Well, if he has a good reason to take my money(/currency/honey), why not? Money(/currency/honey) is only taken either through contract or by a judge’s order. So He doesn’t really have that power but at least it’s not as dangerous as cryptocoins.
If you mean interest rates, well, then I will be forced to invest in shares or buy houses or buy booze instead of saving. I have freedom of choice he cannot do anything.
If you mean being not interested in me, I’ll just do the same and ignore him! That will show him!
I’m a liability on more than just his balance sheet.
Dude, do you realize that the price of a thing and controlling how the thing works in it’s entirety are two completely different things? How can we even have a discussion about this topic if you struggle with such basic things? wtf
Go read what I wrote. I already explained to you that no one is required to receive Bitcoin. I know this seems to be super hard to get the head around, but Bitcoin is only used as a bearer asset to digitally transfer value, because it’s a digital native asset that makes this possible. The currency the customer sends or the shop receives can be something completely different.
Again, people in El Salvador can receive Bitcoin payments but they receive the get actually dollars if they chose so, not Bitcoin. It’s completely up to them.
I already explained this.
Because it’s fixed supply and newly minted Bitcoin are not created out of thin air but by a lottery that requires the equivalent in energy. Money is an abstract form of energy and work, why should someone, even a government be able to create it out of thin air?
Let’s say you have a money supply of 1 mil dollars and people use it to pay each other for work they do for each other. Money represents work. If those people get more efficient, then the same amount of money represents more work and all of them profit from the increase in productivity.
Now imagine one person in the system has the power to print another 1 mil dollars. The amount of work people do is still the same, but suddenly it’s now represented by 2 mil dollars and not 1. This person just stole half of the work of all the people. How is that even remotely acceptable? This is the system we currently have in a really simplified form.
Because it’s too new and not capitalized enough. Using Bitcoin as money when it still has 50% dumps twice a year is completely stupid. It will eventually absorb enough capital that the value can’t be that easily manipulated, and at that point it will be the best choice as legal tender. Until then it still has other use cases like functioning as a bearer asset as I already mentioned, where volatility isn’t an issue.
How can you even start to understand it if all you do is obsess about price action? You probably don’t even own Bitcoin. I do, yet I don’t give a ■■■■ what the price is today because it’s not important. Understanding the technology and the function of the network is. If you want to understand anything about this topic, stop focusing on the gamblers and start looking what the builders do.
Lol, I bought when it was way under 10k
I don’t have a sales pitch, I just correct your ramblings about a topic you really like to talk about but have actually zero knowledge to show. And I’m sorry to say, but you are doing a really bad job giving the critic here, because it’s painfully obvious that you don’t really know what you are talking about. If you actually had any insights we would hear actual arguments instead of empty statements like “it’s a scam”
We will see about that. I’m pretty sure it has already won and the network is at a size where it is already unstoppable.
Can you be honest for a second. You made a drama about businesses having to accept Bitcoin about payments. Yes, every El Salvadorian got a $30 Bitcoin handout, that is hardly what we talked about and no one got poorer by receiving that gift.
El Salvador is a sovereign nation and the IMF can cry all day about them making Bitcoin legal tender without anyone giving a ■■■■ about it.
This all only makes sense to you if you can pretend I’m somehow trapped, right? I just checked, just for you, I’m like > 400% up on my investment. Oh no, how could I fall for this trap, I’m ruined.
Oh and I don’t care about or own any NFT because that absolutely useless trash, and I have never even remotely seen a valid use case for it.
The only two other coins other than Bitcoin I hold is ETH and ADA, which I honestly think are utter trash but I hold them as a hedge if Bitcoin fails because of the whole energy debate this are in my opinion the only two “viable” replacements, even though I vomit a bit in my mouth every time I think about that possibility. Oh and they are like > 1000% up from where I bought them, how utterly trapped I am, ■■■■ my life.
You don’t make the economy work again by printing money. You just delay the inevitable and make the outcome of the eventual crash worse. Fiat money is an experiment that failed in it’s infancy already.
And you don’t inflate the supply of one currency by having hundreds of others literally no one cares about. Hasbro printing monopoly money also doesn’t inflate the dollar supply.
You either didn’t or I simply missed it, which I doubt. Feel free to provide an example of a digital system that can transport value over the globe between different banks that isn’t based on a digital native crypto asset.
The majority of the network enforcing the rules and making it impossible to change them has absolutely nothing to do with mining. Miners produce blocks, whose purpose is to bring transactions into a historical order. That is literally all they do. EVERYONE ELSE is then checking if that block follows the rules and if it isn’t it’s discarded.
How are you so confident in your ranting but I still have to explain such basics because your whole rant is based on a complete misunderstanding? It boggles my mind.
It’s also really telling how you throw the word “oligarch” in there just to associate the topic with the very negative sentiment that word is currently caring. Really handy if you don’t have an actual argument at hand.
Bitcoin isn’t “the economy”, it’s simply money and money doesn’t have to be intentionally complicated. The economy worked for far longer on the gold standard than it does on the failing fiat standard. It will continue to work on the Bitcoin standard once it is capitalized enough to provide that function.
Sailor always boasts that they will never sell, and I did not have any reason to doubt that. Feel free to present any actual evidence that he sold instead of just words. But just to be clear, even if he sold, I literally don’t give a ■■■■, because he can do whatever he wants.
This is basically just you obsessing about short term price action again.
Also while I’m 100% sure there is price manipulation going on I’m pretty sure it’s not because Sailor sells. The two 50% dumps we saw, one last summer and one couple weeks back where probably liquidation cascades by over-leveraged traders. I can explain in detail what that is and how you can see that if you are interested.
Seriously, now you completely lost me. Somehow this gives me the impression you still conflate price action with control over a currency, which honestly makes me feel I’m talking to a wall here.
Exchange rates. Do you know what that means? Value is set not by you, and not in bitcoin. Its result of multiple factors. Those changing factors make bitcoin a bad transfer “coin”. They make it good speculation “coin”. Speculation doesnt guarantee the profit.
Not true, transfers take seconds to minutes, not days or weeks. Volatility is managable for such time periods. Payments already lock in prices for a time period for purchasing. This is almost instant with Layer 2.
How often has one purchased forex currency for holiday travel only to find it dumped the next day? In fact, look what happened in the current economic war tool, even more volatility in state currencies. With hyperinflation people rush as fast as possible to buy staples.
People hold the hardest currency available, in crypto that’s Bitcoin (BTC), in precious metal money that’s gold (money, not currency and you want some of that right now). In state currency that’s the dollar.
The thing isnt only about the volatility, but also scale of it. You cant keep your funds in bitcoin, as it will undermine your company liquidity and credibility, in comparison when keeping funds in $ for example.
You cannot eliminate risk from your life, in fact you should hold some low % of risk taking in your portfolio, in fact fund managers are allocated a small % to take a risk, companies also take a risk with allowing employees to be creative in a lab environment some times a week, as it may turn out to be a success.
Small risk is always manageable and acceptable, when you know what you do and how to mitigate the damages that can arise. For example when you own a house that you rent, the risk that it will be unprofitable is very low, as you can raise or lower the rent or get more renters, or decide what kind of renter you want in contract. The fact that people will need roof above them is the fact that will not change, especially in areas with big amount of people, in cities.
And that is when people have to be carefull. They are not much different from gambling also. The skill to read the market may be helping, but only to a small degree. You can predict some things, but not all. In all kinds of games, you may minimize your risk or losses, but with bitcoin only option is to believe.
Yes, and they believed people who controlled it, consequences were that new legislations were enacted to make future not see such things as with Enron, when they believed in false things.
The whitepaper says absolutely nothing about regulation, Bitcoin does not require regulation, companys are regulated. What you are asking for is called overreach. You want open source regulated too?
Enron was a regulated company. Google is a regulated company. They do no evil right?
State fiat currency is regulated, look at all the blood spilled and crimes committed with it.
Forex is regulated, banking is regulated, look all the market manipulation and bank fines.
When criminals are raided, you see piles of dollar, pounds and Euro bills stacked.
When banks fail, the tax payer bails them out, pile the burden onto the tax payer.
You can choose any regulated company to hold your finances as you wish.
Yes, there are exchange rates. So if you have a payment that involves switching currencies you have at most two exchanges. But it turns out that even with two exchanges, that is most of the time cheaper than using FOREX directly between the two currencies.
And even if you just have just USD to USD payments locally, two exchanges from and too BTC are still cheaper than what VISA or Mastercard charges the shop owner for payments done trough them.
