INFLATION! They cant escape it.
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TLDR; Inflation is bad, but we try and solve it in a bad say like “gentle healers make stinking wounds”.
I stay with my opinion that BTC is not a solution.
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Yes, he had basically perfect opsec. He may have feared to being attacked by governments, but also it was probably always the plan to disappear, as this removes one of the biggest weaknesses of such systems, the central leader. The amount of thought that went into other aspects on Bitcoin let’s me believe this was planed and deliberate.
Oh yes, he has a lot, the upper limit of coins that could be his is it about 1.1 mil BTC. That is a big uncertainty for the value because some consider this coins to be lost. So even the sudden movement of those coins would have an impact.
But it kinda pales in comparison to fiat where a couple of people can expand the money supply basically infinitely.
Well for electricity certainly, so that is all the renewables in remote locations, Bitcoin doesn’t change anything about that. But you can easily transport gas, oil or coal to places where people will pay a lot more. And renewables in those places also pay more obviously because you sell them to homes etc.
Well, first, Aaron is not mining Bitcoin, he is mining alts. I’m not sure why he is still profitable honestly, I would guess this was an effect of the bull market and will fade away now.
Go run the numbers. I’m pretty certain you couldn’t mine for profit, certainly not with the electricity you pay in your home. Even with an industrial agreement you would probably have no luck if you are in a well populated area, except if they have excess energy they can’t monetize otherwise and you can negotiate the price.
Viruses get your power and computing for free, so that’s not really relevant.
No, I say that the attempt at central planing of money is as delusional as central planing of the economy. It has the same issues as it gets rid of important feedback loops in the market.
In my opinion and the opinion of many others, all they do is to artificially hide recessions and move the underlying problem into the future where it will eventually unload extremely magnified.
Obviously I could be completely wrong about this. I’m siding with the school of Austrian economics in this regard and I’m completely aware that this isn’t the current academic mainstream view of economics. This I probably struggle the most with, as I usually kinda trust in the scientific consensus. I just don’t know and I’m not that deep into economics to have an educated opinion about how good their scientific rigor is. Just form a very layman perspective, all the arguments from the Austrian economists make so much more sense to me, while the arguments of the Keynesian’s looks like motivated reasoning.
Anyway, as far as I understand it, it’s not possible in Keynesian economics to have inflation and a recession. Meanwhile Austrian economists say that we are directly heading for an inflationary recession. So we may soon have an actual test of who is at least closer to a good model.
Meme and penny stocks have been a thing for a very long time. This isn’t recent, although we probably did not call them meme stocks. It’s absolutely gambling. This gambling is ironically an effect of the weak fiat money. Because you can’t save anymore even the layman feels forced to invest their money. But investing is a full time job, and even the professionals get it wrong a lot.
That’s why it has become a casino, and that retail money doesn’t grow the real economy. All it did was created a new kind of industry that farms that “dumb” retail money.
It’s a perfectly fine cat
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Currently no profit, I will have to pay something toward my electric bill this month.
Since we are on the topic of old men making sense
Obviously he didn’t predict it, it’s one of this self fulfilling prophecies that probably motivated a lot of people, including the cypherpunks to try to create what he was talking about.
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Monetary policy is nessesary, if not, the richest company will be the boss of the world. And I’m not a fan of anti-social narcists like Elon Musk, Bill Gates, Jeff Bezos, Warren Buffet,… running the show. They do influence it a lot but they can’t control it. Giving even less power to the government/IMF/FED will not solve the issue.
Let’s say there is a problem with crime in your city. Some old guy says “Well, there as been so many laws made since inception of mankind, and if you break those laws, there is cime… so let’s STOP CRIME by no longer having rules.” It’s an idea and if everyone works together, no more crime. But that’s not realistic, it’s a niche idea, would it work in a small group of people living out in the woods not bothering people ? Maybe. But even then…
You won’t get disagreement from anyone on this point. The only problem is some may think a good monetary policy is an electronic one which will rigidly follow through with no exceptions.
I get what you’re trying to say but I disagree. With bitcoin there are still rules, 21m limit, mining, the ledger, no person being able to create new coins, difficulty level, these are actually rules that a computer program will follow to the absolute letter with no exceptions.
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So then they have infinitely more control over the fiat monetary policy than over the one governed by the rules in Bitcoin, because they can’t influence that at all.
Yes, I agree. But Bitcoin is not the absence of rules or the law. It makes the rules the same for everyone and insanely hard to change.
In stark contrast, the fiat system is not governed by rules, it just has some guidelines and then a few rulers who are not even accountable by the public. Those people are also susceptible to coercion. They are far more likely to listen to Besos’ and Musk’s wishes than yours.
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That’s what it is without people wanting to abuse it. Imagine there would be some rich guy (like the ones I mentioned above, take Elon Mush for an example, he’s the most known crypto magician) trying to change crypto. He talks to some people and gives them information before the change,
then he gets the people to say "BTC is bad and is causing all this price changes! Go over to the new and better “Bitcoin Musk” and a lot of people do it, what then? BTC will crumble down and be no longer used maybe a few laundering operations will continue as they can’t panic sell and also they don’t mind loosing millions in conversion. However the so called Holy BTC and it’s Lightning network can be changed by popular demagoges, certainly if a lot of working people depend on the price of it. It will change the power of monetary decision making from a government to Elon Musk, he will decide what coin, he will decide how it’s made, probably by installing MuskCryptoPrinters in every electrical facility. So I just see enormous dangers IF it becomes “commonly used”. For now, what he does has little to no effect to the average person. My income does not change by his tweets.
Yet they are somewhat are responsible, but if you give the people’s the choice, they will follow any false prophet if it means their income won’t be able to feed their children anymore. And Musk would say “He who does not work, neither shall he eat” which is fine when one does not consider the social responsibilities that come with great wealth/power. If that is not changes, nothing will work. The inflation caused recently is not because of fiat money, it’s because politicians from the west (and in more places in the world) made a decision to send money to “the poor” hoping they would spend it and keep the economy turning during the difficult “pandemic”. The lcokdowns caused a lot of issues and bills could not get paid and companies lost money. Now investors are like "those companies might go bankrupt, lets change from shares to houses (like Elon Musk, who pumps doge, then dumps and thus expands his wealth). He knows for a fact putting his money in crypto will not be a good future. If he has a lot of cash, it might devaluate but he will buy things like property that will increase in value anyways when the economy recoveres. And it will, eventually. And yes, printing without reason is bad, and in this case the reason was wrong and we all suffer the results of the gamble. But going like “Hey, I heard you like to gamble, here’s BTC which is an ever bigger bubble with zero guarantees, it even has a non-ledger lightning transaction system which people will think of being the same,lol.” But some people think you should not fix a broken leg by doing duct tape on your arm.
Instead of buying BTC, start a company. In 2000 I started mine and had a nice chat with my friends who work with different companies like PWC and Deloitte. So yes, Karak, I kinda have been influenced a little. 
I told them I would get through the pending crisis (every 30 years there is a clear correction and we usually see the “gold will end the FED” and “silver will end the FED” because no one would believe the “Private Money will end the FED” because the latter has been tried before and failed because it does not solve the issue and lots of wildcat banks tought they were the BTC of the wild west.) with my company and I did, I will also get through this crisis. And the one around 2045~2052. See, it happened before and will happen after. And I guarantee you the same will happen even if tomorrow we are all like “Ok, let’s switch everything to BTC and lightning. NOW!”
I wouldn’t mind it, I will work with any system my country adopts and will see how to make a profit out of it. But I don’t think it will be a good system as I mentioned before. Anyways, like they say in Command and Conquer “Time will tell…”.
Did I calculate that correctly? I hope i’m not going into pension when another crisis hits. Maybe I should start an exchange like John: 
He speaks about how income tax is government stealing from you. However he does not say that the same government uses it for “evil” things as food stamps, child tax credits, child nutrition programs, housing assistance, the earned income tax credit, and temporary assistance for needy families. Also major programs include unemployment benefits, student loans, and programs for veterans. He left it out because when you are rich, you can build your own things or just leach on societies ‘magical things’. Although McAfee isn’t an idiot, he’s a wolf, preying on the weak.
I think, since you guys are full of energy, dropping a thought may (not) help a little.
NFT came after BTC, but the concept came before. If you think about it, NFT is a market name, because the only product of the blockchain is an immutable token. The concept of centralization or decentralization is not attached to the crypto token, do not fall for that.
I’m not gonna finish that thought, have a good day.
Monetary assets like BTC work with a decentralized blockchain because the digital asset itself on that ledger caries the value.
This is completely different with an NFT. It’s basically always a reference to something outside the ledger, be that a picture, a game asset a ticket or whatever else they come up with. This outside assets are almost in all cases tied to some other centralized system. It gets issued by a centralized party and it gets also decided by a centralized party if you can do with that reference whatever they promised you it will do.
It makes no sense to have that on a blockchain. All this so called “web3” or “metaverse” projects are only doing one thing, they try to make people believe they are the next big thing and will appreciate in value the same way Bitcoin did. It’s nonsense from a technical perspective, because what they do doesn’t require a blockchain, it becomes effectively worse in any regard do to the huge drawbacks of a decentralized system that requires global consensus.
They could litterally do this in an SQL database and it would be faster, cheaper and more convenient. But then they couldn’t sell it to the dumb masses who want to get rich quick.
This happens literally every cycle. Some new coins and tokens get created and advertised as the better thing. And a lot of people fall for it, because they think like other things in technology Bitcoin will eventually replaced by something better, so they can now get in on the ground floor and become rich.
And every time they all crumble and by the end of the bear market all the capital is drained from them.
Because this is now a market for money. And if Elon makes a coin then there is just one more, but worse because it has an administrator at the top. Bitcoin will still be there without that, it can’t be changed. Even if he somehow infiltrates the core devs and they create a new release with Elons rules, it’s still the individual people who decide what version they want to use and if they want to keep the one with the stable rules or the one with a crazy guy calling the shots.
Yeah, we used to be at a point where millionaires could move the price a little. Now it’s billionairs. Soon it will only be countries and after that maybe planets, who knows…
It’s only 13 years old. That is simply nothing for a monetary asset that gets capitalized. The more it gets capitalized and the more it gets used not just for speculation, the more it will stabilize and not have this crazy swings.
There are some parts that come from the energy crisis and some from the war. But the big majority of the inflation the US and EU is experiencing comes absolutely from their money printing. The amount they printed and got pumped mainly into the stock and housing market is insane. All it did was mask the effects from a contracting economy for a while, because the effects of this have a delay.
Yes, that would have happened no matter what monetary system we live under. Such events have a real impact on the economy and you can’t just make them go away by printing money. You can only delay the effects by printing money and get them magnified in the future.
Countries like Switzerland who did not excessively print money and had another strategy don’t suffer from near double digit inflation.
All Bitcoin does is offer an alternative to the broken fiat system by implementing a currency with a fixed supply and mathematically enforced issuance. It doesn’t fix the economy.
And let’s be honest here, you don’t know how Lightning works, because what you just wrote makes zero sense.
Yeah, I don’t have that entrepreneurial gene. But I respect people who have it. 
That used to be under the gold standard and maybe in the early days of fiat. Somehow we have now the third within 15 years. I wonder why.
Saw a nice tweet recently, something along the line of “The millennial generation experiences now the third once in a lifetime crash”
The gold standard only failed in the regard that it spawned the fiat system, because of a weakness in gold that made it more convenient to trade in gold recipes than the actual metal. Bitcoin does not have this weakness and we never had hard money that doesn’t suffer from the oracle problem.
If the Austrian economists are right, the hardest money (Bitcoin) will win eventually. If the Keynesians are right, fiat will as they say it’s superior. So we will indeed see.
It’s not like Bitcoin is exclusive, both systems will exist in parallel for a long time.
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Bobos won.
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Do you make profit out of simply owning Francs? Can I make profit from simply owning Pounds or dollars? If you’re a currency trader then you most likely can, but a normal person won’t ever make money from owning money.
I’m unsure why you still see BTC as something you can profit from. The “BTC is for profit” theory has been proven wrong, many were lead into misusing it. If we stop listening to the Do Kwons and other weird CEO’s then It should be ok to buy 1 BTC today for £15,728.88 and then in 1 years time it should be still worth around that value if the economy and BTC demand stays exactly the same as it is today.
So once I buy the 1 BTC for £15,728.88 my goal will be to try and freeze that £15,728.88 value so when I wish to draw upon it and buy a car a year later the value of the Pound may have lowered so I will get slightly more pounds which will be equal to the £15,728.88 value I tried to freeze when I paid for the 1 BTC a year ago.
This is a great description of BTC’s actual use. Nobody on any hype, nobody trying to become a millionaire, just a normal person trying to freeze the value of the current fiat money they have earned from doing some sort of work.
Now, if we take this good example and apply it to an entire country we have a clearer view of what is to be achieved. If you imagine the millions of workers in a typical country simply getting paid and wanting their pay to be worth the same a week later.
TLDR: With BTC the £1000 you own today could still be worth £1000 in a few months if it is stored as BTC. Otherwise the £1000 in a normal bank will be worth minus whatever money they just printed. Those seem to be the only 2 options. So what you’ll find is that £1000 could fully pay for your car repair, and then some time later that same £1000 only pays for half of your car repair.
I hope I’ve not confused anyone lol.
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People stored life savings few months ago in BTC when it was $30k and now it is still worth the same amount. Only you have to ignore exchange rate and not use that BTC, untill consensus will be that its worth as much. Now consensus is that its worth less than 19k.
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Watch them all fall down
(All day, all day)
Domino dancing
“To the ground baby!!!” - Ghostcrawler.
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No, I let people make me pay for advise. I might have expressed myself worng, I wanted to say I will make the amount of “currency” I have increase no matter if it’s CBDC Francs, BTC, EuroDigiCoin,… it’s just a means of determining payment type and in what type it’s stored.
If you will use it to make money somehow or improve your wuality of living, why not, understand that it’s a very cost intensive item that needs quite an accounting to keep it low cost from buying to selling 2nd hand.
You did in a horrible way. But I think I understand, let me rephrase what you said.
Reported Adjusted for inflation
value 2022
1 BTC June 30th 2017 € 2120.60 € 2394.60
1 BTC June 08th 2018 € 6362.04 € 7033.21
1 BTC June 14th 2019 € 7844.54 € 8465.58
1 BTC June 12th 2020 € 8418.18 € 8923.13
1 BTC June 11th 2021 €29331.44 € 30710.02
1 BTC June 10th 2022 €26960.65
1 BTC June 18th 2022 €17488.64
Not sure if it is still a hedge as more and more of the systems build on BTC are collapsing, more and more countries are putting in rules and taxes, electricity rates are going up… nothing points it will go to 75 000~100 000. It’s like the financial investment system “roulette”, you put in your bet, the croupier will say “Rien ne va plus!” and then it’s waiting till the object gets into a hole. Then you get interest or loose everything you put in.
It’s currently more a speculative asset than anything else and the speculators are getting their money out. That’s totally fine, it will recover in time. It happens every 4 years as I already mentioned. Although this time we are in a macro environmental down trend as well, so no one knows how low it can go.
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