861–870 of 1001 posts
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Print tether then. Same result.
If you print tether it will only devalue tether and make the price of bitcoin (in tether) go up further.
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If they can't win the not-war they're fighting against Russia, what is their huge military stockpile supposed to do? If it isn't useful here, they can't use it.
The US military stockpile is staffed by Americans, not Ukranians, and there's no political will to transfer some of the really expensive stuff which requires extensive training like F35s. The transfers of Patriot anti-missile batteries, HIMARS, Bradley vehicles etc have been extremely effective in pushing back the Russian line of control from the initial invasion, but now it's a nasty question of assaulting well defe…
Edit: Do you think no aircraft because they'd have to use US trained pilots?
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He's not arguing the position as correct because his dad told it to him. He's not arguing the belief at all, he's just stating it. So no, it's not an argument from authority.
Given that he didn't provide any further evidence to his claim, I think it seems reasonable to guess that might have been an attempt.
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I don't believe for a second that Bitcoin or any other DLT will be the world's reserve currency. But the amount of hubris and preoccupation about this here on HN is really something else. I've long learned not to try to engage in any kind of serious discussion about possible interesting aspects.
I've been around cryptocurrency since around 2014, and I don't think the problem is hubris and preoccupation. People genuinely don't want cryptocurrency in their internet. The opportunity to spend more money online is not attractive to anyone. Conceptually Bitcoin and a lot of other networks can be nerd porn, but socially they are an unmitigated disaster. Self-custody wallets are like banks where individuals control…
It's not just crypto though, the same saturated dullness is shining through in other discussions as well.
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> for the next 100 years will continue to print new coins The new coin supply (block subsidy) is reducing at an exponential rate and will soon not be able to even compensate for the rate of lost coins.
The question was not if Bitcoin overall is deflationary. The comment said it was by design, which it arguably isn't because by design it's actually inflationary.
I really don't see how you can argue that bitcoin is inflationary by design when the period of inflation is a temporary necessity for the initial issuance, and then never repeats[1].
[1] Well, ignoring BIP42 that is.
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> any successor to Putin will still have the worlds largest nuclear weapons stockpile Possibly. Given how much of the rest of the Russian forces turned out to be paper tigers, I wouldn't be surprised if 80% of the missiles' flight computers are missing something flight critical and 80% of the warheads have unenriched (or even outright depleted) uranium instead of weapons grade uranium or plutonium, with the real stuf…
>I wouldn't be surprised if 80% of the missiles' flight computers are missing something flight critical Are these the missiles that Russia ran out of in March 2022, March 2023 and then in June 2023 or the other ones?
I suspect that people are a little more cautious about corruption whenever the results are regularly tested, e.g. if they think the missile they make this month gets shipped to the front line next month, and if it doesn't launch they will be personally posted to a flood-prone trench near a dam in the Dnipro river.
ICBMs are supposed to not get launched outside of tests, they're meant to defend a country by their mere existence threatening mutually assured destruction. This doesn't work so well if people (like me) openly doubt they work. It also means that corruption is much easier to hide, which in turn means it's much more likely to happen. (This latter point also applies to the USA's arsenal, FWIW, but that only matters to the extent that anyone fears the USA collapsing into its second real civil war).
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If you print tether it will only devalue tether and make the price of bitcoin (in tether) go up further.
Tether is a stablecoin. It’s not getting devalued unless/until there’s a run on it and it goes tits up altogether.
You can't just print money without side effects.
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Constant supply creates deflation because population/usage increases. You're right that products will cost less - which is exactly what deflation is. The reason it's because taboo in modern times is ostensibly because it creates a disincentive to investment. Why invest in something that might return 5% with some risk, if your money will be worth an almost guaranteed 5% more in a year anyhow? IMO the "real" reason is…
If by creating a "disincentive to investment" you mean a disincentive to gamble their hard earned money on the stock market, then yes. The current situation where (at least before interest rate was somewhat high) the average man had to spend time and effort by going to the stock market with their money is not healthy. You shouldn't have to gamble your money just so it doesn't lose value by merely holding it. Investme…
The part your analysis is missing is that for a commodity currency there is a whole segment of productive, non-risky investments which cannot raise capital in a deflationary environment. If deflation is 5% and a civic works project with an effectively guaranteed 3% return is fundraising, who in their right mind would put money into that? Better to hodl than to invest in your community. There is, btw, a deep tie between this result and Henry George's analysis of the impact of rents, if you're familiar with that.
This basic phenomenon of the risk-free interest rate being non-zero, and its ramifications for the economy, is one of the most confirmed results of 20th century economic research. If you could get the risk-free interest rate to zero, it would boost the economy and lower unemployment with absolutely no ill effects whatsoever.
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The people born in 10 years will have access to a hard money that is time proven, more stable and less risky than it was 10 years ago. They will also see the price of their bitcoin go up relative to fiat. The same goes for people born in 300 years time. Regarding developing countries, bitcoin provides anyone with a phone access to a bank, and one that offers better savings accounts than any fiat account.
So merely by luck of being born earlier you deserve to be wealthier than any future generations?
Alternatively wait until every man and his dog already have it and the price has stabilised and it's a no brainer (say 10 or 20 years)
You buy bitcoin at the price you deserve.
The strong anti-Bitcoin sentiment on HN is still amusing. It goes way back - 13 years or more. Having read many of these negative comments, I think part of this sentiment boils down to the commenter seeing no point to Bitcoin. Just this thread has examples. It must be more than a little annoying to feel very strongly that Bitcoin is pointless, but to also notice that it's still here. Year after year. If that shoe wer…
? Most of us don't see it as a replacement of cash. This ETF doesn't mean it's a replacement of cash either. Just so many people are holding it and there's a lot of money in it, but still less than it's peak. It will probably just go down again without news, as it did before. It's not that the BTC futures ( since 2018) changed much, I expect a similar end result of this. Note : I went out in 2017 as I didn't saw it's…
There was so much hype for the ETF, that there's no interest anymore from others to actually buy crypto ( for now)