchange so there is no way to materially value a unit of them. If you believe the size of the network theory then more people getting wallets or opening accounts at Coinbase should magically cause the price to go up. I don’t buy it.

You are clearly knowledgeable about the space so I enjoy your posts. I’m just a skeptic that people can create parallel currencies out of thin air and assign them real value. IMO the price of bitcoin has been entirely random since its inception and I don’t see anything on the horizon to change that.

It might not seem like it sometimes, but I still have my doubts. There are real problems in bitcoin that need to be solved in order for mass adoption to take place. I just think the odds of the bull case are quite a bit better than the bear case. So, I invest according to those convictions. But trust me, there remains a small part of me that fears holding the bag.
 
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JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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The fact that bitcoin and other cryptos are not a medium of exchange so there is no way to materially value a unit of them. If you believe the size of the network theory then more people getting wallets or opening accounts at Coinbase should magically cause the price to go up. I don’t buy it.

You are clearly knowledgeable about the space so I enjoy your posts. I’m just a skeptic that people can create parallel currencies out of thin air and assign them real value. IMO the price of bitcoin has been entirely random since its inception and I don’t see anything on the horizon to change that.

Gresham's law states that good money drives out bad. Good money is saved, and bad money is spent. Bitcoin intends to function as money.

I understand your sentiment here, but money is just a medium of exchange for a group of people that agree it has value. All sorts of things have been used as money over human history. The dollar is just a unit of account that basically the world agrees has value. It has zero "real" value. It is created out of thin air, as you mention.

It seems natural to me that stateless money in our digital age would be among the prevailing tech.