710 karma · joined July 28, 2012
- Authoritarian
- Intolerant
- Pro censorship
- Naive
- Bigotry
- More emotional than logical
Advocates for sharp increases in federal-level government power and authority at the cost of individual liberties and freedoms.
Don't take me wrong here: I don't pretend that I have all the answers, that people left of center are always wrong, etc etc. I'm just describing the reddit vibe and why it's not for me.
Mind quoting me? I’m confident I said no such thing.
If you look at the top 2,000 projects on CoinMarketCap, the vast majority are shitcoins at best or just blatant scams. But I do not believe bitcoin should have a monopoly and, in fact, the competition is healthy.
Not sure how it became this way but perhaps it’s as simple as what you say:
> People sound like I did 10-15 years ago when I lacked the life experience
They’re kids.
Or perhaps it’s more sinister and coordinated. Either way, the political component of Reddit has made me abandon it. It’s unfortunate because I used to enjoy niche subs in the same way you would any other niche forum.
However, remember we’re discussing the creation of trillions of bitcoin. Even if it occurred, do you really believe the chain would remain? It would be forked. I just can’t imagine a chain being totally compromised and its users being okay with it - both would need to be true.
You’re judging all current btc owners by bucketing them into one easy-to-consume cliche. Not all btc users give a shit about more fiat. Considering the buying power of fiat is a perpetual dip, it’s not exactly the best thing to accumulate.
No. It crashed because trillions of tokens were created rendering each token worthless.
Yes, it is. They are not introducing BTC into circulation. This is verifiable via the blockchain.
Banks creating IOU's or derivatives or whatever other abstraction they can come up with never generates new BTC. You'd hope that people foolish enough to work with such financial institutions would know the risk of possessing nothing but an instrument created by the bank. If you're unwilling to take custody of your own bitcoin, you better damn well do some good research on third party custodians.
Care to elaborate how it could be done?
Even if it were to happen, which it could not, the chain would fork from the moment before the hack and continue on without the hack.
It would take a long, long time for this to play out.
Same can be said about categories of companies in the stock market. e.g. SAAS companies, oil companies, etc move together..
Banks and/or exchanges cannot create more bitcoin.
This has more to do with media and social media thought bubbles. This is no different than any other topic in the news. There are highly intelligent takes out there. But click bait, trolling, and confirmation bias bs rises to the top in certain areas of media and social media.
BTC's max supply is capped and the release schedule of new coins is fixed and predictable. There is no possible way that trillions of new bitcoins could suddenly be created.
BTC's max supply is capped and the release schedule of new coins is fixed and predictable. There is no possible way that trillions of new bitcoins could suddenly be created.
As for timelines - that's anybody's guess.
To be clear, you're suggesting: "because people are uneducated about bitcoin and crypto, when one project fails they will incorrectly connect it to bitcoin. And that's bad for Bitcoin."
These events are great opportunities to educate ignorant people. > 0 such ignorant people will learn more about bitcoin and why it's not like crypto like Luna. Greater education is extremely good for Bitcoin and bad for scam coins - which rely on ignorance.
Oh man. I'll have fun poking you next year about how embarrassingly wrong you were.
A total ponzi scam coin crashed. This IS good for Bitcoin. Bitcoin is not Luna nor is it one of the thousands of other garbage scam coins. The faster those coins are proven scams the better.
Too many people falsely equate "Bitcoin === Crypto".. or "a fan of bitcoin is a fan of all crypto".
So I'd bounce this back to you: How is Luna's Ponzi crash NOT good for bitcoin?
LOL
I think you nailed it. It’s a victory for USERS - owning your own assets in a way that does not require you to trust the platform. It’s not so great for centralized platforms.
These are layers on top of the dollar. I agree they’re a great consumer experience.
Why not equally nice layer on top of bitcoin?
100% agree. I did not mean to argue that the value is in the fact that it is amazing. The value is in the trustless money network.
But it IS a currency.. It is uses for daily payments and legally considered a currency in multiple countries today. I fully expect that list to balloon up over time.
You're talking about USA in 2022 and not the rest of the world or the future.
It's trustless, sound money and therefore better than my bullshit fiat.