Current Events > Putting your life savings into Bitcoin is logical. Here's why.

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Orlando_Jordan
03/12/21 6:21:09 PM
#1:


Your savings account, at best, is giving you 0.40% APY. Probably less. Inflation is 1.7% per year. Youre losing purchasing power by storing it in your savings.

Bitcoins value is greatly outpacing inflation, and because there can only ever be 21 million, its value will keep increasing over the years.

Debate me.

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#2
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nothanks1
03/12/21 6:23:00 PM
#3:


I put my life savings into my wife's boyfriend's company
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34_ShaqRule_34
03/12/21 6:23:09 PM
#4:


metallica846 posted...
Solar flares.


Would affect banks as well, as the USD is backed by FIAT.
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Chicken
03/12/21 6:23:53 PM
#5:


Nanomachines, son

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Orlando_Jordan
03/12/21 6:24:58 PM
#6:


nothanks1 posted...
I put my life savings into my wife's boyfriend's company
Good idea.

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JuanCarlos1
03/12/21 6:25:12 PM
#7:


Anything seems to be better than a savings account. Bank is making so much money off of you and giving literal crumbs. Blue chip stocks (not you GE) should be a relatively safer and much higher yielding investment. Bitcoin could be brought down by regulations...maybe?

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#9
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Orlando_Jordan
03/12/21 6:30:03 PM
#10:


JACKBUTTMOMMY posted...
How can a fraction of a coin be valued that much?!
Its the anti-penny.

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34_ShaqRule_34
03/12/21 6:34:40 PM
#11:


metallica846 posted...


At least my money is insured by the banks.


The insurance means nothing if it can't be backed by anything
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What_
03/12/21 6:52:11 PM
#12:


My savings gives me more than that

Just pulling random numbers out your ass
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Damn_Underscore
03/12/21 6:55:29 PM
#13:


Explain this

The technology bitcoin uses is amazing and is probably how currency should work. However, there is nothing special about bitcoin. In fact it's not even a good currency because of how volatile and expensive it is.

There are many other digital currencies out there like bitcoin but actually useful as currency

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34_ShaqRule_34
03/12/21 7:03:06 PM
#14:


It's only expensive if you buy a whole bitcoin.

This is why satoshis exist.

And it's volatile because it hasn't stabilized yet.
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Damn_Underscore
03/12/21 7:04:28 PM
#15:


You're saying that one day bitcoin will be like what gold was in the US in the 1900s?

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Squall28
03/12/21 7:05:59 PM
#16:


Orlando_Jordan posted...
Bitcoins value is greatly outpacing inflation, and because there can only ever be 21 million, its value will keep increasing over the years.

Being limited doesn't gurantee value. There is a limited supply of pet rocks, but doesn't mean their value will keep going up.

Crypto advocates like to use their gains as proof, but it's not. You can make gains off the lottery. You can make gains on the dotcom bubble (before it popped ofc.)

You don't really know crypto has made it until you see it as a widespread currency.

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Duncanwii
03/12/21 7:10:31 PM
#17:


Bitcoin isnt a Unites States recognized currency. Youd be just as good converting all of your money into those tickets you get at arcades.
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CookieMarvin
03/12/21 7:13:22 PM
#18:


why not put it into bnb and stake it at like 27% apy or whatever

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34_ShaqRule_34
03/12/21 7:19:12 PM
#19:


Damn_Underscore posted...
You're saying that one day bitcoin will be like what gold was in the US in the 1900s?


It already is

Duncanwii posted...
Bitcoin isnt a Unites States recognized currency. Youd be just as good converting all of your money into those tickets you get at arcades.


duncan pls
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project_night
03/12/21 7:21:17 PM
#20:


Real inflation is probably higher than 1.7% and will be noticeably higher in the next few years after all the new money the government threw into the economy. It is one of the big reasons why bitcoin went up so much the last year.

My problem with btc is miners are buying lots of GPUs and using a ton of electricity to create bitcoins. It is an extremely wasteful and inefficient way of turning electricity into money. Other cryptocurrencies that don't use mining or planning to move away from it like eth would be much better.

Some possible headwinds is if the US, Europe, China, ect start to seriously regulate crypto especially if they view it as a threat to surpass their currencies. I think Janet Yellen already made it clear she is not a fan of it.

That being said, I think btc continues to go up this year though and do own a small amount that I have had for a while.
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Njolk
03/12/21 7:27:12 PM
#21:


The lady at the bank was mad I closed my savings account to invest it all

Like why do you even care, random low level worker??
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Zeldasmainman
03/12/21 7:38:56 PM
#22:


I'd debate you, TC, but there isn't really a debate to be had. Bitcoin wins

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pure_temper
03/12/21 7:40:34 PM
#23:


what would happen to the cost of goods and services in 25 years? if the economy was entirely BTC or crypto

how would the price of things be maintained in a stable index?

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Damn_Underscore
03/12/21 7:44:51 PM
#24:


34_ShaqRule_34 posted...
It already is

No one uses bitcoin as currency. In the 1910s you could trade in your dollars for gold.


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project_night
03/12/21 7:47:38 PM
#25:


Damn_Underscore posted...
No one uses bitcoin as currency. In the 1910s you could trade in your dollars for gold.

Remember those people who bought stuff like pizza with bitcoin years ago? That is one expansive ass pizza in today's prices.
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Squall28
03/12/21 7:47:58 PM
#26:


pure_temper posted...
what would happen to the cost of goods and services in 25 years? if the economy was entirely BTC or crypto

how would the price of things be maintained in a stable index?

Honestly, if crypto succeeds, it means the dollar failed, and Americans are probably fucked

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34_ShaqRule_34
03/12/21 8:05:20 PM
#27:


Damn_Underscore posted...


No one uses bitcoin as currency.


You probably should stop talking about things you don't know anything about.
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pure_temper
03/12/21 8:19:37 PM
#28:


Squall28 posted...
Honestly, if crypto succeeds, it means the dollar failed, and Americans are probably fucked

by the time any cryptocurrency could displace any fiat currency including the dollar, we'll have gotten to post-scarcity and thus no longer need any currency at all

the American dollar is already the best of all words when it comes to the tech behind the payment processing (it's dinosaur tech comparatively but absolutely bulletproof at scale almost all the time) and to adoption for day to day transactions.

no one will care about crypto except as a speculation to make more fiat. by the time blockchain tech is valuable to anyone, it'll be as a decentralized computing or data-storage layer, not as something that is about trading currency anymore.

at our present rate, assuming we don't nuke ourselves and Yellowstone doesn't erupt, we'll most likely be at post-scarcity in under 50 years with the tech I see coming out soon

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Njolk
03/12/21 8:22:57 PM
#29:


pure_temper posted...
by the time any cryptocurrency could displace any fiat currency including the dollar, we'll have gotten to post-scarcity and thus no longer need any currency at all

the American dollar is already the best of all words when it comes to the tech behind the payment processing (it's dinosaur tech comparatively but absolutely bulletproof at scale almost all the time) and to adoption for day to day transactions.

no one will care about crypto except as a speculation to make more fiat. by the time blockchain tech is valuable to anyone, it'll be as a decentralized computing or data-storage layer, not as something that is about trading currency anymore.

at our present rate, assuming we don't nuke ourselves and Yellowstone doesn't erupt, we'll most likely be at post-scarcity in under 50 years with the tech I see coming out soon

Random man on internet is confident world will be a utopia in 50 years

More news at 10
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Damn_Underscore
03/12/21 8:23:59 PM
#30:


Correction: No one smart uses bitcoin as currency.

Whatever you're buying isn't worth it.

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Orlando_Jordan
03/12/21 8:37:07 PM
#31:


Damn_Underscore posted...
Correction: No one smart uses bitcoin as currency.

Whatever you're buying isn't worth it.
Whats your net worth? Probably lower than anyone in the crypto game.

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pure_temper
03/12/21 8:42:50 PM
#32:


Njolk posted...
Random man on internet is confident world will be a utopia in 50 years

well it's more like we don't have much choice. it's either that, or corpo-fascism that eventually plunges the world into climate chaos and probably even global war again

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pure_temper
03/12/21 8:44:08 PM
#33:


Orlando_Jordan posted...
Whats your net worth? Probably lower than anyone in the crypto game.

What's yours? I've made a decent chunk of change from crypto before. He's right - smart people aren't using it as a currency, but as a speculation or store of value. You may have a handful of people using them to buy novelty items online but the idea that BTC would be widely accepted everywhere is just nonsense.

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proudclad LAYIN DOWN THE SMACK - Error1355
Christian Marxism actually makes sense. (Islamic, Buddhist, Hindu, etc too!)
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34_ShaqRule_34
03/12/21 9:04:03 PM
#34:


Damn_Underscore posted...
Correction: No one smart uses bitcoin as currency.

Whatever you're buying isn't worth it.


Lmfao

There was a reason I had you tagged as Biden's Boot
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Squall28
03/12/21 9:06:40 PM
#35:


34_ShaqRule_34 posted...
Lmfao

There was a reason I had you tagged as Biden's Boot

Is he wrong?

If you buy into crypto, you're probably expecting it to go up in value. Why would you go spend it if you expect it to be worth more later?

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1337toothbrush
03/12/21 9:07:00 PM
#36:


Crypto is always the wave of the future when it's in the pump phase, then the crypturds go crawling back into their holes during the dump phase.

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Damn_Underscore
03/12/21 9:07:30 PM
#37:


34_ShaqRule_34 posted...
There was a reason I had you tagged as Biden's Boot

lolwut

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34_ShaqRule_34
03/12/21 9:17:07 PM
#38:


CE is ngmi
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ROOTFayth
03/13/21 8:42:13 AM
#39:


pure_temper posted...
What's yours? I've made a decent chunk of change from crypto before. He's right - smart people aren't using it as a currency, but as a speculation or store of value. You may have a handful of people using them to buy novelty items online but the idea that BTC would be widely accepted everywhere is just nonsense.
I personally use it sometimes to deposit on poker sites and cash out, most efficient method since I started playing in 2006, used a bunch of different payment processors and bitcoin is really better for that
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ROOTFayth
03/13/21 8:43:15 AM
#40:


1337toothbrush posted...
Crypto is always the wave of the future when it's in the pump phase, then the crypturds go crawling back into their holes during the dump phase.
its the accumulating phase, thats when you buy more
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Rob Cesternino
03/13/21 1:38:03 PM
#41:


We're gonna be rich

Imagine not owning any Bitcoin LMAO

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