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Get back to me when Bitcoin is at 250k, and then tell me how much of a disaster El Salvador's decision was. Good things take time. 1 year is not enough to dete

Get back to me when Bitcoin is at 250k, and then tell me how much of a disaster El Salvador's decision was. Good things take time. 1 year is not enough to determine the success of anything, especially initializing a new financial system for a country.

malermeister 4y ago
What makes you think it would ever get there? Vague unfounded promises of salvation in the future are the stuff of cults, not sound policy making.
- dimensionc132 4y ago
  The current monetary system is also not sound, just look at what is happening in the world with the current system, rampant inflation, money printing out of thin air based on nothing as gold has been removed as a backing.....it's a complete disaster. The current system also promises salvation, except the difference is that Bitcoin at least is a limited resource, there will only ever be 21 million BTC minted whereas the Fed can print unlimited dollars and devalue the currency, which is what has been happening. Promises of salvation is all that humanity has to give it hope of a better future. When BTC was essentially worth less than $1 nobody could ever have imagined that the price would go as high as $59k within 11 years. Who knows what will happen in another 11 years, but i would like to think, that a finite asset such as BTC will be worth more, not less, and show the finance and banking cartels that we don't need them.
  - malermeister 4y ago
    > show the finance and banking cartels that we don't need them. Who do you think controls BTC? What do you think crypto exchanges are? Meet the new boss, same as the old boss. https://hacken.io/industry-news-and-insights/the-major-crypto-platforms-prohibit-or-limit-withdrawals/ https://hacken.io/industry-news-and-insights/the-major-crypt... All BTC would do is forever entrench the power of the Capital, while weakening the one entity strong enough to take it on: The State. It would condemn us to forever be under the control of finance cartels, with no control mechanism to reign them in.
    - dimensionc132 4y ago
      >Who do you think controls BTC? Nobody control Bitcoin. Fact. Some people own more than others, but that doesn't mean they control the Bitcoin blockchain or the minting of BTC. Owning 1 thousand Bitcoin makes you wealthy, but that is all. Miners also don't control Bitcoin. Even large mining pools don't control Bitcoin. Every person that keeps their Bitcoin in a wallet where they have the private keys, owns their Bitcoin. >What do you think crypto exchanges are? Crypto exchanges are platforms where you can buy or sell your crypto, either for fiat or for other crypto. Seems pretty simple. Some exchanges are large, like Binance, but it is wrong to think that they are like banks. Most people understand that the exchange is only used for buying or selling, and then once that activity is done, you transfer your crypto to a wallet where you control the keys. People don't keep all their crypto holdings on the exchange (well some might) but the majority only use exchanges for buying/selling. With a bank, we keep all our money with the bank in an account/s. Some people keep cash in other places, but to think that exchanges are like banks is incorrect. So it is not the new boss. IF there were no option to withdraw crypto from exchanges into private wallets, then yes, that analogy would be correct. But it isn't/ The whole point of crypto is to become sovereign, and have your finances not able to be controlled by the state. The state is not your friend....unless you are a communist, and like to lose all your assets and become poor.
      - joshualahoud 4y ago
        How are those returns since 2017 peak? 5 years later and it’s lower than where it started. The easy money is gone, you have to come to terms with it. Btc was funded by speculative fervor from excess quantitative easing. With quantitative tightening in play I expect a sub 10k bitcoin soon. There is no inherent value and there will never be a large enough group of fools to make it an official currency. It acts nothing like a currency. It is owned by a more concentrated cartel of gamblers than the US dollar will ever reach and that’s sad to see

malermeister 4y ago

What makes you think it would ever get there? Vague unfounded promises of salvation in the future are the stuff of cults, not sound policy making.

dimensionc132 4y ago
The current monetary system is also not sound, just look at what is happening in the world with the current system, rampant inflation, money printing out of thin air based on nothing as gold has been removed as a backing.....it's a complete disaster. The current system also promises salvation, except the difference is that Bitcoin at least is a limited resource, there will only ever be 21 million BTC minted whereas the Fed can print unlimited dollars and devalue the currency, which is what has been happening. Promises of salvation is all that humanity has to give it hope of a better future. When BTC was essentially worth less than $1 nobody could ever have imagined that the price would go as high as $59k within 11 years. Who knows what will happen in another 11 years, but i would like to think, that a finite asset such as BTC will be worth more, not less, and show the finance and banking cartels that we don't need them.
- malermeister 4y ago
  > show the finance and banking cartels that we don't need them. Who do you think controls BTC? What do you think crypto exchanges are? Meet the new boss, same as the old boss. https://hacken.io/industry-news-and-insights/the-major-crypto-platforms-prohibit-or-limit-withdrawals/ https://hacken.io/industry-news-and-insights/the-major-crypt... All BTC would do is forever entrench the power of the Capital, while weakening the one entity strong enough to take it on: The State. It would condemn us to forever be under the control of finance cartels, with no control mechanism to reign them in.
  - dimensionc132 4y ago
    >Who do you think controls BTC? Nobody control Bitcoin. Fact. Some people own more than others, but that doesn't mean they control the Bitcoin blockchain or the minting of BTC. Owning 1 thousand Bitcoin makes you wealthy, but that is all. Miners also don't control Bitcoin. Even large mining pools don't control Bitcoin. Every person that keeps their Bitcoin in a wallet where they have the private keys, owns their Bitcoin. >What do you think crypto exchanges are? Crypto exchanges are platforms where you can buy or sell your crypto, either for fiat or for other crypto. Seems pretty simple. Some exchanges are large, like Binance, but it is wrong to think that they are like banks. Most people understand that the exchange is only used for buying or selling, and then once that activity is done, you transfer your crypto to a wallet where you control the keys. People don't keep all their crypto holdings on the exchange (well some might) but the majority only use exchanges for buying/selling. With a bank, we keep all our money with the bank in an account/s. Some people keep cash in other places, but to think that exchanges are like banks is incorrect. So it is not the new boss. IF there were no option to withdraw crypto from exchanges into private wallets, then yes, that analogy would be correct. But it isn't/ The whole point of crypto is to become sovereign, and have your finances not able to be controlled by the state. The state is not your friend....unless you are a communist, and like to lose all your assets and become poor.
    - joshualahoud 4y ago
      How are those returns since 2017 peak? 5 years later and it’s lower than where it started. The easy money is gone, you have to come to terms with it. Btc was funded by speculative fervor from excess quantitative easing. With quantitative tightening in play I expect a sub 10k bitcoin soon. There is no inherent value and there will never be a large enough group of fools to make it an official currency. It acts nothing like a currency. It is owned by a more concentrated cartel of gamblers than the US dollar will ever reach and that’s sad to see