You’re grossly misinformed. True cryptocurrencies like Bitcoin can not be inflated. That’s the whole point. It’s the only sound money because it’s guaranteed by math
Forks and government mandates, my friend. I can ensure you that if a country like the USA, China, Russia, etc actually "adopt" Bitcoin, it's getting forked over and over into USBTC, CHBTC, etc. With these forks they'll move over from PoW to PoS, give a shitload of USBTC over to someone like the Fed, and you'll get taxed, payed in income in, etc with USBTC, not regular BTC.
They'll claim that OG BTC HODLers still benefit from being forked into the new system, but they control all the rules. It'll still be guaranteed by math, but it'll be their math, not ours.
Yeah because adoption of technology increases its value. Not to mention The value is currently measured in dollars...but eventually it wont be seen that way
Ok, then reconcile this. Crypto is the solution, new currency
What do we do about the fact that when that happens, the absolute richest people in the world will be the Chinese and middle east terrorist farms, and that the vast majority of middle class people will be dirt poor?
The hostility is towards the fact that it is another scam. Crypto is only good as long as some fat-fuck whale doesn't come along one day and dump his coin, causing it all to crash. 1 fat guy can make or tank crypto.
The blue-chip stock guys used crypto to pump and dump in order to cover their shorts. So, pump it up one day, everyone gets FOMO and 2 days later Kenny Griffin dumps his coin and were all left holding the bag.
I watched Berry Silberts tank DOGE from $0.70 to $0.30 overnight and it never recovered. As a response, Elon Musk sold billions of Bitcoin and single-handedly tanked it.
Crypto is susceptible to being used for economic wargames.
There's nothing secure, stable or trustworthy about crypto.
Bitcoin is a digital currency. Since the invention of the credit card the USD has also been a digital currency. A bunch of fancy and opaque "math" surrounds both bitcoin and the USD. Even if the theory is sound there's no way for me to verify the practice matches the theory.
Sound currency rests on real value. The currency itself must either have a real value like silver or gold or be immediately exchangable for a fixed quantity of a valuable commodity or selection of commodities.
Government can ban anything. Should I say “don’t use gold, government can ban it”?
Bitcoin is our best option at the moment. I’m not shilling anything, it’s market cap is over $1T I hardly thing my anonymous comment on a tiny thread will impact that at all. Am I the one not thinking?
Don't ever tell someone they're grossly misinformed again. At the first sight of Ukraine going hot the whole crypto field shit itself, "consensus" on the network might as well be "Our democracy", you want crypto to be the solution, it doesn't make it so.
BTC is like 14 years old or whatever by now, transactions are still:
Transparent
Slow
Expensive
Relies too much on infrastructure to function
Increasingly dependent on third party gate keepers in practice
Regulated up the ass and more coming down the line
No hope of ever buying a coffee with it as was always promised
Paystream or whatever it was called for micro-payments dead
Goldman Sachs et al co-opting or co-opted it
Once you're done reading this, go find out how many nodes there are for ethereum network.
Can not be inflated
The network can declare itself a pink soccer ball and transmute itself into shakespeare should "consensus" on the matter be reached. Fool.
That’s literally deflation, the exact opposite of inflation. 1 BTC used to buy a slice of pizza, now it buys a car. $1 USD used to buy a movie ticket, now it buys 1/4 of a candy bar. Deflation vs Inflation
Intrinsic - this would be any alternative use. Silver for example has alternative uses in electronics. Dollars can't even be used as toilet paper because they'll clog the drains.
Utility - This goes beyond merely the utility as a medium. Paper is light weight and therefore easy to transport, can be denominated conveniently, and digital forms may be transacted instantly across vast distances.
So stop. Even fiat has 'worth'. It derives it's worth from it's utiltiy. The problem is that the utility does not exeed it's inherent liabilities, notably that it controlled by a central authority who can at any time 'cheat' and break the rules.
Crypto has extreme utility, and that is entirely why it is worth what it is. Anyone who sees the collapse of fiat coming can recognize just how valueable a DECENTRALIZED, TRUSTLESS, PERMISSIONLESS medium of exchange is. One that you can't be deplatformed from, that carries zero counterparty risk, and is immutable from a centralized authority rug pulling, is a medium that would prevent what we are about to go through.
The collapse, destitution, starvation, and mass missery about to flood across the world could have all been avereted but for a DECENTRALIZED, TRUSTLESS, PERMISSIONLESS medium of exchange. What crypto brings to the table is the progress we've seen without the collapse that follows.
Crypto isn't worthless. It is worth far more than even the most bullish value it today. Right now only a fraction of the world recognize the utility, and have acquired a stake, yet the whole world requires the utility only a cryptographically secured blockchain can provide. You can buy in a greater stake than you will in a decade, and that remains as true today in 2022 as it was in 2012.
Yup. Or the risk skyrockets due to government threat. Value plummets and the point of "it's MATHAMATICALLY IMMUNE TO GOVERNMENT FUCKERY" is moot within a week.
It's not on the internet, it's on the blockchain. They can't shut it down. And if all the electricity goes out, we're fucked anyway. Good luck trying to exchange gold or silver with a population that would take a candy bar over 10oz of silver. In SHTF situation, you'd be better off stockpiling food, ammo, meds, and apparently toilet paper.
You can store your crypto in a hardware wallet and transact wallet to wallet. Etc etc.
If the internet goes down, we have more big problems than that. How might it effect the price of gold… and the exchanges that tell everyone the price? Those would collapse too.
Crypto has zero intrinsic value, it is just a couple million electrons that make up the ones and zeroes in a hard drive. It cannot be used for anything other than as a currency. Even fiat paper can be burned for warmth, used as wallpaper, used as a form of (lousy) insulation, etc. If a currency does not have any intrinsic value, it doesn’t matter how much utility it has.
If you drop the hard drive holding your crypto, you will suddenly be bankrupt, how convenient. Crypto does not retain the ability to be used as a currency whenever the power goes out, which happens to millions of Americans every year. Crypto is the modern version of “You will own nothing and you will like it”.
People would often say that apple computers cannot get viruses, but that was because apple‘s market share was so low that most hackers didn’t waste their time making viruses that affect apple machines. But that changed when when Apple became popular. The same would be true with crypto if we switched over to it as our main form of currency. Every hacker, scammer, politician, counterfeiter, banker, hedge fund manager etc. on the planet would be targeting crypto for ways to manipulate it, and they will find ways. Humans are not perfect, all knowing, or all powerful, so the things that we make are not either. Anything designed and created by humans can be corrupted and destroyed by humans. You are delusional if you think otherwise.
Value is subjective. That fiat can be burned doesn't give it value. A twig on the ground has more utility in that regard. Crypto's intrinsic value is that it is safe from government and can be used anywhere in the world regardless of borders instantaneously without a middle man. There has never been a currency that offered so much freedom. What is your alternative? Gold? The government can and has confiscated that in the past. They can't confiscate the blockchain.
Q said "gold will end the Fed," not "crypto will end the fed." Nobody can criticize the Fed for its fractional reserve banking and basing it on the petro dollar and then turn around and promote crypto, which is based on wishful thinking. Mike Adams's "Buttcoin and Shitcoin" cartoon sums it up perfectly. Bellybutton lint and Nintendo cartridges are more tangible than crypto. Crypto points us all towards a cashless society that will eventually require a chip in your hand, and in case you haven't noticed it, that's exactly the road the World Economic Forum is forcing us down.
Q is neither god, nor infalible, nor does gold ernding the fed become an argument against crypto. You don't need a chip in your hand to transact Monero.
Today agree man. So many people on here act like people are gonna carry around gold and silver. I like them too don’t get me wrong. But I like them as a “savings account” for lack of better term.
Just like cryptocurrency.
You’re grossly misinformed. True cryptocurrencies like Bitcoin can not be inflated. That’s the whole point. It’s the only sound money because it’s guaranteed by math
Inject your science juice and get your heckin math coins.
You have no idea what is in the shot.
Bitcoin, for example, is open source. If you are literate in the language, you can read it for yourself and see how it works.
Otherwise, read the white paper.
You realize Bitcoin is open source right? Nothing is obscured
Forks and government mandates, my friend. I can ensure you that if a country like the USA, China, Russia, etc actually "adopt" Bitcoin, it's getting forked over and over into USBTC, CHBTC, etc. With these forks they'll move over from PoW to PoS, give a shitload of USBTC over to someone like the Fed, and you'll get taxed, payed in income in, etc with USBTC, not regular BTC.
They'll claim that OG BTC HODLers still benefit from being forked into the new system, but they control all the rules. It'll still be guaranteed by math, but it'll be their math, not ours.
Reject any government forks. Solved.
How much is a bitcoin worth if the Internet goes down?
Askin' for a fren'.
Yes they can. 100 btc used to buy a pizza. Now it's a fraction of that. The inflation is on the other side of the decimal.
Yeah because adoption of technology increases its value. Not to mention The value is currently measured in dollars...but eventually it wont be seen that way
That’s deflation.
At this point seems harder to mine Bitcoin than find some gold.
Too much ignorance around here regarding blockchains.
I'm surprised at the hostility towards crypto here. It's the only solution to government controlled currency.
The ignorance is sad to hear.
Ok, then reconcile this. Crypto is the solution, new currency
What do we do about the fact that when that happens, the absolute richest people in the world will be the Chinese and middle east terrorist farms, and that the vast majority of middle class people will be dirt poor?
The hostility is towards the fact that it is another scam. Crypto is only good as long as some fat-fuck whale doesn't come along one day and dump his coin, causing it all to crash. 1 fat guy can make or tank crypto.
The blue-chip stock guys used crypto to pump and dump in order to cover their shorts. So, pump it up one day, everyone gets FOMO and 2 days later Kenny Griffin dumps his coin and were all left holding the bag.
I watched Berry Silberts tank DOGE from $0.70 to $0.30 overnight and it never recovered. As a response, Elon Musk sold billions of Bitcoin and single-handedly tanked it.
Crypto is susceptible to being used for economic wargames.
There's nothing secure, stable or trustworthy about crypto.
Baffles me too!
People are afraid of what they dont understand
And that is a damn good survival reflex. Do you understand how to handle nitroglycerine? Or 99% pure U-235?
Don't expect (or want) them to be unafraid, until they understand.
No. We simply distrust what we cannot see.
Bitcoin is a digital currency. Since the invention of the credit card the USD has also been a digital currency. A bunch of fancy and opaque "math" surrounds both bitcoin and the USD. Even if the theory is sound there's no way for me to verify the practice matches the theory.
Sound currency rests on real value. The currency itself must either have a real value like silver or gold or be immediately exchangable for a fixed quantity of a valuable commodity or selection of commodities.
But it's NOT guaranteed that the infrastructure to support BTC will be operable (through actual computer outage or threats/legal shit, etc).
Government bans cryptocurrency. Threat of law is great enough to substantially reduce use.
Boom. You're IT'S MATH is worth nothing.
Sure. I guess technically you still have your BTC and maybe later it will be worth something.... MAYBE.
But IT'S MATH is as fucking stupid as ITS SCIENCE.
BTC and other cryptocurrencies are extremely vulnerable to a multitude of fronts, depending on the specific crypto.
If you think cryptocurrency will win just because it's the best technology for a currency, or better than the one we use anyway...
Just ... go find a programmer and ask them why their manager made them pick the programming language they use.
Or how languages get picked at all for software projects.
Okay lecture almost over.
Stop shilling crypto.
You might be shilling something you believe in.
But stop being a shill. And fucking think.
Government can ban anything. Should I say “don’t use gold, government can ban it”?
Bitcoin is our best option at the moment. I’m not shilling anything, it’s market cap is over $1T I hardly thing my anonymous comment on a tiny thread will impact that at all. Am I the one not thinking?
Don't ever tell someone they're grossly misinformed again. At the first sight of Ukraine going hot the whole crypto field shit itself, "consensus" on the network might as well be "Our democracy", you want crypto to be the solution, it doesn't make it so.
BTC is like 14 years old or whatever by now, transactions are still:
Transparent Slow Expensive Relies too much on infrastructure to function Increasingly dependent on third party gate keepers in practice Regulated up the ass and more coming down the line No hope of ever buying a coffee with it as was always promised Paystream or whatever it was called for micro-payments dead Goldman Sachs et al co-opting or co-opted it
Once you're done reading this, go find out how many nodes there are for ethereum network.
The network can declare itself a pink soccer ball and transmute itself into shakespeare should "consensus" on the matter be reached. Fool.
I program blockchain for a living so get off your high horse. I understand fully how it works.
If bitcoin hard formed into a “pink soccer ball” everyone would use the original fork. This has already happened with BSV.
"Figures don't lie"... Unfortunately, liars can figure.
If crypto "can't be inflated," then why are they trading at inflated prices? Why is their worth inflated?
That’s literally deflation, the exact opposite of inflation. 1 BTC used to buy a slice of pizza, now it buys a car. $1 USD used to buy a movie ticket, now it buys 1/4 of a candy bar. Deflation vs Inflation
until the lights go out, or they decide to block your account access "social score unacceptable - account not found"
Mediums of exchange have two sources of worht:
Intrinsic - this would be any alternative use. Silver for example has alternative uses in electronics. Dollars can't even be used as toilet paper because they'll clog the drains.
Utility - This goes beyond merely the utility as a medium. Paper is light weight and therefore easy to transport, can be denominated conveniently, and digital forms may be transacted instantly across vast distances.
So stop. Even fiat has 'worth'. It derives it's worth from it's utiltiy. The problem is that the utility does not exeed it's inherent liabilities, notably that it controlled by a central authority who can at any time 'cheat' and break the rules.
Crypto has extreme utility, and that is entirely why it is worth what it is. Anyone who sees the collapse of fiat coming can recognize just how valueable a DECENTRALIZED, TRUSTLESS, PERMISSIONLESS medium of exchange is. One that you can't be deplatformed from, that carries zero counterparty risk, and is immutable from a centralized authority rug pulling, is a medium that would prevent what we are about to go through.
The collapse, destitution, starvation, and mass missery about to flood across the world could have all been avereted but for a DECENTRALIZED, TRUSTLESS, PERMISSIONLESS medium of exchange. What crypto brings to the table is the progress we've seen without the collapse that follows.
Crypto isn't worthless. It is worth far more than even the most bullish value it today. Right now only a fraction of the world recognize the utility, and have acquired a stake, yet the whole world requires the utility only a cryptographically secured blockchain can provide. You can buy in a greater stake than you will in a decade, and that remains as true today in 2022 as it was in 2012.
Until the internet goes down.
Yup. Or the risk skyrockets due to government threat. Value plummets and the point of "it's MATHAMATICALLY IMMUNE TO GOVERNMENT FUCKERY" is moot within a week.
It's not on the internet, it's on the blockchain. They can't shut it down. And if all the electricity goes out, we're fucked anyway. Good luck trying to exchange gold or silver with a population that would take a candy bar over 10oz of silver. In SHTF situation, you'd be better off stockpiling food, ammo, meds, and apparently toilet paper.
You can store your crypto in a hardware wallet and transact wallet to wallet. Etc etc.
If the internet goes down, we have more big problems than that. How might it effect the price of gold… and the exchanges that tell everyone the price? Those would collapse too.
My silver coins won’t collapse.
Crypto has zero intrinsic value, it is just a couple million electrons that make up the ones and zeroes in a hard drive. It cannot be used for anything other than as a currency. Even fiat paper can be burned for warmth, used as wallpaper, used as a form of (lousy) insulation, etc. If a currency does not have any intrinsic value, it doesn’t matter how much utility it has. If you drop the hard drive holding your crypto, you will suddenly be bankrupt, how convenient. Crypto does not retain the ability to be used as a currency whenever the power goes out, which happens to millions of Americans every year. Crypto is the modern version of “You will own nothing and you will like it”. People would often say that apple computers cannot get viruses, but that was because apple‘s market share was so low that most hackers didn’t waste their time making viruses that affect apple machines. But that changed when when Apple became popular. The same would be true with crypto if we switched over to it as our main form of currency. Every hacker, scammer, politician, counterfeiter, banker, hedge fund manager etc. on the planet would be targeting crypto for ways to manipulate it, and they will find ways. Humans are not perfect, all knowing, or all powerful, so the things that we make are not either. Anything designed and created by humans can be corrupted and destroyed by humans. You are delusional if you think otherwise.
Value is subjective. That fiat can be burned doesn't give it value. A twig on the ground has more utility in that regard. Crypto's intrinsic value is that it is safe from government and can be used anywhere in the world regardless of borders instantaneously without a middle man. There has never been a currency that offered so much freedom. What is your alternative? Gold? The government can and has confiscated that in the past. They can't confiscate the blockchain.
^^ somebody who has OBVIOUSLY never sought understanding on the subject.
Q said "gold will end the Fed," not "crypto will end the fed." Nobody can criticize the Fed for its fractional reserve banking and basing it on the petro dollar and then turn around and promote crypto, which is based on wishful thinking. Mike Adams's "Buttcoin and Shitcoin" cartoon sums it up perfectly. Bellybutton lint and Nintendo cartridges are more tangible than crypto. Crypto points us all towards a cashless society that will eventually require a chip in your hand, and in case you haven't noticed it, that's exactly the road the World Economic Forum is forcing us down.
Q is neither god, nor infalible, nor does gold ernding the fed become an argument against crypto. You don't need a chip in your hand to transact Monero.
I think you're going to be very disappointed in the near future, but i wish you luck
Today agree man. So many people on here act like people are gonna carry around gold and silver. I like them too don’t get me wrong. But I like them as a “savings account” for lack of better term.
For transacting bitcoin and etherum are superior.
The elites hate crypto.
Don’t make declarations out of your ignorance.
A digital currency is what Klaus Schwab wants, and apparently you do as well.
That’s like saying Donald Trump shouldn’t seek power because “Klaus Schwab wants power”
Thank you. The guy was getting irritating and I was trying to find the words but you nailed it.
He wants a digital currency that is centralized by the IMF.
If you don’t know the difference, you need to.