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Stopped reading after first two sentences. Bitcoin works because it provides a transaction platform that’s virtually impossible to censor or control and a mone
by keymone 7y ago
Stopped reading after first two sentences.
Bitcoin works because it provides a transaction platform that’s virtually impossible to censor or control and a monetary system that is virtually impossible to debase.
Bitcoin provides those things through law of the universe - you can’t make energy out of nothing.
If you figure out a different way to provide those things, feel free to make your alternative to Bitcoin, but don’t make these dumb comparisons and arguments that just demonstrate your complete lack of understanding how and why something works.
- louwrentius 7y ago> Bitcoin works because it provides a transaction platform that’s virtually impossible to censor or control and a monetary system that is virtually impossible to debase. Why is this good? What tangible problem are we solving here?
- keymone 7y agoIt’s good because it solves problem for me. The problem it solves is absence of financial system that is impossible to censor or control and monetary system that is impossible to debase.
- louwrentius 7y agoWhat do these words even mean in every day life?
- keymone 7y agoThey mean exactly what you can read in the dictionary.
- louwrentius 7y agoBut no examples how it would actually work in real life.
- keymone 7y agoMoney you think you have in your bank are actually just a promise recorded in a database. Even if that promise is fulfilled and you get cash on your hands, it can be diluted into worthlessness by printing trillions more. All of that is controlled by few guys behind closed doors. None of that applies to Bitcoin. Is that good enough example from real life?
- louwrentius 7y agoNo, because it's such a narrow view on currency. Because governments have every incentive to keep currencies stable, so they will never become worthless. Cryptocoins are not backed by anything, making them very volatile and thus unsuited as a foundational currency for any stable society. This example only illustrates to me that cryptocoin proponents only have esotheric hypotheticals in mind. Sure Venezuela happened, but those are exceptions. When the stock exchanges went down hard due to corona, the cryptocoins went down hard too. But regular money kept stable. Yes fiat money is just a record in a database. And that's it for cryptocurrencies. But fiat money like a dollar or euro is so much more.
- keymone 7y agoFiat is controlled by governments, governments are controlled by humans, humans are often irrational and there are many more examples than just Venezuela which is the only thing you could think of. Bitcoin is governed by math and that’s why it’s valuable to me. Bitcoin is beneficial to society because it provides choice. I don’t care if you don’t get it or if you disagree.
- louwrentius 7y agoIf you really didn't care you would not have responded. The truth is that cryptocurrencies like bitcoin are highly volatile and in fact a very dangerous alternative.
- oomem 7y agoFinancing WikiLeaks for example: https://twitter.com/DefendAssange/status/919247873648283653 https://twitter.com/DefendAssange/status/919247873648283653