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Digital currency Bitcoin hits new high before losing S$200 in value in one day
4 hours ago, (This post was last modified: 4 hours ago by specuvestor.)
Post: #141
RE: Digital currency Bitcoin hits new high before losing S$200 in value in one day
(Bloomberg) --
Ray Dalio, who heads the $160 billion Bridgewater Associates, says bitcoin is a bubble.

“It’s very much speculative. People are thinking, ‘Can I sell it at a higher price,’ so it’s a bubble,” he said in an interview Tuesday on CNBC.

Dalio said there are two things that are required for a currency. The first is that it can be used to make transactions, and the second is that it’s a store hold of wealth, he explained.

“With bitcoin, you can’t make much transactions in it and you can’t spend it very easily,” he said. “It’s not an effective store hold of wealth because it has volatility unlike gold."
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Actually I'm amazed pundits think backing by the full faith of the government is not valuable vs bit coin where there is no backing. Govt has power to issue money and to tax. That's why I say people who worry about not getting their SGD CPF back is clueless. Sure get back SGD... the worry should be the purchasing power. Say if you got choice to get back CPF in 10 years in MYR, does a reversion to mean trade sounds good? Or bitcoins in 10 years? So the government has to have credible monetary policies, vibrant economy that demands the currency and good governance.

Even Safra vouchers are local currencies.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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3 hours ago,
Post: #142
RE: Digital currency Bitcoin hits new high before losing S$200 in value in one day
@specuvestor agreed. To me, bitcoin/cryptocurrency is nothing more than those "reward points" which big co. started long time ago, just with more security feature and more capability for secure transactions online.

Problem is top economies like USA/China/Japan/Euro and their central banks WILL NOT recognize Bitcoin or any other decentralised online currency which they cannot control/regulate. It's not only about the potential abuse and money laundering aspect, another bigger concern is what if citizens participate in a speculative bubble whether its bitcoin or ethereum, etc and it comes crashing down, a potential financial crisis causing which most governments will not want either.

In fact, most of our big transactions are cashless already nowadays via online banking. Even buying chicken rice from hawker stall also use app liao. And with international tele-transfers clearing in 1 day (e.g. sending SGD overseas to country like Australia) Basically even our SGD can be considered an online currency.

IMO governments WILL NOT recognize cryptocurrencies due to sovereignty/tax/regulatory etc. issues. And when even the taxi uncle or hairdresser auntie start talking about making big money in bitcoins, that's the time bubble will be close to bursting.

Just like Uber, Bitcoin will probably be around for the future. But just like Uber, it will be banned in many countries and places.
"I love Taiwan"

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