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

[SuburbanFarmer]

A couple things here:

1) The fact that Bitcoin is volatile does not disqualify it from being used as a currency.

That absolutely disqualifies it as a currency. That's the main reason that most are sick of the dollar.

I have read a bit about Monero. I'll probably buy some, once the Bitcoin crash is complete.

[Speaker to Animals]

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/

You don't get the point of money, then.

[jediuser598]

The point of money is to go out and buy gas, or a cup of coffee. If I can't buy gas or a cup of coffee with your money, I don't see a point in it.

[floam412]

A couple things here:

1) The fact that Bitcoin is volatile does not disqualify it from being used as a currency.

That absolutely disqualifies it as a currency. That's the main reason that most are sick of the dollar.

I have read a bit about Monero. I'll probably buy some, once the Bitcoin crash is complete.

The main reason people are sick of the dollar is because of the never ending inflation... at least that's why I'm sick of the dollar, why are you? The USD isn't that volatile... ?

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/

You don't get the point of money, then.

Please educate me then.

The point of money is to go out and buy gas, or a cup of coffee. If I can't buy gas or a cup of coffee with your money, I don't see a point in it.

I'm not saying everything has to be associated on a blockchain payment system for microtransactions like buying a cup of coffee or gas. I think you are referring to blockchain bloat, which if you are, there are already solutions being tested and implemented on other currencies.

The name of the game with cryptocurrencies is to figure out a way to create a currency that can be transacted Online without third parties + government printed fiat. What's there not to get/want to be a part of?

[SuburbanFarmer]

Re: the never-ending inflation of the dollar.

What would the inflation rate of bitcoin have been for the past year, 12,000%??
We’d be eating each other in the streets by now.

[Speaker to Animals]

This bitcoin cult is hilarious.

You can't run a developed economy on a "currency" with more hyperinflation than a Zimbabwean cock ring.

[Speaker to Animals]

If you want to invest big in baseball cards, comic books, digital spaceships (okee), or bitcoin, then by all means. Just stop pretending like your high-risk speculative investments in electronic goodies is real money. We already have enough fake money going around with worthless dollars and euros.

[floam412]

I'm confused by this notion that Bitcoin is inflationary at all ... it's a fixed known amount.

Here, let me guys help you out in trying to find and argument against Bitcoin as a legit currency:
https://www.economist.com/blogs/freeexc ... 4/04/money

It is known that Bitcoin is deflationary because there is a set amount and there is a legit argument among economist on how society can function in terms of wages on a token of account that ends up running out. This is known, and honestly it is a valid point of concern. But I find figuring out a system based on code and math to be far more superior than funding a corrupt system of political gain and interest rates made out of thin air. We already are getting paid Zimbabwean cock rings...

[Speaker to Animals]

Hyperdeflation.



Then hyperinflation as the value plummets.

[Speaker to Animals]

Say it takes 100 duckets in 2017 to buy a basket of goods at the grocery store.

But now in 2018, you need 200 duckets to buy the same basket.

That's severe inflation. Got it?

Now instead of duckets, look at the price of bitcoin in the above charts. And instead of a few hundred duckets, consider the difference between 18k and 5k.