Great post post and lots of wisdom. Yes you can transfer BTC or other cryptos easily. But you can not use them for much. If you want actual things, and you need to cash 100k out you have to deal with the same institutions you mentioned above. I still do not see a single problem solved. Voice over IP was a great invention for sure, money over IP existed before BTC so no problem solved. And when you add environment impact due to mining, it becomes clear it is not a great thing. block chain is great invention no doubt. BTC would be a tiny niche today had it not been for fake money. If fake money ever removed then we will see its merit. the irony all crypto fans trash Fed for debasing currency and inflating assets, but do not see that Tether and alike doing the same to crypto. If/when this bubble pops it will be like nothing anyone ever witnessed.
In the late 90's the internet connected the world, today it does much more than connect the world. Not going to argue with you that no one knew how the internet was going to unfold or take us. Todays internet is no where close to were it was in the late 90's. That's 20 plus years and still unfolding. That being said, perhaps that's where bitcoin leads us as well. peace.
Yes I do want my net worth in fiat. And yes, I want Russian oligarchs, who stole their entire wealth through contract murders, theft, and deceit, to be stripped off their wealth. And that is what governments want as well. And that is why they won't give away control of their fiat currencies. You really don't get it. "look at what the btc fixes"? So why don't you talk about what it actually fixes? Are you aware that you sound like the arch typical snake oil salesman? What problem does btc fix in the western world? You so far only talked about how criminals can engage in wealth preservation. That does not apply to us, at least not me. Btc fixes nothing whatsoever for me and 99% other western citizens.
Well, the problem is solved now. So what again can btc help me with that poses a solution to a problem that still needs solving?
You speak of some imaginary currency that does not exist. And only stupid people primarily focus on the benefits. Smart people focus on the problems and risks. So, excuse me when I see lots of problems that are NOT solved with crypto currencies and hence have zero appetite to even remotely consider. My mind is absolutely and 100% made up, unless something fundamentally changes with crypto currencies, I am golden with my trusted fiat dollars. They served me well and as long as I generate higher returns than inflation I am all good.
Well I guess with the Canadian government seizing bank accounts it might be a safe method of keeping some of your networth in your own hands.
As I don't fund any activities that could be in the remotest questioned as being fraudulent or illegal I have nothing to fear. But I agree, this particular decision was wrong on many counts.
Listen, I agree that those guys are crooked and should never have gotten that money. But who gets to decide it should be taken away? One day they will come after you because of the way you talk. You're very anti lots of things on this message board. Should Baron remove you from the crypto forum because you don't agree with us? All of this wealth could probably not have been stolen from the people and given to them in the first place if there was a public blockchain to track it all. We both agree that them having the riches is bad, but staying in fiat that can be easily controlled and confiscated is not the answer. I'm not wasting too much time on this, its up to you to do the research, but I will mention one more. Inflation. Its obvious that it hurts the poor people the most. When you create the divide between the rich and poor, you go back in time hundreds of years and recreate all the problems between the kings and peasants. There is simply no reason for why inflation needs to exist. Its a tax the government uses since people feel better about their purchasing power going down 10% every year, rather than being shown their taxes went up 10%. This inflation is of course necessary to hide the huge spending that the government embarks on, calling it necessary to help the little guy, but if you ask me, the little guy is much, much worse off than the guys at the top like CEO's and politicians. A currency that doesn't allow for unlimited inflation and debasement will fix income inequality and reign in massive government intervention into your personal life. (ooopps, that is reason number two and I promised to only give you one... look up some videos by this guy... https://www.youtube.com/c/aantonop/videos , he talks about quite a bit about how freedom and privacy are critical to basic human rights)
BTC is not being debased one bit. If Tether is a ponzi scheme, then the smart people who created it will have figured out a way to turn a shitty asset into the hardest form of money. Honestly, if tether starts to implode, do you think people will run for USD? Many exchanges don't even deal with it, but only crypto and other stablecoins. So in my opinion, if a run for the exits happens for tether, it will lead to massive price spikes in all the other blockchains like BTC or ETH. But tether also doesn't seem as relevant today. UST seems to really be catching the headlines lately, and they are backing it up by all their purchases of BTC, hence Luna is gaining serious price appreciation. I know it sounds kind of crazy to back a stablecoin with another crypto, but this must be clearly saying something. The impact of the traditional financial system is even worse. How much energy goes into running all the banks out there? How about all the pay day loan crap, or the people working for those money sending businesses? If you remove all of this bloatware from the system, imagine how much more efficient money becomes, both in terms of less energy wastage and in terms of costs associated to run the fiat ponzi scheme. All those bankers skim huge sums of money from the financial system. We don't need all these middle men. Its starting with the people who have no access to banks but have phones. Its true that using your credit card to tap for a purchase is easy, and the lightning network seems to be just as easy as well, but here in the west we don't yet need it. But over time, as more people own crypto, and as more stores accept crypto, things will change. By that point, BTC might very well be 200k, 400k, who knows. So do you want to jump on board when its widely accepted as a form of payment but has done a 10x from here? I'm not buying BTC now to spend it, I'm buying it because I know the dollar is dropping, and when its obvious a change of the fiat standard is necessary, its too late to do something about it. When the news tells you a hurricane is coming, they give you days worth of notice. But for some reason, most people wait until its 12 hours away and then the highway is clogged. I guess they hope it just passes them, but I much rather be prepared.