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What happens when they bust out the $5 wrench?
They would need 300 million wrenches, one for each citizen. That leaves society in a much better position than letting them do it at scale with an sql query.
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Another difference is that you aren't arbitrarily excluded from being able to buy Bitcoin based on where you're born.
Bitcoin itself won't exclude you. But depending on where you are, buying Bitcoin might be illegal.
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This depends on one's consumer preferences. The CPI includes depreciating items that does not scale with income, like healthcare , cars, clothes, and food. Someone with a net worth of millions of dollars incurs likely a smaller opportunity cost. But I agree despite the hype Bitcoin's returns are still poor and easily surpassed by the S&P 500.
>But I agree despite the hype Bitcoin's returns are still poor and easily surpassed by the S&P 500. Over what time period?
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I know you are being snarky, but i think its worth pointing out that ever increasing prices is bad for a medium of exchange not good. The higher prices decreases the liklihood of it being used like a currency.
When Bitcoin was conceived economists said it would have built-in deflation and it seems they were right
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Definitely do not touch Binance. Coinbase and Kraken are the most reputable options. If you're unsure, hire a professional. Think of it as paying 0.02% as insurance against mistakes.
Isn't Binance by far the most widely used exchange? I think that if you're unsure you need to study the topic so you can tell which "professionals" are professional con men.
Ostensibly yes. But they're overseas, so what's your recourse if something goes wrong? If you wouldn't trust a random overseas Italian bank to handle your money, don't trust Binance either.
> I think that if you're unsure you need to study the topic so you can tell which "professionals" are professional con men.
To be clear I was referring to financial advisors from the traditional financial sector. Bitcoin is big enough now that they'll have a playbook for it. Don't hire a "crypto" professional.
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Definitely do not touch Binance. Coinbase and Kraken are the most reputable options. If you're unsure, hire a professional. Think of it as paying 0.02% as insurance against mistakes.
How do you find a professional you can actually trust? Any search results in hundreds of scams.
Soon this will all collapse, reaching all time highs isn't a good thing. Pyramid scheme at best, ponzi scheme at worst. I still don't know any use case for this other than speculation and people aren't even using it in the real world.
The real use case is self defense against the arbitrary devaluation of fiat currency. As wildly imperfect as crypto is at that task, it's the best we have in a fungible, digital form. So pessimistic investors flee to it. The worst case for a crypto investor is for the dollar to be restored to a stable store of value. To outcompete crypto, just whip inflation.
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Yes. All the time, just not for the things you and I buy such as groceries and transportation. Instead Bitcoin is used to buy illegal products and services such as drugs, weapons, politicians and hit men
USD and EUR is also used to buy illegal products.
In contrast, crypto is designed (qua permissionlessness) to evade regulation. Since it's fairly crappy technology, it's also slow and inefficient and cumbersome. So, it is better suited to illegitimate transactions than to legitimate ones. Lastly, crypto is entirely dispensable.