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I have a somewhat irrational skepticism towards cryptocurrencies, as growing up, my dad always warned me of the scams he grew up with, when people were (seeming

I have a somewhat irrational skepticism towards cryptocurrencies, as growing up, my dad always warned me of the scams he grew up with, when people were (seemingly) convinced fiat currency was a conspiracy by “the bankers” to enslave the common folk, and then used that to hawk crap like investments in silver mines. And Bitcoin sure seems like a new iteration of that scam and/or conspiracy theory. At least with precious metals, you’d end up with something shiny at the end of it, and not a string of numerals on your phone.

planarhobbit 4y ago
Your dad was right, you know.
upsidesinclude 4y ago
Your dad, like most people, probably doesn't understand money. And the idea that fiat is bad for average people isn't just a notion. Fiat with inflation is designed to reduce the burden of debt (among other things). If I borrow lots of money for a long time, I want the money to be worth less as time goes on. Then, when I pay my debt, the cost to me is lower every month, even though the dollar amount is the same. If you have capital and leverage debt, this system is fantastic. If you are poor and cannot borrow, i.e. leverage debt, then your money supply is constantly reduced. Most people are poor, sad fact. Most people are not benefitting from this system. Bitcoin is designed to be free of control. Institutions have lots of control currently because they have more capital to invest and sophisticated trading techniques. They have purchased their way into a powerful position within the environment. This is irrelevant. Those people that have experienced hyper inflation already understand the implied value of Bitcoin. In time, everyone else will as well
vmception 4y ago
and those metal dealers sell the metals at a super wide spread putting the buyer at an immediate steep loss so sure they still have a shiny metal that they hope retains its value, but they dont recoup anything

planarhobbit 4y ago

Your dad was right, you know.

upsidesinclude 4y ago

Your dad, like most people, probably doesn't understand money. And the idea that fiat is bad for average people isn't just a notion. Fiat with inflation is designed to reduce the burden of debt (among other things). If I borrow lots of money for a long time, I want the money to be worth less as time goes on. Then, when I pay my debt, the cost to me is lower every month, even though the dollar amount is the same. If you have capital and leverage debt, this system is fantastic. If you are poor and cannot borrow, i.e. leverage debt, then your money supply is constantly reduced. Most people are poor, sad fact. Most people are not benefitting from this system. Bitcoin is designed to be free of control. Institutions have lots of control currently because they have more capital to invest and sophisticated trading techniques. They have purchased their way into a powerful position within the environment. This is irrelevant. Those people that have experienced hyper inflation already understand the implied value of Bitcoin. In time, everyone else will as well

vmception 4y ago

and those metal dealers sell the metals at a super wide spread putting the buyer at an immediate steep loss so sure they still have a shiny metal that they hope retains its value, but they dont recoup anything