Geee

38 ms·

661.
by Geee 4y ago
Yes, that's another problem and probably the more likely one. Buying and selling bonds and other stuff also requires arrangements with banks and so on, but might be easier from capital control perspective, or actually work as a money l
662.
by Geee 4y ago
The problem is that it's not that simple to just park $80b on a bank account. The bank will use the money to buy bonds or give it out in mortgages to get interest on it. It's akin to kicking the can to the bank, and getting the mo
663.
by Geee 4y ago
Dyor means that they know it's a scam, but they want to avoid responsibility.
664.
by Geee 4y ago
It's quite reasonable. Otherwise, she wouldn't mention him at all. She wanted to signal that 'son of the president of ECB owns bitcoin'. It's open to interpretation.
665.
by Geee 4y ago
There's no communication needed among those people, so it isn't a decision or agreement in that sense. Thousands of years ago, each person individually found out that the gold they have been collecting is still as valuable as a ye
666.
by Geee 4y ago
That's exactly what I mean. If she indeed does understand money, why does she say that 'bitcoin is worthless, it's based on nothing'? It's quite clear to me that she says that only because it's her duty, and th
667.
by Geee 4y ago
She is trying to say that don't listen to me, listen to my son. She is not free herself, because she has to defend the ECB and the euro. She implies, by using his son as an example, that ECB and the euro can't compete with bitcoin
668.
by Geee 4y ago
Well, she leaves the reader to question: which one of them is smarter, the mom or the son. She clearly (or officially) doesn't understand money and subjective value, which implies that her son is the smarter one.
669.
by Geee 4y ago
This 'money is just an agreement or a common belief' is a fallacy. Gold is scarce, divisible, verifiable, resilient, etc. It simply has good inherent properties to work as money, as a store of value and as a medium of exchange. No
670.
by Geee 4y ago
She also said that her son owns cryptocurrency, "because he's a free man." I think it's quite an odd remark for a person in her position. The whole thing could be interpreted in a way that she has to be officially agains
671.
by Geee 4y ago
This seems quite accurate, and enforces my own sentiment. Personally, I'm seeing even more doomsday scenario, but I'm not sure if that's just fear talking. I'm not even worried about the market, but I'm worried how
672.
by Geee 4y ago
"If you don't know where the yield comes from, you are the yield."
673.
by Geee 4y ago
Yes, I know it's volatile and has practical issues. It gets better every day, because it's just a matter of maturing in the market. The primary purpose of money is to be a store of value, which it has done very well, from 2009 to
674.
by Geee 4y ago
Bitcoin is money, it doesn't try to be anything. It has succeeded far beoynd any expectations. Not true. Tether should have USD equivalent reserves, but I don't care about them. I don't care if they go bust.
675.
by Geee 4y ago
Bitcoin doesn't have competition. Ethereum isn't money, and doesn't try to be money. Why would Bitcoin be the most affected by Tether? USDT is used on all markets. It seems that Ethereum, DeFi, NFTs etc. have way more of shad
676.
by Geee 4y ago
That stock market and real estate bubble is meaningful? It's better for the economy to let people save, instead of forcing them to invest just to escape inflation. No, money has strong network effects an tends to one.
677.
by Geee 4y ago
I'm not saying that economic development isn't possible with fiat currency. What I'm saying is that fiat currency is immoral; it's a form of slavery. It disincentivizes people from saving and taking responsibility, and a
678.
by Geee 4y ago
Bitcoin doesn't need banks, because it can be practically self-custodied, and therefore the economy runs mostly on full reserve. Fractional banking is still possible, but the risks are contained within private banks and their private I
679.
by Geee 4y ago
There's an argument to be made, that the relative stability here is bought from volatility and economic suffering in poorer countries, because the US dollar is the global reserve currency. In addition, there's a few other relative
680.
by Geee 4y ago
I mean specifically the modern inflationist central banking, which started in the 20th century, and more precisely in 1914 when British pound lost its 1:1 backing in gold, ending the era of the gold standard. You must understand that moneta
681.
by Geee 4y ago
Bitcoin is a bet on the collapse of fiat money and central banks. It doesn't mean a collapse of everything. It will cause turmoil, but in the end things will be better. People are increasingly realizing that central banks don't ha
682.
by Geee 4y ago
Sometimes dreams 'hit differently'. It feels like they're reinforcing a lost emotion or feeling, like a calibration. You get reminded what's it's like to feel, usually in the extreme sense. I've had the experie
683.
by Geee 4y ago
Yes, total fees need to be high enough to secure the network.
684.
by Geee 4y ago
No, fee costs are based on supply and demand of block space. It's simple, miners just scoop the highest paying transactions into the next block. If there's congestion, people pay higher fees to expedite their transactions.
685.
by Geee 4y ago
We don't know what will happen. These problems and potential solutions have been hashed for years, but we'll have to just wait and see. You'll have to just believe that the economic incentive the preserve all the value will r
686.
by Geee 4y ago
You're wrong. Block rewards halve every 4 years. Next halving is in 2 years. This means that electricity use funded by block rewards trends to zero. Miners earn also transaction fees, which will gradually replace block rewards in the l
687.
by Geee 4y ago
You guys are funny. Bitcoin is one of the largest currencies in the world with over 100 million users. Read the Bitcoin Standard to understand why.
688.
by Geee 4y ago
It seems that EU is pushing for China-style surveillance economy. Not sure who is behind it really, and it's starting to feel quite shady. No one really cares about EU, because it's supposed to be benign.
689.
by Geee 4y ago
Yes. I'm pretty sure it's actual sabotage.
690.
by Geee 4y ago
I think this is kind of a fallacy. While it's true in short term, in long term more energy sources can be always built, because there's almost unlimited amount of renewable energy available. Demand for electricity increases new in

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