The Bitcoin Thread or, How The Fed Is Going To Fuck You

[Fife]

[TheReal_ND]

It was still like $2.45 the other day. People are still hodling it lel

[Fife]

Fuck you bitch, HODL

H O D L
O
D
L

[TheReal_ND]

[TheReal_ND]

[TheReal_ND]

YOU GOT TO KNOW WHEN TO HODL THEM

KNOW WHEN TO FODL THEM

[TheReal_ND]

Commies. Every time. I fucking hate commies.

[Speaker to Animals]

I need fiat money in my pixel currency accounts, dig?

[TheReal_ND]

Sure.

[floam412]

Banks would completely own this market if they choose to get into it. Bitcoin sucks ass as a currency precisely because it's so volatile. It's being used as a speculative investment vehicle, not a currency. Banks could actually manage the supply so that you don't have that kind of volatility and the crypto-currency becomes stable.

I hate to point out the obvious here, but the huge price increase in bitcoin is evidence that it fails as a currency. If bitcoin were a real currency, running an entire economy, that economy would be in hyperdeflation right now.

Fiat currencies of any form require rather sophisticated management to keep them stable. If you want a stable but unmanaged money supply, you need something that has intrinsic value (like precious metals).

A couple things here:

1) The fact that Bitcoin is volatile does not disqualify it from being used as a currency. There are certain online tools (like through Coinbase, for example) that allow people to be paid in Bitcoin for goods or services, but then automatically convert it to a fiat of their choosing; therefore taking away the risk of losing money through volatile markets. In that case it could be treated as a money transmitting service like PayPal, but without relying on a third party... which in my mind allows me to view it as a digital asset that you can honestly possess.

2) The reason why Bitcoin "sucks ass as a currency" is not because it's volatile, but rather that it is completely transparent and non-fungible which therefore disqualifies it as a currency. If Alice pays Bob for cocaine, and Bob pays Charlie back for a round of beers, and Charlie pays David with some of the coins he got for rent, only to have David get in trouble with the police because three letter agencies see that David has "tainted" Bitcoins by tracing his coins to Alice's wallet on the Dark web is an actual problem with Bitcoin right now. Currencies (like fiat) should be optionally public and private by default.

3) The fact that Bitcoin is not at the center of the global economy right now is making you convinced that Bitcoin can't function as a currency is super short sighted on your part, imo. Was the internet the center of the global economy 8 years after it's first inception? I'm pretty confident AOL wasn't even around 8 years after computers where able to communicate with each other through cable lines, right? I have a feeling there is still more to explore with the benefits of using cryptocurrencies as the foundation of the global economy that we can't even think of right now. Sure there are technical fundamental problems with cryptos like Bitcoin, but I wouldn't automatically call it shit and move on.

Plus.... it's 2018 and there are tons of other (and imo, better) options for cryptocurrencies already. Have you guys not read up on how much more fundamentally better Monero is over Bitcoin?

http://weuse.cash/2016/11/24/introduction-to-monero/