|
There are digital payments platforms that already exist that are much better than crypto for sending money legally. I can send whatever the gently caress amount I want to anyone in my country, for free, without even knowing their bank info. They get a loving email they can use to claim the money and it goes into whatever bank acct they choose. Bitcoin is not built to and never will be built to do this better or more efficiently. The main use of bitcoin is sending money illegally, which a lot of libertarian fuckwads consider a positive instead of a negative, because they want the man to keep their laws offa their money. People using bitcoin to send money to ISIS, or Russian hackers demanding bitcoin from the city of Baltimore because the schools were closed by a ransomware attack, or Chinese elites using bitcoin to convert more yuan into USD than is allowed, or alt-right terrorists trying to obscure their paper trail when buying guns and ammunition. Unfortunately for bitcoin, it's not nearly as difficult to track as libertarians like to claim, and a very large portion of the Who's Who in bitcoin have been or are now in prison. There are plenty of altcoins that are much more difficult to track, and bitcoin is not built to and never will be as good at that as some of those altcoins either. So from a long-term FUTURE OF MONEY perspective, bitcoin isn't going to be the place for that either. Bitcoin's one last hope is that, despite being backed by nothing, techbro investors are willing to pay money for it, so it's just a cascading exchange of different people holding the bag. It was obvious early on that bitcoin was eventually going to be replaced by more innovative things, well now those more innovative things actually exist, and bitcoin is just a lingering dinosaur that excels at nothing. Any attempts to fix existing problems to make bitcoin actually matter in the long-term would hinder the profits that Chinese mining firms make right now, and if the miners don't want something to change, it ain't gon change.
|
#
?
Dec 2, 2020 20:28
|
|
|
|
| # ? Apr 29, 2024 10:46 |
|
|
Ad by Khad posted:The average fee-per-transaction has bounced wildly in the past month, anywhere from $2 USD to $13 USD. That's an average, though. Known crazy crypto man Roger Ver once did an analysis of the blockchain and found 28000 transactions where the seller paid $1000+
|
|
#
?
Dec 2, 2020 20:44
|
|
|
Ad by Khad posted:they cannot make the blocks bigger - if you try they will kick you out of bitcoin
|
|
#
?
Dec 2, 2020 20:56
|
|
|
Roger Ver was the biggest name who got excommunicated in this way, now he very very very angrily tries to find bagholders for all his Bitcoin Cash it's like bitcoin! but not!
|
|
#
?
Dec 2, 2020 20:58
|
|
|
tattoo artists who specialize in QR codes are gonna be in high demand
|
|
#
?
Dec 2, 2020 21:01
|
|
|
Bitcoin is prosperity gospel for nerds.
|
|
#
?
Dec 2, 2020 21:28
|
|
|
Extrinsic Value posted:Crypto makes money transfers quick, traceable, transparent, and immutable. Extrinsic Value posted:Bitcoin (on chain) transactions are not for buying coffee. It's not practical for that use case. You don't need the security of the world's most powerful computer network to ensure your $6 coffee transaction is legitimate. Just use an off-chain solution or a cheaper, faster alternative cryptocurrency. How can someone write both of these posts without their brain cracking in half from the stress? Bitcoin is not quick. You say this yourself. You still pay exorbitant money transfer fees, they're just paid to other folks and have a different name, but they're still fees for transfers. Inflation is good for an economic system, and if you thought about it for a single second- and you have plenty of time, clearly- you'd understand why. How is a currency going to be useful to anyone if it has limits on its "use cases?" Stop thinking about this like a computer toucher and think about it like a single mom with kids and a grocery list. Is she supposed to keep the various intended use cases of her eighteen cryptocurrencies in mind as she looks for milk? What happens when another exchange scumbag decides to bail with all of the cash? E: Also I love the idea that actual money that people use to buy coffee is a "fiat scrip," but a cryptocurrency with a value that can be completely overwritten if anyone ever gets 51% control isn't.
|
|
#
?
Dec 2, 2020 21:50
|
|
|
Inflation is bad.
|
|
#
?
Dec 2, 2020 21:58
|
|
|
More like craptocurrency.
|
|
#
?
Dec 2, 2020 21:58
|
|
|
Paladinus posted:More like craptocurrency. 
|
|
#
?
Dec 2, 2020 22:01
|
|
|
Waltzing Along posted:Inflation is bad. Inflation is good. Hyperinflation is, indeed, bad.
|
|
#
?
Dec 2, 2020 22:02
|
|
|
vortmax posted:I am disappointed HGB. Why would you lie to me like that? I would never
|
|
#
?
Dec 2, 2020 22:04
|
|
|
Somfin posted:Inflation is good. The Deviantart thread is in PYF, dude.
|
|
#
?
Dec 2, 2020 22:10
|
|
|
Somfin posted:Inflation is good. Do you mean in theory inflation is good? Because in practice it is bad.
|
|
#
?
Dec 2, 2020 22:11
|
|
|
Waltzing Along posted:Because in practice it is bad.
|
|
#
?
Dec 2, 2020 22:19
|
|
|
Some amount of inflation is good and important and necessary. Japan has spent the last 30 years (since the asset bubble crash) trying to INCREASE inflation, and is gonna fall below 0 yet again this year despite their efforts, due to covid.
|
|
#
?
Dec 2, 2020 22:19
|
|
|
Waltzing Along posted:Do you mean in theory inflation is good? Because in practice it is bad.
|
|
#
?
Dec 2, 2020 22:20
|
|
|
Extrinsic Value posted:Here we go again with the intrinsic value fallacy. Okay, serious post time people.
|
|
#
?
Dec 2, 2020 22:26
|
|
|
Lets be fair, bitcoin is above junk bonds and overly derivative market instruments in their actual utility. They track something specific and measurable instead of how fast an accountant can swizzle ledgers into something sellable so they have at least as much utility as a clock that runs fast or slow randomly. They are firmly in the regulate off this dumb earth category of assets for me, but you can put that line where ever you want.
|
|
#
?
Dec 2, 2020 22:39
|
|
|
So the theory is inflation is good? I've only seen it be bad. The case that immediately springs to mind is 15 years ago or so, gas prices were soaring due to the speculative market. This caused retailers to raise their prices because it now cost them more to ship the products. For instance a gallon of milk went from $2 to $3. Then gas prices came down but the retail prices had now been set at a new rate and didn't drop because why give up that $$? During this whole time wages didn't increase. So all that inflation was bad. And this is how it pretty much always works. Prices go up, the consumer gets hosed. In theory, if everything inflated evenly then it doesn't matter. If wages inflate but the rest stays the same it is good. But wages are always last to go up therefore inflation is almost always bad. I'm happy to hear how this is wrong.
|
|
#
?
Dec 2, 2020 22:47
|
|
|
Waltzing Along posted:During this whole time wages didn't increase. So all that inflation was bad. With no inflation, everyone is incentivized to hold cash rather than spend it and you end up with zero or negative interest rates to get it moving, which isn't good either. Shumagorath fucked around with this message at 22:52 on Dec 2, 2020 |
|
#
?
Dec 2, 2020 22:49
|
|
|
divabot posted:ghosty titty is still posting nonsense graphs in his own little altcoin thread They are not nonsense they are facts. Like, the power isn't wasted, you are a clown
|
|
#
?
Dec 2, 2020 22:49
|
|
|
Waltzing Along posted:So the theory is inflation is good? Price bubbles are not inflation. Also, the economic data we have doesn't match with the story you're telling. Milk prices did drop once gas prices dropped. In fact, they spent several years dropping as the cost for retailers was lower and retailers were slowly undercutting one another to get back to the equilibrium price.
|
|
#
?
Dec 2, 2020 22:53
|
|
|
graphs without labels or scale are indeed nonsense and would get you failed out of any high school science class ghotsy are you so coined because you're innumerate or is it the reverse
|
|
#
?
Dec 2, 2020 22:54
|
|
|
Shumagorath posted:That's the implication tying your theory together. Wages won't respond immediately, but you're correct that if they don't respond fast enough then inflation is bad and prices have to come down / consumer choices cause non-essential business to decline, etc. So...inflation is good for capital. But bad for the proletariat. I'm still failing to see how inflation is good.
|
|
#
?
Dec 2, 2020 22:55
|
|
|
Waltzing Along posted:So...inflation is good for capital. But bad for the proletariat. I'm still failing to see how inflation is good. zedprime posted:Compared to alternatives inflation is good unless you are planning on an epic planned economy that can preternaturally pin the value of your non-productive stores of value in time and space.
|
|
#
?
Dec 2, 2020 22:56
|
|
|
Waltzing Along posted:So the theory is inflation is good? A slight inflation should in theory result in the price increase of all capital. You may recall, labor is a form of capital and should be rising in price in lockstep with all similarly utility capital. So either human capital is becoming worth less net (I'll hear arguments for this but will still probably think someone saying this as wrong afterward). Or we're dealing with a set of financial and tax policies meant to reinstate the serf class through purposeful and targeted devaluing of human capital by people who stand to make out better afterward.
|
|
#
?
Dec 2, 2020 22:57
|
|
|
zedprime posted:So either human capital is becoming worth less net (I'll hear arguments for this but will still probably think someone saying this as wrong afterward). e: oh that might have been the second bit, fair point. Shumagorath fucked around with this message at 23:06 on Dec 2, 2020 |
|
#
?
Dec 2, 2020 23:00
|
|
|
zedprime posted:You're mixing up inflation with the Reagan era law encoded looting of the lower and middle class. Easy mistake to make. Ah. Well, it's all I've ever seen having grown up in the Reaganomic hellscape that is post 1980 USA. Shumagorath posted:waltz do you think the above is possible Not really but we seem to be headed that way as Amazon eats up the entire market. I mean everything would have to be under a single umbrella in order for things to be constant across everything.
|
|
#
?
Dec 2, 2020 23:01
|
|
|
Waltzing Along posted:So...inflation is good for capital. But bad for the proletariat. I'm still failing to see how inflation is good. Inflation is very good for people in debt (as the actual cost of their debt decreases faster) and bad for people who lend money (because they earn less from just lending money and charging interest). So, basically the exact opposite of your statement.
|
|
#
?
Dec 2, 2020 23:06
|
|
|
Shumagorath posted:What about automation replacing the low-skill labour and education not pushing the skill floor up fast enough due to cost/access? If automation is increasing net utility but it's not utility realized by any humans what's the point?
|
|
#
?
Dec 2, 2020 23:08
|
|
|
Shumagorath posted:graphs without labels or scale are indeed nonsense and would get you failed out of any high school science class idk if that's a typo or what but if ghostty ever starts a bitcoin chart site please call it ghotsy.cx
|
|
#
?
Dec 2, 2020 23:38
|
|
|
Waltzing Along posted:So...inflation is good for capital. But bad for the proletariat. I'm still failing to see how inflation is good. Inflation is bad for capital and good for the proletariat, because of the post you quoted. If you have deflation, then the people who have excess resources have absolutely no reason to spend more than they absolutely need to, because every dollar they have is making them richer simply by existing, and the people who are in debt are in more debt even if they pay no interest, because the power of every dollar is increasing over time. You have something beyond stagnation; you have active rot. Nobody with resources has any reason to do use them, and everyone with negative resources is worse off every day. Inflation pushes all currency values slowly toward zero, which means that a billion dollars becomes less than a billion dollars if it is left alone. One of the most important theoretical goals of an economy is to keep everything flowing through the system, and inflation means that money spent now is significantly more powerful than the same amount of money spent in twenty years. This is a big incentive to get in and do things while the money you have still has its current power, including activities that make that money into more money. This is one of the major reasons that bitcoin is never going to be an actual currency- if you have a lot of bitcoin, you have no reason to spend any of it, because its value is increasing and you have more total wealth over time by not spending anything than you do by converting any of it into actual goods or services.
|
|
#
?
Dec 2, 2020 23:57
|
|
|
Inflation is good if wages keep up with inflation. So...whoops.
|
|
#
?
Dec 3, 2020 00:36
|
|
|
ymgve posted:Inflation is good if wages keep up with inflation. So...whoops. Exactly.
|
|
#
?
Dec 3, 2020 00:42
|
|
|
ghosTTy posted:They are not nonsense they are facts. Like, the power isn't wasted, you are a clown
|
|
#
?
Dec 3, 2020 01:23
|
|
|
I do not think bitcoin is a self organization collective intelligence, nor is there anything connecting "intelligence" to "bitcoin" IMO
|
|
#
?
Dec 3, 2020 01:26
|
|
|
So apparently a bunch of hardcore bitcoiners are gonna try to crash all the exchanges on January 3rd because they are that afraid of the very notion of fractional reserve banking. https://twitter.com/btcschellingpt/status/1334268176461271041?s=21
|
|
#
?
Dec 3, 2020 01:36
|
|
|
LanceHunter posted:So apparently a bunch of hardcore bitcoiners are gonna try to crash all the exchanges on January 3rd because they are that afraid of the very notion of fractional reserve banking. future of money also lol when a coiner says "gimme my coins" and the exchange says "lol we don't have any" it's going to cause 1929 all over again but bitcoin. E: I thought bitscoin was all about not trusting third parties, why are there trusted third parties? I thought there were none this is all bullshit orange juche fucked around with this message at 01:48 on Dec 3, 2020 |
|
#
?
Dec 3, 2020 01:46
|
|
|
|
| # ? Apr 29, 2024 10:46 |
|
|
does that include tether? lmao if yes, cowardice if no
|
|
#
?
Dec 3, 2020 01:58
|
|