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I don't think Bitcoin will need regulation, but the spending of it might. Otherwise, one whale could buy all of Angola and Bermuda, or something. Or purchase all water rights in a country, or buy up all animal feed.

You would need strong governments and property laws to counteract the wealth inequality.

Bored Satoshi 1y ago

But that has nothing to do with regulating Bitcoin and has everything to do with regulating your assets. If a whale could buy up all the water sources in a country, they would just convert their Bitcoin into local currency and buy a river or two. What has Bitcoin got to do with any of that?

Bitcoin does not need any kind of regulation. Countries already have regulations for who can own properties. I don't understand why Bitcoin being permissionless is a problem here. nostr:npub1cm87c625x3tzqu2qzf7e845749k58u7xvx2gc8ym0wmg9sytwwuqdrzwm4

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nami 1y ago

So it was hot despite the oak shadow. I'll go for some onions later. Now to the topic. Except what Leserin said, what's the most significant difference between fiat and bitcoin? It's the fact that there is a fixed amount of bitcoin that can be ever produced and you can't change that amount. In other words you can't regulate it (unless you have the 51% of it). Fiat regulations are made to deal with inflation etc. Some reading about gold backed currencies will help too...

Bored Satoshi 1y ago

But my question is, why is there a need to regulate it at all?

nami 1y ago

Oh, let me tell a few more things, i am not good at explaining, especially in a foreign language.

So, if you use bitcoin as everyday money, there will, for sure, come a moment you will have to deal with the problems all currencies have. Let's say inflation. If you can't regulate it, then you can't solve the problems, then why having that money, then why should it have value? Quite simple...

Bored Satoshi 1y ago

We do not need inflation

nami 1y ago

Still we have it though...

Bored Satoshi 1y ago

Bitcoin doesn't :P

nami 1y ago

Doesn't till now because bitcoin is not everyday money. That's the point anyway. So, can you guess what happens if doesn't ever be used as everyday money after the last halving? Why it's quite the possibility that it will deflate?

Bored Satoshi 1y ago

If it isn't used for everyday money by that time we have lost and the nation states have won.

nami 1y ago

Somehow yes. If you need money and you can't use it because only a handful of people accept it, then why keeping them, then deflate. Quite simple also...

Laeserin 1y ago

Bitcoin precludes monetary inflation. Prices can rise for other reasons, but then they have to go down elsewhere, eventually.

Bored Satoshi 1y ago

Bitcoin has value because miners mine blocks to make changes to a ledger of who owns how much money in the world. A global ledger of everyone's balance. And millions of people believe in this ledger. A fixed supply is a feature of Bitcoin. Its not the whole thing. "Store of value" is just one of the narratives of Bitcoin.

I want to write about why Bitcoin will be used as the default currency in the world. There's this another narrative. Bitcoin is the aligner of energy. Something that's not talk about enough. I will have to write an article about it to make it convincing.

We don't have a deadline for our bet ;).

nami 1y ago

About the bet... I can't lose it, so making a bet on this is like stealing almost... There can be a draw though, because under specific circumstances bitcoin could be treated as an asset and thus keep some value in general. But you would need these specific circumstances for that.

Bored Satoshi 1y ago

Ahaha. Its cool nami. It stirred up a good discussion here.

nami 1y ago

About the fixed supply...

It's not the only characteristic of bitcoin, ok, but that's what makes the main difference with fiat. That's why they said we would not need banks anymore etc. Because through central banks you have regulations on fiat. There is a reason for these regulations though...

Laeserin 1y ago

I didn't say it was a problem. I was just noting this, because a lot of hodlers think Bitcoin will promote anarchy.

They haven't considered that most people won't have enough Bitcoin to live independently. They will need government and militaries to enforce laws AGAINST Bitcoiners.

Bored Satoshi 1y ago

Bitcoiner did not become wealthy by simply buying Bitcoin in 2015 for cheap. Remember, wealthy bitcoiners is why we are still here. Hodlers especially.

Early Bitcoiners bought Bitcoin with their own hard earned money, worked throughout the time to buy more Bitcoin, had enough conviction to not sell their Bitcoin even when they are millionaires in Dollar value which requires conviction of an unimaginable degree.

They did not sell. They held their SATs. That's the value they provided to the network. They will be wealthier but they earned it. It was NOT easy.

If you want their Bitcoin for you to be wealthy, provide value to the Bitcoiners. Solve their problems. Everyone has problems.

Laeserin 1y ago

Money concentration nearly eliminates the distributory effect. One bitcoiner with 500k Bitcoin doesn't need 500k shoes.

Laeserin 1y ago

Money moves primarily in the lower and middle classes.

The wealthy tend to horde wealth and then spend it on strategic purchases, designed to preserve their overall wealth. They don't lose wealth, by spending it, they only lose money.

inpc 1y ago

And use debt for day to day spending. It’s cheaper that way.

Laeserin 1y ago

They wouldn't be able to do debt-based spending with Bitcoin, at least, not like they do today.

But they could simply spend at a rate slightly-less than deflation and have a rise in purchasing power despite a nominal loss.

They would have a growing share of a shrinking pie, in other words, if they play their cards right.

Nobody 1y ago

Try your hardest to explain any comment made in this discussion to a typical everyday person. They won't comprehend a single sentence. People really don't seem to understand that many wealthy individuals and families really only have one giant line of credit 🤷‍♂️. It's up to the individual to figure out methods of wealth preservation.

nostr:npub1hv64t0jlg94p0tpq6zc8mrc5kyfhzwwn8fxp6m45jwdn9pmfs53q0yrjjm that just isn't true. At least, not as often as you would believe. Wealthy people do not always have to work hard to generate more wealth. Lol. It can actually be rather easy.

Bored Satoshi 1y ago

It is not always true. Some will stumble upon it by sheer luck. Or through inheritance, stealing. But most Bitcoiners worked for it I say. It is possible that some wealthy trust fund kids would have rode the way by putting their money into Bitcoin.

Nobody 1y ago

Perhaps most did work for it. I can't say that I did. Generational wealth, mate 🤷‍♂️. Best of luck to ya, though! 👍

Bored Satoshi 1y ago

No but that Bitcoiner will need:

1. Health

2. Private jets

3. Freedom of speech (ahahah)

4. Space tours

5. Mega yachts

6. Mars bases

Elon Musk is the best example of how much a smart wealthy person can help our humanity. He has created employment for thousands of highly gifted individuals. He helps us fight climate change. He put a bandage on freedom of speech by buying Twitter. He is funding neuralink, space exploration, safe cars, etc.

That is the best use of wealth in my opinion.

Laeserin 1y ago

Elon Musk is a complete departure from the norm.

Bored Satoshi 1y ago

But there are many people like him.

You are underestimating who we are up against. The US govt, if you consider it as a company, is worth 100s of trillions. Elon is nothing in front of the US cabal. He is nothing in front of Putin or the Saudi Crown prince.

We need more money at the top to solve these problems. Without money we can't do anything. And a solution to these problems that requires investment will probably make Elon like figures wealthier for solving such big problems.

nami 1y ago

And he took billions of dollars to do what he does.

Unicorn companies you know?

nami 1y ago

Everyone can make a unicorn company when gets billions of dollars from some government...

https://www.investopedia.com/terms/u/unicorn.asp

https://www.businessinsider.com/elon-musk-list-government-subsidies-tesla-billions-spacex-solarcity-2021-12?op=1

Bored Satoshi 1y ago

Those are not grants. The govt is paying for those services. I don't see anything wrong here ahaha

inpc 1y ago

Or they bought some coke and then forgot about it for a bit…

stache 1y ago

Wise words🌅

Bored Satoshi 1y ago

So my point is, Bitcoiners should not be regulated because they're wealthy.

Laeserin 1y ago

It's not having wealth that can create a problem; it's spending it.