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It is not a guarantee. I think it as a promise - a loan for the American public to repay it back with real work, thus to heal and grow the economy. The America
by mgh2 5y ago
It is not a guarantee. I think it as a promise - a loan for the American public to repay it back with real work, thus to heal and grow the economy.
The American work ethic has so far backed this up, but yeah there is always a risk that this will not be fulfilled - ex: "The great resignation"
So bitcoin's "promise" is their marketing?
"The next internet, currency, etc."? I will be careful with this, since the last 2 crises (dotcom and mortgage securities) were similar empty promises hyped by the rich - i.e. lies.
- olalonde 5y agoBitcoin is just a software/protocol, it doesn't have a marketing team. Personally, I think Bitcoin's biggest appeal is that it's decentralized. No one has control over the money supply. It's pseudonymous. Anyone can use it and participate. That is not the case of the US dollar, not even close. Of course, if you don't believe those are desirable properties, Bitcoin is not going to appeal to you. Regarding price, I won't comment about that since it's quite unpredictable and I have no idea.
- somewhereoutth 5y agoIt is a Ponzi scheme. It serves only as a transparent, immutable, and complete ledger of the fraud that took place.
- olalonde 5y agoA Ponzi scheme is an investment scam. How is that related to Bitcoin, a distributed protocol? Who are the victims? Who are the fraudsters? What is the deception? Which element of the scam applies to Bitcoin but not to gold or the US dollar?
- somewhereoutth 5y agoGold is a tangible commodity. USD can be used to pay your taxes. The victims are the last people to put USD into the crypto system, the fraudsters the ones who set it all up and collect the USD. The deception is that BTC is a currency, or an asset, or a technology, or indeed anything other than a complicated way to pay early entrants with money from later players.
- olalonde 5y agoIf I sold Bitcoin last year, that would make me a fraudster according to your definition? If I plan to hold Bitcoin, am I also a victim? If I have Bitcoin is it more ethical for me to keep it or to sell it? I can't say I was ever deceived though, I understand Bitcoin pretty well down to the lines of code. Also, did you know that the person or group of persons that "set it all up", Satoshi Nakamoto, never sold his Bitcoins?
- somewhereoutth 5y agoWell that is the genius of the system - nobody is quite sure who is who - not even themselves! Do you understand tulip bulbs pretty well too?
- CaptainZapp 5y ago> Bitcoin is just a software/protocol, it doesn't have a marketing team. (emph mine) Looking what just about any two bit shyster crypto "exchange" invests into marketing belies that statement. As an example: crypto.com blew 700M $ for the naming rights of the former Staples Center. That's apart from the cash they blow into Formula 1. While you are right that Bitcoin doesn't have a formal marketing team the industry as such is blowing billions into marketing.
- olalonde 5y agoCan't disagree with that but it's important to draw the distinction between private companies that stand to gain from Bitcoin adoption and Bitcoin itself. Bitcoin does not have a say in how those companies conduct their marketing. It's not Bitcoin's fault if it is sometimes misrepresented.