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Author Topic: Bitcoin Discussion  (Read 168376 times)

Offline fxopen78

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Re: Bitcoin Discussion
« Reply #735 on: June 02, 2020, 12:44:11 AM »
In terms of legality, bitcoin does not get legality in various countries, this is a phenomenon that arises from people who are dissatisfied with the current banking financial system. I'm not saying bitcoin is gold, but it's just like gold in terms of limited numbers in the world.

Is flat money no inflation? some cases give a signal when the money supply is overflowing, while the number of transactions does not increase, this can cause inflation.

Offline Humble Trader's Fx

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Re: Bitcoin Discussion
« Reply #736 on: June 02, 2020, 12:49:04 AM »
In terms of legality, bitcoin does not get legality in various countries, this is a phenomenon that arises from people who are dissatisfied with the current banking financial system. I'm not saying bitcoin is gold, but it's just like gold in terms of limited numbers in the world.

Is flat money no inflation? some cases give a signal when the money supply is overflowing, while the number of transactions does not increase, this can cause inflation.

Come back to us when you can prove with factual, verified numbers, that BTC  appreciates as Gold does, relating to inflation. The rest is just sales pitches from those who peddle cryptos to the gullible.

Regards,
HumbleTrader



« Last Edit: June 02, 2020, 12:56:25 AM by Humble Trader's Fx »
We humbly approach the Forex Market and take only what is earned through our hard work and intelligence.

Offline Eliza Abrams

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Re: Bitcoin Discussion
« Reply #737 on: June 04, 2020, 02:14:13 PM »
The famous British financial technology company Revolut reported a surge in clients' trading in digital currencies. The official data released by the London based company showcased that the number of users who traded in April increased by 68%, a fact undoubtedly having its roots in the COVID-19 caused lock down.
People apparently started investing in it after the drop in price at the beginning of the pandemic. Whether that is sustainable in the long term remains to be seen.

Offline Humble Trader's Fx

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Re: Bitcoin Discussion
« Reply #738 on: June 11, 2020, 10:51:42 PM »
Crypto exchange Quadriga was a fraud and the founder was running Ponzi scheme, OSC report finds.

https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990

"The Quadriga cryptocurrency exchange that saw millions of dollars disappear just as its founder died was a "fraud" and Ponzi scheme, according to the Ontario Securities Commission."

The question that all cryptocurrency owners should be asking, "Is the money there?" I mean: Who sets up these exchanges anyway? Under what authority are they legal, inspected and controlled like banks?

As far as I understand, a bank is obliged under the banking rules set up and governed by the state central bank,  to give you a dollar for dollar exchange. In other words, if you go to the bank with a ten-dollar bill, all they are obliged to do is give you the equivalent in smaller/larger fiat denominations, like ten one-dollar bills. They have no obligation to exchange a 10$ USD bill, with any other currency, Yen, EU  or other. The same would apply to cryptos like BTC.

The exchanges have "no obligation" to give you so many fiat currencies in exchange for one BTC; there is NO central authority to oblige them to do anything!. And if the exchange refuses to give you anything but parts of a BTC or gives you less, to what authority can you turn for justice?

At least with gold, no problem: If the bank refuses to exchange a 16 oz. gold bar, just walk out into the street or post an add and you will have multiple calls offering you fiat currencies or other forms in exchange in no time.

If you have been following the stock market the past months with regards to the Cornivirus pandemic, you would have noticed that Gold reacts inversely to what is taking part in the stock market. When the stock market goes up, gold value drops, and vice versa. When assets are in danger, the security of gold appreciates! (There is always a delay a trading day or two as investors liquidate their gold holdings in order to raise the cash needed to meet market calls and cover losses.)

In the case of BTC, all you read, "It's going to", "It's about to" and other prayers to the crypto culture God John McAfee's thing to grow again.  :P


Regards,
HumbleTrader


 
« Last Edit: June 12, 2020, 08:58:44 AM by Humble Trader's Fx »
We humbly approach the Forex Market and take only what is earned through our hard work and intelligence.

 

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