Technically impossible. I had this thought that the export of inflation into it could be really good thing. When people will not be able to pay out the value, when bitcoin will be inaccessible, inflation will be gone. Would probably mean some people becoming completely insane, but what they can do?
itâs impossible for variety of reasons, one of which is that printing currencies is one of the most effective fiscal lever that governments have and no government will voluntarily give it up. but itâs good that other instruments exist that allow escaping the drawbacks of that lever. historically it was gold and other precious metals. now thereâs also bitcoin - same properties, better utility and security.
It stands to question if that is actually the case. All it did since they actually have this lever is to prolong the inevitable crash, which will probably just magnify the impact this crash will have once the lever isnât working anymore.
âeffectiveâ doesnât mean it canât be used incompetently. itâs a balancing act with lots of variables and yeah, if you lose balance - there will be crash. i wouldnât say itâs proven beyond any doubt that itâs impossible to keep that balance.
Back in 80âs they have made interest rates skyrocket to get rid of inflation in USA, in few years it was ok. It depends who is in charge, just like with everything, including coding too.
Everything depends on people in charge.
Everything depends on people in charge
which is why itâs important to have something in your portfolio that doesnât depend on anybody being in charge, which at the moment is only bitcoin as far as i can tell. there is no explicit governance process, no official representatives, no hierarchy. thereâs only strong social consensus on when bitcoin stops being bitcoin, which is a strong deterrent from any involved parties to meddle with such things.
What can be created by man, can be destroyed by man.
except ideas, and bitcoin is an idea first and foremost.
Its code. It works on computers, it uses energy. A lot of it is not only idea. There are attack vectors.
just one correction - it doesnât use energy, itâs a misunderstanding that i see a lot.
otherwise yes, itâs code, it runs on peopleâs computers and the code follows consensus rules that define bitcoin. if somebody runs different code that doesnât act in accordance with those consensus rules - they will be left behind. if somebody invests immense amount of resources to make entire network follow different consensus rules - in eyes of others they are no longer running bitcoin and thereâs no telling what happens after. so yes, there are attack vectors, nothing is perfect, you need to understand what youâre investing in and what are the risks.
How so? I though every code executable needs processor cycles and it takes electric current from power plant and processor needs to be changed periodically. And the servers need energy to work too.
We will probably see over the coming years if the âleading economiesâ can actually pull this off. As it stands now, they already hinted at the inflation lever not having the desired effect anymore, so that is a pretty big red flag right there.
The beauty of Bitcoin is that they canât just get rid of it. Its technology, exactly because it canât be censored so easily, brought innovation back to money and in if you zoom out, it has now become a market where the government money has to compete with all sorts of new ideas what money can be. No matter if it will end being Bitcoin (might very well be) or a variety of different crypto currencies that all have different trade-offs and properties for various use cases (most likely in my opinion), I see this as a big improvement over state issued and controlled money.
what people usually mean when they say âbitcoin uses energyâ is the energy spent on proof of work consensus algorithm. if you mean energy required to power a low budget laptop or even raspberry pi, which is more than enough to run a bitcoin full node - i donât see how is that relevant in context of what we were discussing.
if you mean to drill down this point that all governments on earth will conspire to find and destroy any piece of equipment capable of using electricity in order to destroy bitcoin - fine, i concede, you won this internet argument, yay, feel better now? letâs just not waste time on things like that.
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No, but they can have regulations is place. Eliminating it from major economies effectively and making it maginalized.
yes, they can do all sorts of things and it will probably impact price greatly, but bitcoin will continue existing and people will continue transacting. and then new generation of government officials, familiar with the technology will understand the futility of their efforts and the opportunity and advantages bitcoin brings over traditional stores of value and the restrictions will slowly fade away just as insinuations that bitcoin âis only used by criminalsâ, etc. in the end bitcoin is about freedom and itâs makes you look very bad when youâre trying to fight freedom.
yeah, weâll see. i sure hope there wonât be any major collpase, it usually has shitty outcomes for common folk.
I see that everyday, and it can look very alluring. Its actually supported by people, because they want to live in safe environment, flee from harmfull things and ideas. Just basic things about law and order. You fight freedom to do âbad thingsâ and you get rewarded with support of those who really believe these things are bad.
yes, propaganda is a problem. what exactly is your point? iâm kinda lost as to what are you arguing.
Bitcoin idea is in opposition to other ideas. In the end we will have to see who wins, those with power, or those with freedom.
I feel that I need to point out that âthe governmentâ can do more than just limit your banking interface options. If bitcoin were viewed as a national security threat, I am confident that other ways would be found to cripple it. This blockchain that seems so pure and untouchable right now has many other vulnerabilities if a superpower decides to crush it.
These computing rules that keep bitcoin safe do not apply to government entities, who are free to play dirty and exploit things that nobody is even considering right now.