This is correct, so I will make it more Bitcoin specific. I will use the world Bitcoin but I mean by it, most cryptos. So here are a couple of myths what the faithful believes in: 1. Bitcoin is not anonymous. It is quasi anonymous. 2. Bitcoin isn't unique or scarce. There is nothing special about it, very easy to copy. 3. Bitcoin is not deflationary. It is inflationary by definition, and will be in our life time. 4. Bitcoin is not good as a currency of exchange as long as its value is increasing rapidly. 5. Bitcoin is not a honey badger, human greed is. 6. Bitcoin isn't decentralized as long as mining is concentrated among a few giant farms. Danger of 51% problem... etc. There are more but I just wanted to correct and make the OP more specific.
Hey Pekelo, i am not the author of original text, i simply re-posted. You went really specific on some of the aspects, and that is benefiting/good(didn't knew about 51%), yet the target audience from the text that i shared and you wrote to, are two different things, while the text/statements, that you just wrote, is directed to those with higher / advanced amount of knowledge in finances , i was targeting the ones, who have problems understanding terms like inflation/deflation etc. Yes, some might say, those people shouldn't touch cryptos in first place, while i would absolutely agree, but the reality is different, and someone has to do something, about those absurd articles , that keeps poping up in forum, and are targeting directly the simple folks. If an article, like i just shared, makes to rethink at least one person, about going all in into cryptos, then it was worth it.
It is really self explanatory. By feature and definition they are mining MORE coins until 2130ish (in our lifetime) so how would that be not inflationary? That is one of their bigger problem with fiat that more can be printed. Well, guess who is mining more coins? I don't really want to go into this deeper, after all this is football Sunday. The point of my post was that pretty much all of the basic tenets of Bitcoin were either outright lies or halftruth. Cheap transactions! Sure, how about $40 for a transaction 8 years after the initial release? That is some beta version I should say. Quickly sending money to everywhere! Then the mempool gets filled up and people had to wait for hours if not days to get a confirmation. etc.etc.etc. Now some or most of the problems had been addressed but usually by other cryptos, and that is how technology and capitalism should work. The better, cheaper, faster replaces the old. Yet Bitcoin is still hanging into this extremely high valuation what is clearly not justified by anything but the explanation of cult, greed and ponzi.
Well in a Joe public kinda way you might be onto something, it's just that inflation/deflation is not absolute but always relative towards the number of users. When you keep monetary supply the same but kill half of the people, the other half would suffer from inflation, right? In your world, gold is also inlationary which clearly it isn't because there is a limited amount and the number of users might go up as population increases. With Bitcoin (and I'm only speaking of Bitcoin), the number of coins asymptotically goes to 21m whereas the number of users might increase (which it dos at the moment) I'm not going to adress the other points of your post, since your information clearly isn't first hand.
You pretty much agreed with me, so I probably shouldn't respond. A few points though: 3. Doesn't really matter if it is volatility or value increase if it makes it a bad currency. BUT! If a currency increases in value quickly it stops being a good value exchange tool. Why? Because what you bought today you could buy cheaper tomorrow so people start to hold the currency instead of using it. Deflation is not good for the economy. 5. The 51% attack is real, any government or a big company like Amazon with sufficient computer power could attack and weaken the system. Also, miners might don't want to attack the system, but they could issue "recalls" of stolen coins, etc. In short users would lose trust. I didn't even address the brand issue, because of Myspace... Honestly fuck branding, don't you wanna use the most advanced crypto?? (what is clearly not Bitcoin)
Maybe second hand but correct. Feel free to debate me on any of those, I will bury you. I agree that inflation/deflation is not just a number issue. But if so, then coiners shouldn't criticize fiat just based on printing more money, when sometimes the economy simply needs more money supply to function correctly. And a government could actually shrink the money supply if needed, although this is not done too frequently. Your argument about sudden population death also cuts both ways. Bitcoin's value would also drop if a large part of the people die off.
Nah, sorry. Discussing with someone with second hand info is like playing chess with a pigeon. In the end he just kicks all the pieces and shits over the board while stating he's correct. There's nothing in it for me, since I'd have to give away my edge.