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And Bitcoin automagically fixes that? How? Due to it being a PoW system? Suddenly fraud is no longer possible? (It still is) Money laundering is no longer po

And Bitcoin automagically fixes that? How? Due to it being a PoW system? Suddenly fraud is no longer possible? (It still is) Money laundering is no longer possible? (It still is) Inflation/Deflation save? (It still is) So tell me, what is crypto fixing? That instead of experts in the central bank the market itself just does what? Definitely nothing pro consumer. There are reasons why banks get requirements from the state on how they need to run and it's most of the time for us consumer/small people.

jcbrand 4y ago
In the least Bitcoin provides an option to opt-out, an alternative that puts some pressure on central banks to have sane monetary policy. It allows people in Lebanon (~200% inflation), Zimbabwe (~700% inflation) and Turkey (70% inflation) to maintain the purchasing power of their wealth and to protect it from confiscation. There are many other advantages of Bitcoin, but these are already significant.
- pjc50 4y ago
  However it can't protect against real falls in the purchasing power of bitcoin vs the currency it's commonly transacted against, the dollar. I'm starting to think there's a good argument for the US treasury trying to export financial stability by making USD holdable globally. Except that runs into the policy problems relating to who's using it.
- Seriomino 4y ago
  They also can just buy euro or dollar. Nothing new here. And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. And I still bet that the people in Zimbabwe in avg have more from less co2 than from bitcoin
  - jcbrand 4y ago
    > And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. Impoverishing entire nations by making sure they can't buy necessary goods and thereby putting them at risk of starvation is more important than other nations who are impoverished and at risk of starvation due to their currencies collapsing.
    - Seriomino 4y ago
      They are not collapsing just for fun without a reason. The normal people of that country are btw not able to just buy crypto. After all someone still needs to take their money to exchange it and they need hardware and knowledge. You sound like crypto would just solve those issues just because it's there.
      - jcbrand 4y ago
        > need hardware You mean a cellphone? Which pretty much everyone in the world has?
        Seriomino 4y ago
        Zimbabwe apparently has 50% smartphones. Btw. You should read up more on how well Bitcoin works in El Salvador. And of course all the other points I brought up are still valid as well.
boppo1 4y ago
I agree with the other poster. However, the assertion that modern central banks have been a failure and disaster for the societies they serve is independent from any conclusions about Bitcoin.

jcbrand 4y ago

In the least Bitcoin provides an option to opt-out, an alternative that puts some pressure on central banks to have sane monetary policy. It allows people in Lebanon (~200% inflation), Zimbabwe (~700% inflation) and Turkey (70% inflation) to maintain the purchasing power of their wealth and to protect it from confiscation. There are many other advantages of Bitcoin, but these are already significant.

pjc50 4y ago
However it can't protect against real falls in the purchasing power of bitcoin vs the currency it's commonly transacted against, the dollar. I'm starting to think there's a good argument for the US treasury trying to export financial stability by making USD holdable globally. Except that runs into the policy problems relating to who's using it.
Seriomino 4y ago
They also can just buy euro or dollar. Nothing new here. And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. And I still bet that the people in Zimbabwe in avg have more from less co2 than from bitcoin
- jcbrand 4y ago
  > And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. Impoverishing entire nations by making sure they can't buy necessary goods and thereby putting them at risk of starvation is more important than other nations who are impoverished and at risk of starvation due to their currencies collapsing.
  - Seriomino 4y ago
    They are not collapsing just for fun without a reason. The normal people of that country are btw not able to just buy crypto. After all someone still needs to take their money to exchange it and they need hardware and knowledge. You sound like crypto would just solve those issues just because it's there.
    - jcbrand 4y ago
      > need hardware You mean a cellphone? Which pretty much everyone in the world has?
      - Seriomino 4y ago
        Zimbabwe apparently has 50% smartphones. Btw. You should read up more on how well Bitcoin works in El Salvador. And of course all the other points I brought up are still valid as well.

boppo1 4y ago

I agree with the other poster. However, the assertion that modern central banks have been a failure and disaster for the societies they serve is independent from any conclusions about Bitcoin.