In actual financial value, yes. Not as printed quantity. Where you say the amount of printed coins will de-valuate the currency (whether or not there is economical activity behind it).
I think once a few countries start using BTC as a wealth storage then we will see a very strong price vs USD, right now we have 1 country using it, a second country setting it up and a load of random people worldwide considering investing in it.
It will be very interesting to see the value vs USD when we have 10 countries using it.
Where did I say anything about wanting to do away with the lending part? Lending was perfectly possible under the gold standard, so I don’t see a reason why it wouldn’t be possible under a Bitcoin standard.
All I’m saying, multiple times, like really really often, for probably the entire thread, like really I don’t even know how many times I repeated myself, that a monetary system where people can just push a button to create money is bad.
Economic concerns have to be addressed without fiddling with the money supply by a proper democratic process. Control over the money printer is literally just a roundabout way to have access to peoples money and draining it because demanding the money via a proper tax would be political suicide.
Look at whats happening right this very moment. Governments all over Europe just create money out of thing air to build weapons to fuel the war. Where is that work and energy coming from they can suddenly redirect towards their war games? How is it not extremely obvious that it’s leeched from the people without even asking them.
That is why I’m opting out of this system. Bitcoin allows me to do that. I store my work and time in something they can’t dilute and change.
This isn’t about getting rich quick. This is about not getting poor slowly by a system that steals your work.
Again, I have nothing against lending of actual money (for which the owner then gets an actual interest that makes this worthwhile). I have something against creating money out of thin air. I have nothing against taxes, I have something against devaluing peoples savings by printing more of it into their own pockets, because people don’t notice it that easily, instead of taxes.
No, all of it is made out of thin air. There is nothing rare about fiat that limits it. If you go to the bank and get a million for a house, the moment you get that million there is now one million more in existence. The only reason why they care what you do with it is because they want it eventually back.
Wasn’t that law about the banks needing central bank currency as reserve? The one that can as well be printed out of thin air and for the last years what basically given to the banks with zero interest? No wonder they have enough reserves. Very reassuring.
I will google dictatorships soon to see if it can be 10 but I assume yes. However the countries adopting BTC have a bad economy, serious interal issues and very bad corruption.
They implement BTC to have the drug cartels offload or launder their money there. The link Mexico-El Salvador is clear enough.
Maybe the CAR will be slightly different? We will see in the future.
Well, there is nothing of absolute value they could store in my opinion. But what would you propose?
If you wile mention economy, you will have to mention producing and exchange. For that you need energy. Bitcoin uses too much energy for what it provides, and its not adjustable, it doesnt scale to needs. That is why its unsustainable.
What counts is how much energy you have left. Like in life. Like evolution. If one of the metabolic processes isnt crucial to exchange the energy in system, like bitcoin, like ketogenic processes, its not needed when system is healthy and you keep adding new energy in more sustainable levels of different products, for example high interest rates.
Bitcoin could have been thought out as a way to maintain an alternative method of exchange and keeping the wealth, but it have to be elastic, evolving and adjusted. Bitcoin is not changing. Interest rates are. Interest rates will be “consumed” when they are on a sustainable level. Thats why bitcoin fails, people know what to consume to get better. Your interest rates for dollars are like sugar in a donut. Who doesnt like donuts when they are sweet?
1 Like
So we have a crypto lending platform that has recently frozen all withdrawals which has had a negative effect on the BTC price.
I’m not sure why people bother with these silly business ideas. People invest BTC with Celcius and then they lend it out and collect interest.
1 Like
An interesting view on how banks printed their own money to solve an issue of shortage of money. However if that bank would go bankrupt, the money would become worthless.
So implementing bitcoin would be a return to wildcat banking?
There should be more regulations worldwide for those “entrepreneurs” who are obviously misusing the wildcat banking of these days. But in a world in turmoil, there will always be war profiteers, exploiting the weakest!
No, it addresses the problem of the cantillon effect and endless money printing. The problem with “shortage of money” solves Bitcoin as well, but completely differently, by being infinitely divisible. This way there is always enough liquidity, but without the problems with devaluing the currency.
It’s also the complete opposite to a local currency because it’s global. So a lot of issues that government controlled currencies have, like problems with export if it’s deflating don’t even apply.
This guy may be a good investor and economist, but from this video I think he has as much grasp of Bitcoin and it’s consequences than a good TV show runner or newspaper publisher had on the internet back before it completely turned their businesses on it’s head.
1 Like
You do have some good points there, but I will address the following ;
Would satoshi be divisible? like in I buy my tin foil hat for 4.95 Satoshi? Then it’s just a matter of representation and does not fix the issue;
We now have an issue where you say “we do not print” but “we follow the value”, so it does not solve anything. also, around the second world war people hoped for worldwide government as everyone would be happy now the “bad people” were defeated. This didn’t happen as the control of a too large group isn’t easy, the UN try but…
At that point, if it takes a long time, the market corrects itself, a few export companies close and a few import companies expand or are newly created.
But using a united coin doesn’t help, like you actually said with the USD and El Salvador, they “used one common currency”. Cool that I looked it up, right? 
Yes, the lightning network already uses mSat, because the fees are sometimes lower.
The issue was that there are not enough coins so the people can’t transact anymore. That problem doesn’t happen with a currency that is divisible like Bitcoin, so yes, it does actually fix the issue.
The fiat alternative is on the picture you posted. That is where the US dollar and the Euro is heading. I have have a 100k of those Zimbabwe dollars 
Yeah but Bitcoin doesn’t require a central government to work, so all the issues that come with such an entity don’t apply. In fact it goes in the opposite direction in that it needs no government at all to function.
Yeah, but in the case of the USD, El Salvador is completely at the mercy of what the US fed is doing. Their economy doesn’t get showered with the printed money, they only bleed value when the US prints money. That is not the case for Bitcoin, because the rules are the same for everyone.
1 Like
-25% in a week. Normal for bitcoin.
2 Likes
Cashless is just around the corner.
2 Likes
I’m looking forward to when all the stupid businesses related to Bitcoin have failed. Then we will just have sensible investors and people who have a use for BTC because it is legal tender in their country.
The further drop in price is due to another Bitcoin business crashing.
1 Like
Basically a monday
2 Likes
Oh no, I have been cashless for quite some years now, lol. Only a few minor inconveniences but haven’t used cash in quite some time. But this is in France, leader of the cashless systems in Europe. Including the United Kingdom (formerly know as “another Europan State”).
What is this BTC you speak of? We no longer use coins. lol.
I would have thought educating people about Bitcoin would cut down on scams. As long as there won’t be anyone there from Luna or Coinbase and it’s just a very knowledgeable person who is not linked to any big crypto business it should be fine.
Low income communities have a right to learn about about BTC and should be included in gaining a good understanding.
I like what Jay Z is doing here and I am excited for the low income people, helping to prepare people for the future is good. Low income people in the US are already the victims of scams as they are prominent and unwilling participants in the US dollar ponzi scheme.
Yes, if you tell people that they should keep away from crypto, not to “invest” in it. And it doesnt matter what crypto.
If you educate them and tell them to own it, its like educating people about gambling and telling them to try all the cassinos in las vegas, because obviously you can win big.
BTC is set to become a useful currency that the whole world can and most likely will use. Also educating people about BTC would must also include an understanding of what the current financial system entails.
So no, I don’t think the the course will be “Buy BTC Now and get rich” it will be about how it’s generated and the kind of things that affect it’s value.
I can’t see the problem in low income people being advised to buy $10 or $20 of BTC per month, and using it as a savings account. This is exactly the way crypto should be used as an investment. As long as they are promoting low value investments to millions of people I am ok with it.
I actually thought Jay Z had turned into a snob and wasn’t interested in doing anything like this, I’m happy to be proven wrong.
1 Like