111–120 of 234 posts
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Bitcoin is not a physical possession. My money right now is (mostly) not a physical possession either. It exists as a non-blockchain ledger entry in bank's computer system, and cannot be lost as easily as crypto currency, even if I make a mistake like forgetting my password.
Dont worry it will be slowly lost to inflation anyway without you doing anything about it
People still don't understand cryptocurrencies, and at this point it seems more like intentional obtuseness for political reasons. At the same time, cryptocurrencies still haven't provided a killer app that shuts everyone up. So, IMO that's the only real thing that matters. Either you build something with it that's useful - or it isn't useful. I understand that it's difficult because of all the infrastructure require…
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Did you see the videos of Russians lining up all day to try to withdraw tiny amounts of cash from an ATM?
But I'm not in Russia and it feels I have to do A) huge amount of research B) huge amount of risk / personal responsibility C) and Still trust some or multiple 3rd party services to practically obtain or withdraw bitcoin, which have same or more power or likelihood to cut me off I (think) understand the dream. I don't see the reality of seamlessly easily practically safely cheaply transacting bitcoin. As a mediocre t…
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This is literally an april fools joke...
So all of the data for https://triple-a.io/crypto-ownership/ is fake?
It's no coincidence that some of the strongest criticism against cryptocurrency happens here, in a community mostly of banked, relatively prosperous people in stable countries. May you never personally experience being unbanked or otherwise financially oppressed.
If you're going to claim to be speaking for an oppressed group I think you should be specific about which one, and what your relationship to that group is. My experience with poverty in the US, having both experienced it myself and continuing to associate with many people experiencing it now, is that the main issue faced by poor people is having money, not having access to the money they do have. Even for the "unbank…
Here is where you go in the wrong direction. It's not about poor people in a stable country, it's about rich people in an unstable country. So the use-case is actually the complete opposite.
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> no-one explains how they'll just "bypass" the financial system, tax system, government regulators or the people with guns Here's one explanation - when the people with guns realize they are paid in a fiat currency that their bosses keep inflating for their own benefit, what do you think they will do? Another - who will the people with guns shoot at when they can't identify an anonymous crypto wallet?
> when the people with guns realize they are paid in a fiat currency that their bosses keep inflating for their own benefit, what do you think they will do? Same thing that happens in Venezuela. You pay your army in real assets and hard currency. > who will the people with guns shoot at when they can't identify an anonymous crypto wallet? Which is a false assumption, given recent history.
Venezuela proves my point - it's a borderline failed state where the government is very, very fragile.
> Which is a false assumption, given recent history.
You may be referring to the Colonial Pipeline hackers. When hackers implement strong crypto opsec, it is impossible to catch them.[1] Dumb and careless criminals get caught all the time, there are a lot more that don't.
[1] Use wasabi or samourai for coinjoins. Run a full node. Use a wallet with coin control and labelling. Buy from Bisq. Or use Monero.
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Bitcoin is not a physical possession. My money right now is (mostly) not a physical possession either. It exists as a non-blockchain ledger entry in bank's computer system, and cannot be lost as easily as crypto currency, even if I make a mistake like forgetting my password.
You have the luxury of living in a high-trust society with a stable banking system. Even if you assume that current stable banking systems will remain that way in perpetuity, half the world's population does not live under these conditions. Their risk calculations will be different from yours. That alone is enough to sustain the value of cryptocurrencies.
It's no coincidence that some of the strongest criticism against cryptocurrency happens here, in a community mostly of banked, relatively prosperous people in stable countries. May you never personally experience being unbanked or otherwise financially oppressed.
Not that you're wrong about anything that you've said, but your implication (and that of the blockchain punditry) is that somehow crypto is the solution here, without ever exaplaining "how". The idea that crypto is "out of reach" of governments, regulators, law and oppressive regimes is one of the fairy tales that crypto pundits believe that is simply not true. In a country that is unbanked and financially oppressed,…
The concept you seem to be reaching for is "black market".
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Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme. Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.
You can live in real estate and get dividends from stocks. Cryptocurrencies are more similar to commodities: gold, wheat, coal. (You can consume wheat and coal, yes, but that consumes them and then you don't have them anymore; that's not profit.)