4 ms·

Only reason people jump on cryptocurrencies is their pyramid scheme type nature, get in first or lose out. They're not currencies, they're speculation. People

by mavhc 5y ago

Only reason people jump on cryptocurrencies is their pyramid scheme type nature, get in first or lose out. They're not currencies, they're speculation. People want to spend currencies, why would you ever spend bitcoin when it's designed to always increase in value? Governments are their citizens, they're just people we picked. If you hate the people that are running, there's a built in solution, get someone better to run. That's the fundamental part of democracy, anyone can run for office. Why is a central control over money supply bad? Lets you attempt to control the boom/bust cycle.

lottin 5y ago
The idea that a product (e.g. bitcoin) can be designed in such a way as to always increase in price has to be dismissed as crackpottery.
- cwkoss 5y ago
  Everything that has a fixed quantity will always increase in price (assuming the Fed continues inflating the currency 1-5% /yr) Land, collectibles, natural resources, Bitcoin: as long as they are priced in USD and USD is constantly devalued year after year - prices will rise.
  - lottin 5y ago
    A fixed quantity only means that the supply is inelastic, it doesn't —by any stretch of the imagination— mean that the price will always increase. The only thing that is guaranteed to increase in price, assuming a positive rate of inflation, is a large basket of goods and services. Anything else is a gamble.
- mavhc 5y ago
  a) There's a limited supply of bitcoins b) The amount of bitcoin you get decreases as more are made c) The larger the network the more it costs to make a bitcoin d) Some bitcoin are deleted forever, accidentally. So a) Bitcoins become harder to make, and b) The total possible number of Bitcoins goes down.
hackingforfun 5y ago
> Only reason people jump on cryptocurrencies is their pyramid scheme type nature, get in first or lose out. Or they see benefits in the technology? > People want to spend currencies, why would you ever spend bitcoin when it's designed to always increase in value? It's possible some of the other cryptos are more suited for currencies. Bitcoin may be more of a store of value like gold, or maybe it's volatility will decrease over time and it would be more suited for a currency. Right now we don't know, but I'm not going to write off the whole sector due to that. > Governments are their citizens, they're just people we picked. If you hate the people that are running, there's a built in solution, get someone better to run. That's the fundamental part of democracy, anyone can run for office. I think the normal citizen is so far removed at this point. At least in the US, it's essentially a two party system, and they are both rather full of shit. I still vote though, because why not? But I don't think the system is working well. > Why is a central control over money supply bad? Lets you attempt to control the boom/bust cycle. I hold USD. I'd like for it to stay valuable. I have a government that seems to value equities more, and wants people to spend their USD. They print and borrow money like there's no tomorrow. I think this is a bad option, and I'd like there to be alternatives.

by mavhc 5y ago

lottin 5y ago

The idea that a product (e.g. bitcoin) can be designed in such a way as to always increase in price has to be dismissed as crackpottery.

cwkoss 5y ago
Everything that has a fixed quantity will always increase in price (assuming the Fed continues inflating the currency 1-5% /yr) Land, collectibles, natural resources, Bitcoin: as long as they are priced in USD and USD is constantly devalued year after year - prices will rise.
- lottin 5y ago
  A fixed quantity only means that the supply is inelastic, it doesn't —by any stretch of the imagination— mean that the price will always increase. The only thing that is guaranteed to increase in price, assuming a positive rate of inflation, is a large basket of goods and services. Anything else is a gamble.
mavhc 5y ago
a) There's a limited supply of bitcoins b) The amount of bitcoin you get decreases as more are made c) The larger the network the more it costs to make a bitcoin d) Some bitcoin are deleted forever, accidentally. So a) Bitcoins become harder to make, and b) The total possible number of Bitcoins goes down.

hackingforfun 5y ago

> Only reason people jump on cryptocurrencies is their pyramid scheme type nature, get in first or lose out. Or they see benefits in the technology? > People want to spend currencies, why would you ever spend bitcoin when it's designed to always increase in value? It's possible some of the other cryptos are more suited for currencies. Bitcoin may be more of a store of value like gold, or maybe it's volatility will decrease over time and it would be more suited for a currency. Right now we don't know, but I'm not going to write off the whole sector due to that. > Governments are their citizens, they're just people we picked. If you hate the people that are running, there's a built in solution, get someone better to run. That's the fundamental part of democracy, anyone can run for office. I think the normal citizen is so far removed at this point. At least in the US, it's essentially a two party system, and they are both rather full of shit. I still vote though, because why not? But I don't think the system is working well. > Why is a central control over money supply bad? Lets you attempt to control the boom/bust cycle. I hold USD. I'd like for it to stay valuable. I have a government that seems to value equities more, and wants people to spend their USD. They print and borrow money like there's no tomorrow. I think this is a bad option, and I'd like there to be alternatives.