If they did, they would know that the 21 million cap guarantees late stage deflation. The majority of the currency already just sits in place in the hands of millionaires, not actually participating in an economy. With Bitcoin, that can only get worse, until eventually there’s nothing useful left at all.
Discussion
It’s literally why bitcoin and other crypto has failed as a currency. Nobody actually spends it because they believe it will increase in value.
Yes, #Bitcoin is failing for 14 years already. Legal tender of only two countries. It's a complete failure.
Crypto’s crash is worse than inflation, it’s rape
It's only devastating if your were a short-term speculator that was hoping to get rich quick. I'm not overly sympathetic to those people.
All of the crypto “experts “ said it was going to over 100k in a few months
It sounds like your beef is with influencers then.
All of the crypto bros were saying it too.
Crypto we can agree on, it's all trash.
Most of the arguments in this thread are criticisms of the community, not of the underlying fundamentals of Bitcoin. There will always be scammers and snake oil salesmen around when there's money to be made.
There are tons of resources (articles, books, podcasts, etc) that aim to educate people on why Bitcoin is important, why it has superior properties of money compared to other forms, how it benefits those under authoritarian regimes, and so on.
Price is the most boring aspect but it also probably gets the most attention, at least in Western countries. Just gotta hope people take the time to learn about it, even if they initially came in for greedy reasons.
Correct. Remember how almost 90% of businesses in El Salvador have never conducted a single transaction in bitcoin?
I’m going lmao when their btc reserves are “hacked”.
Remember how the other 10% have used #Bitcoin as medium of exchange?
So you love the inflation taking some money from your savings every year, professor? Or you're trying to hide the money into other assets?
Explain Btc going from 69k to under 30 k for the past few years
Explain Btc going from 3k to over 60k years before that
Why does that matter when it lost over 50% of its value now?
My imaginary money is greater than your imaginary money
Lost 50% so it's only 20,000 more valuable than the dollar. Never buy #Bitcoin it's going to crash again
Coping hard much?
Great argument! As always 💜
Simple arguments are enough to prove crypto is a Ponzi scheme
Sure, the dollar isn't ponzi at all. Keep fighting for the state, retard
All you need is Gods love. You should worry about money so much bro, it’s unhealthy and worldly. All you need is God and he will provide. You can’t take your wallet with you when you die
You can take your #Bitcoin with you, though. Keep learning
"We don't worship internet currency bro, what are you talking about"
About hoarding coins and never spending them while the issuance of new coins deflate?
It's an open protocol, we can see whether old coin are being spent (and they are). And to Toxic Positivity's point about millionaires just sitting on them, I would expect they will spend them if they come to realize that it will lose all it's value, otherwise it's a lose-lose situation for them. If they don't then there is even less supply than 21 million which will increase the value of coinsacrually in circulation, if there's demand for it. We already have pretty solid reason to believe a few million Bitcoin are gone forever, so available supply is less already.
I totally get the skepticism, especially when Bitcoiners act like there's no possible way Bitcoin could fail. It could totally fail, but it's a really well designed system of incentives.
Bitcoin wealth is already highly concentrated. There’s also no incentive to spend, the eventual collapse in value that may cause spending will be dramatic, but even then, bitcoin ppl will stay to hodl.
If by spend you mean to point out that Bitcoin is not a currency that is accepted everywhere, that's fine. By cashing out (whether at an off-ramp or whatever), these hoarders are distributing supply for others to gobble up. I think most people would find it very difficult to hold on to billions of dollars worth of Bitcoin and not be tempted to enjoy it.
This was a decent thread on the topic.
https://twitter.com/n3ocortex/status/1356673243734822912?t=ES59rEl_uAyVfDK3Vq3Kjw&s=19
They all just want to be Larry Finklestein sitting on $10 trillion, except for bitcoin. Get in on the ground floor, watch the currency deflate around you, and suddenly you're super rich while everyone else is scraping for a currency that only become more and more rare.
They hate bankers, but they secretly want to BE the bankers.
That’s how I see it too.
Assuming they somehow have a point and bitcoin is actually amazing, I don’t see any of them caring about anyone but themselves. All I see is them talking about stacking sats or whatever. Just them accumulating and accumulating over time.
I haven’t seen anyone talking about how to actually help more people understand it and use it. On the contrary, anyone who doesn’t understand it is just an idiot. Not to mention the fact that people have to be highly technologically literate to use it properly. This immediately leaves out a significant percentage of the population but they think BTC will solve EVERYONE’S problems. Everything about it is impractical at the moment.
They talk about how it’s such an amazing store of wealth but it’s ridiculously volatile. If someone earns $100 in Singapore and wants to send it to their family in India using bitcoin, if their family doesn’t immediately convert to fiat when they receive the BTC, they could easily have only $60 left if they take too long to convert. That’s literal destruction of wealth.
They talk about it “going to the moon” but they’re all hurling zaps at each other being like “it’s only two cents lol.” Ok, but if it does indeed go to the moon you just sent someone $400 for a meme. To me it indicates that they themselves don’t actually know how to value their sacred money properly.
And honestly, throwing this money of theirs at each other is gross. It’s very “let them eat cake” of them. (Don’t know if this last point will make sense to anyone)
I wonder if I would get any zaps for posts that point out legitimate flaws and issues with bitcoin. My point being that it doesn’t encourage debate but conformity.
I doubt you would get zaps. I agree with you re:conformity instead of debate.
I feel like a lot of us have been trying to make this point and it’s not getting across.
They don’t care. It’s like trying to explain the health detriments of cocaine to a crack addict.
Are you happy with your fiat savings, constantly losing purchasing power for decades?
Are you happy with your government? Keep using their money. That'll show them.
If you invest your money in the market, you’re essentially guaranteed returns. Not schizo day trading, but mutual funds and that sort of thing.
Lol @ mutual funds and that sort of things. Hilarious
Not everything is about money. You’re addicted to this paradigm. It doesn’t matter.
If someone agree with you.
You have probably never seen #Bitcoiners fighting because you don't understand what they're talking about - too technical.
One of the greatest wars (so far) was the Blocksize war. If you like to read, an awesome book right here: https://www.amazon.com/Blocksize-War-controls-Bitcoins-protocol/dp/B08YQMC2WM
A lot of us do have the capacity to understand technical things actually. Too many of you are used to hiding behind “you have no ability to grasp what I am taking about with your inferior brain,” it’s very off putting and it ultimately hurts your supposed goal of worldwide adoption.
You think it’s good only you select few understand bitcoin? That’s actually a case AGAINST bitcoin.
I don’t want to go read a whole book actually. I was hoping to learn something by potentially having a conversation with you.
The tech behind email or web is too technical too. Majority of users have no idea what's going on. #Bitcoin is a protocol like TCP/IP. It could get technical.
It took me quite a few books to understand many things, if you don't like reading, I'm not going to push. It's your life.
If you want to learn, ask a question. I'll be happy to answer it. Don't tell me how somebody does or doesn't do something, please.
Imagine reading entire books to justify your gambling addiction.
Imagine not learning about history and supporting your government, no matter what.
Regular People can be pushed to learn the web and email (which is not that complicated at the user-level) because they have to so they can work and do basic tasks. Crypto and Nostr's is not necessary and there is no motivation to learn it when simpler alternatives exist
Regular people have no idea how the web or email works. They just learned how to operate clients.
I love to read.
In this case you are attempting to enlighten us about bitcoin, which you seem to care a lot about. If you understand it so well, surely you can teach us about it using your own words.
I don’t actually care about bitcoin so I’m not going to go read a book about it.
I’ve already written out the issues I have with bitcoin, as I currently understand it. Feel free to address them.
I addressed the first one. You didn't like to check it, why should I bother?
I must have missed it.
Which point did you address and how?
You’re wasting your time on the debt slaves that will be working for us in a few years
The mask slips. You just want to be the new Jews. That’s why you prop up deflationary assets.
Hahahaha
Everyone point and laugh at the debt slave
> Sees world debt system
> Tells everyone he hates it
> Tells everyone to go to different system (that's totally different for real)
> Secretly wants it to be just like the old system and to be in charge this time
You
You do understand the current debt system has a centralized group in control of the money supply right? Did you get dropped on your head when you were younger?
You people always try this pivot. It’s a fallacy. “The current thing is bad therefore you should use my equally bad thing.”
I don’t think you’re smart enough to have a conversation comparing the current thing with the new thing so I’ll just leave it at that
Yeah, you cryptards always do this too. When you point out that there’s not much inherently better about Bitcoin you short circuit and go to ad hominem. It’s pathetic.
“I don’t think you’re smart enough” just makes YOU look dumb for being unable to bring any actual arguments to the table.
It also makes you an asshole.
How is bitcoin different? There’s nothing inherent about bitcoin that makes it immune to eventually being centralized and concentrated in the hands of the few.
Ew
"You're just not smart enough!"
Okay faggot, go look up Dunning-Kruger and maybe ask yourself if it's talking about you. And if it's not (it is, but let's assume your pride won't let you see that), then ask yourself if maybe you're so far into your little crypto circlejerk that you've missed the glaring reasons why bitcoin is such a mess, despite being challenged on it.
But no, you won't. Don't think about the privacy nightmare, the deflation problems, the issue of everyday people losing their keys and all their money in the process. Don't consider that bitcoin has already been pulled into the beast system via exchanges and the stock market and that its fate is effectively tied to the fate of the rest of the market. Ignore the problem of it relying on the internet being functional (it will ALWAYS be up, everyone knows that). None of that matters, right?
No, just keep staring at that stock chart and telling yourself that you're not so bad, you're not just a greedy investor and billionaire banker wannabe, you totally want to help humanity get away from fiat (and if you should become disproportionately rich in the process, why not?)
You are full of inconsistencies and blinded by greed. Your god is mammon.
I have already asked you before, retard. Do you have a better solution than #Bitcoin?
The Holocaust would have taken care of all our money problems.
You're wrong. Start here:
Can you write out some points rather than link to a website?
Break free while you still can
What do you mean?
Leave the crypto world behind .
Oh. Yeah. I’m not in the crypto world. I do like to learn though and shitty discourse is a huge pet peeve.
"You're all speculative investors who just want to get in on the ground floor of a made-up currency. You're no different than the US dollar bankers that you hate."
"...Nuh uh! Here's a website!"
It's a good thing these people are too retarded to actually get people on board with bitcoin or they might be able to actually become the psychopath bankers they envy so much.
Since early 2020, HRF has allocated more than $2.2 million in BTC and USD to more than 70 developers, educators, and open-source initiatives across the world. HRF continues to raise support for the Bitcoin Development Fund, with the next round of gifts to be announced in May 2023.
One of the grants: $50,000 to William Casarin for his work on Nostr, a decentralized, censorship-resistant, open-source, Lightning-native protocol that allows for a global social network. In contrast to current social media platforms, Nostr users are not censored by governments, banned from posting, or required to register an ID to use the platform. HRF’s support will help Casarin develop, among other things, his popular “Damus” iPhone client.
I copied that from their site, you should be capable to open a link next time.
Cool? This doesn’t address any of our points.
Yes, I can click a link. Posting links and hoping websites will make arguments for you is lazy.
Why do they support Ukraine?
😂
The USD is supporting Ukraine. Also, are you retarded?
Wrong. Again
Wrong how though? I have a serious interest in trying to understand your point of view. It would be helpful if you could address specific points and counter them rather than just saying “wrong.”
If bitcoin is the money of the world, the only way holders will be able to get goods and services is to pay the people that don’t have bitcoin - in bitcoin. What’s the point of having a stack of coins if you can’t get food, shelter, and services.
In the fiat Ponzi scheme you never need to sell your stack of shit dollars because you just need to get a loan to pay for your food, shelter and services.
Which sounds more fair?
It’s more about saving in a money you know the rules and know they won’t change. I don’t know how much money the central bank will print. I know exactly how much bitcoin will be issued down to the sat. It is an open system so anyone who is willing is free to participate or not. We don’t want to be bankers for others we want to be our own bankers of our own money. Bankers can change the supply of dollars, bitcoiners cannot change the supply of bitcoin it is fixed.
You could just switch to a different crypto since there’s no mechanism keeping Bitcoin dominant other than happenstance.
No
No actual disagreement, just pathological denial. This is why the cryptard will always fail.
The dollar is a less usurus and easily manipulated currency. The rules change all the time, there is regulations and people to answer to. You will never be your own banker because you rely on exchanges to put your money to actual use. We seen exchanges be pretty shady haven't we? A checking account is more trustworthy than an exchange. Any bad news article will make precious crypto depreciate in value. Why would you want currency tied to news?
Do you have a better solution than #Bitcoin or decided to stick to the dollar?
The Holocaust The Holocaust The Holocaust The Holocaust
I’ve given this answer over and over and you just ignore it. You aren’t interested in solutions. You’re a perma slave.
The game is rigged, when bankers fuck up the get big bonuses not jail time. They are incentivized to take on risk and to lend out with small reserves then get bailed out if they fail. Keeping bitcoin on an exchange is not being your own bank. You have to self custody it. Exchanges are not bitcoin.
Yes that is true. What good is crypto if exchanges are the only way to use it in the real world?
Well we are still early in adoption so not sure why you’d expect all merchants to suddenly accept it as payment everywhere. Exchanges facilitate exchanges between fiat and bitcoin and or crypto, no different then a foreign exchange.
What good is dollars if you need banks to use them in the real world?
Not really sure how exchanges invalidates bitcoin in your mind?
> we are still early in adoption
lol
"Early adoption" is when something has been out for 15 days, MAYBE 15 months, but not 15 years.
15 years is a niche, ongoing ponzi scheme.
Lol, how long before the internet took over, retard?
Since 1970! Read a book before you comment again.
That's not really fair comparison. Internet did not really hit consumers until the 90's and when it did, it grew fast into everyones house
And that's exactly what you and #[9] complain. #Bitcoin adoption isn't high enough. Wait another decade if you wish.
The replies look out of sync....wtf ... is this shadowbanning relay shit?
Can't see what you are replying to
People won't embrace crypto because it's more volatile than a promiscuous homosexual in san francisco
They don’t have to it’s an opt in system. That’s the point it’s free to use or not use, if it’s too volatile don’t use it 🤷♂️
You need others people money so yours can grow and steal theirs though.
Take your 💊 Damus just has new threading (and it sucks).
Awesome. Keep as far from #Bitcoin as possible. Keep supporting your government and their fiat. That'll show us✌️💜
I will love easily spend ing my shekels as I please without Exchange jews taking some off the top and having it lose value before I pay a bill
Will fucked up Damus.
At least priority was given to zaps. That is definitely what matters, not our ability to read threads.
I remember in the early days of the social internet, back when things were fun, someone made a social network simply called "Yo." It was intended to be a parody of other social networks, making fun of the utter vapidness of the discussions.
You couldn't say anything else to anyone else. You just added people and said "yo" to them.
Maybe we need the same thing except for zaps. I imagine a large portion of the current Nostr crowd would unironically enjoy it.
Prediction: In 10 years no one will use Bitcoin and cryptards will still insist we’re in early adoption.
Early adoption I am referring to the phase of adoption that precedes early majority in a bell curve, has no time constraint it is based on percentage of adoption.
Oh cool, you just copypasted this from the other guy coping about how Nostr is totally not turning people off by having the most boring, greedy, willyfully ignorant circlejerk of a userbase on the internet.
"No time constraint"
Yeah, and GNU Hurd is totally going to replace the Unix kernel. Someday. They're just in the "early adoption" phase right now.
lol
Again retard, do you have a better solution than #Bitcoin or you just love to fight for the fiat?
Stop engaging, stand down Sec Yellen
😂
It’s cult like to discourage ppl from having discussions because they disagree with your dogma.
None of you retards came up with a better solution that #Bitcoin. Your fiat cult, supporting governments is something indeed.
Fiat is better in a lot of ways, bitcoin just doesn’t solve the problems it claims to solve.
How is fiat better? 👀
I did, actually. Several times.
"if exchanges are the only way to use it in the real world" that's where you're wrong.
I haven't use a centralized exchange for years. Also:
www.bitrefill.com
And who runs these ATMs
Many different companies. Are you seriously that retarded so you can't check the details on any of them?
Ahahahaha
Every one of those locations in the US is a weed/vape shop or run-down gas station.
What a wonderful start to a vibrant, bustling economy.
Ha ha ha, retard. Do you have a better solution than #Bitcoin?
LMAO
I live in a small town and the only ATM is at a Tea/CBD store lol
Do you know why? Because these shops have massive difficulty to bank/accept card payments. They were pushed out of fiat system because they sell something that's legal but the banks are against.
It isn’t the banks that are against it, they’ve been very much involved in the drug trade. It’s because of the laws and regulation they’re subject to.
One way or another, the vendors know what being financially excluded means. That's why they #Bitcoin. Wait until you lose your financial privileges.
Except the supply of bitcoin is doomed to perpetually shrink.
Every time someone drops their phone in the toilet, dies, or sends bitcoin to a defunct address, the currency permanently deflates.
Ah, but here I am casting pearls before swine again. Never you mind.