Results 11,476 to 11,500 of 16004
Thread: Bitcoin....who's gotten into it?
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11-29-2022, 07:19 AM #11476
Absolutely BTC has positive effects in the real economy as much as the status quo pushers here want to deny it. Most of us have the financial privilege of living in the country that issues the world's reserve currency. Others in say Argentina, Lebanon, and Nigeria are dealing with much higher rates of inflation and use BTC as a lifeline.
BTC's issuance is predictable and stable, unlike the actions of a few unelected dudes who are now left with no alternative except to push us into a recession because they fucked up and printed too much money to give to their cronie buddies. Or perhaps that was all part of their plan? Does that add value to the real world?
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11-29-2022, 07:27 AM #11477
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11-29-2022, 07:31 AM #11478
how is using a volatile cryptocurrency that shed half its value in six months a hedge against inflation?
j'ai des grands instants de lucididididididididi
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11-29-2022, 07:32 AM #11479
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11-29-2022, 08:11 AM #11480
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11-29-2022, 08:12 AM #11481
SF you really think moving to alternative currency will change shitty run countries? the goal of leadership there is to keep people poor and take that wealth at the top. there are many ways to do that.
i’m as anti status quo as you’ll generally find, but nothing seen by the general public as an ‘investment’ adds value to anyone but the investor when they sell. crypto is the stock market (gambling for the well-off) or casino or sportsbook for the supersmart gamer generation that thinks every problem can be solved with over-engineered technology. there’s little we’ve done with technology in some time that actually adds value to the median. i wouldn’t even compare crypto to banking based on its usage. value of money is perception of trust and no one intelligent trusts the cryptobro and the latest (my fav term and contronym of the last few years) ‘stablecoin’
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11-29-2022, 08:13 AM #11482
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11-29-2022, 08:24 AM #11483
So because some people's currency can suck then crypto was the best solution as opposed to a different currency? Or is it because of anonymity? I just don't see how it is the best solution for this particular problem. Are there lots of stories about people who wouldn't be able to buy groceries or tp without it?
j'ai des grands instants de lucididididididididi
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11-29-2022, 08:44 AM #11484Rope->Dope
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The technology of the future.
So much innovation and disruption in the crypto space!
Another relevant article:
https://www.tbray.org/ongoing/When/2...AWS-BlockchainLast edited by hatchgreenchile; 11-29-2022 at 11:40 AM.
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11-29-2022, 10:08 AM #11485
It's about having choice to use a currency that isn't controlled by anyone. I can buy BTC and confidently know that nobody can make more of it at whim. On the other hand, JPOW can print more money whenever he feels like it, which greatly devalues my piece of the pie.
Get over the anonymity aspect of BTC. That's a 2013 talking point.
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11-29-2022, 10:09 AM #11486
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11-29-2022, 10:14 AM #11487
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11-29-2022, 10:20 AM #11488
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11-29-2022, 10:23 AM #11489Registered User
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You all remember the wildcat banking era when we swung wildly between inflation / deflation, recessions and crises were frequent, bank failures were rampant and savers regularly lost everything?
Anyway this bitcoin thing.....
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11-29-2022, 10:33 AM #11490
You really think it is a bad thing to have a flexible monetary supply for a country? If that is your position, do you have anything to support it? As it is almost universally accepted among economists that our GDP is higher because we went away from the gold standard, we have less recessions and the recessions don’t turn into depressions. If Bitcoin or Gold were the standard currency in the US what do you think would have happened in 08 or 2020?
https://www.intelligencesquaredus.or...-another-look/
This debate while older, did a good job of highlighting just how few arguments there are to return to a static monetary system.
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11-29-2022, 10:43 AM #11491
What part of it's going to take a while for widespread adoption do you not understand?
You post nothing useful here at all. You just dance around like a dumbass as if we forgot you posted the same tired shit in 2018.
Go stare at your USD net worth number on the screen and feel good about yourself.
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11-29-2022, 10:52 AM #11492
I mean, you're the one proposing we move to a system that does 7-10 transactions a second. The average number of transactions per second for current US credit cards is 1257. You shit on people for useless arguments, but all you do is spit bullshit about BTC being the future while never really addressing any of the shortcomings.
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11-29-2022, 10:56 AM #11493
BTC is not going to replace USD anytime soon. Full stop.
The US monetary policy has been hijacked by the ruling class. The bulk of the bailouts in 2008 as well as in 2020 went to the people that needed it the least. Wealth inequality skyrocketed.
Try reading a crisis wasted by Reed Hundt. He was a Dem insider's insider. In great detail he explains how Timothy Geithner made sure the bulk of the GFC money went to the banks. After that, the fed kept QE going way too long and bought up MBS way longer than they should have. Now we have a rapidly worsening housing affordability crisis going full stream ahead into a recession. Good times.
Sorry it hurts your feelings if some of us want another option.
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11-29-2022, 10:59 AM #11494
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11-29-2022, 11:13 AM #11495Registered User
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- 527
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11-29-2022, 11:19 AM #11496
Uh...you're extremely wrong. Many thousands of nodes that must reach decentralized consensus prevent this.
Roger Ver tried forking BTC to form Bitcoin Cash in 2017 because he wanted to increase the BTC block size. This would've made BTC capable of performing more TPS at the expense of decentralization because people would need much more advanced hardware than what is currently needed to run a node. Check the price chart and see how Bitcoin Cash has performed against BTC.
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11-29-2022, 11:20 AM #11497
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11-29-2022, 11:21 AM #11498
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11-29-2022, 11:27 AM #11499
Fixed it.
Want to address the limited transaction issue? How can BTC ever replace the USD, and be the currency of the developing countries you’re so concerned about, at only 10 transactions a second.
Make sure your solution doesn’t contradict the need for you to be the key holder so your BTC isn’t stolen by the corrupt exchange.
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11-29-2022, 12:02 PM #11500
Remind me again how crypto solves any of that given that most crypto folks are from that moneyed class?
Most startups originate from the Ivies+Stanford/MIT, which are typically populated in outsize fashion by the children of the wealthy and funded by VC firms that seek to entrench that and deepen returns to the wealthy.
If anything, crypto makes it MORE likely to propagate it as in your scenario, they move their money to offshore crypto wallets, cry poor and pay even less taxes. All of the crowing about it "equalizing" is just bullshit. It does nothing of the sort. It's just an intangible asset that has no other performant characteristics (gold or commodities you can typically make things out of). There are no barriers to the wealthy buying in - in fact it could lock them in MORE if they go cartel and subvert parts of the ledger (very possible given enough money and at least some collusion from a Comcast or other net provider). At it's best, it's a technical toy looking for a market. At worst, it stands to deepen climate issues and enable easier money laundering for the criminal class.
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