Bitcoin price suddenly surges to 3-year high

[ZenZimZaliben]

US Dollar isn't created out of thin air,

Yes they do. 100%. The USD is exactly like crypto tokens. When they need more, the FED prints more and dilutes the value. That is called inflation. We have inflated the pool, by trillions just this year, and devalued the buying power of the USD. Do you think the USD is backed by Gold still?

Just look at this it is so crazy.

United States National Debt Clock

United States National Debt Clock January 2025 - The United States is currently trillions upon trillions of dollars in debt, and much more is expected to be added to their books over the coming years.

www.davemanuel.com

Then look here, proof of inflation, look at Jan 21. - https://www.xe.com/currencycharts/?from=USD&to=CAD and you might say, oh Canada well pick the EUR, JAP and any major country and it's down for the USD.

Then think about the fact we buy everything from oversea's. Our dollar has less buying power in all those countries, which means we spend more, then have to charge more on the shelves which means you buy less or pay more for the same stuff..it's a never ending downward cycle.

 

[dragontamer5788]

That is called inflation.

Last time I checked, inflation was when the price of goods and services increase. Like in the 1970s or 1980s. Generally speaking, the CPI is the benchmark for this kind of measurement.

GPU prices are up this year, but milk and eggs are actually holding steady. CPI last year was 1.4%, below the inflation targets.

Then look here, proof of inflation, look at Jan 21. - https://www.xe.com/currencycharts/?from=USD&to=CAD and you might say, oh Canada well pick the EUR, JAP and any major country and it's down for the USD.

BTC is down $10,000 in the past couple of weeks. Clearly, the price of BTC has nothing to do with how many BTC are being printed. Hell, DOGE coin was going to the moon recently and its a well known fact that DOGEcoins are infinite (unlike BTC which has a 21-million BTC cap).

Different currencies float with different prices due to trade speculation mostly. If Europeans want USD, then USD goes up (relative to Euro). If Americans want Euro, then the opposite: Euro goes up (and USD goes down).

 

[ZenZimZaliben]

Last time I checked, inflation was when the price of goods and services increase. Like in the 1970s or 1980s. Generally speaking, the CPI is the benchmark for this kind of measurement.

GPU prices are up this year, but milk and eggs are actually holding steady. CPI last year was 1.4%, below the inflation targets.



BTC is down $10,000 in the past couple of weeks. Clearly, the price of BTC has nothing to do with how many BTC are being printed.

So you don't understand inflation then and the last time you checked you read something wrong. LOL - Also I added bunch to my post so you may have missed some links I posted. But what you are seeing there is inflation.

 

[dragontamer5788]

So you don't understand inflation then and the last time you checked you read something wrong. LOL - Also I added bunch to my post so you may have missed some links I posted. But what you are seeing there is inflation.

You can have inflation without printing money.

You can have deflation even when you print money.

Focusing on the money printer alone causes tunnel vision. There's more to the modern economy than just an on-off switch at the money-printers. Otherwise, infinite-printing coins like DOGE (and lol Tether) will have grossly different behavior than what you might think.

 

[ZenZimZaliben]

You can have inflation without printing money.

You can have deflation even when you print money.

Sure you, can but that doesn't disprove anything. I already said the value of the dollar is what everyone thinks it is. Well if you look at those charts everyone doesn't think the same that we do, therefore our currecy is deflating because of our inflated take on its value. INcreasing the pool of currency doesn't just "make" us worth that much. We gotta have stuff to back it up with AND everyone has to agree that the stuff is worth that value.

 

[trog100]

Last time I checked, inflation was when the price of goods and services increase. Like in the 1970s or 1980s. Generally speaking, the CPI is the benchmark for this kind of measurement.

GPU prices are up this year, but milk and eggs are actually holding steady. CPI last year was 1.4%, below the inflation targets.



BTC is down $10,000 in the past couple of weeks. Clearly, the price of BTC has nothing to do with how many BTC are being printed. Hell, DOGE coin was going to the moon recently and its a well known fact that DOGEcoins are infinite (unlike BTC which has a 21-million BTC cap).

Different currencies float with different prices due to trade speculation mostly. If Europeans want USD, then USD goes up (relative to Euro). If Americans want Euro, then the opposite: Euro goes up (and USD goes down).

google john Williams shadow stats..

trog

 

[dragontamer5788]

google john Williams shadow stats..

trog

I generally do what I can to stay away from conspiracy theories.

So you don't understand inflation then and the last time you checked you read something wrong. LOL - Also I added bunch to my post so you may have missed some links I posted. But what you are seeing there is inflation.

Look at the Gold charts dude. With Gold free-falling since the middle of last year, its really hard to argue that inflation on USD is actually occurring.

 

[Outback Bronze]

GPU prices are up this year

They are hard to find.

but milk and eggs are actually holding steady

They are everywhere.

An increase in the supply of money is the root of inflation, but you do have some valid points.

 

[dragontamer5788]

An increase in the supply of money is the root of inflation

What about other factors, such as the velocity of money?

 

[hat]

What about other factors, such as the velocity of money?

What does "velocity of money" mean? Other than the speed at which it flies out of my wallet...

 

[trog100]

What does "velocity of money" mean? Other than the speed at which it flies out of my wallet...

how fast it goes around.. the faster it goes around the better the economy does.. i give you money you buy something from joe.. joe buys something from fred with the same money and so on..

but if you just stick it under the mattress it does f-ck all.. or leave it in you wallet come to that..

the term conspiracy theorist is just a term for anybody that doesnt go along with the official narrative.. it means f-ck all..

trog

ps.. and if dragontamer wants an example of inflation.. try the stock market.. artificiality pumped up by free money given to the rich and share buy-backs.. odd really but its one place where inflation is considered good.. he he

now this free money is going out in the form of stimulus checks the inflation will show up somewhere else..

 

[Chomiq]

John McAfee charged with fraud over cryptocurrency

The businessman is accused of promoting cryptocurrency to his followers to inflate prices.

www.bbc.com

Ok please explain to me how's this different from Elon?

The pair are accused of buying the cryptocurrency assets before promoting them on Twitter, where Mr McAfee has more than one million followers.
They would then sell the assets as soon as Mr McAfee's endorsements saw prices rise, according to the US justice department and the Commodity Futures Trading Commission.

 

[trog100]

John McAfee charged with fraud over cryptocurrency

The businessman is accused of promoting cryptocurrency to his followers to inflate prices.

www.bbc.com

Ok please explain to me how's this different from Elon?

i dont think it is.. Mcafee is being targeted for reasons unknown to me.. "someone" is out to get him.. it stinks to high heaven..

at a guess i think officialdom sees him as some kind of security risk or he knows more than he should..

trog

 

[dragontamer5788]

What does "velocity of money" mean? Other than the speed at which it flies out of my wallet...

Lets consider a two hypothetical closed systems with only $100 total printed.

Farmer spends $100 on new farm equipment from John Deere. Then, John Deere comes back during Harvest season to give the Farmer $100 for food. $200 of Transactions / year in this example.

Now lets say the Farmer has a crystal ball and sees that a hurricane will wipe out his crops this year. He's scared, and therefore doesn't plant anything (and doesn't buy anything from John Deere). In this case, the Farmer holds onto his $100 entirely and doesn't do anything. As such, the velocity of money is $0/year. The $100 is still out there, but since it isn't being spent, the economy slows down and enters deflation.

The difference between these two worlds is "Velocity of Money". When the "velocity of money" slows down, you need to print money to counteract the deflationary spiral. When "velocity of money" speeds up, you need to remove cash from the system before the mania takes over.

 

[hat]

how fast it goes around.. the faster it goes around the better the economy does.. i give you money you buy something from joe.. joe buys something from fred with the same money and so on..

but if you just stick it under the mattress it does f-ck all.. or leave it in you wallet come to that..

the term conspiracy theorist is just a term for anybody that doesnt go along with the official narrative.. it means f-ck all..

trog

ps.. and if dragontamer wants an example of inflation.. try the stock market.. artificiality pumped up by free money given to the rich and share buy-backs.. odd really but its one place where inflation is considered good.. he he

now this free money is going out in the form of stimulus checks the inflation will show up somewhere else..

Lets consider a two hypothetical closed systems with only $100 total printed.

Farmer spends $100 on new farm equipment from John Deere. Then, John Deere comes back during Harvest season to give the Farmer $100 for food. $200 of Transactions / year in this example.

Now lets say the Farmer has a crystal ball and sees that a hurricane will wipe out his crops this year. He's scared, and therefore doesn't plant anything (and doesn't buy anything from John Deere). In this case, the Farmer holds onto his $100 entirely and doesn't do anything. As such, the velocity of money is $0/year. The $100 is still out there, but since it isn't being spent, the economy slows down and enters deflation.

The difference between these two worlds is "Velocity of Money". When the "velocity of money" slows down, you need to print money to counteract the deflationary spiral. When "velocity of money" speeds up, you need to remove cash from the system before the mania takes over.

Interesting, learned something today.

 

[trog100]

bitcoin is on the way up again currently above 54K and it seems to be holding there.. eth is up over 1.8K and holding..

trog

ps.. eth 18K edited to 1.8K he he

 

[xkm1948]

bitcoin is on the way up again currently above 54K and it seems to be holding there.. eth is up over 18K and holding..

trog

50k gonna be the new baseline for 2021. I dont think it will massively hike again. but then I know nothing about crypto lol

 

[ZenZimZaliben]

bitcoin is on the way up again currently above 54K and it seems to be holding there.. eth is up over 18K and holding..

trog

Man I would love Eth to be at 18K hello lambo!

 

[phill]

bitcoin is on the way up again currently above 54K and it seems to be holding there.. eth is up over 18K and holding..

trog

Nearly 55k I believe @trog100 Going nuts again! Eth nearly hitting 1850 I think, last I checked!

 

[trog100]

bitcoin is just under 58K again.. eth at 1825..

my miners (400 m/hs) are now showing a total of $42 dollars per day..

crypto things are looking good..

trog

 

[trog100]

Saturday morning bitcoin just shot up over $60K eth is up near £1900

things seem to be on the move again.. whoosh..

trog

 

[sepheronx]

Yeah, made $400 in a month with just 1 3070 for 2 weeks and the other 3070 for another 2 weeks. Now all 3 are mining. Gonna have the one GPU paid for sooner than thought.

 

[trog100]

Yeah, made $400 in a month with just 1 3070 for 2 weeks and the other 3070 for another 2 weeks. Now all 3 are mining. Gonna have the one GPU paid for sooner than thought.

its working out about 10 dollars per 100 m/hs.. i am getting 400 m/hs.. nicehash is paying 7 dollars per 4 hour payment.. 6 payments per 24 hour period.. or just over 40 dollars per day.. 280 dollars per week or 1120 dollars per calendar month..

with profits like this it aint surprising that decent graphics cards are fetching the money they are.. whether or not it stays like this i havnt a clue.. only time will tell..

trog

 

[sepheronx]

its working out about 10 dollars per 100 m/hs.. i am getting 400 m/hs.. nicehash is paying 7 dollars per 4 hour payment.. 6 payments per 24 hour period.. or just over 40 dollars per day.. 280 dollars per week or 1120 dollars per calendar month..

with profits like this it aint surprising that decent graphics cards are fetching the money they are.. whether or not it stays like this i havnt a clue.. only time will tell..

trog

It will reduce once eth no longer can be mined. Octopus doesn't fetch as much but it will still be profitable. Somewhere around like maybe $100 less a month I presume. Until it jumps in value

 

[Dinnercore]

It will reduce once eth no longer can be mined. Octopus doesn't fetch as much but it will still be profitable. Somewhere around like maybe $100 less a month I presume. Until it jumps in value

I know they plan to scrap traditional mining for eth completly but does anyone know a timeline for this? I know that there is a major update scheduled for July that cuts miners off from earning fees but until they merge with 2.0 (which is probably not before 2022) there is still mining going on? I would love for GPUs to drop back atleast close to MSRP but I don't know if the July update will achieve that or just reduce profitability by a certain margin, which may just be offset by the current bull-run.