This is really smart - use the free solar power to mine bitcoin during the day, and then when the sun goes down, you can sell bitcoin to buy power. It would make sense if power companies thought this way - you could run your coal plant at full capacity all day, but shift from mining bitcoin to providing power during peak load events. Of course, that is assuming that municipal users could pay more than the bitcoin mining.
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If BitCoin were money, weâd not be having this debate.
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What debate? Bitcoin is money
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Bitcoin is a dream of being money, a dream that will probably never come true. Virtually all of its use is in speculation on how much other bitcoin fanboys will pay for it, not in any of the conventional roles of a currency.
(Unless of course youâre a drug dealer or child abuser, in which case bitcoin is the best money.)
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I like your stile of discussion. It immediately clarifies that it will contain no interesting information or actual arguments and it can just be ignored
BTW: Bitcoin is money
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Yes, we are all aware that you refuse to acknowledge the criminal activities that bitcoin assists, probably because admitting them would mean admitting that the object of your fanboy obsession is not as perfect as you think and that there might be legitimate grounds for banning bitcoin entirely.
BTW: Bitcoin is money
Bitcoin is money like those town currency things, where the downtown businesses print fake bills that you can only spend at those businesses and encourage you to come shop there. It has little or no inherent value, you canât spend it outside of a few niche places, and at some point it will cease to have value at all. The only difference is that with bitcoin fanboy speculation and wishful thinking have driven its price up to levels that are completely out of touch with its practical usefulness.
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Just got informed that I now can pay my health insurance in Bitcoin. Criminals everywhere
Thatâs not how any of it works. But just keep ignoring the fact that the only place where bitcoin has any meaningful advantage over normal currency is when buying illegal goods and services, most of which are illegal for very good reasons.
How so? It is certainly not the most tradable of things.
i can name a few more advantages:
- bitcoin i own is actually under my control, unlike any other currency (banks are third party which you donât control, banks are under jurisdiction of government which you donât control and lastly, banks donât actually have your money, only a promise that creditors will pay them back if asked politely)
- nobody can stop me spending my bitcoin, unlike any other currency (banks and governments routinely censor transactions all around the world)
- nobody can print trillions more bitcoins because they feel like diluting the base is required to address whatever problems they are facing
- i can carry all my bitcoin wherever i go by simply memorizing 12 words, not to be confused with memorizing credit card pincode because money on that credit card are not actually yours (if there are any actual money in there, which is highly speculative with fractional reserve banking system)
but i guess youâll just keep ignoring those advantages, because iâm sure many others have already mentioned them to you
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Because it is in the phase of getting adopted currently. Itâs a bit like with the internet, there wasnât a lot of content in the beginning and there where the exact same discussions. Now the biggest companies are the ones that jumped on the opportunity early and built their business on it. The monetary and ownership layer of the internet that Bitcoin and crypto represents will transform the landscape similarly.
Soon you will not want to buy a skinn in a game if you canât actually own it as an NTF. Very soon.
Who cares if you âcontrolâ your money if spending it on anything requires you to interact with the same system as normal currency?
banks are under jurisdiction of government
So is bitcoin, even if fanboys are delusional enough to pretend it isnât.
nobody can stop me spending my bitcoin, unlike any other currency (banks and governments routinely censor transactions all around the world)
That is not even remotely accurate. It would be very easy for governments to shut down bitcoin transactions because very, very few legitimate businesses are going to risk fines and/or criminal charges for accepting bitcoin payments. A few people would still accept it, most of them criminals selling illegal goods or services, but that would be the end of bitcoin as a mainstream thing.
nobody can print trillions more bitcoins because they feel like diluting the base is required to address whatever problems they are facing
This is not a good thing.
i can carry all my bitcoin wherever i go by simply memorizing 12 words
I can carry all of my money wherever I go by memorizing my bank login. And, unlike bitcoin, my online payment systems are protected against fraud and theft so I donât have to worry about someone stealing my money.
but i guess youâll just keep ignoring those advantages
Iâve already addressed them. Theyâre the same old libertarian fanboy nonsense that only libertarians care about. Karen doesnât care about âowning her moneyâ, Karen wants to speak to a manager about why her bitcoin card isnât working. And bitcoin canât provide that.
Oh, you will only get nonsense from Merin. You canât actually discuss with this person.
For her itâs probably more a game of âbeing right on the internetâ by just straw-maning, twisting and outright fabricating claims at a pace you canât seriously address them⌠and if you do, simply ignore you and then restate the same BS a few posts later.
There is nothing to gain from such people, no discussion, she is just bullshitting.
Bitcoin has been âin the phase of getting adoptedâ for over a decade now and has seen essentially zero progress towards that goal. Weâre long past the point where this excuse is at all convincing to anyone but bitcoin fanboys.
Soon you will not want to buy a skinn in a game if you canât actually own it as an NTF.
Why? What does an NFT add to this situation, except for being a fanboy buzzword?
(The answer is nothing. NFTs are the most over-hyped nonsense Iâve seen in a long time, and thatâs saying something given weâre having this discussion in a thread on bitcoin.)
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Bold words from a bitcoin fanboy whose entire position is fanboy nonsense.
That does not make it a âmoneyâ, it may perhaps be on its way, but itâs not there yet.
Donât get me wrong, Iâm all for monetary systems that are outside the control of governments and I understand every point you make. Yet, BitCoin, and all other cryptos, have a long way to go before they will be considered money.
Money has two important traits not commonly taught in the standard Econ 101 class, the traditional five rules. Those two traits are, most importantly, trade-ability. Those things which are the most easy to trade, most often become money. The second trait is utility. What is its use other than as a money?
BitCoin it self has no utility. Block Chain however has immense utility.
This is never going to exist because at some point money has to enter the physical world and be exchanged for goods or services. And itâs very easy for governments to regulate the businesses using a currency, and impose penalties on anyone who doesnât comply. As long as governments exist money outside of their control will not (at least not on any meaningful scale).
Block Chain however has immense utility.
I disagree. Blockchain is a clever solution in need of a problem. There just arenât very many, if any, problems that are best solved by blockchain systems.
Who cares if you âcontrolâ your money if spending it on anything requires you to interact with the same system as normal currency?
i care. i can choose which system to interact with.
So is bitcoin, even if fanboys are delusional enough to pretend it isnât.
bitcoin is not under any jurisdiction. places where i would spend bitcoin are under various jurisdictions and iâm free to choose where i want toi spend my bitcoins. iâm not as free to do that using any fiat currency apart from converting all of it to currency of another jurisdiction which is necessarily costly.
It would be very easy for governments to shut down bitcoin transactions because very, very few legitimate businesses are going to risk fines and/or criminal charges for accepting bitcoin payments
making it illegal to accept bitcoin is not going to make my bitcoin disappear and is not going to prevent me from transacting in bitcoin. while with any other currency government can just make it disappear on a whim. youâre blind if you donât recognize this distinction.
This is not a good thing
in my lifetime alone, in places iâve lived in i can recall at least 4 instances when behavior like that caused immeasurable harm, ranging from decimating peopleâs savings all the way to outright currency collapse and people losing all of it. all while corrupt politicians and oligarchs enriching themselves. so i very much consider non-debasable currency a good thing.
I can carry all of my money wherever I go by memorizing my bank login
so youâre indicating to me here that youâre either unable to comprehend a sentence or youâre malicious enough to blatantly quote out of context and disregard whatever is not comfortable for you to address. iâm not sure which one i dislike more.
hereâs the relevant bit you decided to ignore (or wasnât able to comprehend):
not to be confused with memorizing credit card pincode because money on that credit card are not actually yours (if there are any actual money in there, which is highly speculative with fractional reserve banking system)
Karen doesnât care about âowning her moneyâ,
thatâs fine, people are free to trust and risk as much as they like.
whatâs your preferred definition of money?
I agree with you, government regulation is a huge risk to crypto currency. All the central banks are looking at ways to create their own cryptos. Once that happens, those private banking cartels are going to lobby their respective governments to make other crypto currency illegal, so as to maintain their monopolies.
Unless, those cryptos do not become money, but instead are put into some other asset class that governments can tax, and they will tax them, most likely, as capital gains. The same as they do with FX exchange and precious metals.
True, but there are many uses and they are being explored. Currently on most exchanges, central clearing is required to finalize all trades, to settle. Right now it is trade date plus two days, also known as T+2. There are efforts, using block chain, to get this down to T+0, though I suspect they will go with T+1 to start. Block chain is a leading contender in this effort.
Having been in IT since the early 90s, I can assure you that there are many transactions that could be solved with block chain approaches, one of which is identity and authentication. There is a lot of interesting work in these areas going on.