> Crypto doesn't have that quality even hypothetically
And does paper fiat have intrinsic value?
Bitcoin is trustless money. It's mindblowingly amazing that we now have trustless money. We've never ever had that before. That is the value.
710 karma · joined July 28, 2012
And does paper fiat have intrinsic value?
Bitcoin is trustless money. It's mindblowingly amazing that we now have trustless money. We've never ever had that before. That is the value.
The bitcoin network is extremely valuable. Trustless money is important in a world where all other currencies are created, controlled, and manipulated by governments. We know humans are prone to make poor choices, commit crimes, etc. Especially governments. Why do we allow them to create money when and how they want?
Some* people buy it because they expect the price to go up.
Other people are switching to bitcoin because it is better money than their local currency.
> everything it does can be done better by other things
Like what? Trustless transfer of money governed by a protocol that is highly decentralized and secure.
According to current (May 2022) regulatory framework in the USA. In other countries it is currently a currency.
Source: savings accounts.
Because what we really need is MORE LAWS and more power for the government!! Think of the children!!
Privacy is only useful for crime?
Is BTC any more greater fool than USD? If so, why do you believe so?
So we know USD is a scam and manipulated heavily. Learn about The Fed..
> BTC
And here we have an alternative. This is one of the primary reasons why BTC is so important.
You're missing the point. When somebody makes a poor decision on an investment, they are not a "victim".
Amen to this. Too many people in this thread are shouting from the mountain tops that they hate freedom.
If you can't handle climbing a mountain, you shouldn't do it. It's really this simple. If somebody takes on risk and gets hurt it is their own fault.
Terrible comparison.
FOMOCoin is not pretending to be something different than FOMOCoin. When somebody invests in a shitcoin, they know exactly what it is they are investing in.
When you click on a fake FedEx link, you believe you're clicking on a FedEx link. You've been deceived by blatant deception.
A better comparison to your FedEx example: Investor believes they're investing in FOMOCoin when in fact they are investing in SHITCoin or no coin at all. It was a trick.
> The other half believes people should have the freedom to screw themselves over.
Nailed it. It comes down to principles. Do you believe in personal freedom? Or do you prefer authoritarian governments?
So then they should stay out of the game. I totally disagree that we need a bunch of bullshit laws protecting people from poor decision making.
> they don't deserve to lose their money
Do you not believe that people should be responsible for their actions?
It's sad when people make decisions that lead to them losing money. But that's part of freedom: the freedom to fail.
As for bitcoin itself, which I assume the latter part of your comment is talking about:
It’s predictable trustless money. It’s not perfect. But where you totally Lose me is:
> it is wasting the world's energy supplies
This is the latest POLITICAL attack vector. When you parrot messages like this, you expose yourself as a political victim that is not educated about the topic. Literal parrot.
If you have an interest beyond being a political foot soldier, do your own OBJECTIVE research. Learn about bitcoin miners using renewables, how much energy the industry actually uses, the carbon footprint of payment networks and fiat etc.
It’s an effective political attack vector because in all likeliness you won’t do your homework. You’ll read my comment, experience cognitive dissonance, judge me as a bitcoin cultist, and move on with your busy life.
> you have simply reinvented the state
If you could reinvent the state so that it is predictable, testable, and not subject to human corruption then I’d say it’s a good thing! And also quite the experiment haha
Maybe not in your lifetime. But you’re not practicing long-term thinking here. Global, trustless, decentralized networks allow humanity to fundamentally reorganize. Physical, nation-state borders are ignored by such networks. Cooperation for physical resources still does matter but that may also be lessened by technological leaps in sectors like energy and food production. Humanity, if lucky enough to not be oppressed by ultra powerful governments, will likely render federal/central governments much less important and thus much less powerful. Simply put, the value proposition of central governments is now on the decline.
There is a possibility that we eventually achieve a bitcoin circular economy. In such a scenario, Bitcoin does not go up or down against fiat because there will be no demand for fiat.
Lol source?