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> Personally I don't feel any regret in ignoring the whole thing Too bad, because thanks to crypto I learned a lot about Dollars and Euros, what those numbers

> Personally I don't feel any regret in ignoring the whole thing Too bad, because thanks to crypto I learned a lot about Dollars and Euros, what those numbers on the bank really mean, etc. Bitcoin made it clear to me that you are always in some kind of game. Before bitcoin I thought I own those numbers on the bank. I also thought those numbers are backed by real value. How very wrong was I. At this point, you can still ignore it I guess, but assume the following (possibly crazy) scenario: you go to a regular shop down your street, and that shop keeper says "If you pay in Bitcoin, you will get 5% off". At that point, will you still ignore it? And if so, how safe are those numbers on your bank account?

kelnos 9y ago
Getting involved with cryptocurrency is by no means a prerequisite for learning those things. A fairly basic understanding of world financial markets will get you that. > you go to a regular shop down your street, and that shop keeper says "If you pay in Bitcoin, you will get 5% off". At that point, will you still ignore it? I'm not the parent poster, but nowhere did he say he's going to ignore it forever, just that, for now, his lack of interest hasn't been a problem for him. There's nothing wrong with ignoring something until it becomes relevant and useful to you, and things often become relevant to different people at different times. In your hypothetical scenario, I, too, would probably start taking an interest in Bitcoin if a decent number of shops I frequent started offering discounts for paying in BTC. I just don't see that happening, and even if I did, I wouldn't expect it for quite a long time. BTC is way too unstable a currency for most vendors to accept it, let alone really try to encourage people to use it by offering deals. > And if so, how safe are those numbers on your bank account? Probably pretty safe, barring some sort of financial collapse. I think you underestimate the stability of the world financial system, and vastly overestimate cryptocurrency's chances at supplanting fiat currency. Maybe in 50 years the situation will change a bit (doubt it, but maybe), but still... there's no rush to get into it now for the sake of anyone's financial stability. On the contrary, significant "investment" in Bitcoin today is a guaranteed ticket to personal financial instability.
- koonsolo 9y ago
  > Getting involved with cryptocurrency is by no means a prerequisite for learning those things. A fairly basic understanding of world financial markets will get you that. You can't believe how many people I came across that still thought money was backed by gold (including myself I must admit). This topic is under the discussion thanks to Bitcoin. > I think you underestimate the stability of the world financial system, and vastly overestimate cryptocurrency's chances at supplanting fiat currency. I agree that the financial system is stable, and that cryptocurrency has only a tiny chance of succeeding in that. But when it does, this would mean a huge overhaul of our current system. The federal reserve would be pretty powerless in such an event (even now with the low interest rates, it has a problem keeping control). Which means things would go really fast. That in combination with fraction reserve banking, doesn't look pretty. So I agree with you that the chance of that is really tiny. But when it occurs, the impact is enormous and fast.
  - kelnos 9y ago
    > You can't believe how many people I came across that still thought money was backed by gold (including myself I must admit). This topic is under the discussion thanks to Bitcoin. Crediting Bitcoin for an even remotely significant number of people learning that money isn't backed by gold is a bit silly. There are other, more effective ways of learning about that. If you're right in that a lot of Bitcoin fans previously didn't know money wasn't backed by gold, that just tells me that a lot of Bitcoin fans in particular are very ignorant of basic finance, and their developing Bitcoin fandom is likely in part driven by that ignorance.

kelnos 9y ago

Getting involved with cryptocurrency is by no means a prerequisite for learning those things. A fairly basic understanding of world financial markets will get you that. > you go to a regular shop down your street, and that shop keeper says "If you pay in Bitcoin, you will get 5% off". At that point, will you still ignore it? I'm not the parent poster, but nowhere did he say he's going to ignore it forever, just that, for now, his lack of interest hasn't been a problem for him. There's nothing wrong with ignoring something until it becomes relevant and useful to you, and things often become relevant to different people at different times. In your hypothetical scenario, I, too, would probably start taking an interest in Bitcoin if a decent number of shops I frequent started offering discounts for paying in BTC. I just don't see that happening, and even if I did, I wouldn't expect it for quite a long time. BTC is way too unstable a currency for most vendors to accept it, let alone really try to encourage people to use it by offering deals. > And if so, how safe are those numbers on your bank account? Probably pretty safe, barring some sort of financial collapse. I think you underestimate the stability of the world financial system, and vastly overestimate cryptocurrency's chances at supplanting fiat currency. Maybe in 50 years the situation will change a bit (doubt it, but maybe), but still... there's no rush to get into it now for the sake of anyone's financial stability. On the contrary, significant "investment" in Bitcoin today is a guaranteed ticket to personal financial instability.

koonsolo 9y ago
> Getting involved with cryptocurrency is by no means a prerequisite for learning those things. A fairly basic understanding of world financial markets will get you that. You can't believe how many people I came across that still thought money was backed by gold (including myself I must admit). This topic is under the discussion thanks to Bitcoin. > I think you underestimate the stability of the world financial system, and vastly overestimate cryptocurrency's chances at supplanting fiat currency. I agree that the financial system is stable, and that cryptocurrency has only a tiny chance of succeeding in that. But when it does, this would mean a huge overhaul of our current system. The federal reserve would be pretty powerless in such an event (even now with the low interest rates, it has a problem keeping control). Which means things would go really fast. That in combination with fraction reserve banking, doesn't look pretty. So I agree with you that the chance of that is really tiny. But when it occurs, the impact is enormous and fast.
- kelnos 9y ago
  > You can't believe how many people I came across that still thought money was backed by gold (including myself I must admit). This topic is under the discussion thanks to Bitcoin. Crediting Bitcoin for an even remotely significant number of people learning that money isn't backed by gold is a bit silly. There are other, more effective ways of learning about that. If you're right in that a lot of Bitcoin fans previously didn't know money wasn't backed by gold, that just tells me that a lot of Bitcoin fans in particular are very ignorant of basic finance, and their developing Bitcoin fandom is likely in part driven by that ignorance.