4 ms·

At least the money put into housing actually went into housing - i.e. something that has an actual real-world use, and can reasonably be expected to generate so

by nikanj 5y ago

At least the money put into housing actually went into housing - i.e. something that has an actual real-world use, and can reasonably be expected to generate some income at some point. Money put into bitcoin went into buying electricity, just to burn it into heat. Someone is in for a rude awakening when they try to extract income from cryptos, not just sell them to the next fool over.

syshum 5y ago
Crypto's biggest problem is treating it as an asset, not an exchange medium, of course if it was widely being used as an exchange medium I think we likely would have already saw regulations to shut it down as governments will not allow anything to compete with their fiat money
me_me_me 5y ago
You mean all of those houses that need to be tear down as they deteriorated to the point of ruin? China has so such vast reserves of dollars that they can crash US $ value and cause international panic. Meaning that at any stage you $ saving have chance to be worth nothing. The BTCs do have value and its a cryptographic promise that cannot be broken. People forget that when using all of those tired old arguments. BTC is also a sign of new generations knowing that the game is stacked and unfair, and they refuse to play it. BTC is no a problem is a sign of broken system.
- nikanj 5y ago
  A promise of what, exactly? Who made that promise? How do I enforce it?
  - me_me_me 5y ago
    Well for once a finite unalterable coins. There is a guarantee of negative inflation. There is noone who can out of blue print 1T of BTCs and give it to rich to stimulate economy. Built in transferability so you dont have to rely on some organisations to facilitate transfers and charge you arbitrary amounts. You don;t have to like those, or agree whether its good or bad but those things are set in stone for BTC.
    - throw0101a 5y ago
      > There is a guarantee of negative inflation. There is noone who can out of blue print 1T of BTCs and give it to rich to stimulate economy. I would count this as a "con" and not a "pro". A fixed money supply is one of the things that caused a minor economic hiccup to turn into the Great Depression. * https://www.nber.org/papers/w3488 https://www.nber.org/papers/w3488 Going to the equivalent of a digital gold standard is retrogradation: * https://www.vox.com/2014/7/16/5900297/case-against-gold-standard https://www.vox.com/2014/7/16/5900297/case-against-gold-stan...
      - me_me_me 5y ago
        That is literally what I said. My point is that BTC has built in promises that cannot be broken.
- throw0101a 5y ago
  > You mean all of those houses that need to be tear down as they deteriorated to the point of ruin? People got paid to put them up, and people were paid to tear them down. At least some people were able to put food on the table because of that activity, even it was kind of wasteful. > China has so such vast reserves of dollars that they can crash US $ value and cause international panic. Meaning that at any stage you $ saving have chance to be worth nothing. Do they have more than what is present in the US itself? More than the EU? Japan? Even if USD ends up dropping in value relative to other currencies, it will help US exports, where the US is second-highest: * https://www.statista.com/statistics/264623/leading-export-countries-worldwide/ https://www.statista.com/statistics/264623/leading-export-co... > The BTCs do have value and its a cryptographic promise that cannot be broken. BTC is just as imaginary as anything else of "value" for humans except for air/oxygen, shelter, water, and food. Regardless of what is called "money" is is a figment of the human imagination: sometimes more useful, sometimes less. At least with dollars I can buy a hamburger, pay my taxes, etc.

by nikanj 5y ago

syshum 5y ago

Crypto's biggest problem is treating it as an asset, not an exchange medium, of course if it was widely being used as an exchange medium I think we likely would have already saw regulations to shut it down as governments will not allow anything to compete with their fiat money

me_me_me 5y ago

You mean all of those houses that need to be tear down as they deteriorated to the point of ruin? China has so such vast reserves of dollars that they can crash US $ value and cause international panic. Meaning that at any stage you $ saving have chance to be worth nothing. The BTCs do have value and its a cryptographic promise that cannot be broken. People forget that when using all of those tired old arguments. BTC is also a sign of new generations knowing that the game is stacked and unfair, and they refuse to play it. BTC is no a problem is a sign of broken system.

nikanj 5y ago
A promise of what, exactly? Who made that promise? How do I enforce it?
- me_me_me 5y ago
  Well for once a finite unalterable coins. There is a guarantee of negative inflation. There is noone who can out of blue print 1T of BTCs and give it to rich to stimulate economy. Built in transferability so you dont have to rely on some organisations to facilitate transfers and charge you arbitrary amounts. You don;t have to like those, or agree whether its good or bad but those things are set in stone for BTC.
  - throw0101a 5y ago
    > There is a guarantee of negative inflation. There is noone who can out of blue print 1T of BTCs and give it to rich to stimulate economy. I would count this as a "con" and not a "pro". A fixed money supply is one of the things that caused a minor economic hiccup to turn into the Great Depression. * https://www.nber.org/papers/w3488 https://www.nber.org/papers/w3488 Going to the equivalent of a digital gold standard is retrogradation: * https://www.vox.com/2014/7/16/5900297/case-against-gold-standard https://www.vox.com/2014/7/16/5900297/case-against-gold-stan...
    - me_me_me 5y ago
      That is literally what I said. My point is that BTC has built in promises that cannot be broken.
throw0101a 5y ago
> You mean all of those houses that need to be tear down as they deteriorated to the point of ruin? People got paid to put them up, and people were paid to tear them down. At least some people were able to put food on the table because of that activity, even it was kind of wasteful. > China has so such vast reserves of dollars that they can crash US $ value and cause international panic. Meaning that at any stage you $ saving have chance to be worth nothing. Do they have more than what is present in the US itself? More than the EU? Japan? Even if USD ends up dropping in value relative to other currencies, it will help US exports, where the US is second-highest: * https://www.statista.com/statistics/264623/leading-export-countries-worldwide/ https://www.statista.com/statistics/264623/leading-export-co... > The BTCs do have value and its a cryptographic promise that cannot be broken. BTC is just as imaginary as anything else of "value" for humans except for air/oxygen, shelter, water, and food. Regardless of what is called "money" is is a figment of the human imagination: sometimes more useful, sometimes less. At least with dollars I can buy a hamburger, pay my taxes, etc.