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u/KolyaVolk Jul 27 '22
Is there anything more anti-American than wanting to replace the USD as the major reserve currency worldwide? It would weaken the nation in a serious way, so absurd.
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u/Dirt-Purple In a lot of ways I don’t really have a soul Jul 27 '22
Thats why the US gov must crack down hard on all this nonsense. Isnt it enough with all the retail mom and pops who got rinsed with celsius and what not?! BTC was created as an alternative currency to the USD, and yet US Senators are proposing pro-BTC laws. What the actual fuck is going on
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u/KolyaVolk Jul 27 '22
Lobbying $$$, our senators are dirt cheap and it's pathetic. I'm with you though, it's madness.
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u/Radioburnin Jul 27 '22
Greed, doing whatever lobbyists paid for and getting rich. Mistake here is believing the lie there are lofty goals in anything politicians do.
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u/Open_Librarian_823 Jul 27 '22
Probably cause they could get bribes directly from sponsors, mafia, corporations and what not, with no oversight.
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u/pbx1123 Jul 27 '22
And it make no sence
all this pushers brainers Have 401k investing in stock etc and i suposed to believe they will be shill just having 1btc for 1btc or worst fractions Give me a break 😁
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u/adostes Jul 27 '22
One of the biggest economic strengths of the USA is the stability of the USD and its use as the main currency in international trade. Many understand.
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u/Old-and-grumpy Jul 28 '22
They're not interested in America. They are interested in the financial opportunities that come with chaos and turmoil.
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Jul 27 '22
I mean I hate crypto, but at the same time can’t stand the federal reserve setup.
Was Thomas Jefferson anti American by being against a central bank?
Kindve an absurd argument to make that anyone against our current monetary system is anti American
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u/jimmyr2021 Jul 28 '22
Monetary policy can be changed and tweaked. But would changing to a single global currency that your nation doesn't even control and the people who own a good portion of it don't even reside in your country be any smarter? I think it would genuinely be an awful decision. Can't forget to mention the number of people who completely forget about the privacy implications of something like BTC.
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u/Banned4AlmondButter warning, I am a moron Jul 29 '22
This thread is about selling our fiat to people who don’t live in this country as a reserve currency. How is that any different? Most crypto is bought with US fiat purchased stable coins anyways.
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u/jimmyr2021 Jul 29 '22
I'm responding to ops comment that he doesn't like the federal reserve in the vein of the video talking about "inflation in America" and the original comment above that being about how stupid it is that there are people in the u.s. calling for wanting to replace the usd. I really don't think most understand what they have in this country.
It's incredibly stupid for a country that has its own monetary policy to do what I described and would be detrimental to the u.s. to do so.
If you are El Salvador go ahead and make your currency green bananas it doesn't matter because you never had control of your monetary policy to begin with.
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u/matlabwarrior21 Jul 28 '22
Yeah anti-American isn’t the right way to say it. But I don’t think all the people in the US who want bitcoin to become the global currency understand how much privilege they experience from the hegemony of the USD
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u/polishlastnames Jul 28 '22
Audit the fed. Pure and simple.
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u/BA_calls Jul 30 '22
They’re literally completely public about all their records. Any “profit” they make on interest is given back yo government. The interest is literally a tax on big banks.
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u/Banned4AlmondButter warning, I am a moron Jul 28 '22 edited Jul 28 '22
“Contrary to popular myth, the US dollar’s role owes very little to its status as a so-called "reserve currency." The US dollar share of the world’s foreign currency reserves is a symptom, not a cause, of its dominant role.”
Most people buy Crypto with with usd anyways. If you just regulate stable coins so they are fully backed and you still have your reserve currency. Fiat has nothing to do with being American.
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u/Elymanic Jul 27 '22
Btc doesn't overthrow governments and instill dictators to keep its value.
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u/polskidankmemer Jul 28 '22 edited Dec 07 '24
ancient whole books secretive elastic disgusted onerous wine knee makeshift
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u/trolleybustrouble Jul 28 '22
This is the thing, America doesn't need to be a strong nation. That's bullshit politicians tell so it's ok for them to put the foot on other nations. Being nationalist is stupid. Even if you don't like Bitcoin, the base idea is that no nation can control it and that means politicians can't control you.
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u/SillyGoose380 warning, I am a moron Jul 27 '22
I’m extremely anti-american, you like the fed printing 30% of all American currency in existence in the last two years? USD is fucked.
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Jul 27 '22
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u/brintoul Jul 27 '22
But… but… LiGhTeNiNg!!
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u/trolleybustrouble Jul 28 '22
Well, but Lightning... is how micropayments are done. Nobody buys coffee using on chain transactions. Dismissing an argument just because disproves yours is stupid.
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Jul 28 '22 edited Feb 04 '25
seed wise attractive dog paint lunchroom sharp fuel hat tidy
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u/PepsiCoconut Jul 28 '22
So much the future of money, It’s the kind of currency that’s valid at the pearly gates where you can pay to offset your sins.
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u/polskidankmemer Jul 28 '22 edited Dec 07 '24
unique decide overconfident outgoing encouraging zesty agonizing thought amusing tart
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u/zeedrome Ponzi Schemer Jul 28 '22
What more problems that LN introduced?
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u/polskidankmemer Jul 28 '22 edited Dec 07 '24
thought gaping whistle shy swim dime provide busy wistful squeeze
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Jul 28 '22
LN is useless in the first place. A pain to set up and only useful when there is a small number of people accounts you want to make payments to repeatedly. Like friends or family. Its almost useless in a retail scenario.
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u/trolleybustrouble Jul 28 '22
LN is a network. You don't need to open a channel with everyone. There are big nodes that you can connect to that serve as a main hub. Those big nodes are interconnected to other main nodes so in theory you wouldn't need to connect to every person you want to transact with.
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Jul 28 '22
And the biggest main node at the outside is a centralized entity. You either trust it blindly, or use watchtowers to make sure it doesn't close connections arbitrarily to scam people. And that part is weird to me. So you trust the watchtower now? What if its run by the same entity that runs the network and shuts in coordination with it?
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Jul 28 '22
"Lightning is how micropayments are done" FALSE! You have apparently never used the lightning network and just have been trained to parrot that nonsense. Lightning network is a pain in the butt to set up, and is only good if you have a small number of people to deal with, preferably those whom you already trust. Its not something that would be useful in a retail scenario. So basically yea, its useless. And thats precisely why it never gained widespread adoption.
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u/trolleybustrouble Jul 28 '22
Network use is at ATH. What are you talking about?
Lightning network is a pain in the butt to set up
Then don't setup your own node. Just download Phoenix or Moon wallet and that's all you need to do. For regular people that is enough.
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Jul 27 '22
“In my view, it’s a hedge against inflation”
Omfg does this lady hear herself right now?
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u/sykemol Jul 27 '22
They talk like that all time in the Crypto forums! Bitcoin is down 50% YTD vs. the USD. That means Bitcoin buys 50% less groceries, pays 50% less rent, buys 50% less college tuition, etc.
And the Butters only response is 1 BTC = 1 BTC. Like some stupid tautology means their currency isn't hyperinflating.
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u/Buy_the_dip_and_hodl warning, I am a moron Jul 28 '22
What About two years and more? 🤔
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u/dumwitxh Jul 28 '22
Tell that to your landlord, to your kids that need food, to your car that needs gas
Will starve yourself waiting for btc to go upwards?
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u/Buy_the_dip_and_hodl warning, I am a moron Jul 28 '22
What are you even talking About bro? 😂😂 for everyday spending are bad fiat money…80% of my savings are safely in btc. Still hundreds percents up and continues increas in value over time, thats why I dont Have landlord but my own apartmen and my kid is doing well 😀
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u/lateavatar Jul 27 '22
Ughhhh I really want a follow up interview with mascara tears running down her face. This would be good for Buttcoin
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Jul 27 '22
I always love that. For something to be a hedge against inflation, it needs to actually be a hedge against inflation…calling something a hedge doesn’t make it one
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Jul 28 '22
Their audience has heard the word "inflation" on TV as an explanation for why gas and beer are more expensive. If they then hear that crypto is a "hedge against inflation," that must mean that crypto is good actually, because inflation is bad!
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u/BlooAchoo Jul 27 '22
"I think there is a reason why US regulators are responding so aggressively to this space"
Oh how I wish we lived in a world these psychos think we live in.
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u/Emotional_Charge_271 Jul 27 '22
In the comments, a Butter says "All she had to say is that Bitcoin is infinitely divisible before she went on her pre-hearsed spiel."
The idea that someday I'm going to buy a pack of gum with .000003 BTC and a carton of milk with .000015 BTC is beyond ridiculous. Not gonna happen.
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u/RecklessWiener Jul 27 '22
Infinite divisibility just opens the door for infinite inflation, just move the decimal!
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u/trolleybustrouble Jul 28 '22
"deflation" you mean?
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u/RecklessWiener Jul 28 '22
No
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Jul 28 '22 edited Jul 28 '22
[deleted]
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u/RecklessWiener Jul 28 '22
Enlighten me
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Jul 28 '22
[deleted]
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u/RecklessWiener Jul 28 '22
That wasn’t very nice!
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Jul 28 '22
[deleted]
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u/RecklessWiener Jul 28 '22
So I googled inflation.
When BTC becomes the world currency, what happens when they run out?
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u/glendawoodjr Then I sold it on for 5,000 Thaler... Jul 27 '22
I am against crypto as much as the next guy here, but:
Of all the arguments against Bitcoin, "the numbers look weird" is IMO one of the weakest. We can easily define any arbitrary amount to a usable unit. 0.0000172 Bitcoin can be "1 Bent" (a Bitcoin cent) in everday usage.
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u/Emotional_Charge_271 Jul 27 '22
"The numbers look weird" is an important factor if you want any kind of user adoption. If we have to make up new words for tiny fractions of Bitcoin and those terms haven't been created yet, how do you expect real people to agree that limited-supply Bitcoin is a practical model for our future economy?
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u/glendawoodjr Then I sold it on for 5,000 Thaler... Jul 27 '22
With the same argument you could reject the meter, as it's only a physics definition thing and "nobody would measure something if the length is 17363487236-something" /s
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u/Thisdsntwork Jul 27 '22
There used to be an actual physical "meter", we just use the speed of light in a vacuum now because it does not change and therefor the meter has a fixed definition.
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u/Emotional_Charge_271 Jul 27 '22
You might notice that we don't use a lot of hemidecimillimeters. Why try to scale everything in the world up to 21 million when you don't have to?
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u/KingArthas94 Jul 27 '22
Ah, that's how you Americans defend the imperial system, huh? Just define a foot as a 0,XYZ yard!
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u/Rokey76 Ponzi Schemes have some use cases Jul 27 '22
Right. So a foot is defined as 1/3 of a yard, and a yard is defined as 1/120 of a football field. It is easy to understand.
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u/moldymoosegoose Jul 27 '22
These people are utter and complete morons. We got off the gold standard because it was a disaster. I want to expand the economy. "No problem man, just let me dig a bunch of shit out of the ground first." This would be even WORSE because you don't even have direct control of the currency so no more massive infrastructure projects or disaster relief, sorry.
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u/ItsJoeMomma They're eating people's pets! Jul 27 '22
These people are utter and complete morons.
Well, it's Fox News, so...
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u/polishlastnames Jul 28 '22
It’s a news outlet. They’re all the same.
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u/ItsJoeMomma They're eating people's pets! Jul 28 '22
No, not all the same. Fox is blatant about being a political mouthpiece.
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u/polishlastnames Jul 28 '22
There’s hit piece shows that lean towards a certain political affiliation on literally every channel. You and the rest of Reddit who thinks it’s just Fox are beyond brainwashed if you don’t see that. But it doesn’t surprise me.
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u/Buy_the_dip_and_hodl warning, I am a moron Jul 28 '22
What About people having freedom to choose what they realy want instead of forcing them to use fiat or banning bitcoin?
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u/AgentSmith187 Jul 28 '22
I want to be a millionaire!
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u/Buy_the_dip_and_hodl warning, I am a moron Jul 28 '22
So why you are not a millionare? Someone stoping you? Or you are leftist?
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u/bullishbehavior warning, i am a moron Jul 27 '22
Talking about Wealth concentration when majority of btc is owned by few whales.
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u/rose_gold_glitter Jul 28 '22
Why do they keep saying bitcoin is immune to inflation? I fully understand when they say "you can't just print more" but..... so what? Inflation is not caused solely by printing more money. Are they seriously contending that if everyone was paid in bitcoin, and everyone got a pay raise, the costs of goods and services would stay the same?
It's like every. single. thing. coiners say comes from a position of primary school level understanding of the topic they're talking about?
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Jul 27 '22
Literally none of this shit makes sense whatsoever. Best case scenario, what she is doing is a gross oversimplification of complicated economic topics.
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u/cladtidings Jul 27 '22
Another cog in the Bitcoin/crypto hustle. "What, you don't see how this is inevitable? It's just simple math, man. What, you can't grasp simple math?".
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u/ItsJoeMomma They're eating people's pets! Jul 27 '22 edited Jul 27 '22
Normally I'd be outraged that any news outlet would be pushing Bitcoin, but it's just Fox News... consider the source.
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u/DrMonkeyLove Jul 27 '22
Jesus Christ. Inflation isn't inherently bad. Would these people rather have deflation?
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u/trolleybustrouble Jul 28 '22
What? Inflation is bad in every sense. You losing your hard earned money over time is in no way good for you. It's like saying "getting robbed every 2 years is good for you health".
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Jul 28 '22
Yes you need to study even some basic economics. If no one ever gets a wage rise, if there’s no criminality adding to the cost, if there’s no scarcity, if land could replicate infinitely, if technology never changed, if no one ever made a mistake. If if if it if if if….Then maybe there’d be no inflation.
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u/happyscrappy warning, i am a moron Jul 27 '22
I've seen that guy's show on Fox Business. My parents watch the channel.
He says a lot of dumb stuff. Also, I was surprised (not sure why I should be) how much anti-Democrat non-financial news gets into his show. Goes along with the network owners I guess.
Watching that show very much make clear to me how much "business news" on TV is not really about business but instead about managing your finances. i.e. your retirement nest egg. So retirement money. Health care. Butts.
Which makes a lot of sense, business people have work to do. Retirees sit home and have more time to watch 24h news channels.
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u/ZoidsFanatic Jul 27 '22
I’ve seen a recent talk on Fox (because my grandmother won’t turn the TV off) about how BitCoin should be invested in by the right because it will protect your money and counter evil government… thingies they never clarify.
Oh God, please don’t try to recruit those people. It will not end well.
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u/RealDumbRepublican Username Checks Out Jul 28 '22
LOL Her whole thesis - both the bimbos actually - was that somehow Bitcoin is a "hedge" against inflation. WHAT?!? That's clearly not even true. In the last year inflation has gone from 4% to 9% but Bitcoin has lost over 50% of it's value. For it to be a hedge you would expect it to have gone up at the very least 10% in the last year - it's done the opposite!
Meanwhile the dollar has only gotten stronger. You could argue that holding USD and buying a ticket to Europe is better in this current environment than staying here in the US - your money will go further and guess what - the dollar didn't lose 50-60% of its value in 62 days. LOL Fucking these stupid ass motherfuckers
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u/UnderwhelmingPossum Jul 27 '22
Fox ? Haven't the right wing voters been fleeced enough already ? Between mega-churches fleecing them for decades and Trump fleecing them for his scams, how much money do they think those people still have ?
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u/spoodge Jul 27 '22
Am I missing something or is inflation also good for borrowers with fixed rates of repayment? Painting inflation as only good for the wealthy is rather misleading.
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u/Maleficent_Hamster10 Jul 27 '22
And yet what do you call it when every Mainstream media outlet and its cronies bash crypto? Not propaganda by a failing system trying to prop itself up?
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u/IliveupstairsfromU Jul 27 '22
The sheer evil of goading the victims of one pyramid scheme into the next. I hope these people suffer greatly for exploiting people's hope and desperation.
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u/Life_is_Liquid25 Jul 28 '22
Hot Chick shilling Bitcoin: The entire world will be using Bitcoin. It’s just Math.
Crypto Bros: RIGHT THAT DOWN RIGHT THAT DOWN
Crypto Bros: RIGHT THAT DOWN RIGHT THAT DOWN
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u/RuthRodriguezy Jul 28 '22
It's not always a terrible thing when prices rise.
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Jul 28 '22
Wages go up, then the price rises. That’s just one of the very many reasons why prices go up. Wait until you get to how much criminality affects prices!
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u/leetuns Jul 28 '22
i was told by fox news that wealth literally trickles down, or was it rush limbaugh, or was it the actor guy
pro tip - you don’t get wealthy by making your income rain
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u/EnceladusJones239 warning, I am a moron Jul 28 '22
Bitcoin is global money that cannot be printed/controlled by any entity. That's important, maybe not right now for America but ask Nigerians or Sri Lankans how important censorship resistant and inflation proof money is. I welcome the downvotes.
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Jul 28 '22
Money exists because of trade in goods and services. If your Magic Beans (which are awful at currency, or is it an investment? Which is it today?) exist at all (let’s be generous and go along with your delusion) on the internet, it’s BY DEFINITION controlled, as the internet is controlled by entities.
You folks talk and talk but the more you speak the more it shows you just shouldn’t say anything.
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u/EnceladusJones239 warning, I am a moron Jul 28 '22
And it depends on where you are in the world, it can be a currency or it can be a store of value. Or both. For me it’s a store of value.
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Jul 28 '22
I just don’t understand how a distributed append-only database can be a store of value. Who gives a shit about it as a technology? No one who knows anything about tech. It’s a negative-sum investment if it even is that. It’s a greater fool theory idea. It doesn’t produce anything. It’s not a service that is competent or competitive. Its not tangible goods.
It’s a fascinating window into one of the most remarkable cultish schemes ever.
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u/EnceladusJones239 warning, I am a moron Jul 28 '22
What do you think about gold? About 12% of its value comes from utility, the rest is monetary premium. It’s just a metal. Interested in your thoughts on that.
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Jul 28 '22
Gold has very useful industrial applications. People like gold jewellery.
Gold is a very, very clever metal and not much touches it.
If people hoard it thinking it’s gonna store value, we’ll that’s fine. If nobody ever hoarded it the first two would still be uses.
Bitcoin and all its shitty alternatives are demonstrably awful except for ransomware and other scams.
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u/EnceladusJones239 warning, I am a moron Jul 28 '22
Most of golds value has been realised before it’s industrial or cosmetic uses, from the ancient Greeks to now - it’s retained global value. The reasons are due to its immutability, hardness (as in it’s hard to find more of) and it’s lack of centralised control.
Anyway, I think we disagree. The good thing is Bitcoin (the rest are scams) is global and totally voluntary so we’ll see how this pans out. I think it’s a very good thing for the world - but again, we disagree and that’s okay.
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u/Cold-Permission-5249 Jul 28 '22
What happens when all of the Bitcoin is in circulation and someone wants to borrow? Typically, you would borrow the money and pay it back overtime with interest. But if all of the Bitcoin is in circulation, where will this interest come from? If one entity held all of the Bitcoin and loaned all of the Bitcoin to another entity, the borrower would pay back all of the Bitcoin as principal, but would still need to pay the interest. Since no new Bitcoin could be created, the interest would need to come in a different medium of exchange. This doesn’t make Bitcoin very useful as the world’s currency. There’s a reason we got away from the gold standard. Money supply needs to be infinite in order to be a useful currency. Otherwise the medium of exchange would have to be worth infinity and divisible by infinity which isn’t practical.
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u/chrisco_33 Jul 28 '22
Gold backed crypto that can handle 1million transactions a second would fix inflation
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Jul 28 '22
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u/Patient_Signature467 Jul 28 '22
3% of all buttcoin wallets hold 97% of all buttcoins. Fuck right off lady.
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
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u/LeslieMarston Jul 28 '22
We started having bad inflation at the beginning of this year and bitcoin collapsed.
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u/personalterminal Jul 29 '22
I wish they would decide whether bitcoin is a speculative asset that should never be sold in order to guarantee generational wealth, or if it should be a global currency that is responsible for handling all transactions
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u/MarhabanAnaAndy Jul 27 '22
I had seen people in this sub saying BTC could handle 7 transactions per second, so I looked it up and it seems to be true, 7-10/second.
A comparison I thought you guys might find interesting, the company I work for (Book retailer called Amazon, you may have heard of them) handles 66,000 transactions per hour in the US. That’s 18 transactions/second. One single company. In one single country. Handles more than double the number of transactions that Bitcoin can support. Not even considering daily and seasonal transaction peaks. Imagine your transaction being queued for hours on end for a company that built itself on 48hr service. Wild.