Fiat: Only the political and banking class can print money.
#Crypto: Everyone can print their own money.
#Bitcoin: Nobody can print money.
One of these is not like the others.
Discussion
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you are right, but barely anyone uses Bitcoin compared to the other two. why is that?
because scammers are better at marketing
Nah, itās because scammers donāt actually want their tokens, they just trade them.
Trusting bitcoin enough to buy it once and hold it for 10 years produces 1/100th of the transactions as someone who buys a crypto and then sells it when it goes up, then shorts it when it drops, buys it when itās low, pumps it in his TG group, sells it at the high, stakes it to get another shitcoin governance token, withdraws it to redeem their airdrop, and buys 10 different super rare NFT diamond kitties to their address.
But ask yourself, which of those two has more confidence and more desire to own which money?
Mic drop š³
Compared to the other two? Who is using crypto
Millions of people. From where I stand (I work at nostr:npub1m7r9aayrqjtt2q0whkyrwlys75s5d828c5uewvqwyfd2kxefkfjqgeny2w) I can see a small sample and Bitcoin keeps loosing market share to crypto and stablecoins. Lightning usage is very small and isn't growing.
I would argue you have made a mistake about what āusing moneyā means.
Ask yourself which of the entire ecosystem do people want more and which do they trust the most?
If you confuse the payment network for the money youāre gonna have a bad time.
Taxes, and who wants to spend/replace when you can just spend the Monopoly money.
Dun dun dun dun
Bitcoin not crypto, this is the message that needs most effort to absorb with most people
I like the odd ball.
#BitcoinDevsWillFixThis.
But anyone can fork Bitcoin thus indicating that it has crypto potential... š
#BitcoinCoreDevs: We can host unsavory images
Jamie Dimon canāt print money, but he has influence on who can.
I think itās Political / Central Bankers, to be slightly more precise.
I think thereās momentum to minimizing the FED which is the first step of eliminating it.
Trump ends the FED and eliminates taxes I think Iād call that a success.
Actually banks issue money as loans from nothing and without needing any reserves.
Issuing loans is their business. They canāt just print to cover their payroll, like the central bank, or to create a welfare system, like a congressman.
Issuing loans from nothing is still money printing, still inflated the supply, and allows them to make interest loaning out capital that they never owned.
If I give you a loan to buy a car, but I never owned the car (or its value), then you paying me rent for it through the loan is essentially fraud.
Yes this is how the banking system just works, but Iām saying itās normal operation is a horrible system. š
Agree itās horrible.
Thereās 10 people on an island (thatās the whole economy), 1 central banker who makes the shells (currency) and 3 private bankers.
Thereās 50 shells in existence but they have fractional reserve with 0% reserve requirements, and the central shell creator is the creator of last resort.
Each banker loans out 50 shells for housing. Now thereās 200 shells in the economy but only 50 actual shells. If the three customers are hard workers and high earners itās not *possible* for them to earn enough to pay back their loans, cuz thereās not enough physical shells.
Itās easy to think that in the real world the problem is solved because itās just numbers on a screen, but the only one that can add zeros in the end is the fed. If the bank could do it, then thereād never be an insolvent bank.
#WeAreNotTheSame
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this is like the first good post I read from you. hmm, cool!
"You simply cannot work for something that someone else can just print."
Someone once said something like that. Not sure who it was. Was it even the Guy who has read more about #Bitcoin than anyone else you (or I) know? nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev
Richard Werner has proven that every bank loan prints money (aka credit creation or customer deposit creation), so itās even more than crypto. Just doing Bitcoin is not enough, the power to create deposits must still be taken away from banks. This will require vision, education, and organizing.