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Bitcoin is wealth in the cloud. There's immense utility in being able to digitalize your wealth, including higher mobility and, since it is a decentralized netw

Bitcoin is wealth in the cloud. There's immense utility in being able to digitalize your wealth, including higher mobility and, since it is a decentralized network, assurance that it won't be inflated, confiscated and that you will have the freedom to transact it with whoever you want.

vasilipupkin 3y ago
What does that mean ? Most wealth is in the cloud, you don’t need Bitcoin for this. I don’t have any paper stock certificates.
- rafaelero 3y ago
  Not really. Most wealth is based on physical stuff like houses, factories and offices.
- TimJRobinson 3y ago
  And yet if you were to visit Iran and attempt to access that wealth you'd quickly discover how little of that wealth is actually yours. It's not just that it's in the cloud, it's the only form of wealth you can keep digitally AND only you have access and control over it. Maybe that's fine because you're a good citizen who follows the rules, but some people are born into places where they don't get the privilege of a fair financial system, or the system changes on them.
  - vasilipupkin 3y ago
    But all this is circular logic. You can’t say something is valuable because it’s digital. Why is it wealth in the first place is the question. Wealth is something that represents concrete value.
epolanski 3y ago
Cool. Going on GitHub and downloading core code and deploying a new coin based on Bitcoin or some other crypto. I'll call it HackerNewsCoin. Didn't know it was that simple to create "wealth". What a foolishness to think that something that has no intrinsic value can constitute wealth. Don't confuse price with value. It really is true crypto combines all that people don't understand about economy with all that people don't understand about technology.
- mistercheph 3y ago
  > combines all that people don't understand about economy with all that people don't understand about technology I agree 100% with this but it is describing you.
  - epolanski 3y ago
    And you've done an amazing job educating me on where I'm wrong or debating any of my points, haven't you?
- rafaelero 3y ago
  > What a foolishness to think that something that has no intrinsic value can constitute wealth. Honestly, I am also amazed that humans make something like that happen. But we do. Otherwise gold wouldn't have so much value.
  - epolanski 3y ago
    Gold is crucial in electronics, jewellery, biochemistry. Also, can't be forked, cloned or replaced by some gold 2.0 with smart contracts or bigger block size. Seriously, imagine comparing a currency, let alone a cryptocurrency to gold. Foolishness never ends.
    - rafaelero 3y ago
      Gold was a currency and a store of wealth for a long time for multiple societies (even when most of those use cases you listed didn't exist). If only they had the knowledge and wisdom of epolanski from 2024 they wouldn't have made this mistake...
      - lmm 3y ago
        Pretty sure that every society that unilaterally adopted gold used it for jewellery first, and only started using it as a currency and store of wealth once its value had already been established.
gknapp 3y ago
These are some interesting points around its value, but it can absolutely be inflated, no? Given that most of our standards of value are tied to fiats, and that Bitcoin's exchange with said fiats is highly variable, the value of your crypto wealth can totally be out of your control. Fortunately for most bitcoiners who got in early, it's been variable in a positive direction... But not for everyone.
- rafaelero 3y ago
  Value fluctuation is not the same as asset inflation. The first relates to how much confidence people have on using BTC to represent their wealth in a given moment. The second is a decreasing of the asset's value keeping overall confidence constant.

vasilipupkin 3y ago

What does that mean ? Most wealth is in the cloud, you don’t need Bitcoin for this. I don’t have any paper stock certificates.

rafaelero 3y ago
Not really. Most wealth is based on physical stuff like houses, factories and offices.
TimJRobinson 3y ago
And yet if you were to visit Iran and attempt to access that wealth you'd quickly discover how little of that wealth is actually yours. It's not just that it's in the cloud, it's the only form of wealth you can keep digitally AND only you have access and control over it. Maybe that's fine because you're a good citizen who follows the rules, but some people are born into places where they don't get the privilege of a fair financial system, or the system changes on them.
- vasilipupkin 3y ago
  But all this is circular logic. You can’t say something is valuable because it’s digital. Why is it wealth in the first place is the question. Wealth is something that represents concrete value.

epolanski 3y ago

Cool. Going on GitHub and downloading core code and deploying a new coin based on Bitcoin or some other crypto. I'll call it HackerNewsCoin. Didn't know it was that simple to create "wealth". What a foolishness to think that something that has no intrinsic value can constitute wealth. Don't confuse price with value. It really is true crypto combines all that people don't understand about economy with all that people don't understand about technology.

mistercheph 3y ago
> combines all that people don't understand about economy with all that people don't understand about technology I agree 100% with this but it is describing you.
- epolanski 3y ago
  And you've done an amazing job educating me on where I'm wrong or debating any of my points, haven't you?
rafaelero 3y ago
> What a foolishness to think that something that has no intrinsic value can constitute wealth. Honestly, I am also amazed that humans make something like that happen. But we do. Otherwise gold wouldn't have so much value.
- epolanski 3y ago
  Gold is crucial in electronics, jewellery, biochemistry. Also, can't be forked, cloned or replaced by some gold 2.0 with smart contracts or bigger block size. Seriously, imagine comparing a currency, let alone a cryptocurrency to gold. Foolishness never ends.
  - rafaelero 3y ago
    Gold was a currency and a store of wealth for a long time for multiple societies (even when most of those use cases you listed didn't exist). If only they had the knowledge and wisdom of epolanski from 2024 they wouldn't have made this mistake...
    - lmm 3y ago
      Pretty sure that every society that unilaterally adopted gold used it for jewellery first, and only started using it as a currency and store of wealth once its value had already been established.

gknapp 3y ago

These are some interesting points around its value, but it can absolutely be inflated, no? Given that most of our standards of value are tied to fiats, and that Bitcoin's exchange with said fiats is highly variable, the value of your crypto wealth can totally be out of your control. Fortunately for most bitcoiners who got in early, it's been variable in a positive direction... But not for everyone.

rafaelero 3y ago
Value fluctuation is not the same as asset inflation. The first relates to how much confidence people have on using BTC to represent their wealth in a given moment. The second is a decreasing of the asset's value keeping overall confidence constant.