A good discussion on money and BTC on X
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Elon said it best when he compared money to a data set for the recording of labor. He mentioned this in the context of why throwing money at a problem doesn't solve the issue. The labor must be allocated in order for the task to be completed. Money is the transitional dataset that allows other data pools to be tethered and connected.
The natural evolution of money is digitization. Many will say that money isn't money unless it is tangible. Something that is tangible isn't always useful though. Gold may be the most valuable tangible resource, but it will become increasingly less practical for monetary practices as its value continues to climb. Instead, precious metals should be seen as investments.
I think a great many Anons get confused when they hear about digital currency. They have this idea that traditional investments will go away in light of the tokenization of stocks, bonds, and currencies. Gold and Silver will always be around as a long term investment. The day to day financial world will run on blockchain ledgers that cannot be defrauded like the stock market of today.
well said
More specifically, money is a way to get the labour moving so that people dont have to finish completing the product before exchanging it for something else they value.
It is also a way to get around the fact that you might not be able to exchange the stuff you have with the stuff you want directly.
So money is a placeholder. Placeholder both for time, and for assets.
So everytime money is created, it represents a product that someone wants and willing purchase.
As soon as the full transaction is completed the money should get removed from the system.
Example:
At the core, this is all the money is needed for. Instead of each person giving his own pieces of paper (thats quite possible, but you need incentive to make sure people keep their promises - like debtors' prison), you have the government give pieces of paper that promises gold / silver / energy etc.
But the point is, money should be created when a certain amount of labour is necessary, and it should be destroyed when that labour is completed.
Some people buy bitcoin and some people don't. I have asked people that I know if they have bitcoin and only one person said they did. I started to buy in March, 2024 and buy a small amount twice a week on an exchange that allows no fee repeat purchases. It has got me to read about what bitcoin is and its history because now I am invested. If you don't buy bitcoin, you don't really read much about it.
Recommend reading both the whitepaper and the book Hijacking Bitcoin
So what is your expectation of what Bitcoin's role will be in future?
And what have you learnt about the short comings of Bitcoin in this regards?
It will be a good peer-to-peer payment system. For example, to buy a house. Shortcomings - I don't think it will be used for trade. XRP will probably be used for that.
I like stacking sats because the limit is 21 million and we are at around 19 and a half million now. It will eventually become more valuable.
What do you use? I’m trying out Coinbase as a newbie and it said there was a fee, but I was never charged it? So not sure if I’m just reading it wrong or what.
I buy from River Financial. There is a fee if you just buy once. But you can set it up so you can repeated buys and then there is no fee. It's a USA based company. I learned about it from the GMoney's Rugpull Radio shows on Badlands Media. You should watch that show because you will learn a lot about bitcoin. https://rumble.com/v5bx6p9-rugpull-radio-ep-89.html?e9s=src_v1_ucp
Awesome, thanks will check it out!
Nitterbot, deploy!