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The difference is that they can never stop you custodying the bitcoin yourself. Bitcoin won't become "quaint" - it will always sit there as the hardest money m

• Wytwwww 3y ago
  > hardest money mankind has ever seen Except it's not really money is it? It's a speculative asset. > The difference is that they can never stop you custodying the bitcoin yourself. Except if you can no longer convert it to real money ($/€/etc.) it becomes effectively worthless or at least start trading at massive discount. Also the delusional/quasi-religious rhetoric is getting old. Can't you actually try to think of any rational and/or substantiative arguments?
  • npoc 3y ago
    Let's not argue semantics. With bitcoin you don't need "real money", you can exchange it directly person to person. In any case other countries that embrace bitcoin will always exist. It sounds like you need to learn what money really is. Try and figure out why mankind chose shells and beads as money, then gold and then fiat. It will help you understand why it will choose bitcoin next.
    • Wytwwww 3y ago
      > With bitcoin you don't need "real money", Maybe you don't (almost) everyone else does. > In any case other countries that embrace bitcoin will always exist. Doubtful. None exist and unlikely any will exist in the future (at least not the type of countries many people would want to live int) > It sounds like you need to learn what money really is. Try and figure out why mankind chose shells and beads as money, then gold and then fiat. It will help you understand why it will choose bitcoin next. I'm sorry but you sound pretty much like the "flat earth" people... (maybe that was the point?)
      • audleman 3y ago
        > None exist and unlikely any will exist in the future (at least not the type of countries many people would want to live int) El Salvador has already made Bitcoin a legal tender. I assume your no-true-scotsman addition of "any country somebody would want to live in" is meant to disqualify it? That's rather disrespectful to the 6 million people who live there in addition to being wrong. In my opinion more countries will adopt it in the coming years and convert a small portion of their reserves to Bitcoin. Time will tell which of us is correct.
    • notahacker 3y ago
      Some of us figured out that mankind ceased to use shells and beads (and many other things much more fixed in supply than Bitcoin) aeons ago because few people were required to settle their debts or taxes in them, and therefore their future value was entirely dependent on volatile collector sentiment rather than a broad segment of society needing them. I wonder when Bitcoiners will catch up...
      • npoc 3y ago
        No. Good attempt, but that's not the right answer. At least it was better than "because you can make jewellery out of gold and it's got some industrial uses". Let's look at it another way. Why did the people/government choose to make bank notes legal tender, when they already had gold as legal tender? Why was gold legal tender in the first place? Why not beads? I wonder when you'll catch up with bitcoiners?
        • notahacker 3y ago
          > Why did the people/government choose to make bank notes legal tender, when they already had gold as legal tender The notes came into play because of demand for credit, and the monopolist of legal force in the territory preferred to legislate legal tender as something they had control over and earned seigniorage from, which was incidentally also easier to maintain a balance of supply and demand in (if they were minded to do so). What states absolutely aren't looking to denominate debt in is a volatile synthetic asset whose limited supply is mostly in the hands of shady, unproductive foreigners, which was created out of explicit hostility to credit markets but is now propped up entirely by a speculative asset bubble. Now that you understand that, you can finally catch up with non-Bitcoiners!
• pjc50 3y ago
  > If they try and create tokens that don't represent bitcoin i.e. creating them out of thin air, then they will go down in value relative to bitcoin, Tether remains inexplicably popular.
• egorfine 3y ago
  > they can never stop you custodying the bitcoin yourself. They can and will stop you from actually using real bitcoin stored onchain. It's a strong trend and one that is quite troubling.
  • npoc 3y ago
    Nope. Not unless they successfully stop people using Tor.
• RandomLensman 3y ago
  When push came to shove, pretty much all money (and assets) dropped hard in value vs stuff that is critically needed. Hardness of money is really only situational. Really hard money does not exist that is why things like productive assets are where wealth goes - not into other non-productive monies. For example, equity is already used as money at times (M&A, salaries).
  • deleted 3y ago
    [deleted]
  • npoc 3y ago
    Bitcoin is a productive asset. I buy it, lend it to a business who can use it as collateral and I get paid back more bitcoin than I lent them, as compensation (i.e. interest)
    • RandomLensman 3y ago
      That is perhaps stretching of what is usually meant by a productive assets (you can make the same argument for a piece of art, for example, or really anything). Typically, the asset itself is productive, not that it can be used in a productive activity (e.g., gold as an non-productive asset even though you can lend it out).
    • hanniabu 3y ago
      > Bitcoin is a productive asset. Only if you're given permission. It's not natively productive like Ethereum.
• lxgr 3y ago
  What would prevent any government from passing a law making it illegal to touch cryptocurrencies? Sure, that doesn’t make it impossible to self-custody, but it would surely have some impact on most people‘s willingness to do so.
  • npoc 3y ago
    One government does, another doesn't. The one that doesn't ultimately wins because their people thrive, using a better money.