51–60 of 67 posts
Bitcoin has been declared dead many times: https://bitcoindeaths.com/ It just keeps on existing.
Hope your belief in the system has paid off incredibly well for you.
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I don't doubt it, but the sort of "I'm escaping the financial systems that is stacked against me" attitudes are prevalent among folks, the ethos lives on in a weird sort of way ... but really individuals are going to a worse place more often than not.
You're right, but the people that say they're pilled/sticking it to the man/breaking out of the matrix -- they're just parroting things they saw on X or tiktok. And then shuffling their money based on that. They haven't researched or thought about any of this, otherwise they wouldn't be reducing finance to repeating someone else's soundbytes. There's no ethos there, it's just reposts. Yes, it is weird.
It promises something better than the current broken system. And people end and up not looking too hard for / are willfully blind to, the flaws, until it inevitably bites them in the arse.
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More likely americans will start trading in € or £ cash, on a parallel market. The same way argentinians are doing it now with $.
There's no euro or francs in America. But there is uniswap on your phone. Heck I think cash app lets you send crypto.
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The ethos assumes a world in which Bitcoin has become widely accepted as a currency and reached a stable exchange rate. That world wasn't necessarily impossible. Imagine that the US reconceived the dollar as a coin, and everybody simply accepted it as a replacement currency. Potentially, a very large bank or credit card company could have done that with a stablecoin pegged to the dollar. But that's not what happened.…
IMO it was always a bad fit for a prospective currency, since its nature is tilted towards deflation, a speculative asset to be hoarded while everyone continues to conduct normal "I need a sandwich" business in anything else.
Basically the premise is that you need to get in early or you're screwed forever. So what do you do? You create an asset where you are the one who gets to be first this time and gets to screw over others.
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The presumed ethos flew out the door the second that fundamentals were traded for chasing the very asset bitcoin was trying to replace (an inevitability vis-a-vis human behavior). That said, I don't think it's "dead," but rather showing itself for what it is: a well-intentioned attempt at solving corruption of money, predictably co-opted by (and made the bitch of) the very forces it sought to replace. Now, it seems t…
The gov has zero incentive to give up Keynesian (or worse, mmp) controls.
Edit:
Imagine if the lubricants in your car get more expensive and you can't afford them anymore, then your car stops working, then you lose your job, you lose your apartment/house.
Now imagine if someone made a universal lubricant that society both runs and depends on. If society runs out of lubricant because it is too expensive, then everything will fail. Having society overflow with excess lubricant will cause issues, but it will still work better than without.
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More likely americans will start trading in € or £ cash, on a parallel market. The same way argentinians are doing it now with $.
There's no euro or francs in America. But there is uniswap on your phone. Heck I think cash app lets you send crypto.
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Why? It’s a pure fiat currency with limited real-world adoption, what reason will people have to favor it over the alternatives next week which they don’t have today?
Figure out why it has gone up and up all these years while being a “pure fiat currency with limited real-world adoption”, and you’ll have your answer.
https://www.saylortracker.com
Bitcoin has been declared dead many times: https://bitcoindeaths.com/ It just keeps on existing.
Bitcoin has been declared dead many times: https://bitcoindeaths.com/ It just keeps on existing.
> Bitcoin has been declared dead many times This is also true of Boeing, Citigroup and the Argentinian peso. Looking at the actual quotes on that website, I'm struggling to find the word death (or a synonym). Instead, it's a collection of criticisms. Many of them wrong. But not many showing thoughtless dismissal.
Start at the bottom of https://bitcoindeaths.com/posts and scroll up. You will find many prominent declarations of imminent death or failure, including "So, That's The End of Bitcoin Then" (2011), "Bitcoin Sees the Grim Reaper" (2013), and "An Early Obituary for Bitcoin" (2014).