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
You don’t seem to understand the concept of a decentralized blockchain.
It’s a consensus protocol that happens to be carried out on digital platforms, it is not dependent on them. You could technically run bitcoin on paper by hand if you were capable of solving elliptic curves in your head
My point is, the whole network must be in consensus. If there was some root level vulnerability for a computer, it wouldn’t affect blockchain consensus unless it were exploited on every node in the whole network, which are running different operating systems, different hardwares, even different softwares. There’s just no feasible way to take down an at scale decentralized consensus protocol like Bitcoins. It doesn’t matter if some Zero Day for Linux is discovered
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.
When we decentralize finance to blockchains, the government’s funds will shrivel. Who will they send to take your property when their checks start bouncing?
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.
Theyre not impossible to understand...its just that most people dont want to take the time to learn about them and thats not a cut down its just that its our human nature to seek out more frequently that which we can grasp quickly and put to the side that which will require more work and research to grasp, especially when the technology in question is in its early adoptions stages. As its adoption increases and it becomes more proliferated people will engage with it more and more and it will benefit society more and more. Just like the internet and how “logging on” was as deliberate as making a phone call and all of the things on it and how it operated was confusing at first and now people get on the internet without even thinking about it and transact on it instantly. The same type of thing will happen with 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.
Bitcoin is not “opaque”. It’s 100% open source and the ledger is fully visible. You literally can verify the entire bitcoin ledger yourself and if you run a node you have to. Every single transaction hash must match.
“there no way for me to verify the practice matches the theory”
It’s literally a public ledger that anyone can go through with a fine tooth comb. And some have. Why is gold valuable? Because you can hold it? Because people make jewlery with it? No because over time people agreed that it was something they wanted because there was a limited quantity. Bitcoin is even more limited than gold because while we dont know how much gold there is to mine we know exactly how much Bitcoin is left. Bitcoin will continue to rise in value esp as adoption increases like it has
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
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 are talking about a computer. Blockchains represent many decentralized computers with more compute power than the world’s largest supercomputer.
What else needs to be known is the code. Understand that and you understand how it works. Start with the Bitcoin white paper.
You realize Bitcoin is open source right? Nothing is obscured
You don’t seem to understand the concept of a decentralized blockchain.
It’s a consensus protocol that happens to be carried out on digital platforms, it is not dependent on them. You could technically run bitcoin on paper by hand if you were capable of solving elliptic curves in your head
My point is, the whole network must be in consensus. If there was some root level vulnerability for a computer, it wouldn’t affect blockchain consensus unless it were exploited on every node in the whole network, which are running different operating systems, different hardwares, even different softwares. There’s just no feasible way to take down an at scale decentralized consensus protocol like Bitcoins. It doesn’t matter if some Zero Day for Linux is discovered
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.
Until the government decides that you need to pay some property tax and you lose your home.
We fight that too.
When we decentralize finance to blockchains, the government’s funds will shrivel. Who will they send to take your property when their checks start bouncing?
How much is a bitcoin worth if the Internet goes down?
Askin' for a fren'.
Two fiddy
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.
Same logic applies. Instead of printing more you are just adding a 0 behind the decimal. Either way you are producing more currency.
Correct?
Add that to the fact that btc is already almost wholly owned by 1% of the population and heat does that mean? Think about it.
What are you talking about? Deflation is when there is less currency not “producing more currency”
There mathematically can not be more than 21,000,000 BTC and there are less every year as it erodes due to dusting and other phenomena.
Bitcoin is deflationary. Not inflationary. There is less currency every year.
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.
Bitcoin isn’t impossible to understand.
Theyre not impossible to understand...its just that most people dont want to take the time to learn about them and thats not a cut down its just that its our human nature to seek out more frequently that which we can grasp quickly and put to the side that which will require more work and research to grasp, especially when the technology in question is in its early adoptions stages. As its adoption increases and it becomes more proliferated people will engage with it more and more and it will benefit society more and more. Just like the internet and how “logging on” was as deliberate as making a phone call and all of the things on it and how it operated was confusing at first and now people get on the internet without even thinking about it and transact on it instantly. The same type of thing will happen with crypto.
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.
Bitcoin is not “opaque”. It’s 100% open source and the ledger is fully visible. You literally can verify the entire bitcoin ledger yourself and if you run a node you have to. Every single transaction hash must match.
You have no means of verifying if the information given to you is the truth.
“there no way for me to verify the practice matches the theory”
It’s literally a public ledger that anyone can go through with a fine tooth comb. And some have. Why is gold valuable? Because you can hold it? Because people make jewlery with it? No because over time people agreed that it was something they wanted because there was a limited quantity. Bitcoin is even more limited than gold because while we dont know how much gold there is to mine we know exactly how much Bitcoin is left. Bitcoin will continue to rise in value esp as adoption increases like it has
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"