6 ms·

No, this is really quite upside down. "People get too caught up on bitcoin because it is new and nobody understands it" We understand it quite well thank you

by jariel 5y ago

No, this is really quite upside down. "People get too caught up on bitcoin because it is new and nobody understands it" We understand it quite well thank you (and it's not new!) - far far more often than not, it's the BTC proponents who don't really grasp what it is, and it's not the 'technical aspects' that are the most salient factors. Bitcoin creates no value. It's 'profitable' to an individual, but not the system as a whole - and because it has negative externalizations in the form of CO2 emissions etc. - it's actually a net negative. Making magic digital baseball cards and trading them does not help us make roads, bridges, iPhones, software, drugs, vaccines, clothing, homes - it just makes all of that a little bit harder actually. Much like residents of Easter Island using all their resources competing to make Giant Heads. Those heads may have mad some people very powerful, they did not help them grow food, make boats. If all BTC mining stopped right now, not a single thing would change, other than the price of electricity would be a little cheaper in some places. BTC isn't going to 'end the world' but the energy consumption is a really negative artifact of this purely speculative activity. There's not so much wrong with people wanting to exchange digital baseball cards if they want to do that - fine - but with the externalizes it's a problem.

gverrilla 5y ago
your understanding of blockchain, nft and crypto is very superficial. do your research better
- deleted 5y ago
  [deleted]
- etripe 5y ago
  As written, your comment is neither insightful nor informative. What should jariel have known about, in your opinion? How does that requisite knowledge move the needle towards blockchain or crypto being net positives to society?
  - gverrilla 5y ago
    It is informative in it that there's people out here who think he knows nothing about that which he speaks of. I'm not parsing this information for him though - we have search engines and a lot of good resources that fit the purpose. Or he can just go on thinking NFT's are "magic digital baseball cards" if he wishes. Not even gonna comment on his remarks about rapa nui history.
    - jariel 5y ago
      The problem is the young financially illiterate people BTC hypers who believe that BTC is an issue of tech, when really it's an issue of money and finance. BTC a number who's ownership can be legitimized by some degree of public scrutiny. It has utterly no value, no benefit, it's not a currency or store of value. It's like a pair of Nike shoes, baseball card or comic book, except that it ownership can be transmitted digitally, hence the 'baseball cards'. It has utterly no value other than novelty and speculation. It's not worth dealing with the BTC crowd, they're the same kind of people who think the Earth is Flat, that Trump won the election or that COVID is not real, following Elon Musk Pied Piper 'to the moon' because of a Tweet.
jerry1979 5y ago
> Bitcoin creates no value. Bitcoin creates a "source of truth" which has lots of value for people. For example, working at an organization where everyone wants to cooperate to deliver a product, figuring out who should own, update, and report on sources of truth takes lots of effort. But those sources of truth within organizations help people coordinate their collective efforts. Out here in the regular world where we cannot trust each other, having a ready-made source of truth has lots of value because it lets people all over the cooperate who otherwise could not.
- jariel 5y ago
  That's a good idea, but in practice, no value is created by BTC. And of course, there are a ton of ways of having a 'source of truth'. So BTC is not a good currency, and it's not a very good store of value either. But we knew that going into it, because it's obvious from the start. It's just a speculative instrument. If you get paid in a regular currency, then you're good. If you don't want to hold it, than buy an ETF or real estate or whatever and you good.
  - doggosphere 5y ago
    Value is created by having an asset that cannot artificially be inflated at will. It is a protocol that is open source, decentralized, permissionless, and censorship resistant. Central banks have monopolized money and obliterated the concept of sound money when they began manipulating the interest rate. They allowed fractional reserve banking, where you can give out money you don't have. They created and spent trillion of dollars they didn't have to prop up markets through quantitative easing. And now you have housing markets and stock markets in bubbles. Inflation that is inevitably coming. Mortgage rates only ever go down to support the housing market. http://www.fedprimerate.com/mortgage_rates_chart-graph.htm http://www.fedprimerate.com/mortgage_rates_chart-graph.htm Treasury yields only ever go down to support the stocks market. https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart https://www.macrotrends.net/2016/10-year-treasury-bond-rate-... Debt to GDP ratio only ever goes up: https://fred.stlouisfed.org/series/GFDEGDQ188S https://fred.stlouisfed.org/series/GFDEGDQ188S Ask yourself why this is happening, and how we return to sound money.

by jariel 5y ago

gverrilla 5y ago

your understanding of blockchain, nft and crypto is very superficial. do your research better

deleted 5y ago
[deleted]
etripe 5y ago
As written, your comment is neither insightful nor informative. What should jariel have known about, in your opinion? How does that requisite knowledge move the needle towards blockchain or crypto being net positives to society?
- gverrilla 5y ago
  It is informative in it that there's people out here who think he knows nothing about that which he speaks of. I'm not parsing this information for him though - we have search engines and a lot of good resources that fit the purpose. Or he can just go on thinking NFT's are "magic digital baseball cards" if he wishes. Not even gonna comment on his remarks about rapa nui history.
  - jariel 5y ago
    The problem is the young financially illiterate people BTC hypers who believe that BTC is an issue of tech, when really it's an issue of money and finance. BTC a number who's ownership can be legitimized by some degree of public scrutiny. It has utterly no value, no benefit, it's not a currency or store of value. It's like a pair of Nike shoes, baseball card or comic book, except that it ownership can be transmitted digitally, hence the 'baseball cards'. It has utterly no value other than novelty and speculation. It's not worth dealing with the BTC crowd, they're the same kind of people who think the Earth is Flat, that Trump won the election or that COVID is not real, following Elon Musk Pied Piper 'to the moon' because of a Tweet.

jerry1979 5y ago

> Bitcoin creates no value. Bitcoin creates a "source of truth" which has lots of value for people. For example, working at an organization where everyone wants to cooperate to deliver a product, figuring out who should own, update, and report on sources of truth takes lots of effort. But those sources of truth within organizations help people coordinate their collective efforts. Out here in the regular world where we cannot trust each other, having a ready-made source of truth has lots of value because it lets people all over the cooperate who otherwise could not.

jariel 5y ago
That's a good idea, but in practice, no value is created by BTC. And of course, there are a ton of ways of having a 'source of truth'. So BTC is not a good currency, and it's not a very good store of value either. But we knew that going into it, because it's obvious from the start. It's just a speculative instrument. If you get paid in a regular currency, then you're good. If you don't want to hold it, than buy an ETF or real estate or whatever and you good.
- doggosphere 5y ago
  Value is created by having an asset that cannot artificially be inflated at will. It is a protocol that is open source, decentralized, permissionless, and censorship resistant. Central banks have monopolized money and obliterated the concept of sound money when they began manipulating the interest rate. They allowed fractional reserve banking, where you can give out money you don't have. They created and spent trillion of dollars they didn't have to prop up markets through quantitative easing. And now you have housing markets and stock markets in bubbles. Inflation that is inevitably coming. Mortgage rates only ever go down to support the housing market. http://www.fedprimerate.com/mortgage_rates_chart-graph.htm http://www.fedprimerate.com/mortgage_rates_chart-graph.htm Treasury yields only ever go down to support the stocks market. https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart https://www.macrotrends.net/2016/10-year-treasury-bond-rate-... Debt to GDP ratio only ever goes up: https://fred.stlouisfed.org/series/GFDEGDQ188S https://fred.stlouisfed.org/series/GFDEGDQ188S Ask yourself why this is happening, and how we return to sound money.