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Merged Bitcoin - Part 3

SuburbanTurkey said:
Libertarians can only conceive as the state as a source of oppression, the ideology always fails to contend with the plain fact that powerful, non-state actors can engage in all kinds of shenanigans too.
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The other thing is that an awful lot of them seem to think that an automated non-reversible transaction free of any sort of third party arbiter makes fraud less likely. Which blows my mind.
 
Samson said:
Probably, but not necessarily.
The current technical picture is a very complete distribution top. And why should the market cap of all cryptos be any particular figure, currently 2 trillion. If cryptos are to be a means of third world participation in a banking protocol does any particular crypto need to appreciate in value? I think 15k bitcoin by christmas is a real possibility.
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A very complete distribution top.
 
psionl0 said:
You didn't make enough predictions.
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My son just bought crypto because his friends did. He said he would kick himself if it went sky high and he was left on the train platform

I said it could go 20 trillion or zero. I found myself not offering any advice.
 
Suddenly said:
The other thing is that an awful lot of them seem to think that an automated non-reversible transaction free of any sort of third party arbiter makes fraud less likely. Which blows my mind.
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What could go wrong if every transaction required you to burn a barrel of crude oil to send a wire transfer?
 
Samson said:
My son just bought crypto because his friends did. He said he would kick himself if it went sky high and he was left on the train platform

I said it could go 20 trillion or zero. I found myself not offering any advice.
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Whether or not it'll become insanely valuable or worthless is very much an open question, but what is certain is that it will have a massively negative environmental impact.
 
SuburbanTurkey said:
Whether or not it'll become insanely valuable or worthless is very much an open question, but what is certain is that it will have a massively negative environmental impact.
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What's the impact of a cabal of elites who control the world's central banks counterfeiting costless fiat currencies ad infinitum for their own benefit and the benefit of their super-rich benefactors?
 
Tippit said:
What's the impact of a cabal of elites who control the world's central banks counterfeiting costless fiat currencies ad infinitum for their own benefit and the benefit of their super-rich benefactors?
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Beats me, let me know when anybody actually uses bitcoin or any other cryptocoin as a day-to-day currency rather than as an unregulated speculative market lousy with get rich quick schemes and people working through a century old playbook of financial frauds.
 
Tippit said:
What's the impact of a cabal of elites who control the world's central banks counterfeiting costless fiat currencies ad infinitum for their own benefit and the benefit of their super-rich benefactors?
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Ignoring the environmental impact, the idea of bitcoin as a digital store of value is just fine. It could collapse like baseball cards or beanie babies, or it can hold value like gold or art. Life can be weird and who knows.

If we reach a point where bitcoin is the medium of exchange society has already collapsed. Fiat currency is a massive human advancement.
 
"But they just make the money up!" is the one argument isn't?

Yeah and that concept has worked great for decades. We're good.
 
JoeMorgue said:
"But they just make the money up!" is the one argument isn't?

Yeah and that concept has worked great for decades. We're good.
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Aren't you a Cloward-Piven promoting ANTIFA cheerleader? If the concept has worked great, then why is homelessness and poverty in the US out of control, and the streets are burning with rioters who are too ignorant to blame our corrupt money system, and instead think that everyone is racist? It seems to me that wealth disparity is worse than it ever has been, and I'm rich.
 
Tippit said:
Aren't you a Cloward-Piven promoting ANTIFA cheerleader? If the concept has worked great, then why is homelessness and poverty in the US out of control, and the streets are burning with rioters who are too ignorant to blame our corrupt money system, and instead think that everyone is racist? It seems to me that wealth disparity is worse than it ever has been, and I'm rich.
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I gotta tell you, the rich are still going to exploit the poor no matter what financial system you implement. There's no "one weird trick" to fix this kind of inequality, it's a political/social problem.
 
SuburbanTurkey said:
I gotta tell you, the rich are still going to exploit the poor no matter what financial system you implement. There's no "one weird trick" to fix this kind of inequality, it's a political/social problem.
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It's a lot easier to counterfeit trillions of dollars and subsidize public stock markets with unlimited fiat money in what amounts to a massive welfare scheme for the rich, than it is any other method for the rich to "exploit" the poor. That you are ignorant to the importance of this problem is why you think it's political.

I thought the "one weird trick" you and ANTIFA are selling is communism? Won't that work? All we need is for the banker-run governments to consolidate even more government control than they already have, and they will make things right.
 
Suddenly said:
Ignoring the environmental impact, the idea of bitcoin as a digital store of value is just fine. It could collapse like baseball cards or beanie babies, or it can hold value like gold or art. Life can be weird and who knows.

If we reach a point where bitcoin is the medium of exchange society has already collapsed. Fiat currency is a massive human advancement.
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I agree.
 
Tippit said:
It's a lot easier to counterfeit trillions of dollars and subsidize public stock markets with unlimited fiat money in what amounts to a massive welfare scheme for the rich, than it is any other method for the rich to "exploit" the poor. That you are ignorant to the importance of this problem is why you think it's political.

I thought the "one weird trick" you and ANTIFA are selling is communism? Won't that work? All we need is for the banker-run governments to consolidate even more government control than they already have, and they will make things right.
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None of this is a problem with fiat currency as a concept. It is some criticism of current policy that I mostly agree with mixed in with libertarian conspiracy theory mad-libs that make me giggle. In some sick way I'm glad some of y'all are still out there.
 
Suddenly said:
None of this is a problem with fiat currency as a concept. It is some criticism of current policy that I mostly agree with mixed in with libertarian conspiracy theory mad-libs that make me giggle. In some sick way I'm glad some of y'all are still out there.
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Yeah. Fiat money is just fine. Its unlimited issuance is definitely not being abused. You are definitely intelligent enough to determine whether and how it is being gamed.
 
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