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Bitcoin is an asset the government simply cannot control. That’s the magic! Whether you think this is good or bad is for debate, but there are apps in every cou
by seibelj 6y ago
Bitcoin is an asset the government simply cannot control. That’s the magic! Whether you think this is good or bad is for debate, but there are apps in every country where you can buy and hold bitcoin (even countries like Nigeria and Venezuela) and it doesn’t take that many people who value it globally to make BTC shoot up in price. If even 1 out of 1000 people on earth desired bitcoin, its value would go up and sustain it. So it doesn’t matter if 999 people dislike it - bitcoin (and crypto) is a niche that can grow much larger without much additional enthusiasm. And the fact it’s worth so much blows people’s minds, making it like a global phenomenon that markets itself every time it goes up.
No one makes you buy bitcoin! If you don’t like it, just ignore it. I could list many more arguments here as to why different sorts of people value it, from libertarians to drug dealers to hedge funds to people in countries that have terrible fiat currencies and corrupt central banks, but ultimately it’s a variation of the government not having control.
One final thought is that the term “currency” confuses a lot of people. Whether it can actually be used like a dollar is moot - it’s an asset that can be used sometimes like a currency, but being a true currency is not required for utility and value. It’s a misnomer.
- Skunkleton 6y ago> Bitcoin is an asset the government simply cannot control. It certainly can, at least if you intend to exchange it for tangible goods or services, or if you convert it to a government currency. Why do you think these sorts of transactions cannot be regulated?
- seibelj 6y agoThe settlement layer is purely peer to peer. Governments can enact laws to make actions illegal, and tougher for centralized entities like banks and corporations from using it. But there are addresses out there known to authorities with hundreds of millions of dollars in stolen bitcoin - and there is absolutely nothing they can do to prevent it from being moved. If you have the private key, you own the coins.
- Skunkleton 6y agoUltimately, you will need to exchange your bitcoins for _something_ for them to have provided you with value (dying with a horde of bitcoin, stocks, USD, ect is a waste). Yes, there are many bitcoins moving around that the government cannot influence, but who cares? Go try and buy a car with these bitcoins, and it will be a different story.
- weare138 6y ago>If you have the private key, you own the coins. Until you get arrested and the government just makes you hand over your private key. https://www.wired.com/story/feds-seize-billion-stolen-silk-road-bitcoin/ https://www.wired.com/story/feds-seize-billion-stolen-silk-r...
- deleted 6y ago[deleted]
- Skunkleton 6y agohttps://xkcd.com/538/ https://xkcd.com/538/
- gjs278 6y agoyou can just do the transaction in any other country and then convert their currency to ours. and nobody can stop you trading coins for things.