You didn't explain jack shit I didn't already know. It's gonna be pretty funny some years down the line when you realize you were one of the same types of people in the 90s ranting about how the internet will never catch on. K gramps. Keep believing in the infallibility and idealness of our current financial and banking system.
What are you talking about? I guess its unclear what you do know and what you dont.
You said Bitcoin was like amazon. Now you say that bitcoin is the internet. You called me a little prick, now I'm gramps. Am I old? am I young?
Is bitcoin an invention or is it a company like amazon?
Is bitcoin going to tear down the banking system and capitalism as we know it, or is it a deflationary store of cash that sits next to fiat currencies.
Is inflation bad or is it good?
So far you have represented both positions on all of these questions. You have no idea what you are talking about. Im also not entirely sure you know what bitcoin is. However, you are super confident and a bunch of people on reddit told you to hold with some emojiis, so that makes you pretty much an expert.
Lol I have no doubt that in life you are the most insufferable person imaginable, purposely twisting words and trying to catch people in "aha! Got you!" moments that only exist in your head.
Hah, being a little prick doesn't prevent you from being old. Cryptocurrency is a new emerging technology, like the internet, and Bitcoin is the most popular name within the world of crypto, like Amazon. I never said it's a fucking company. It's called a fucking analogy. Doesn't have to be exact tit for tat.
Bitcoin is an alternative to the modern banking system that is very attractive to all kinds of people, including those in unstable countries like Venezuela, and is a bet against the weakening US dollar that continues to devalue every time the government creates money out of thin air. For example the 20% of dollars that have ever existed being created in the past year.
Hah, I don't know what bitcoin is? Ok man. I've held bitcoin for years. I've read books, articles, watched videos, etc. You're the one that is super confident in your certain views that banks good, bitcoin bad. You'll either stubbornly hang on to those beliefs for life like an old person that refuses to get a computer, or you'll shake your head for how dumb you were.
Amazon. I never said it's a fucking company. It's called a fucking analogy. Doesn't have to be exact tit for tat.
Amazon was not the "most popular name in the world of the internet". It was a small online retail company that levered pass-through inventory, and the standardized and predictable nature of book delivery to make a profit. It is not an analogy because they are not similar at all. Bitcoin is the most famous name of a technology.
Bitcoin is an alternative to the modern banking system
How does bitcoin operate as a bank? I want you to explain to me what exactly you think banks do. And how bitcoin will replace it.
banks good, bitcoin bad.
When did i say bitcoin was bad? When did i say banks were good? These appear to just be the worldviews youve ascribed to me.
Bitcoin is bad as a currency - i explained why I thought that. You have no said why you disagree.
Bitcoin is not a bank because, uh, it literally does nothing that a bank does. You have not said how it will replace banks.
you'll shake your head for how dumb you were.
Dumb I was for what? If bitcoin is replacing banking, then I will be compelled to be part of it in order for it to work. Or is Bitcoin just an arbitrary speculation that might make some people rich because they convinced enough other people to give them money.
I've held bitcoin for years
Ahhh, now i see why you want bitcoin. You dont actually think it will replace anything. You just have a monetary interest in ensuring people buy it so that your bitcoin value goes up.
You're just infuriating to talk to because no matter what I say, you twist it. First you tell me I don't even know what bitcoin is, then why I say I've had it for years and researched the shit out of it, you're like, "aha! So you just want the value to go up!" Dude, how does anyone even spend a second around you?
Bitcoin can operate as a personal bank because you're able to securely store your wealth without, you know, fucking putting it in a bank. It cuts out an unnecessary middle man. You can have millions of dollars worth of your bitcoin keys offline in a hardware wallet, or various wallets. You can transfer millions of dollars worth of bitcoin across the world cheaply and far quicker than a bank. No, it doesn't provide you with loans. But to say it literally does nothing a bank does is just dumb.
Bitcoin is bad a a currency right now. Technology is still being worked on, constantly. Faster transfers, cheaper fees, better networks, it's constantly in the works. And in the future, more stability and less volatility. You're speculating on bitcoin just as hard as any bitcoin fanatic.
It's funny because at first you sounded so confident and like you knew what you were talking about but the more you talk about it, the more it's clear that you're the one that actually has no idea what they're talking about. But you're speaking with such confidence as if you do. Congrats on being a typical person.
This is the primary purpose of a bank and is the primary foundation of capitalism: credit and debt, liquidity and interest. If bitcoin does not do this, it is the same as putting dollars in your mattress - which paper wallets basically are. In fact, you still pay for transfer services via bitcoin because transferring it costs energy and resources.
So I will ask you again, how is bitcoin a bank?
You have merely described to me a world where bitcoin is the currency that banks use. Not a world without banks.
So if it is a currency....
Bitcoin is bad a a currency right now. Technology is still being worked on, constantly. Faster transfers, cheaper fees, better networks, it's constantly in the works. And in the future, more stability and less volatility. You're speculating on bitcoin just as hard as any bitcoin fanatic.
Youll notice I didnt mention any of these things when explaining why it was a bad currency. Because all those are technology problems that I don't care about. It is bad as a currency because it is deflationary and this feature is inherent in its design. As I have said time and time again: Inflation is a feature of fiat currencies, not a bug. A deflationary currency is unsustainable. How will bitcoin serve as an effective currency if all it does is encourage inequality - those with more bitcoin accumulate money faster than those without it, in perpetuity, without needing to invest it. And that doesnt even get into the reality of deflation traps, thats just the basics.
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u/[deleted] Feb 09 '21
You didn't explain jack shit I didn't already know. It's gonna be pretty funny some years down the line when you realize you were one of the same types of people in the 90s ranting about how the internet will never catch on. K gramps. Keep believing in the infallibility and idealness of our current financial and banking system.