Earlier quoted context omitted.
The most innovative part of crypto is how it encourages "normal" people to become personally financially invested in promoting it.
"Mary Kay for men."
How long until Mary Kay is pushing NFT's?
Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
121–130 of 265 posts
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#122Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#123I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
I’m exhausted by the fiat money scam 2% annual inflation over a 40 year career amounts to 40% less earnings. Inflation is theft. Bitcoin fixes this. No one has ever explained a better solution to inflation than Bitcoin. Fiat money printing is a scam that lets politicians spend more money without directly raising taxes. Bitcoin is honest sound money with a fixed inflation policy forever that cannot be manipulated by a…
> Bitcoin fixes this. No one has ever explained a better solution to inflation than Bitcoin.
Does anyone seriously claim that Bitcoin is currently solving inflation? I've heard some claims that it will eventually be the case, but claiming it is already a "solution to inflation" sounds like a stretch even for bitcoin supporters.
Bitcoin was apparently at 30kUSD some time in July this year after reaching 60kUSD in June, while it is now at 48kUSD. I don't see how this indicates that bitcoin is any protection against inflation. Or if it is and you're fine with this kind of volatility, I wonder why you discarded other investments such as stocks.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#124Earlier quoted context omitted.
I'm sorry, but to me, Bitcoin sounds like a globalist wet dream. Besides, I find if wired when people use globalist like some sort of insult. As if wanting the whole world to be better and more connected is a bad thing.
What do you think about Monero? I agree Bitcoin has big privacy problems but Monero seems to solve them. The other downside to Monero is it's proof of work, which means it needs lots of power to mine. I suppose the ideal crypto would have privacy like Monero and be proof of stake, but proof of stake is still in its infancy.
Let me be clear, I have nothing against the ideea of cryptocurrencies. I think they are a great ideea and... Full disclosure, they have been _ridiculously_ profitable for me. But, the way every one tags the cryptocurrency world with their ideology is tiresome and silly. Cryptocurrency is a profoundly capitalistic ideea, and it comes with all the warts of capitalism. Bitcoin is really well thought of from a game theory point of view. Satoshi had brilliant insight in what money is.
I'm just not convinced that crypto will necessarily make the world a better place. It's going to simply be different, with different tradeoffs.
Monero is interesting, but its privacy is also an advantage and disadvantage. I am a big fan of Ethereum, personally. It's much more alive, much more dynamic, and actively responds to poignant critics of crypto, as opposed to BTC, which to me sounds way more religious than I'm comfortable with.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#125Earlier quoted context omitted.
I'm sorry, but to me, Bitcoin sounds like a globalist wet dream. Besides, I find if wired when people use globalist like some sort of insult. As if wanting the whole world to be better and more connected is a bad thing.
“Globalist” is also often used as a codeword by antisemitists, which always raises the question of intention when you see someone using it: https://www.haaretz.com/us-news/.premium-how-did-the-term-gl...
K1k.es like you are the reason you aren't liked.
This time the world.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#126Earlier quoted context omitted.
From the article: > More than 91 percent of Salvadorans want dollars, not bitcoins. The official Chivo payment system was unreliable at launch in September—the kiss of death for a new system. Users joined for the $30 signup bonus, spent it or cashed it out, then didn’t use Chivo again.
9% of the population of an entire country wanting bitcoin sounds like a decent win to me. It's not clear to me where that optimistic number comes from though.
*less than 5% want Bitcoin
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#127Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#128These are interesting ideas. I like the idea that coin mining's so-called waste of electricity is creating demand for geothermal energy plants that wasn't there previously. There is an argument to be made that the reason we don't have pervasive green energy is that a) we don't need (demand) enough of power to force investment in renewables, and b) energy prices are too low to drive green tech innovation in the sector…
> Cryptocurrencies are a big part of solving the environmental problems activists identify No, they’re not and it’s shameful to try to promote proof-of-waste under the guise of environmentalism rather than just acknowledging that you are trying to find buyers. There’s no shortage of useful applications for green power. Having constant competition to waste that power has incentivized keeping dirty power online and del…
Kys
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#129Earlier quoted context omitted.
No crypto asset is currency or will be currency. They're tradable assets, not unlike Beanie Babies. And I don't see fiat that way because: 1. I use if every day. It's widely usable as currency, it's inflationary, and its value doesn't fluctuate wildly. 2. Fiat only ever promised to fix the problems with gold, and it did that (in the US and Europe at least). It didn't ride a wave of hype that it couldn't live up to. 3…
Also, ironically, crypto is at least as conjured up out of thin air as a properly operated "fiat" currency. A person decided - for whatever reason - that there should be up to 21 million of a new type of token in existence, and his software started printing them and dishing them out to random participants in the network. With a "fiat" currency the actual number in circulation goes up and down according to actual mark…
Crypto is fiat currency without even so much as the fiat. Meaning it floats completely at random based on the mood of the participants... which now is driven solely by wanting to sell that crypto to some Greater Fool.
Re: Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin
#130I’m exhausted by cryptocurrency. There’s a kernel of neat tech innovation and a reasonable argument about monetary policy obliterated by an avalanche of greed, hype, fraud, and magical thinking.
For me, one of the saddest things about the El-Salvador Bitcoin saga is seeing people here turn a blind eye to Bukele's power grabbing, because he plays into the narrative of their crypto greed.