7 ms·

Bitcoin is giving people in hyperinflation environments like Nigeria, Argentina, Turkey an out to their oppressive and corrupt govt banking system. If one look

by dadoge 5y ago

Bitcoin is giving people in hyperinflation environments like Nigeria, Argentina, Turkey an out to their oppressive and corrupt govt banking system. If one looks at gold and asks themselves “why is gold worth 11 trillion dollars today?” How did it, over centuries and centuries obtain such a status? Bitcoin has better properties than gold does. It’s more scarce, scarcity means predictability, and predictability gives rise to trust. You don’t have to be a hardcore libertarian- I’m sure not- to appreciate a better version of gold, and what benefits that can have. Also - the USD is used more for malicious purposes, paper money is actually harder to track than Bitcoin transactions.

chx 5y ago
> predictability have you reviewed what you are writing or is it just a Markov chain generating text?
- greyface- 5y ago
  I took this to mean that bitcoin's issuance rate is more predictable than the rate that physical gold is discovered and mined at. There are unknown unmined gold deposits out there, both on-planet and off-planet. There are no unknown unmined bitcoin deposits. Also, https://news.ycombinator.com/newsguidelines.html#comments https://news.ycombinator.com/newsguidelines.html#comments
- dadoge 5y ago
  Generation of new coins is transparent, the total number of coins capped. That’s predictability. Name one other asset on earth that is easily transferable and more predictable in that sense?
- ChrisClark 5y ago
  Just because you don't understand the sentence, doesn't mean you have to insult the guy. Other replies have explained it for you.
tinyhouse 5y ago
Yeah sure, every time there's a crisis bitcoin loses 50% of its value. That's indeed such a great protection from inflation...
- dadoge 5y ago
  50% dip is a hell of a lot better than 40% inflation each year in Argentina year over year. In Venezuela is disgusting, over 1,000% inflation each year.
ArkanExplorer 5y ago
Bitcoin is giving people in Turkey an opportunity to be scammed $2billion: https://www.afr.com/markets/currencies/trader-flees-turkey-with-2b-in-crypto-scam-20210423-p57lx5 https://www.afr.com/markets/currencies/trader-flees-turkey-w... From my experience living in a 2nd world country, the people involved with buying Cryptocurrencies are typically young males working in IT, who proceed to waste their time, money and energy.
dadoge 5y ago
Haters in this thread, do you think you know more about monetary assets than Ray Dalio: https://www.google.com/amp/s/fortune.com/2021/05/24/bitcoin-ray-dalio-bonds/amp/ https://www.google.com/amp/s/fortune.com/2021/05/24/bitcoin-... And Carl Icahn: https://www.google.com/amp/s/www.cryptoglobe.com/latest/2021/05/billionaire-carl-icahn-considering-getting-involved-with-crypto-in-a-big-way/amp/ https://www.google.com/amp/s/www.cryptoglobe.com/latest/2021...
dadoge 5y ago
Or the CSO of the Human Rights Org? https://www.google.com/amp/s/bitcoinmagazine.com/.amp/culture/bitcoin-is-humanitarian-and-environmental https://www.google.com/amp/s/bitcoinmagazine.com/.amp/cultur...

by dadoge 5y ago

chx 5y ago

> predictability have you reviewed what you are writing or is it just a Markov chain generating text?

greyface- 5y ago
I took this to mean that bitcoin's issuance rate is more predictable than the rate that physical gold is discovered and mined at. There are unknown unmined gold deposits out there, both on-planet and off-planet. There are no unknown unmined bitcoin deposits. Also, https://news.ycombinator.com/newsguidelines.html#comments https://news.ycombinator.com/newsguidelines.html#comments
dadoge 5y ago
Generation of new coins is transparent, the total number of coins capped. That’s predictability. Name one other asset on earth that is easily transferable and more predictable in that sense?
ChrisClark 5y ago
Just because you don't understand the sentence, doesn't mean you have to insult the guy. Other replies have explained it for you.

tinyhouse 5y ago

Yeah sure, every time there's a crisis bitcoin loses 50% of its value. That's indeed such a great protection from inflation...

dadoge 5y ago
50% dip is a hell of a lot better than 40% inflation each year in Argentina year over year. In Venezuela is disgusting, over 1,000% inflation each year.

ArkanExplorer 5y ago

Bitcoin is giving people in Turkey an opportunity to be scammed $2billion: https://www.afr.com/markets/currencies/trader-flees-turkey-with-2b-in-crypto-scam-20210423-p57lx5 https://www.afr.com/markets/currencies/trader-flees-turkey-w... From my experience living in a 2nd world country, the people involved with buying Cryptocurrencies are typically young males working in IT, who proceed to waste their time, money and energy.

dadoge 5y ago

Haters in this thread, do you think you know more about monetary assets than Ray Dalio: https://www.google.com/amp/s/fortune.com/2021/05/24/bitcoin-ray-dalio-bonds/amp/ https://www.google.com/amp/s/fortune.com/2021/05/24/bitcoin-... And Carl Icahn: https://www.google.com/amp/s/www.cryptoglobe.com/latest/2021/05/billionaire-carl-icahn-considering-getting-involved-with-crypto-in-a-big-way/amp/ https://www.google.com/amp/s/www.cryptoglobe.com/latest/2021...

dadoge 5y ago

Or the CSO of the Human Rights Org? https://www.google.com/amp/s/bitcoinmagazine.com/.amp/culture/bitcoin-is-humanitarian-and-environmental https://www.google.com/amp/s/bitcoinmagazine.com/.amp/cultur...