6 ms·

For the past 10 years you could have kept your money in a savings account or Bitcoin. One of those has been decimated by a fiat printing press, the other has be

For the past 10 years you could have kept your money in a savings account or Bitcoin. One of those has been decimated by a fiat printing press, the other has been a great investment. Bitcoin has already changed humanity for the better and it's only getting started.

jlmorton 6y ago
> One of those has been decimated by a fiat printing press, the other has been a great investment How has the US dollar been destroyed? It has enjoyed remarkable price stability, very close to the target rate, which is what everyone expects and can plan for. The other has seen astronomical, wild price swings, which no one could plan for, and while it's currently enjoying a high value (just as tulips once did), it was worth 95% less just 10 months ago - and probably will be again soon.
- solosoyokaze 6y ago
  The dollar has absolutely been destroyed. Housing, health care... true inflation is rampant. > The other has seen astronomical, wild price swings, which no one could plan for, and which is currently enjoying a high price (just as tulips once did), but which was worth 95% less just 10 months ago - and probably will be again soon. People have been saying this at their own expense for a decade.
  - jlmorton 6y ago
    Housing costs are not high because the dollar has been debased. They're high because of high demand and lack of supply in many urban locations, primarily because of local zoning and permitting processes. If housing were expensive because the dollar had lost value, then you would expect it to be cheap to buy a house in SF in some other form of currency. But it's not, no matter what medium of exchange you want to use, it's still expensive. And there are of course lots of locations with significant supply where housing in the US is dirt cheap, like Detroit. Health care is more complex, but the same general idea applies. Whether you pay in USD, or anything else, it's still expensive.
    - solosoyokaze 6y ago
      0% interest is definitely inflating the cost of housing. > Whether you pay in USD, or anything else, it's still expensive. > no matter what medium of exchange you want to use, it's still expensive. Not if you hold BTC. It's unfortunate that people are self-sabotaging by keeping USD based assets when there's actually an alternative that's not in a inflationary spiral. I think the BTC hate on this site is unique though. In the "real" world people are pretty excited about crypto and acting in their own best interest by acquiring it.
qeternity 6y ago
> For the past 10 years you could have kept your money in a savings account or Bitcoin. The classic false dichotomy by people peddling crypto. Nobody is keeping their money in a savings account. There are productive investments that aren't crypto.
- deleted 6y ago
  [deleted]
- solosoyokaze 6y ago
  What asset class has returned value like crypto for the past 10 years? None.
  - qeternity 6y ago
    Ok, is Bitcoin a super speculative investment, or a savings account? Now you're just moving goal posts. Ironically, crypto's returns are all due to Tether...which is purely inflationary printing. USDT is what you'd get with the USD if the Fed were run by actual criminals. Let's chat in a year.
    - solosoyokaze 6y ago
      It's not that it's a speculative investment, it's that the dollar is continuously plunging in value and taking everything tied to it down too. BTC (and several other cryptos) are the only safe place to store money in the long term. > Let's chat in a year. Indeed. No one who's bet against crypto has come out looking prescient.
  - adriancr 6y ago
    Stock market... derivatives...
    - deleted 6y ago
      [deleted]
    - solosoyokaze 6y ago
fchu 6y ago
Having great returns and improving humanity are very different things. I'm pretty sure a lot of scams are benefiting their creators very well, and yet...
- solosoyokaze 6y ago
  Having great returns when the alternative is to let the government wipe out your savings, is actually a benefit to humanity.
ben-schaaf 6y ago
You can make the same claim for putting all your money in TSLA. Just because it has had good return in hinesight doesn't mean it wasn't an extremely high-risk investment.

jlmorton 6y ago

> One of those has been decimated by a fiat printing press, the other has been a great investment How has the US dollar been destroyed? It has enjoyed remarkable price stability, very close to the target rate, which is what everyone expects and can plan for. The other has seen astronomical, wild price swings, which no one could plan for, and while it's currently enjoying a high value (just as tulips once did), it was worth 95% less just 10 months ago - and probably will be again soon.

solosoyokaze 6y ago
The dollar has absolutely been destroyed. Housing, health care... true inflation is rampant. > The other has seen astronomical, wild price swings, which no one could plan for, and which is currently enjoying a high price (just as tulips once did), but which was worth 95% less just 10 months ago - and probably will be again soon. People have been saying this at their own expense for a decade.
- jlmorton 6y ago
  Housing costs are not high because the dollar has been debased. They're high because of high demand and lack of supply in many urban locations, primarily because of local zoning and permitting processes. If housing were expensive because the dollar had lost value, then you would expect it to be cheap to buy a house in SF in some other form of currency. But it's not, no matter what medium of exchange you want to use, it's still expensive. And there are of course lots of locations with significant supply where housing in the US is dirt cheap, like Detroit. Health care is more complex, but the same general idea applies. Whether you pay in USD, or anything else, it's still expensive.
  - solosoyokaze 6y ago
    0% interest is definitely inflating the cost of housing. > Whether you pay in USD, or anything else, it's still expensive. > no matter what medium of exchange you want to use, it's still expensive. Not if you hold BTC. It's unfortunate that people are self-sabotaging by keeping USD based assets when there's actually an alternative that's not in a inflationary spiral. I think the BTC hate on this site is unique though. In the "real" world people are pretty excited about crypto and acting in their own best interest by acquiring it.

qeternity 6y ago

> For the past 10 years you could have kept your money in a savings account or Bitcoin. The classic false dichotomy by people peddling crypto. Nobody is keeping their money in a savings account. There are productive investments that aren't crypto.

deleted 6y ago
[deleted]
solosoyokaze 6y ago
What asset class has returned value like crypto for the past 10 years? None.
- qeternity 6y ago
  Ok, is Bitcoin a super speculative investment, or a savings account? Now you're just moving goal posts. Ironically, crypto's returns are all due to Tether...which is purely inflationary printing. USDT is what you'd get with the USD if the Fed were run by actual criminals. Let's chat in a year.
  - solosoyokaze 6y ago
    It's not that it's a speculative investment, it's that the dollar is continuously plunging in value and taking everything tied to it down too. BTC (and several other cryptos) are the only safe place to store money in the long term. > Let's chat in a year. Indeed. No one who's bet against crypto has come out looking prescient.
- adriancr 6y ago
  Stock market... derivatives...
  - deleted 6y ago
    [deleted]
  - solosoyokaze 6y ago

fchu 6y ago

Having great returns and improving humanity are very different things. I'm pretty sure a lot of scams are benefiting their creators very well, and yet...

solosoyokaze 6y ago
Having great returns when the alternative is to let the government wipe out your savings, is actually a benefit to humanity.

ben-schaaf 6y ago

You can make the same claim for putting all your money in TSLA. Just because it has had good return in hinesight doesn't mean it wasn't an extremely high-risk investment.