LIVE: President Trump Delivers Remarks at Bitcoin Conference in Nashville
(rumble.com)
₿ DECENTRALIZE THE FROG 🐸
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (68)
sorted by:
If Bitcoin is going to replace everything and be our only currency/store of value, then I agree with everything.
But....What if Bitcoin isn't intended to become the ONLY currency or intended only as a place to store / transact large amounts? Why do we need one currency? It doesn't have to be all or nothing. That's just something we were deliberately conditioned to believe.
Bitcoin can exist along with other crypto currencies and a gold backed currency (on a Blockchain) or even the current US dollar for those who want to still use it. Let the people and private business decide what they want to transact/trade/borrow or be paid incomes with. (free market)
We need to get to the point where central bankers and the government aren't deciding what the value of our currency is worth and limiting alternative forms of transacting. As I said in another post, if a business owner wants to accept cupcakes as payment for their product/service. Then they should be able to in a free country. Central Bankers shouldn't need to make cupcakes a legal tender and decide how much a cupcake is worth and track it so they can tax it.
The people need to preserve their freedom to make their own choices and decide what has the most intrinsic value for them. We are more than an economy.
This is just my simple late night two cents. I don't have the answers, but I can see your concerns being an issue if we end up in a bitcoin only world. Much of that could happen in a gold only world too. Decentralization and freedom of currency choice is the only answer to me.
No it cannot. They cannot coexist, it is impossible. NO ONE would choose to trade for a currency without value when a currency with value exists. Please try to come up with any scenario where one would do so. I am fairly certain you won't, since no one ever has.
I agree completely. The path then is obvious; we mustn't tie ourselves to a single medium of exchange. On the contrary, the only possible path forward that solves all the problems is a blockchain tied pseudo-barter system.
Again, 100% agree. The problem is, if there are a thousand possible ways to conduct a transaction, NO ONE will choose to conduct it in a way where they give up something of value for something without it.
This isn't rocket science. A free market absolutely obliterates any trade item (currency in this case) without intrinsic value.
Agreed 100%. BTC cannot be a part of a path to this state for the reasons stated in the previous post (no value and hording). In the case of hording, any entity that hordes a currency controls it. A free market destroys hording, but it also destroys BTC because it has no value.
Again, I agree 100%. But it is completely obvious to anyone who has studied the economics and fuckery of the past, that BTC can't solve these issues that we both agree on. Indeed, it can't even be a part of such a solution, because it has, quite literally, nothing to offer.
Where did I suggest or imply anything about a "gold only world?" That would be just slightly better than BTC, but is still subject to hording. And indeed, the hording of gold has been a major driver of the world's economic history, and all it's fuckery, which is why I placed it as "number 3" in my "worst economic fuckery list" above.
The value is decided between the parties involved in the transaction. Whether it be through a barter or an exchange of currency.
I see it this way. If the dollar crashes and a large company's biggest corporate customers are only offering to pay using Bitcoin. I think the company will see value in accepting that Bitcoin.
Unless of course the US has banned it in advance, because they plan to use the dollar crash panic to force CBDC. Which could happen while we're all being kept divided by arguing imperfections, while the enemy conquers. Time is running out.
I love your title..."worst economic fuckery list" lol!!
Agreed. The decision of how much something is worth is weighed based on a things intrinsic value and it's extrinsic value. Intrinsic value is the value a thing has no matter what a person believes its value is. For example, Silver has value as the best elemental conductor of both heat and electricity. It has value because it does not oxidize in the interior (it creates a patina, a stable oxide layer instead of "rust", an unstable oxide degradation like iron). It also has lustre, sheen, and visual appeal. This means that in industry, for electronics, and in jewelry (along with plenty of other real world use cases) it will always retain its value, no matter what you, or your would be trade partner believes.
No matter what a person is trading for, or what a person values their silver at, the silver never loses these valuable properties because they are a fundamental part of the universe.
BTC has zero such value. It can't be used for anything that would give it meaningful value.
BTC can have extrinsic value, because anything can have extrinsic value, and that is the "value decided" on that you are talking about. You are conflating the idea of extrinsic value (which both silver and BTC have) with intrinsic value of which only silver (in this comparison) has.
Again, in *ANY barter situation where one has a choice to trade for something with intrinsic value or something that has none, no one would EVER choose to trade for the thing with no intrinsic value.
Not if there is anything (like silver) that has intrinsic value that they could trade for instead.