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Bitcoin

Econ4every1 said:
Accepting BTC is not the same as holding it. The vast majority of businesses that accept bitcoin simply convert them instantly back to dollars. Why? Because they don't want BTC, they want dollars.
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They'll hold bitcoin over dollars when inflation ramps up, which it most certainly will.

Econ4every1 said:
So BTC is more of a payment network, than a currency.
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A payment network where anyone can pay anyone else, any amount, anywhere in the world, and no government can stop them.
 
aociswundumho said:
They'll hold bitcoin over dollars when inflation ramps up, which it most certainly will.



A payment network where anyone can pay anyone else, any amount, anywhere in the world, and no government can stop them.
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Bitcoin isn’t used for payment much, unless it’s for illegal activity.

It’s primarily a scheme to be the guy who sells before everyone else does.
 
Threegoofs said:
Bitcoin isn’t used for payment much, unless it’s for illegal activity.
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Because compared to using cash or a credit card, crypto is slow and inconvenient. But that's just an engineering problem that will be solved, especially when AI gets into the mix. I'll be starting a thread on that soon.
 
aociswundumho said:
They'll hold bitcoin over dollars when inflation ramps up, which it most certainly will.
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You mean the fiat token will increase in value when everyone dumps dollars into it?

Guess what.

When the dollar comes back and BTC falls in value back to where it was, the exact same amount will be lost.

aociswundumho said:
A payment network where anyone can pay anyone else, any amount, anywhere in the world, and no government can stop them.
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Which is why it's good for criming and criminals are the ones promoting it. <cough>FTX<cough>
 
aociswundumho said:
Because compared to using cash or a credit card, crypto is slow and inconvenient. But that's just an engineering problem that will be solved, especially when AI gets into the mix. I'll be starting a thread on that soon.
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No, it’s because no one really wants to use it that way, because it’s ridiculous and inconvenient.

The only people who want this are the true nutters and they’re a small part of the population.
 
Econ4every1 said:
You mean the fiat token will increase in value when everyone dumps dollars into it?
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Bitcoin is not a stablecoin.

Econ4every1 said:
Guess what.

When the dollar comes back and BTC falls in value back to where it was, the exact same amount will be lost.
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Which point on this chart are you referring to:


dollar.webp


Econ4every1 said:
Which is why it's good for criming and criminals are the ones promoting it. <cough>FTX<cough>
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Cash is also good for crime.

Where crypto will shine is in tax evasion.
 
Threegoofs said:
No, it’s because no one really wants to use it that way, because it’s ridiculous and inconvenient.
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As I said, the inconvenience part is an engineering problem, and it will be solved soon with AI.

Threegoofs said:
The only people who want this are the true nutters and they’re a small part of the population.
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High inflation is coming, and everybody knows it. The federal government has dug itself into a hole from which it cannot escape. Since it is extremely unpopular to raise taxes or cut spending they will instead attempt to inflate the debt away. During this period, if you leave your money in the bank, its value will continually drop. People don't like losing money, so they'll seek alternatives, and one of those alternatives will be crypto.
 
aociswundumho said:
Which point on this chart are you referring to:
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I wouldn't refer to that chart if I were trying to understand the dynamic between currency value, wages and prices. I'd use this one.

fredgraph.png




aociswundumho said:
Cash is also good for crime.
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That's not the solid reply you think it is.


aociswundumho said:
Where crypto will shine is in tax evasion.
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It's already here. It's also allowing companies to hide losses and cook their books.
 
dmpi said:
LOL. The thing about crypto, you can't tell if you're lucky or you're smart. But if you're a winner then you're relevant.
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Pump and dump has been a securities scam since the tulip bulb. What is different is mass media and the billions that large holders spend to pump it.
 
Econ4every1 said:
So explain to us the cause of those examples, Zimbabwe and I presume Weimar Germany, then tell us how crypto would solve that problem?
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Is that where she keeps her private keys?
 
aociswundumho said:
Considering that the last bitcoin won't be mined until around 2140, I wouldn't worry about it too much.
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Who guaranties that? It is only software, Software can always be hacked. Your private key is only secure as long as it is kept secret and you remain anonymous. But that is like burying gold at a location only you know and then trying to exchange it for something of value securely.

For instance, a custodial hot wallet might be a popular exchange wallet where you trust the exchange to safeguard your private keys. Conversely, a noncustodial cold wallet could be a hardware wallet like Ledger or Trezor, which provides maximum security by storing your private keys offline.
 
craig said:
Who guaranties that? It is only software, Software can always be hacked. Your private key is only secure as long as it is kept secret and you remain anonymous.
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I don't have to remain anonymous because you have no way of knowing if I own any crypto at all. And neither does the state.


craig said:
But that is like burying gold at a location only you know and then trying to exchange it for something of value securely.

For instance, a custodial hot wallet might be a popular exchange wallet where you trust the exchange to safeguard your private keys. Conversely, a noncustodial cold wallet could be a hardware wallet like Ledger or Trezor, which provides maximum security by storing your private keys offline.
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I have a Trezor, and I would recommend it.
 
aociswundumho said:
As I said...
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Just curious what your answer to this question would be. It's tangentially related....

If you saw a small child drowning in waste deep water and saving the child wouldn't put your safety at any risk. Do you have a moral obligation to save the child? Do you think you have a legal obligation. I'm not asking you if you know what the law is, I'm asking what you think it should be.
 
Econ4every1 said:
Just curious what your answer to this question would be. It's tangentially related....
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Can't wait to see how.

Econ4every1 said:
If you saw a small child drowning in waste deep water and saving the child wouldn't put your safety at any risk. Do you have a moral obligation to save the child?
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Of course. I have a moral obligation to save the child even if it did put my safety at risk.

Econ4every1 said:
Do you think you have a legal obligation.
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No.

Econ4every1 said:
I'm not asking you if you know what the law is, I'm asking what you think it should be.
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Understood.
 
TheDoctorWasIn said:
🤣

You should tell that to all the people who lost billions of dollars on failed "cryptocurrencies" and memecoins.
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What is the connection between someone taking a calculated risk and losing, vs. a government intentionally wiping out the wealth of thousands of families?
 
aociswundumho said:
What is the connection between someone taking a calculated risk and losing, vs. a government intentionally wiping out the wealth of thousands of families?
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Do you have any examples of nations that embrace your ideas?
 
aociswundumho said:
Because compared to using cash or a credit card, crypto is slow and inconvenient. But that's just an engineering problem that will be solved, especially when AI gets into the mix. I'll be starting a thread on that soon.
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Bitcoin has been exchanged since 2009. If there is still an “engineering problem” after fifteen years, then perhaps it’s not all that it’s cracked up to be.

Oh, and Bybit, Mt. Gox, Bitfinex, Coincheck, and FTX called to remind everybody that hackers are a massive part of the lack of security, too. Lovely.
 
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