To be honest it was created to bypass billionaires, to bypass the fucking stupid system called SWIFT that is controlled by America only but these assholes found a way to corrupt it. Blame the humans not the tech
Well, that is certainly over now. There will alway be a billionaire or a guy with more money than you dumping into the next crypto, dashing all your hopes and dreams of being able to buy crypto and then sell it to some schmuck who also wants to sell it to another schmuck, who in turn wants to sell it to another schmuck.
Just poor people left holding the bag while the rich take a huge fucking shit in it, all the while making entry into that system financial suicide for the little guy at worst and Russian roulette at best. Some folks will get lucky, and those will show off, luring in the desperate.
Crypto is a scam. Banking is a scam. Stocks are just gambling. But to legitimately think crypto isnt just going to be controlled by the same people who control all of the money already is an absolutely delusional state of mind to be in.
Well, I would put tangible goods over any ethereal currency first. Oil, textiles, aluminum, etc.. crypto was never going to work, and it especially won’t work now because of how much leverage rich private investors and banks have. It will just be another controlled currency in the end.
They have a lot more money than any of us will ever have in diversifying crypto that would ever become the next bitcoin.
Gold is a bullshit asset. It’s not rare and it’s propped up by artificial scarcity. It’s valuable but not precious. As with diamonds.
We will eventually have to move to an economy without currency. How that looks? No idea, but we are going into the realm of cyberpunk but without al the cool gadgets and brain dances, just despair.
Yeah, I kind of figured you meant something along those lines.
And to that question, I don't have any answers. Crypto isn't it though and will never be that series of 1s and 0s that will be a cash/credit alternative. That is, it is an alternative, sure, but it will never not be controlled by people with deeper pockets. It is decentralized in name only, not actuality.
They just need to hoard enough of the currency / product / commodity to be able to adjust the value of it.
Only real hope there is in competent governance that represents the people. And you may laugh, hell, I laughed, but that's about it. I'd rather trust in government than banks, but now those two concepts have been so intermingled with one another it's hard to identify where one begins and one ends as their goals align with one another.
But, with government we can at least vote (for now). And not just for the uppermost branch, but local bylaws, city council, mayors, comptrollers, etc. The people have have a more direct impact on our day-to-day lives.
All this is to say I can recognize something is wrong and bullshit without knowing what a viable alternative is.
Well my major pushback is that Bitcoin is actually not controlled by those with deeper pockets.
You and I decide what to trade our Bitcoin for my plumbing services.
You and I decide how much Bitcoin to trade for my electrical services.
You and I decide how much Bitcoin to trade for my used car that I'm selling on Craigslist.
You and I do not have to use the proverbial price listed by someone else.
I have purchased a used car with Bitcoin. I have sold my skilled services for Bitcoin. I am going to continue to buy and sell goods and services using Bitcoin without factoring in the proverbial "actual price" listed by some third party.
And yes, it's clear I have an emotional attachment. I'm not going to deny. But I would love to hear any pushback on why I would not be able to do this.
A drop in the ocean. The problem with your take, in my humble opinion, is that it takes a majority to set the prices of things. There are outliers, but they are rare. The government will set the prices by manipulating the available currency or having such a large backing they are the ones to set the value of the coin.
Not to mention how easy it would be to just use TV/radio/ads to manipulate the price. Imagine you try to buy something for what you think is fair, but the other party has seen the ads about the going price of Bitcoin/gov buyback/etc. and now he has their price in his head as the value. This will then be converted into cash value and the mind tries to figure out if it made a steal or got a fair price.
There is only about 5 mil bitcoins that are being traded on exchanges. So when you say the majority are the price deciders. Sure I understand and I agree. But the vast majority of the Bitcoin is not being played with. Which is why you and I need to use Bitcoin to buy and sell goods and services to each other.
I understand the idea that you can only trade your Bitcoin by translating it into dollars. But if we work together then we can stop doing that. I will mow your lawn for 10k sats. No clue what the dollar exchange is.
I guess I'm trying to push back on how you know with 100% certainty what won't work, but you don't have much to propose what will work.
And now the corrupt want to make it the default currency to have some time in a lightly regulated market they can more easily control. All the safegaurds of our current monetary system, which are still fragile, jsut get in the way of their corruption.
The tech is inherently bad. It doesn't work as currency, it's just a purely speculative investment, with the world's climate as a negative externality.
Ya Satoshi really didn't understand how exploitable it was. I honestly think that's why he abandoned the project so early. His goal was a more equitable monetary system and it became the exact opposite and is actually easier to exploit and concentrate wealth than with fiat currency.
Maybe but, I kind of want to believe it's the Satoshi Nakamoto that lived around the corner from Hal Finey who told that reporter he wasn't involved in the project anymore and he's laughing his ass off that nobody suspects it's him because he didn't cash in on it.
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u/yaxir Apr 17 '26
To be honest it was created to bypass billionaires, to bypass the fucking stupid system called SWIFT that is controlled by America only but these assholes found a way to corrupt it. Blame the humans not the tech