You can go back a shit load of years on elitetrader and find similar threads, statements like the above. And yet here we are bro!
See, that's the thing. If you leave it up to a responsible party, you can damn well bet that they will fuck it up, cause you know, humans are fallible. If its in the code, you will always get the same result as per the instructions. After 15 years, if there was a bug, it would have been found. If there was a possible exploit, it would have already occurred. With the current system, you're giving the power to someone, in the hopes that they do the right thing. But all they do is create more and more money, completely decimating the bottom 90%, and we accept it in the hopes that one day they stop fucking us over? They have already proven that they cannot be trusted, and you want to continue give them all of this power over you? I don't disagree that we don't know what the future will hold, and what problems this new system might uncover down the road. But its a certainty that this current system, where a bunch of Fed officials decide the fate of the world, which has always been to screw the majority over, is designed to fail. When the debt gets so large, as it is now, that the money to make interest payments has to be borrowed, its game over. So what is the bigger risk? Staying with a system that is on the verge of collapse, or moving to a new system that has been working very well for 15 years and is designed from the ground up to be anti-fragile given the decentralized nature? You analogy makes no sense. Yes, with an edge in the market, you don't want to give that away. But if everyone learns about bitcoin, if everyone gets on the same page, then this makes for an even stronger system. The world is full of distortions right now because the money is broken. Imagine if housing no longer carried a financial premium. Imagine if investors saw no upside to owning multiple properties, and owned only one house for the utility aspect, to live in. Just this one change will have a massive positive impact for the world. And this is just 1% of the benefits that bitcoin brings when everyone gets on the same standard. And even if Bitcoin fails, the fact is that the word is out that the power over money needs to be taken away from the state. There is absolutely no way to put this back in the bottle. Many people are scared and happy to give too much control to the government in exchange for their perceived safety. But once you figure out that the government isn't on your side, and the balance of power shifts, its not going back. Money can really be whatever we as a group decide is good. Gold has thousands of years of history, and fiat was kind of doing ok while still backed by gold. The FED was obviously a problem since inception, but there was at least some restraint until 1971. My point is that in its current form, for the last 50 years, USD has just been rammed down our throats without the ability to look for alternatives. But now a very good alternative exists, and the people will eventually get to choose what they want. When central banks finally capitulate and embrace Bitcoin, there will be no doubt of what the future looks like.
Except that it doesn't store value. The entire price of Bitcoin is solely based on demand for Bitcoin. There's no underlying commitment to anything. Then there's the issue that it's an objectively terrible store of value as the price is hyper-volatile. It's really not hard to understand how crazy volatility is not a sound basis for the future banking system of the world. But please try to explain why somebody running a fast food chain is going to want to have to crazy swingsin their costs and prices that would have to come with pricing things in Bitcoin. This should be good. I'll get popcorn.
Can a work of art be a store of value? They have shown to be great investments for some. Ask Geffen. What’s the difference?
Your argument against a store of value is that the price is based on demand? Wow.. give this guy the nobel prize in economics! What you say is obviously true, and applies to everything else. The price is based on demand. When you go to sell, if the demand is still there, and you get a good price, then yes, it was a good store of value. Nobody knows about the future commitment to anything by the way. Are you going to guarantee the future commitment to USD in a decade?
same concept for store of value. One is digital coin offering superior liquidity to an art piece. Art is just oil on canvas. You can’t eat it . I wonder how volatile it would be if it exchanged hands millions of times a day.
They take a sale at 9.09am in BTC. If they have done their homework,they keep a portion in BTC on their business's P&L. If they see the BTC transaction as a nuisance and a liability,at 9.11am it is back in fiat dollars in their account. When BTC is in a downswing,it doesnt affect the business.Upswing,no effect. If you want to hold the BTC,you need to be ready for the volatility,such is the nature of the beast.
Wasting time on a stupid old boomer who knows nothing but the government brainwashing he received and who just wants to start another war and murder and destroy another country (never his own though right funny that) to profit on his "ammo and laser" investment and get more of that worthless fiat currency / tool for enslavement that is printed out of thin air with infinite supply as he stated previously. How clueless is this guy Mark Brown its hilarious and embarrassing for him lol I came here looking for intelligence just found a bunch of dumb old boomers spouting misinformation because they lack the required intelligence to grasp the gravity and reality of BITCOIN.