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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (136966)	12/2/2017 7:26:31 PM
From: Gemlaoshi	Read Replies (2) \| Respond to of 217618

MQ, I'm a bit confused by your comment <<The price of bitcoin represents the herd bailing out of US$>> Is it based on any facts that you care to share? From my scant understanding, 60-80% of BTC mining goes on in China, another 15% in Georgia, with roughly 5% in the US. Just because BTC is denominated in US$ does not mean all transactions occur in US$. If transactions occur "in the dark", they could entail an actual exchange in currency, or more likely just a change in geography. If I were a Russian oligarch, a Chinese oligarch on Xi's list, or big time drug dealer, I'm sure I'd have some shrink wrapped bundles of currency around that I'd like to find a new home for in cyberspace. That doesn't mean they are "bailing out of the US$", it just means they want to move those $ to a safer place where they can convert them into something useful like wine, women, and song. "Investors" in BTC are just collateral damage. So I give today dollars to some BTC miner located somewhere in SW China because he says his computer solved some equations that have value. In return, I get some 1 and 0 account entries at this miner's BTC "bank" located somewhere else in China that "proves" that I have that value on account with them. Right. What could possibly go wrong with that? I'm just jealous I didn't dream it up in the first place!