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The biggest use case for Bitcoin is of it being an escape from arbitrary printing of money by central banks. The richer your home country, the further you are f

The biggest use case for Bitcoin is of it being an escape from arbitrary printing of money by central banks. The richer your home country, the further you are from intuitively grasping how catastrophic printing is in the long run.

dybber 4y ago
Why is it catastrophic then? Isn’t it exactly this property that allows us to have a more or less stable currency?
- silentsea90 4y ago
  Stable against what? TVs? Food? Healthcare? Education? Real estate? https://static.seekingalpha.com/uploads/2017/5/29/saupload_inflation10-16.jpg https://static.seekingalpha.com/uploads/2017/5/29/saupload_i...
aNoob7000 4y ago
The problem with Bitcoin is that it is a pain to transact any business with it.
- silentsea90 4y ago
  I agree but please expand on the pain so I can respond.
WalterSear 4y ago
Bitcoin's price is primarily driven by market manipulation fueled by arbitrary Tether-tron printing. Tether-tron is used entirely internally by a criminal syndicate in order to create fraudulent chinese 'cookie cutter' exchanges, in a manner similar to casino chips - ie - "Here's $100 million for your new exchange, that you can only use to buy crypto within 'the family', incidentally pumping up their prices along the way'". This is in addition to the arbitrary Tether-eth printing that you ought to be well aware of.
Aunche 4y ago
Bitcoin isn't immune to money printing at all. The value of Bitcoin comes from people using it as a speculatory vehicle rather than a medium of exchange of goods and services. If the price of a commodity like rice hyperinflates, this does nothing to the price of Bitcoin because nobody uses Bitcoin to buy rice. As a result, the price of Bitcoin would inflate at the same rate as the underlying fiat used to exchange Bitcoin.
- silentsea90 4y ago
  Price of Bitcoin inflating at the same rate as fiat printing = Bitcoin deflating while fiat inflates. That's good right?
  - Aunche 4y ago
    My point is that there is no reason for the price of Bitcoin to inflate alongside actual commodities, which is validated by the fact that BTC fell while inflation rose. Gold similarly has a low correlation with inflation.
    - silentsea90 4y ago
      In the short term, absolutely no asset class is immune to fed monetary policy ie interest rates, QE/QT. In the long run, fiat has only lost value relative to all hard assets (gold, RE, Bitcoin etc) I'm not sure how what you're saying is an indictment of Bitcoin or gold.

dybber 4y ago

Why is it catastrophic then? Isn’t it exactly this property that allows us to have a more or less stable currency?

silentsea90 4y ago
Stable against what? TVs? Food? Healthcare? Education? Real estate? https://static.seekingalpha.com/uploads/2017/5/29/saupload_inflation10-16.jpg https://static.seekingalpha.com/uploads/2017/5/29/saupload_i...

aNoob7000 4y ago

The problem with Bitcoin is that it is a pain to transact any business with it.

silentsea90 4y ago
I agree but please expand on the pain so I can respond.

WalterSear 4y ago

Bitcoin's price is primarily driven by market manipulation fueled by arbitrary Tether-tron printing. Tether-tron is used entirely internally by a criminal syndicate in order to create fraudulent chinese 'cookie cutter' exchanges, in a manner similar to casino chips - ie - "Here's $100 million for your new exchange, that you can only use to buy crypto within 'the family', incidentally pumping up their prices along the way'". This is in addition to the arbitrary Tether-eth printing that you ought to be well aware of.

Aunche 4y ago

Bitcoin isn't immune to money printing at all. The value of Bitcoin comes from people using it as a speculatory vehicle rather than a medium of exchange of goods and services. If the price of a commodity like rice hyperinflates, this does nothing to the price of Bitcoin because nobody uses Bitcoin to buy rice. As a result, the price of Bitcoin would inflate at the same rate as the underlying fiat used to exchange Bitcoin.

silentsea90 4y ago
Price of Bitcoin inflating at the same rate as fiat printing = Bitcoin deflating while fiat inflates. That's good right?
- Aunche 4y ago
  My point is that there is no reason for the price of Bitcoin to inflate alongside actual commodities, which is validated by the fact that BTC fell while inflation rose. Gold similarly has a low correlation with inflation.
  - silentsea90 4y ago
    In the short term, absolutely no asset class is immune to fed monetary policy ie interest rates, QE/QT. In the long run, fiat has only lost value relative to all hard assets (gold, RE, Bitcoin etc) I'm not sure how what you're saying is an indictment of Bitcoin or gold.