What happened to this Tether bomb from January?
(crypto-anonymous-2021.medium.com)
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I’m a geologist by education, a computer engineer by trade and grew up in a family of “accredited investors” (which is kinda a cringey thing to say, admittedly). I grew up in establishment circles, really. Saying that probably makes me less trustworthy on this, but everyone in these circles seems to shit on crypto.
I’m heavy into Eth full disclosure.
51% attacks now are resource-prohibitive. Look at the power/resource requirements. Plus it would just be mitigated retroactively.
Anonymity - who cares? Probably less anonymous than cash still
Scarcity - lol what? If the market floods with “millions of bitcoins” just buy more because they’re still by definition scarce
I don’t like ad hominem but these are seriously too weak to really dignify and while I’m glad you have crypto, if these are your reasons for skepticism, respectfully, I’m not sure you understand the value of what you do have or how any of this works. I promise I’m not trying to be mean, that’s just what it seems like because these really aren’t compelling points.
So if anonymity and scarcity are not the reason to make bitcoin valuable, what in your opinion makes bitcoin valuable in anyway?
I view Bitcoin as a collectable, which helps, it just happens to be a somewhat liquid/transferrable collectable
The notion of value is rarely derived from the utility of a collectible (eg what is the utility of a baseball/pokemon card?), and is almost entirely perception. Why is an original painting worth more than a lithograph despite having the same utility? Because of how it makes you feel when someone tells you it's an original?
Bitcoin happens to be a collectible with the utility of somewhat easy value store and transfer of value, and, critically, the utility of blockchain validation of authenticity. Suppose original paintings all came with a way to cryptographically and verifysbly validate their authenticity constantly in real time.
I know this is arguably more applicable to NFTs, but it's how I've viewed it for a while and since I grew up in a world that basically ran on paper that s bunch of sociopaths make you literally give years of your life and pieces of your soul for (that costs them literally nothing to make/destroy), how could something like Bitcoin not be seen as a rational supplement or alternative to that absolute madness.
It's late and this is probably disjointed, but most value is derived from perception of value, which, to your point, is a liability, though less so than other collectibles/asset classes in my opinion. Crypto has utility and perception.
So if Bitcoin is a collectable, and its value is mainly in its perception, and you have minimised the value of anonymity and unmanipulatability - in what other ways do you believe it differentiates itself from any other traditional currency ?
What is to stop the same sociopaths from making you give your life and your soul for a few bitcoins? In fact its already happening. People are being paid in bitcoin for committing crimes. Bitcoin is the currency of human trafficking.
And what stops you from living a simple life without chasing the paper money? When I dropped off the rat race so to speak, it was exhilarating. That was almost 15 years ago, long before I opened my eyes, or got redpilled or even knew about the existance of an evil Cabal. The rat race was hurting my soul and it felt natural to drop out of it.
The things that made it difficult for me to drop out were nothing to do with the sociopaths. It had to do with my own perception or myself. I always believed it was important to make a mark on the world and to show everyone that I was successful and I was different than just an ordinary man. I was living my life for the approval of others, and that was what kept me tied to the evil sociopaths' madness. The moment I learnt to love myself for who I am and not for what I do (I am a human being not a human doing), I was free.
I don't need it to differentiate itself from other currency, it's a collectable in my mind. Might be something different to you, that's cool too.
"What is to stop the same sociopaths from making you give your life and your soul for a few bitcoins?" lol I guess nothing? Who cares? What's to stop them from giving you gold? It's just easier for them to give you USD since they print it ad infinitum and hand it to banks.
Nothing is stopping me, I don't care either way. Rich is fine, not rich, I'm indifferent, I have the resources I need for a while even if everything collapses tomorrow. I'm moderately indifferent, but probably because I grew up with so much, my perception is likely really skewed. They'll still be sociopaths whether or not I'm a farmer or a floor trader.
"Bitcoin is the currency of human trafficking," ok boomer. You sound like the Washington Post or the FBI.
Where's your source for that? Why would they use bitcoin? So everyone can log on to blockchain explorer and see the transactions from the comfort of home?
Serious question: you think that human trafficking JUST started in 2009? How were they paying for it before then? Were they just sending 100,000BTC transactions in the beginning when BTC was worthless and suckering any amateur with a video card into validating their transactions?
And even if it's true and it's the sole currency for human trafficking, what's the currency for all the bombs dropped all over the world? Or the kickbacks to foreign agents? Or pallets of currency to Iran in the dead of night? Or payrolls for deep state agents? Subprime mortgage bailouts? Crack deals? Nearly every criminal act involving money for the past century? It's almost entirely USD.
This is the kind of shit MSM says all the time, the FUD that crypto is only for criminal actions. They just want everyone on USD to reinforce their power. Think about it. It wasn't until BTC got to like $25k that anyone in the mainstream took it seriously, then they couldn't ignore it anymore.
Fun side note: the same asshole that always said that Trump would crash the economy were he elected still HATES Bitcoin, and I assure you, he's one of them: https://www.investopedia.com/news/what-paul-krugmans-problem-bitcoin/