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
Alright who wants to start a new country with me
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Umm, I’m pretty sure I owe them sexual favors
Depends, will you have free market bears or communist big goverment animal control telling us how to secure our trash? /s
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 identifiers allowing the government to track the path of your money. Privacy is dead
That’s why I roam the streets trading bills with strangers
Chad behavior
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.
This assumes the supermarket doesn’t track everything
They don’t. It wouldn’t benefit the corporation in any way. They’ll only do what makes money and that would cost money with no return.
What if the government pays the supermarket to do it? They’d have a financial incentive, then. I could imagine this scenario in a high-security authoritarian paradigm.
You watch too much anime dude.
I’ll have you know, I’ve watched exactly zero hours of anime this year.
American in Spain here. Everybody declines USD. Literally got coffee for free this morning because it was the only shop I’ve seen out of like 100 in the week I’ve been here that wouldn’t take card.
For a charge of €2.50, when I offered $5 he opted to take nothing instead.
I understand it’s easier for you just to use a card, so you don’t think it’s necessary, but it’s probably a good idea to carry a few euros at least
Agreed. We’ve tried. ATMs aren’t working with our cards and every touristy exchange kiosk option charges a shitload in fees. Why not just pay with card when literally every store until our second to last day in the country has been happy to take card? Including bus stations, train stations, taxis, etc. We stopped trying about halfway in when we got to more rural areas and they still happily accepted visa. We wanted to exchange at home before the trip but found out too late that our banks require two weeks notice to exchange currency so they can get it in.
We just learned today to ask and not assume before ordering. We were asking in the beginning but got complacent after the 100th “of course” response lol.
yeah makes sense
You’d be hard pressed to not find an exchange shop in any major city which is were most people reside these days. And I’ve yet to encounter a currency exchange that doesn’t take USD cash.
@ninjan So you first have to exchange it for real currency in order to use it?
I’m just saying you can bring a duffel bag of USD with you and in just about any large city world wide you’ll be fine. Some you can transact directly but most you’ll need to locate an exchange first. Still the most versatile currency there is, and more universally accepted than anything else. Sure your VISA card works just about everywhere too but it’s traceable to the max and there are places where USD works far better than a card.
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
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
Excuse me sir, this is clearly because of greedflation, not basic supply and demand. /s
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.
Your mom
Who also owns some BTC.
Tell me again which one is the best place to store value?
I don’t think you are ready to hear this yet, but it’s monero :P All jokes aside, bitcoin ain’t terrible, especially compared to the dollar, but I worry that botcoin’s security model will crumble more with each halfing. Transaction fees are already unusable in some cases, yet they barely contribute to the miner rewards. The math doesn’t seem to work out.
Lightning has onion routing and lower fees.
Sidechains (like BIP 300) will allow ring signatures backed by bitcoin.
We don’t need a new money supply for each new feature.
I didn’t talk about features, but specifically about the security budget.
How much do you think the total security budget needs to be, and why? Where’s the math that doesn’t work out?
The security budget is total fiat denominated miner reward of the entire network. The higher it is, the the more resistant bitcoin becomes to 51% attacks.
As you know, each halfing decreases the block reward, which is currently the largest part of the total miner reward. In order keep a steady security budget, the price and market cap has to double each time as well. But remember, the security budget stays constant, so an ever increasing amount is secured by a relatively lower share.
Transaction fees make up the remaining tiny share, and I honestly don’t see it growing much. Because the higher this fee becomes, the more people will find ways to avoid it, and just keep it on exchanges, custodial solution or lightning. This reduces the decentralization , the primary feature of bitcoin, and thereby reduces it value proposition.
All this can be side-stepped by having holders pay a small, program-ably guaranteed fee proportional to their holdings, which is then paid out to miners. Yes, this is similar to inflation, but as long as it is lower than fiat inflation I can be worth the trade off. Considering how cult like bitcoin holder are, I don’t think this is a change they are willing to make, at least not before it’s too late.
Why would we need to hold the total security budget steady/constant? We’re currently paying FAR more than necessary. If we assume total fee revenue won’t increase, then Bitcoin fees alone are already more than the entire security budget for some reasonably secure blockchains today.
And that’s a very conservative assumption. Lightning and p2p sidechains (which don’t hurt decentralization) increase efficiency, so the Jevons paradox predicts that total transaction fees paid will continue to increase. Lightning is less dependent on quick confirmations than base layer commerce is, reducing the impact of 51% attacks if/when they do happen.
When evaluating Monero’s monetary inflation trade-off, its primary competitor is Bitcoin, not the dollar. It’s not very hard at all to do better than the dollar. :-P I for one am strongly in favor of making changes in general (go BIP 300!) but tail emission has been proposed for over a decade and has been repeatedly rejected as unnecessary.
Hmm, perhaps both are but symptoms of the greatest scam: capitalism.
HODL
We live in a society
It really is one of the society of all time
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 cash as envisioned by tech bros, not actual economists.
I love posts like this, it lets me know most people still don’t have the first clue what they’re talking about. It’s honestly a bit impressive how nearly every point you tried to make is either misleading or straight up wrong.
I love posts like this, it lets me know most crypto lovers don’t have the first clue what they’re investing in. It’s honestly a bit impressive how you didn’t even try to actually argue against what I said because it’s just a list of facts.
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