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Bitcoin seems like the latest in a long-line of "investments" whose primary appeal is/was past price increases.
by leereeves 9y ago
Bitcoin seems like the latest in a long-line of "investments" whose primary appeal is/was past price increases.
- Beejeepa 9y agoYeah, nothing new about a permissionless digital-signature-secured decentralized currency being rapidly monetized in an age of global stagnation and quantitative easing / printing money.
- deleted 9y ago[deleted]
- nwah1 9y agoSo you can use this for what? Btw, I don't think you know what quantitative easing is. Explain to me why the value of USD remained strong all throughout the period of supposed money printing.
- Beejeepa 9y agoBecause it hasn't fallen yet. It will. The Federal Reserve is insolvent. As the dollar falls from global usage, it can't buy all the real assets necessary to stabilize the dollar using printed money that no one wants.
- nwah1 9y agoQuantitative easing is not money printing, and the Federal Reserve pays about 100 billion dollars in profit annually to the US Treasury.
- Beejeepa 9y agoWhat can you use Bitcoin for? What year are you from, 2012?
- Beejeepa 9y agoIs the price increasing, or are their fiat currencies worth less? Hyperinflation is real, bank runs are real, and Bitcoin never fails an audit.
- desireco42 9y agoBeautifully said.
- colordrops 9y agoI really don't understand all the hatred for Bitcoin. Perhaps it's envy from those who wish they got in earlier.
- Analemma_ 9y ago> Hyperinflation is real For all practical purposes, it really isn't. Hyperinflation is a boogeyman used by deficit hawks and Bitcoin supporters to scare people into supporting their way of thinking without providing real arguments. Think about it: people talk as though hyperinflation is always just around the corner, waiting to pounce at the slightest misstep. But in the last century, through all the ups and downs of the economic cycle, amounting to thousands of "country-years", how many instances of hyperinflation (other than countries totally destroyed by war) have there been? The answer is: three. Weimar Germany, Zimbabwe, and Yugoslavia. Don't you think it would be more frequent if it was really such a serious threat? And none of those three examples are even really relevant. Germany's hyperinflation happened when we had a pre-modern grasp of monetary theory, and Zanzibar and Yugoslavia were both ruled by ignorant despots. I'm just gonna come out and say it: in a modern country with even a marginally competent central bank (which we have, whether you want to admit it or not), hyperinflation cannot happen; it is a myth. > bank runs are real Have there been any bank runs in the developed world in the last half-century where people actually lost their deposits? Again, a government with even the minimum amount of competence to institute deposit insurance makes it not an issue. > Bitcoin never fails an audit Only for a uselessly narrow definition of "Bitcoin". The protocol itself, sure, but for almost every company that actually does business in Bitcoin, it's a different story. Every Bitcoin exchange either has gone bust or will, most Bitcoin mining companies are scams that only ship once the difficulty has increased to the point where the hardware is no longer useful, etc.
- andrewtbham 9y agoBitcoin is a bubble, the biggest one since fiat currencies ;-)
- tryingagainbro 9y agoYeah but kicking myself for not buying in 2010-2011... at $5k each you're risking a lot so your advice applies. When it's in the penny /dollar range you can gamble a bit, win or lose.