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Re: Embattled Crypto Exchange FTX Files for Bankruptcy

By: Decomposed in 6TH POPE | Recommend this post (0)
Sun, 13 Nov 22 2:32 AM | 21 view(s)
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Msg. 37395 of 58648
(This msg. is a reply to 37390 by Zimbler0)

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Zimbler0:

Re: “If you buy a new car with bit-Coin, and the value of a bit-coin goes up nicely the next day . . . Does the car dealer have to give you some cash back?”
Have you ever sold a mutual fund and asked for a check? If you do it mid-day on a trading day, they'll tell you that your price will be whatever the price will be at COB on that trading day. You won't know for hours what price you actually sold at. If it's a day where the market fluctuates wildly, you could get a dramatically different amount of money than you expect.

Bitcoin won't fluctuate wildly forever. Its price will eventually stabilize. IMO, it will probably stabilize at ZERO since I think it is significantly inferior to several other digital currencies. But, like Facebook stock, it may stay way up there since it is the first and biggest. That may make it the ultimately winner among such currencies. A lot of people apparently still think so since bitcoin is still $16,000 (where it was in Dec 2020.).









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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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The above is a reply to the following message:
Re: Embattled Crypto Exchange FTX Files for Bankruptcy
By: Zimbler0
in 6TH POPE
Sun, 13 Nov 22 2:10 AM
Msg. 37390 of 58648

All of what you typed is True, De.

But if one uses BitCoin to buy groceries . . .
denominated in Dollars . . .
Might be fun to watch the number of 'crypto-bucks' the cash register has to pull out of your 'crypto-wallet' change as the 'value' changes.

If you buy a new car with bit-Coin, and the value of a bit-coin goes up nicely the next day . . . Does the car dealer have to give you some cash back? (Or if the bit-coin goes down, does one have to come up with some extra cash to give the dealer?)

Zim.


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