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Yeah, U.S. household net worth is near all-time lows in Fed balance sheet terms and people think crypto is the scam: https://mobile.twitter.com/RaoulGMI/status/13987339019132641...
Something being wrong with the economy doesn’t preclude Bitcoin from being a scam. That’s a false dilemma you’re proposing.
(edited to add) There is an important difference between having downsides and being a scam. Downsides of the U.S. dollar or "petrodollar" system include global warming, international wars, and regulatory capture. The U.S. financial system has all the kinds of fraud, blackmail, and crime mentioned here and more. Doesn't mean the dollar is a scam.
Coinbase is centralization, bank adoption is centralization, etc...
Also if “fear of regulation” causes massive sell-offs, doesn’t it totally fail at being the “anti-government” centralized currency?
I’m also just not convinced total decentralization is good? I mean sure markets are a decentralized way of pricing things and allow distributed decision making blah blah blah, but they have limits. I feel like far too many people are drawn in by the answer to the wrong question “what does crypto solve?” Instead of the more interesting one “what problems does it create”
Written from the perspective of someone in a first world country. Edit: https://www.statista.com/chart/18345/crypto-currency-adoptio...
The tone deaf tech elite have done it again and thought that the US is the entire world.
Please leave your americentrism at the door.
edit: flagged for the truth now? pathetic.
What is surprising is how large the number of techies who don’t get this. It’s not about crypto currencies as much as it is about the game theory that allows it to run a distributed self replicating state machine that is Byzantine tolerant - this is the true innovation
> What is surprising is how large the number of techies who don’t get this.
What do you mean by "this"? Do you mean all of the points made by the author in the tweets?
Or do you mean "the following" instead of "this", referring to what you think is most innovative about Bitcoin?
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What does “in Fed balance sheet terms” mean?
I think they're referring to the ratio of household wealth to total value of the fed balance sheet. Which is a number easy to calculate and his claim is factually true (mostly because the fed balance sheet has never been bigger). But while his claim is true, in a Boolean sense, I don't know what exactly we're supposed to conclude about the world based on it. This isn't a ratio I've ever seen talked about before. I'm…
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A friend of mine paid another friend of mine $80 in BTC for a trip we did about 5 years ago. That BTC, never touched, is now worth $5000. At any rate, it's definitely volatile, because the asset class is still a small (but growing) potato in the grand scheme of commodities markets. One thing we can be sure of, it will never go negative in price, unlike oil.
Oil prices didn't go negative, the price of a financial derivative did.
I read a Blockchain book from O'Reilly in 2015, when it came out and it left me with the distinct impression that this "technology" is vaporous. It could do anything, yet, almost no examples to try out, let alone real-world successes. Over time I witnessed many "new" things, and the ones which stick typically have a specific aura to them, like a 10x simplification, or speedup or reduction in "noise". These things are…
In Venezuela there is absolutely absurd inflation number there: like over 1,000%.
Argentina it’s over 30% each year for several years.
Bitcoin is a tool against oppressive governments
Fully agree. The current/legacy financial infrastructure is actually 10 times more decentralized than any DLT: DLT is the same software run on multiple nodes. SWIFT in contrast is a protocol, that anyone can implement. So its hundreds of software teams, building and operating their part of the infrastructure and integrating with each other. The SWIFT protocol itself is maintained by the member organizations, anyone c…
Earlier quoted context omitted.
A friend of mine paid another friend of mine $80 in BTC for a trip we did about 5 years ago. That BTC, never touched, is now worth $5000. At any rate, it's definitely volatile, because the asset class is still a small (but growing) potato in the grand scheme of commodities markets. One thing we can be sure of, it will never go negative in price, unlike oil.
I'd be pretty alarmed if my untouched savings account grew by 6250% over five years.