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Thread: Bitcoin....who's gotten into it?
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06-17-2019, 02:12 PM #2701I drink it up
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Bitcoin....who's gotten into it?
In that case, you need to tie those costs to bitcoin as well, since it relies upon a stable fiat currency to express its value, and if not, you have to figure out how much an unstable currency costs the economy that relies upon it and account for that.
I’m skeptical that propping up the dollar is anything more than a poor expression for what is actually propping up a stable economy. Which bitcoin relies upon, its dubious utility in skidding economies notwithstanding.
In other words: nonsense points are nonsense.focus.
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06-17-2019, 03:06 PM #2702
You should really think of the inverse. What are the costs of a low-trust, high-risk, insecure, unstable society? Why do people who live in such societys park their money in higher trust, rule of law nations if they can afford to do so? Parasitically riding on the former, while paying for the latter, is a short term arbitrage.
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06-17-2019, 04:50 PM #2703
Military spending enriches the ruling class at the expense of everyone else. If you want to dedicate your life to hating on something maybe go after them instead of a potential equalizer.
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06-17-2019, 05:00 PM #2704I drink it up
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06-17-2019, 05:51 PM #2705
Easy for you to say from the comfort of your first world lounge chair. Your opinion is much different than that of my Venezuelan friend, for which crypto has been the only thing enabling him to eat for months.
Keep screaming at people driving by in Model Ts that horses are the only true method of transportation.
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06-17-2019, 07:06 PM #2706I drink it up
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06-17-2019, 07:12 PM #2707I drink it up
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06-17-2019, 07:17 PM #2708
I'm not sure if you're trolling or just dense. BTC is an equalizer against power imbalances. Is BTC perfect? Absolutely not; but it's a step in the right direction IMO.
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06-17-2019, 07:26 PM #2709I drink it up
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06-17-2019, 09:18 PM #2710
I've literally paid for people to eat in Venezuela with crypto. But you can believe what you want and feel smug.
What I'm referring to is not an overnight change. We're talking about a generation at least, maybe more. The ruling class isn't just going to give up its power overnight. What power is that? Endless QE for the rich and a perpetual war machine. The F-35 can barely fucking fly and dickwads like Jamie Dimon are going around claiming how recessions are good for him. It's easy enough for me to see what side I want to be on. If you're fine with the current system, than you're a part of the problem.
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06-17-2019, 09:27 PM #2711
the word money is just a symbol of value, and quite necessary. for me, for you. we are lucky to have that. real wealth?; it comes from within.
and the oracle is cool af btw. a student of dementia
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06-17-2019, 09:38 PM #2712
Should be interesting when Justin Sun and Charlie Lee have lunch with WB. Sun is kind of a kook to me on most things, but bringing Charlie is a good call.
In terms of diversification in a crypto portfolio I like 50/25/25. Fifty percent BTC, 25 big caps (approximately top 10), and 25% small caps. Heavier on BTC is okay, but definitely no more on alts.
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06-17-2019, 09:52 PM #2713
sf you really think everyone who has money now is just going to agree to a reset and watch you become new overlord? that’s why i never got btc as a currency. the application of tech is obviously worthwhile, but seems separate to me.
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06-17-2019, 10:45 PM #2714
I just said they are not going to give up power easily. The beauty of BTC is, it's not their choice.
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06-17-2019, 10:45 PM #2715
i don't claim to understand much of any of it. but the reality is; most of us move numbers around on a screen all the time, everyone is looking at a hand held device. the sarcophagi of the soul.
it's the same thing that has been around for millennia. only new, and different, but not really..
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06-17-2019, 10:50 PM #2716
do you really want to carry around chunks of metal.
whatever gets you to sleep at night.
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06-17-2019, 11:05 PM #2717
the internet has happened. cool to be living now,
i grew up w some money, i still have some money.
the badass, outlaw, sk8ter in me has much respect for the internets own boy.
opening up knowledge for everyone is my idea of blok.
Last edited by byates1; 06-17-2019 at 11:10 PM. Reason: cocaine and hookers my friend.
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06-18-2019, 04:56 AM #2718
Pulled mine at 9300.
Lets get a nice mid summer drop and Ill be playing on pure profit."I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road
Brain dead and made of money.
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06-18-2019, 07:30 AM #2719
So let’s jump all in on the Lambos, so to speak, and envision a future where we DO migrate to the blockchain. Whether it’s Bitcoin or One of the others, let say that a large portion of transactions and storage of wealth does become Crypto based.
So banks take it in the ass and become much smaller players. Ok, so we have much less friction. That could be a good thing.
So transactions are now P2P and hidden from view. What happens to taxing authority and public investments like roads and defense and what not? That all goes away and we are left with only private investment in infrastructure? Toll roads and whatnot? So we won’t be able to find wars with centralized monetary control, that could be good in theory, but what about if a bad actor like Russia funds an army to invade countries that now don’t sponsor their own military because they are mostly crypto citizens? What happens to fund defense? crypto citizens spontaneously get together to fund a private army?
What happens if the power grids go down? How does one get their wealth then? Who pays for maintaining the powder grid ?
Yeah yeah it ain’t happening soon, but if that’s the utopian future via crypto, how do these issues play?
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06-18-2019, 08:19 AM #2720
It would be highly disruptive. But with accounts being centralized they could be brought on line with local power sources. But by design crypto is decentralized and if not enough nodes are powered up and performing transactions, then...
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06-18-2019, 08:57 AM #2721Banned
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I sure hope there are enough people out there who will completely reject the push for digitization of money, as I don't see how it can lead to anything but the further concentration of wealth. The poor in this country have a hard enough time accessing the banking system as it is right now, and it will only become less accessible to those on the margins as it becomes more digitized.
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06-18-2019, 09:33 AM #2722
I think that is backwards. The example of Venezuela has been trotted out several times as an example where poor are able to more effectively use money due to it being digitized. The risk of dealing with the bank and inflation due to government incompetence is removed.
In the us, fees and other banking costs associated with banking, as well as hurdles like the right id, are inhibitors to use of the banking system by the poor. The banks see you as a way to make money, if you are rich, they lend your money. If you are poor, they charge you high fees. I would think an efficient low cost digital currency would actually solve many of the banking accessibility issues faced by the poor.
sent from Utah.sigless.
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06-18-2019, 09:45 AM #2723Banned
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Except for the fact that many poor people in the US have no/marginalized access to the internet, and that isn't going to change anytime soon.
I also don't fully buy the argument that fees/costs associated with our current banking system are the primary factor that reduces the accessibility of our current banking system. I can't be the only person who has never, ever paid a fee to open or maintain an account at a bank, and I sure wasn't getting preferential treatment because of how much I was depositing.
FTR, I'm not necessarily shitting all over bitcoin/blockchain, but I think the notion of it democratizing access to "banking" is flawed.Last edited by glademaster; 06-18-2019 at 01:31 PM.
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06-18-2019, 12:59 PM #2724Registered User
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I feel like I have seen this movie before. Ugh
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06-18-2019, 01:41 PM #2725
#buybitcoin
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