lowkey

48 ms·

571.
by lowkey 5y ago
I have heard lots of hand-waving arguments for why a deflationary currency is bad, but they have never made much sense to me. A deflationary currency doesn’t mean no one will ever spend or invest. It simply means that there is less forced i
572.
by lowkey 5y ago
Given the high-inflation environment we seem to be in currently, I wonder if employees might actually start to capture some of that increased productivity in the form of increased compensation? I don't expect employers to pay more will
573.
by lowkey 5y ago
Check out https://bluewallet.io/
574.
by lowkey 5y ago
How stable are those national currencies to inflation over time though? Notably, the British Pound Sterling is named such because 1 British pound originally represented a pound of Sterling Silver. Today it takes over 400 British pounds to
575.
by lowkey 5y ago
Yes, but the best cryto-sceptic sub on Reddit is faint praise. It is filled with arrogance, hate and, ignorance.
576.
by lowkey 5y ago
I think the argument is that we are discussing the difference between the: A) time value of money B) inflationary aspects of fiat currency vs hard currency
577.
by lowkey 5y ago
> I don’t particularly want my dollars to “hold value” Sure, but would you really rather your dollars "lose value" as in they can purchase less and less goods and services over time? How does that benefit you personally?
578.
by lowkey 5y ago
Where does the Fed get the money to be a lender of last resort - by printing the money and generating inflation? If so, then how does this inflation impact the purchasing power of these last resort dollars? I often like to take things to a
579.
by lowkey 5y ago
> The Fed's goal is to maintain inflation at 2% for reasons more complicated than I'll discuss here. It would be amazing if you could make the effort to explain the complicated reasons why the Fed's inflationary policy is
580.
by lowkey 5y ago
My father had a rather clever way of explaining the bid-ask spread: “Every time you have an exchange of goods and services between two parties, you have an agreement on price and a disagreement on value.” i.e. Given an exchange between a se
581.
by lowkey 5y ago
According to the article, anonymous members of the US State department leaked documents suggesting members of Bukele’s government are corrupt. Is this the same US government that waged a secret proxy civil war in El Salvador for 12 long yea
582.
by lowkey 5y ago
Agree, it's an interesting trade-off: Completely private if you can use an anonymous address but completely traceable if the address is identified. I wonder if Satoshi intended it that way or if he would have preferred the greater anon
583.
by lowkey 5y ago
Sci-hub is such a great example of a clear and compelling use-case for Bitcoin. Bitcoin is censorship-resistant money that doesn't rely on countries, laws, central bankers or politicians. The US dollar cannot be used for purposes not a
584.
by lowkey 5y ago
I will admit that I don't know the reality on the ground as an outsider. However, it seems to me just as likely that this is a political struggle between the new government and their opponents. As for the EU and the UN, these are the s
585.
by lowkey 5y ago
To add color to the source you shared, no where in the article (or in my research) does anyone claim that what the majority elected Salvadoran government did here was illegal, only that their opposition didn’t like it and so called it a ‘co
586.
by lowkey 5y ago
Does this mean that Tesla is now required to accept Bitcoin in El Salvador?
587.
by lowkey 5y ago
I read the article and then I did some more research. His government was elected with a significant majority. Per the constitution they have a legal right to replace judges and even though the article skips those facts they never actually c
588.
by lowkey 5y ago
> It consumes more power than Argentina and has increased 6500% since 2015 without providing any meaningful utility to mankind. - Every member of mankind who chose to invest in Bitcoin for any meaningful length of time would argue it pro
589.
by lowkey 5y ago
> Pretty much anyone with any understanding of economics would tell you that it's a terrible currency (and frankly, a questionable investment) - citation needed A store of value is a valid use case of a currency and Bitcoin has pro
590.
by lowkey 5y ago
> “We know they're not. Bitcoin miners seek out the cheapest energy, which is mostly fossil.” - Citation needed My understanding is that the cheapest electricity sources are a result of massive excess energy available far from popu
591.
by lowkey 5y ago
I’m still waiting for my fair trade, organic, ethically made, non-strip mined gold. Gold has a market cap 10x Bitcoin held by central banks around the world and is mined at a rate of about 2% per year making it a bigger issue than Bitcoin m
592.
by lowkey 5y ago
I didn’t see any reference to Narco banks in any of the articles cited. Did I miss something?
593.
by lowkey 5y ago
I read through the sources you listed with interest. Here is what I found: The first article lists vague claims of corruption by anonymous sources claiming to be from the government. They might be credible or they might be political rivals
594.
by lowkey 5y ago
I’m with you on the answer being to root out corruption and for the country to get its affairs in order. As for establishing a new banking system, isn’t that exactly what they are doing - albeit using Bitcoin and Lightning instead of fiat.
595.
by lowkey 5y ago
Have you done any reasearch on the president of El Salvador to support your ad hominem attack. He is more popular than any US president in recent memory (1). I’m guessing the answer is no, that you live in the first world with amazing acces
596.
by lowkey 5y ago
As for cash, the “cut” that is taken is via inflation. Governments print money increasing the total supply of currency and decreasing the purchasing power of your cash. It’s also called currency debasement and has a history almost as old as
597.
by lowkey 5y ago
I’ll bite. What is the solution if not Bitcoin? Maybe they should wait until the bottom 70% of their citizens have enough money to entice the big banks?
598.
by lowkey 5y ago
Yes it is similar to the comparison between a single driver vehicle vs 50 people in a bus except Lightning can scale massively - to Visa/MasterCard country-level scale vs 6-7 tx/sec on Bitcoin layer 1. If you can process 1 million
599.
by lowkey 5y ago
They are using the Bitcoin Lightning network - a layer 2 solution that uses orders of magnitude less energy than standard Bitcoin. Based on your comment history I can see you have a habit of hating on cryptocurrencies but it would be nice i
600.
by lowkey 5y ago
1 year price inflation rate: #BITCOIN: 543% LUMBER: 372% CORN: 126% COPPER: 104% GASOLINE: 69% COFFEE: 56% HOME SALES: 16% US DOLLAR: 2% if you believe the official CPI

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