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Bitcoin solves a problem that has corrupted governments for millennia. Control over the supply of money gives central bankers the ability to steal money from th

Bitcoin solves a problem that has corrupted governments for millennia. Control over the supply of money gives central bankers the ability to steal money from the people and funnel it into paying off politicians and doing other country destroying bs. Once you understand how bitcoin will eliminate a major source of corruption in our world you'll finally understand it's value

arcticbull 5y ago
It does not. It only appears to on its face. Blockchain can only extend its trustless, decentralized and permissionless guarantees to the data on chain. These guarantees break down at the boundary between the blockchain and the real world. All the blockchain said is 1BTC=1BTC and which coins are associated with which keys. It doesn't say how much value each coin represents. Tether does that. > Control over the supply of money gives central bankers the ability to steal money from the people and funnel it into paying off politicians and doing other country destroying bs. Central banks don't print money and funnel it off to politicians lol. They control the money supply by deciding how much credit should be extended and at what interest rates and from time to time provide stability through buffering via purchase and sale of treasuries. > Once you understand how bitcoin will eliminate a major source of corruption in our world you'll finally understand it's value. It has created a whole slew of new kinds of corruption and crime, and all the existing corruption and crime remain. It's been a net add of corruption and crime.
- billytetrud 5y ago
  > It doesn't say how much value each coin represents. Tether does that. No. The market does that. I'm not sure why you think this is different than how the value of, say, a dollar represents. > Central banks don't print money and funnel it off to politicians lol. You misunderstand. Its not that direct. Central banks print money used to fund things like government loans (ie bonds), among other things. Member banks buy the government bonds and sells them at a profit to the central bank. The owners of those member banks in turn pocket that money and use some of it to fund the legalized corruption known as lobbying. This is not the only funnel that looks like this that comes out of the financial industry. There's a reason that Goldman Sachs "alums" trawl DC like cockroches. So.. very much not lol. Not lol at all. > They control the money supply by deciding how much credit should be extended and at what interest rate I think you've missed the last 15 years where they started buying whatever they want in "open market operations". Where were you in 2008... or like the last year and a half? >It has created a whole slew of new kinds of corruption and crime You're misinformed. Show me one way that bitcoin has lead to new kinds of corruption. I would be very surprised if you could name a single thing and have some credible information about it.
  - arcticbull 5y ago
    > No. The market does that. I'm not sure why you think this is different than how the value of, say, a dollar represents. Well most markets aren’t made up of 95% fictional trades, according to an ETF that attempted to list two years ago. > You misunderstand. Its not that direct. Central banks print money used to fund things like government loans (ie bonds), among other things. You misunderstand. Central banks don’t print money, they set reserve rates, interest rates and they occasionally purchase and sell bonds. Nothing more. > You're misinformed. Show me one way that bitcoin has lead to new kinds of corruption. I would be very surprised if you could name a single thing and have some credible information about it. Ransomware and tether (unless you count the liberty reserve and even that was nowhere close).

arcticbull 5y ago

It does not. It only appears to on its face. Blockchain can only extend its trustless, decentralized and permissionless guarantees to the data on chain. These guarantees break down at the boundary between the blockchain and the real world. All the blockchain said is 1BTC=1BTC and which coins are associated with which keys. It doesn't say how much value each coin represents. Tether does that. > Control over the supply of money gives central bankers the ability to steal money from the people and funnel it into paying off politicians and doing other country destroying bs. Central banks don't print money and funnel it off to politicians lol. They control the money supply by deciding how much credit should be extended and at what interest rates and from time to time provide stability through buffering via purchase and sale of treasuries. > Once you understand how bitcoin will eliminate a major source of corruption in our world you'll finally understand it's value. It has created a whole slew of new kinds of corruption and crime, and all the existing corruption and crime remain. It's been a net add of corruption and crime.

billytetrud 5y ago
> It doesn't say how much value each coin represents. Tether does that. No. The market does that. I'm not sure why you think this is different than how the value of, say, a dollar represents. > Central banks don't print money and funnel it off to politicians lol. You misunderstand. Its not that direct. Central banks print money used to fund things like government loans (ie bonds), among other things. Member banks buy the government bonds and sells them at a profit to the central bank. The owners of those member banks in turn pocket that money and use some of it to fund the legalized corruption known as lobbying. This is not the only funnel that looks like this that comes out of the financial industry. There's a reason that Goldman Sachs "alums" trawl DC like cockroches. So.. very much not lol. Not lol at all. > They control the money supply by deciding how much credit should be extended and at what interest rate I think you've missed the last 15 years where they started buying whatever they want in "open market operations". Where were you in 2008... or like the last year and a half? >It has created a whole slew of new kinds of corruption and crime You're misinformed. Show me one way that bitcoin has lead to new kinds of corruption. I would be very surprised if you could name a single thing and have some credible information about it.
- arcticbull 5y ago
  > No. The market does that. I'm not sure why you think this is different than how the value of, say, a dollar represents. Well most markets aren’t made up of 95% fictional trades, according to an ETF that attempted to list two years ago. > You misunderstand. Its not that direct. Central banks print money used to fund things like government loans (ie bonds), among other things. You misunderstand. Central banks don’t print money, they set reserve rates, interest rates and they occasionally purchase and sell bonds. Nothing more. > You're misinformed. Show me one way that bitcoin has lead to new kinds of corruption. I would be very surprised if you could name a single thing and have some credible information about it. Ransomware and tether (unless you count the liberty reserve and even that was nowhere close).