The same holds true for any commodity that has increased over time. My point in this convo is that the dominant tech commodity valuation side of BTC includes an inflated valuation based on excess speculation and if/when tech pops, BTC will track it. In those moments, cash will give greater buying power while BTC will see reduced buying power.
-
There has been a recent cluster of spammers accessing BARFer accounts and posting spam. To safeguard your account, please consider changing your password. It would be even better to take the additional step of enabling 2 Factor Authentication (2FA) on your BARF account. Read more here.
bitcoins
- Thread starter enki
- Start date
Or, when tech pops, people will continue to hodlar, and it'll continue to increase in value relative to the USD, which is presently on its way down.
Mike95060
Work In Progress
Isn't your argument much stronger if Bitcoin is the only available crypto currency? What's bugging me the most about your position is it seems to me like you think crypto is a panacea. Anytime someone tells me they have a system that fixes everything, mmm, yeah time to up the resolution and really pick things apart. It may seem counterintuitive, but I would actually be comforted by hearing someone who believes in crypto point out and explain how to fix the weak spots in the system.
Bitcoin is the original and strongest. Other blockchains transact in bitcoin and measure their value relative to bitcoin. It is the bellwether of crypto.
I don't think crypto is a panacea. I think it has the same strengths and weaknesses as any other commodity used as currency. Cowrie shells, gold bars, you name it.
What do you believe are the weak spots in the system? Please articulate what you perceive as a weakness of bitcoin (not other shitcoins) and I'm happy to explain how it's not. If your argument is "well people are scamming others and using bitcoin as the vehicle" I can point at the orders-of-magnitude-larger scam industries in every fiat currency out there, as well as the runaway inflation that is weakening both your earnings and your savings every day right now, and say "why do you trust them despite their obvious and widespread weaknesses?"
James
Well-known member
I'm interested to see the public opinion when Musk integrated Trump coin into X.
It might! The reddit ttm power is strong (which is the very definition of excess speculation). GME is still riding the bag-holding wave from a few years ago.
Mike95060
Work In Progress
The biggest weak spot I can see, is an image and trust issue. Also the fact that we are being asked to trust a black box that does math that most people don't understand feels like a big leap of faith. Telling me bitcoin is good because other mediums have problems too, just isn't convincing to me. It just shows that people do scammy things with any currency. It feels like a logical fallacy I'm to dumb to name.
Lets try it this way. If/when you rule the world, what steps, if any, would you take to promote the mass adoption of bitcoin as an equal currency to the US dollar? Be as imaginative as you want. Anything goes here. You are king of the world, you know things will be better for everyone if bitcoin, not shit coins, are the one and only crypto currency available and you want everyone to use it as freely and interchangeably as the US dollar. What has to happen? More consumer protections? Nothing? Just thought experiment. I'm really not trying to be adversarial or have a gotcha moment. I'm trying to covey some real intellectual curiosity here.
The biggest weak spot I can see, is an image and trust issue. Also the fact that we are being asked to trust a black box that does math that most people don't understand feels like a big leap of faith. Telling me bitcoin is good because other mediums have problems too, just isn't convincing to me. It just shows that people do scammy things with any currency. It feels like a logical fallacy I'm to dumb to name.
Lets try it this way. If/when you rule the world, what steps, if any, would you take to promote the mass adoption of bitcoin as an equal currency to the US dollar? Be as imaginative as you want. Anything goes here. You are king of the world, you know things will be better for everyone if bitcoin, not shit coins, are the one and only crypto currency available and you want everyone to use it as freely and interchangeably as the US dollar. What has to happen? More consumer protections? Nothing? Just thought experiment. I'm really not trying to be adversarial or have a gotcha moment. I'm trying to covey some real intellectual curiosity here.
Well, generally, I'd tell people to watch this video. Beyond that, I'd ask them "what makes you trust the USD?"
I'd also be patient. It's not a game of weeks, it's a game of years, decades even, despite America worshiping at the church of quarterly profit growth.
Mike95060
Work In Progress
I will watch the video! To answer your question about why I have (some) faith in the dollar well, it does have time on its side. Aaannnnd the most expensive, well developed and far reaching resource extraction apparatus ever created.... :/ like it or not that does carry some weight.
Here's a question for you, though. Who can stop you from retrieving your USD?
If it's under your mattress, maybe nobody. If it's in a bank account, though? Many people. Thieves can steal it with an ABA routing number and account number. You might get it back, you might not- theft from your individual account is not covered by FDIC, only _failure of the entire bank._ Any entity that has your routing number and account number can debit your account without your permission. The IRS? Owe some back taxes? You might find your account frozen. Wrongly accused of a crime? You might find your funds seized by the DOJ.
None of these things can happen with bitcoin. If a thief gets your private key for your wallet, well, all bets are off- but that's something you keep and control, and short of quantum cryptography breaking the ECDSA encryption used for the bitcoin blockchain, there's no good way to brute force access to a bitcoin address. So your bitcoin can't be stolen, can't be seized, can't be frozen, can't be debited without you choosing to send bitcoin and unlocking your bitcoin wallet address with your private key.
You trust the USD far more than you should, given how easily I could take yours, if I just guess your account number, or get a glimpse at a check, etc.
James
Well-known member
No fears whatsoever. Nothing can go wrong.
Does this not give you chills? I'm careful with my private keys, I wouldn't throw them away. This person did when bitcoin was worth nothing, and now regrets that decision.
Feds: IRS seized millions from innocent people and businesses
Tax agency wrongly grabbed bank accounts, treating them like criminal funds, U.S. Treasury inquiry finds
www.cbsnews.com
900ss
Well-known member
Reli
Well-known member
The fact that the big players collude and join forces to move the market, screwing everyone who doesn't copy their trades.
This happens in bitcoin, or in altcoins? I've seen a lot of it in the various garbage coins that have come and gone, but not in the bitcoin blockchain.
Mike95060
Work In Progress
This dropped 8 hrs ago..
James
Well-known member
The other fun thing with bitcoin is that anyone that has it has a vested interest in trying to convince more folks into it. But, no, that's not scammy at all.
The other fun thing with bitcoin is that anyone that has it has a vested interest in trying to convince more folks into it. But, no, that's not scammy at all.
Says someone who has a vested interest in the USD remaining the world's reserve currency, in insisting that oil is priced in USD, etc.
Scams are.
GAJ
Well-known member
The mere fact that the process around bitcoin is so energy intensive should make one pause.
At least printing currency is relatively energy efficient.
At least printing currency is relatively energy efficient.