I'm sure if Bitcoin had the largest and most powerful military in the world it would have become the world reserve currency by now
this post was submitted on 21 Aug 2023
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No because currency with built-in deflation is a bad idea. It would get scrapped very quickly.
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(4 replies)
Bitcoin: 4.7% believed to be in the hands of a single person, another 3.1% in the hands of four addresses. Deflatory so no incentive to use it to make transactions. Value depends on the network effect (i.e. a pyramid scheme). Small transactions now too expensive to be realistic. 24% of the supply was created in the first year, 35% over two years. Movement of funds takes too long to be useful. Those who got in early are guaranteed to be richer than those who got in late without having made any effort...
Crypto would be great as a replacement of the stockmarket but it's fighting to be cash instead and it's doing a bad job of it because it's can as envisioned by tech bros, not actual economists.
Also wastes energy and hardware (which includes rare earth metals mined by slaves) to endlessly compute hashes. Great solution for a post climate change world let me tell ya!
Since nobody else responded to the stock market argument: it's how cash is envisioned to work by Austrian school economists, not the economists currently in charge. The average person needing to trust strangers with their money is not good.
It's an entirely different perspective on how money should work (that was de facto illegal for decades), and only now can we put our money where our mouths are.
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It's funny because thia just proves the metrics used to measure a Cryptos "Viability" apparently have nothing to do with its actual value.
What matters is it's trading power... Not it's circulation or 'Supoly Cap'
fully agree
Though great privacy when used offline, which is also pretty sick and the adoption levels defies reason, it's virtually usable globally both online and offline.
Bank notes have unique identifier allowing the government to track the path of your money. Privacy is dead
That also assumes every bill you use will be immediately returned to a bank. You'd have no way of knowing where money comes from and belongs to after one hop. Just make a purchase at the supermarket to exchange a 50 for 45 and you've got anonymous cash.
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That’s why I roam the streets trading bills with strangers
Chad behavior
Hmm, perhaps both are but symptoms of the greatest scam: capitalism.
Why is the US printing so much money?
Paper money is flimsy and wears down quickly. It's being constantly printed and replaced. This meme is vague and intentionally misleading. Physical money in circulation is replaced and old money destroyed. Constantly. That's what these figures are about. The wealth inequality, solid point. The rest is just vague word use to make it sound alarming.
Simple answer: Because they can, because it's lucrative, and because it's not as obvious as raising taxes. Imagine you could legally print money, and when anyones asks about it, you can just dismiss it with: "I'm stimulating the economy"
Got to keep the printer people in business
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(12 replies)
Surely it's collapsed since this meme was made 10 years ago.
By over 30%:
Source: in2013dollars.com
Meanwhile...
$1000 would've bought 7.388 BTC in August 2013.
7.388 BTC today is worth... $193,186.08
Tell me again which one is the best place to store value?
Edit: Downvoted for showing facts. Not surprised.
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(16 replies)
We live in a society
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