Maybe not, but they might. These coins are also technology and businesses, as you know. Regulation doesn’t mean they just “go away”.
Cryptocurrency
- Thread starter Playboi Carti
- Start date
Maybe not, but they might. These coins are also technology and businesses, as you know. Regulation doesn’t mean they just “go away”.
So there's no such thing as inflation? Could I sell you some pesos at 13:1 since that's what they went for in 2014?
The main allure (in a perfect world) to crypto currency is that might provide a currency whose value is not intentionally gamed by politics and government (inflation is a tax on the blissfully unaware, and its effects are intentional).
but i have no reason to not trust the united states government in matters of this. we may debate ideals or theories, but in practice our economy and financial system is absolutely incredible. if, for some reason that hasn't happened, the system is gamed by politics (which i don't think will happen because the people doing the gaming have millions and millions at stake) why would i trust the very same type of people that can hack any computer system in the world? you're asking me to trust people and processes 99.999% of people have no clue about instead of the united states government?
Look at Venezuela. The few people surviving there turned to Bitcoin to protect themselves from the moronic socialist dictator. It certainly has some use. Of course the government tried to outlaw it, especially since they provided "free" electricity. But breaking the law is certainly worth it to try and get some food for your family.
you always use the same example of Venezuela to show how bad anything and everything is. i'm not sure if you are aware you're doing this but using the same example (which is different from us due to politics, economic diversity, education levels, and many other things) as why our system is broken is not very convincing.
What does "the few people surviving there" even mean? Did everyone else die? Are people using bitcoin somehow protected from the food shortages and rioting?
It’s a cheaper option for moving money legally. There is a use for crypto currencies, but I am not sure the valuation matches the current uses yet. They aren’t currently suitable for Day-to-day transactions imo.
From what I've read, I'm not sure that they ever will be. The speed at which transactions can be processed doesn't appear to be very scalable, leading to high costs.
from my understanding there is a chain of transactions for each and every fraction of bitcoin. if they are used in day to day transactions those chains will become so long and burdensome the computing power for simple things will be off-the-charts. imagine if every dollar bill spent didn't just need verification at the point of sale but also every single transaction in that bill's existence. that seems downright silly. and that's what bitcoin needs.
Was there a mass dieoff in Venezuela that we are all unaware of?
The total market cap has gone down over $300,000,000 in a week wtf. Hopefully the market bounces back today
Trust no one. I don't have any horses in this game because A) I don't trust it yet and B) I don't expect governments around the world to sit back and watch while one of their key sources of power is coopted.
I much prefer a market based solution that insures that what we are using for exchange has concrete, established value over currencies that can be and are manipulated at the whim of world governments.
i agree with you in theory. in practice, "market-based" without any regulation leaves behind many, many people.
i don't understand how the US has manipulated the value of the USD on a whim? if you look at the last 100 years I think you'll see steady, consistent, and well-publicized policies of how to deal with inflation or deflation. Could you provide some examples of how US monetary policy has directly impacted the daily lives of Americans that bitcoin could have prevented?
My understanding is that is mostly correct. But instead of everything in the chain verified, the chain is broken into blocks that are verified and added to the chain (somewhat different that what you said).
And you're correct about the power consumption. There is not enough electricity produced in the world for bitcoin to replace all day to day transactions.
