[SAGA45]

Originally Posted by SithCeNtZ

Spoiler!

Let's walk through this example: you have every Bitcoin ever created. You then attempt to go buy a house with it. What would happen? Well banks aren't going to mess with that, so that's out. You would be going to the seller and saying "I'm going to give you some imaginary currency that is backed by nothing. There is no tangible asset. It's just some lines of code that will appear in a digital wallet BUT other people might want it too so it's a gamble if it will go up or down from whatever price we agree to". Essentially you could do this right now if you wanted to. Just start your own coin, just like the hundreds that exist, and walk up to a seller and say "please buy chiefs planet coin, it's worth a ton of money". And they can agree to that if they think they can then go sell chiefs planet coin to whoever else will buy it.

That's all this is. The only difference between chiefs planet coin and Bitcoin is what you or anyone else wants to pay for it. Just like the hundreds of other meme coins that exist. It's very interesting looking at articles because another poster said I could exchange it for goods and services, but that's really not what's happening in most cases. For one, of all the articles I found, the highest percentage of crypto I could find that is actually spent on goods and services is 1%. This isn't surprising because no one is really buying it as a currency, they are buying it to sell it later. The second bigger thing is that people see "Starbucks accepts Bitcoin so it's legitimate!". I can buy Starbucks all day! But Starbucks and the vast amount of companies who accept it aren't actually collecting Bitcoin or anything else. It is going through a third party app that is exchanging crypto for real cash and Starbucks takes the cash. Therefore you aren't really trading Bitcoin for goods and services, you are trading Bitcoin to a third party vendor who will agree to take the risk that the Bitcoin can be sold for higher eventually in exchange for real money. There's a reason Tesla was taking payments with actual Bitcoin and then stopped immediately. So again, the system is predicated on always having people interested and investing more money. If that ever falters then the system will collapse and Bitcoin will be worth as much as your chiefs planet coin.

Yet, BTC adoption presses on...

Goldman Sachs recently offered its first Bitcoin-backed loan - https://www.bloomberg.com/news/artic...in-crypto-push

Fidelity offering Bitcoin as an option in $401k's - https://www.cnn.com/2022/04/26/succe...01k/index.html