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"One of the greatest inventions in the history of mankind"
said the rocket scientist
Lmao
Lmao for real. The video starts with an advertisement for MicroStrategy, they have 5 billion USD in Bitcoin which was bought for an average price of $30,700. As of this morning, BTC is worth $28,700. They lost 325,745,000 in a course of a week. They have a margin call when it hits 21k. Yeah, they really believe. Bullshit, it's all bullshit and lies.
The more a cryptocurrency hyperinflates the less use it has as a practical replacement for fiat money. People couldn't even sell when it was free falling. Those who think this is the future and in some way liberating to the lower classes completely drank the Flavor Aid.
Completely false headline I'm sure you read somewhere. He already cleared this rumor that price would have to be around $3,600 to actually start triggering a bargain call.
So weird to see people somehow clinging onto the current fiat system and still putting Bitcoin and crypto in the same category. Sad to think people have drank the "Flavor Aid" as you stated while 2-3% inflation a year is just a healthy thing for a growing economy and a necessity. That's really worked well for the poor and middle class in the last 50 years as fiat trends to zero across the board.
Imagine criticizing a monetary system with a fixed supply why the Fed printed 40% of US dollars in the last year and people have no say whatsoever in that decision.
No one in this conversation has argued that the us dollar or Fiat currency in general is a good thing.
The "people" who don't have a say in current monetary policy also lack a voice in the crypto world. Pretending otherwise is disingenuous, naive at best. Crypto in its current state is untenable because its being used as a vehicle for investment. A way for the rich to get rich. Remove capitalism from the equation and it could have positives, but that's not going to happen.
The whole point of Bitcoin is you can choose to opt in. You don't have to be a part of it. It's a neutral apolitical software protocol. And you keep saying crypto as it's the same as Bitcoin. It's not. I've said in this thread multiple times 99% of crypto projects are scams and bullshit. Don't think we disagree there. VC's are just wrecking retail in the name of "new tech" and that's shitty. But Bitcoin is very different. Also, in Bitcoin the same you put in is the same you get back in making/losing money. It's not obscured to the rich. Don't know why that's hard to grasp.
I went from very skeptical of crypto, to wanting to make money, to deeply investigating Bitcoin, researching our current monetary policy and emerging very optimistic on Bitcoin. If you've done tons of research on Bitcoin and still think it's a scam, then fine. You're welcome to that opinion.
And if you somehow just lump Michael Saylor into someone trying to make money without knowing his deep investments into science, tech, aerospace and starting his Saylor Academy, that's just on you making some broad generalization of someone you read who owns and believes in Bitcoin.
I began learning about BTC and the whole shebang in 2011 and I'll leave that at that.
The average, regular working stiff and the poor, the folks who don't have $$ to put in, aren't getting anywhere with this, let alone getting back what they put in- because they've got nothing but themselves and their labor to put in. At this point in time, you've got to be privileged to buy into BTC. There's no getting around it.
Regarding the choice to "opt in," again, you've got to be privileged as fuck to make that choice. Say BTC were used as a widespread medium of currency, it's not as implementation will be benefit the working or poor, but rather for the benefit of the investor/ruling class who reap profit due to what they hold of the limited supply. In this moment, it makes me think of using land as a currency. They don't make new land, so get it while you can. But at least with land, you might have land with water or minerals, natural resources that can be bartered or used to sustain oneself. BTC doesn't do any of that, instead it's got to be produced/mined before being used to BUY things, thus, again excluding the investor/ruling class, keeping the general population of humanity working for someone else, using their bodies, time, and labor as currency in trade for a digital ticket. A currency that will change the world for the better. Fuck that. No currency is going to change the world for the better. Those who have the most will continue to rule and control. Maybe there will be a "newer" ruling class, but as we can see from the current investors in BTC, they're not concerned with making the world a better, more equitable place.
The last thing I'm going to say today is that to all the folks who talk about crypto currencies or bitcoin being "the future," consider that when states collapse, fiat currencies lose value, central banks fall etc, when civ is teetering, the electrical grid goes with it.
Please elaborate on what you mean by being privileged to buy Bitcoin. You literally can put in $1 or $1,000,000 into Bitcoin. I'm not sure I understand how only rich people can access Bitcoin. Feel free to share more.
So people in the current system to choose to "save" their wealth in dollars, in ten years have significantly less money in purchasing power, which is skewed directly to hurting the poor. How is that system good or ok?
Again, no one has said a single solution on how we figure out our debt crisis and how we can work our way out of our monetary policy issues. Does anyone have some solutions? Genuinely curious. Just saying "Bitcoin bad" without any solutions to our current issues is just noise.
you failed to address the other issues raised in my post, but am positing that I feel "Bitcoin bad." Nowhere have I even eluded to BTC being bad, but rather, have expressed that capitalism and predatory systems are rigged. BTC is part of that, like any other form of currency. It may, in some ways, be worse, as it's digital and leaves a monster sized footprint regarding what holders have. XMR and other privacy oriented currencies are better in that regard.
Nowhere have I equated the current monetary systems of the world to being "good or ok," rather I'm arguing that BTC is really not any better as any currency in and of itself favors the wealthy. Again, you mention people saving cash and losing value due to inflation or buying BTC- the VAST majority of the people in the world have literally no savings and what savings they may have need to be liquid in the event of an emergency.
I grew up poor, not dirt poor, but working poor, spent my life around a bunch of other poor people who don't have much. I now work helping people who are much, much poorer than I ever was. I'm talking working people living in cars, campsites, and tents. They are NEVER going to have enough to invest in BTC. I'm thinking about the folks living in the homeless camp I saw getting eradicated today too.
Not only are poor folks not taught about saving, they're living hand to mouth. If poor people had investments, they wouldn't be poor. If there aren't poor people to work menial jobs, there aren't rich people, and by gum, the power brokers won't let that happen. If you don't understand that poor people are poor by a systemic design in which a fiat currency is only a contemporary piece, you'll never get it.
This has nothing to do with dollars being better than BTC. I've looked at dollars like shitty green carnival tickets for a long, long time and you need tickets to ride. I also lived a decent period of time on a mostly barter based system within my community, trading labor for food, needed things, and to help my neighbors. that's the only solution to the bullshit that BTC proselytizers argue bitcoin will fix. Unless, really deep down, it's about maybe getting rich as the value goes up.
I guess I'm confused on what you mean by BTC being in the same boat as a predatory system and rigged like other currency. In what ways? That's just nonsense. An inflationary currency like fiat favors the rich who can buy assets that appreciates, while the poor suffer. In a Bitcoin standard, your purchasing power increases over time.
When I mentioned the poor not being able to save, I'm talking about those below the poverty line who still have a bank account or cash but no means to save. Those people can still choose to opt into Bitcoin if they choose. When you mention homeless people, obviously that's a different ballpark where I'd argue our current system of inflated fiat currency has caused that. I'm not saying telling homeless people to buy Bitcoin solves anything, but I'm saying the current monetary policy of our country helps to keep people within poverty.
And just to be clear, since I've asked multiple times in this thread about solutions people have to fix our current situation, your solution to our monetary problem is to adopt a barter system within communities? Asking that question genuinely as it seems that way from your post. How does that spread throughout the world or work in our current world?
The problem is not the capitalist system, its the distribution of wealth, the greedy - self serving individuals who think their system will correct a broken system- when really it builds upon the same corrupt system that keeps those barely holding on (yes even crypto bro/ libertarians).
most crypto is depended on some form of asset, whether it be the mining or the dollar that stable coin and luna tried to use at financial credit
Its the same issue in general with police, reforming them does nothing, there will always be motivation for people to break laws (agreeable or not). With crypto there is an essential element to exploit some user or the planet for monetary gains that most likely wont be distributed equally
Topic: Crypto Crash (Read 11904 times)