Appearing onstage at the Bitcoin 2024 conference, Trump also promised to “fire” SEC chair Gary Gensler, set up a crypto advisory council, and make the United States the “crypto capital of the world.”
With USD, the government can print as much of it as they want. With BTC, nobody has that ability. What this means is that if you have USD as a result of your labor, someone else can print as much as they want, which robs you of your labor. Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to, but absolutely not USD or other fiat currencies. Anyone can hold their labor in BTC, and nobody, not even the government, can print it privately to rob you of your value.
That alone is enough to make it an excellent currency, but it goes way beyond that. Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee. BTC can be divided down as small as desired, making it useful for many things that USD isn’t. The list goes on from there. This is why, a decade ago, when people were ridiculing btc as never being worth “real” money, so many intelligent people were able to predict just how useful and popular it would become.
A large number of Democratic politicians just signed a letter saying they want the exact same thing. I just posted it in a comment, or you can search it. They released it on July 26th, 2024. I commented it yesterday.
Governments do want BTC, and governments all around the world are holding it. Every year, governments hold more and more of it. This is public information. The fact that it disagrees with your imagination doesn’t change the facts.
We shall see. At the moments both Dems and Republicans are discussing it, it is becoming a non-partisan issue as we speak. It is a matter of getting ahead of any other country that realizes its value and use. Citizens are welcome to come along for the ride and help equalize wealth inequality, or they can stay uneducated and bitter and stuck in the past.
You just explained emphatically why no country will ever want to hold gold. The US holds 19% of the world’s gold. Maybe you want to reconsider your stance.
Yeah, heard it all before. They said nobody would ever give real money for internet points. They were wrong. They said a bitcoin would never be worth a dollar. They were wrong. They said no government would ever acknowledge bitcoin. They were wrong. They said no US government would ever accept bitcoin for taxes. They were wrong. They said no government would ever make it a national currency. They were wrong. They said bitcoin will never be worth 10,000 USD. They were wrong. But sure, I’m sure you are positive it will never go any further, that governments would use it as a reserve currency. I’m sure you’re accurately calling the next line.
If half the world is nuked to hell, then gold or special paper isn’t going to buy you bread either.
Only one way to find out who’s right, the people who have consistently been right for over a decade or the people who have consistently been wrong. You’re free to place your bets wherever you choose. If you prefer your value to disintegrate by inflation to save your fragile ego, then more power to you, it doesn’t change what’s happening in the slightest. Upcoming generations can see it clearly, you can be the elder stuck in the past or the one that embraces the future. The only one that it affects is you. Your choice.
It’s going fantastic for El Salvador, I don’t know why you would think differently. It is hilarious hearing someone say you can’t use btc in the real world. I use it for Uber, airbnb, groceries, amazon, flights, restaurants, and way more. I think you are imagining the state of bitcoin at least 7 or 8 years ago, things have changed tremendously. The largest retail stores in Japan accept it directly. Many of the largest stores across Europe take it. There are countless resteraunts all over the world taking it directly. There are literally thousands of atms across Europe that will exchange it for cash. There are many 2nd world countries that use it regularly across Africa and South East Asia, South America, the list goes on and on. Your information really truly is way outdated. The future got here long ago, but I guess there are still bubbles of people completely oblivious.
Bitcoin prevents the arbitrary creation of new currency by a single powerful entity. I don’t know who told you that creating tons of usd can’t affect inflation, but you literally will find no economist claiming this. This isn’t in the slightest a disputed claim. It seems like you’ve come into economics through some sort of anti-crypto mindset, and now you just assume that anything you heard from a “cryptobro” must be the opposite of the truth. Just take a sec to think about how people who are always wrong have created the 9th most valuable asset in the history of the world. Maybe your armchair hunches may need an adjustment.
The currency doesn’t affect inflation? If every day the number of usd doubles, would that increase inflation, decrease it, or keep the value the same? That is extreme, but it should really clear things up for you.
You are right that if there are less oranges and the same demand, then oranges will go up in price. Now apply that same logic to the currency itself. If there is more of a currency and not more demand for it, should the value of that currency go up or down?
This really isn’t complicated economics, I guarantee that if you crack open any intro to economics textbook, you will have your current understanding completely annihilated.
There is nothing magical about holding a whole number bitcoin.
I did say “value” as well, bitcoin has undeniably proven itself as an excellent store of value.
Anyone can mine it according to agreed upon rules, nobody has special control over it.
You absolutely can send it instantly for almost no fee. That’s the only way I send it. I use the lightning network to send BTC like millions of other people.
You know so little about something you think you know so much about. You have just absolutely proven your ignorance repeatedly. It’s time to slide the keyboard to the side and start doing a little research.
I did say “value” as well, bitcoin has undeniably proven itself as an excellent store of value.
Oh yes, massive volatility and no official backing make it a great store…
You absolutely can send it instantly for almost no fee. That’s the only way I send it. I use the lightning network to send BTC like millions of other people.
So you can cheaply do Bitcoin transactioms… By not doing Bitcoin transactions and taking your exchange off of the blockchain, thereby negating most of the advantages. And by doing that you’re relying on trusted third parties with special powers for fraud prevention, which goes against everything most crypto people applaud?
You know so little about something you think you know so much about.
Ah yes, personal insults really make your argument more persuasive and informative, and always do wonders to motivate people.
Lightning network doesn’t involve trusted 3rd parties, and it is directly connected to the blockchain in a trustless 2nd layer network.
Whatever, sometimes it’s volatile, that has decreased massively over the years, and during all that volatility, it was consistently rapidly increasing in value. Not only is it not inflating like even the best fiat currencies, it has outperformed every other asset or investment in the last 10 years.
Pointing out that you are talking with confidence about things that you can’t even be bothered to research is an important thing to say because there are people who will mistake your confidence for actual knowledge. The appropriate behavior is to research and say things you learned. When they are refuted, you should check to see if maybe you were mistaken, not double down because you dislike the feeling of being wrong.
Lightning network doesn’t involve trusted 3rd parties, and it is directly connected to the blockchain in a trustless 2nd layer network.
What are nodes and watchtowers? The way the whole layer works basically negates all the upsides of Bitcoin transactions, stripping much of the privacy aspect: https://arxiv.org/abs/2003.12470
There are much, much better cryptocoins out there, and it’s a much more nuanced case there. Bitcoin with lightning transactions are basically a less safe, more power hungry and more complex way to be less safe than with a normal bank.
Hell, even the original developers are leaving the Lightning project because they don’t support whats going on.
I’m not very interested in cryptocurrency generally but I’m interested in how the tech works–in addition to the aforementioned issues with security if one party controls a significant amount of the lightning network, wouldn’t lightning also be inefficient if a large percentage of transactions are one-offs? It would generate a transaction on the blockchain to open the payment channel between two accounts and a second transaction to close the account, correct? So if the actual number of transactions is two or less it doesn’t offer any actual advantage?
An agreed upon set of rules where everyone has an equal opportunity to support the system in exchange for a reward. If you get caught printing usd, then guys with guns come and shut you down because you’re not allowed to do that. Only the government can do that. In BTC, everyone has equal rights to it, and this right is enforced by math.
With USD, the government can print as much of it as they want. With BTC, nobody has that ability. What this means is that if you have USD as a result of your labor, someone else can print as much as they want, which robs you of your labor. Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to, but absolutely not USD or other fiat currencies. Anyone can hold their labor in BTC, and nobody, not even the government, can print it privately to rob you of your value.
That alone is enough to make it an excellent currency, but it goes way beyond that. Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee. BTC can be divided down as small as desired, making it useful for many things that USD isn’t. The list goes on from there. This is why, a decade ago, when people were ridiculing btc as never being worth “real” money, so many intelligent people were able to predict just how useful and popular it would become.
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A large number of Democratic politicians just signed a letter saying they want the exact same thing. I just posted it in a comment, or you can search it. They released it on July 26th, 2024. I commented it yesterday.
I think you underestimate the willingness of the sycophants in his administration to do his bidding.
Governments do want BTC, and governments all around the world are holding it. Every year, governments hold more and more of it. This is public information. The fact that it disagrees with your imagination doesn’t change the facts.
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We shall see. At the moments both Dems and Republicans are discussing it, it is becoming a non-partisan issue as we speak. It is a matter of getting ahead of any other country that realizes its value and use. Citizens are welcome to come along for the ride and help equalize wealth inequality, or they can stay uneducated and bitter and stuck in the past.
check out the eRupee
You just explained emphatically why no country will ever want to hold gold. The US holds 19% of the world’s gold. Maybe you want to reconsider your stance.
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Yeah, heard it all before. They said nobody would ever give real money for internet points. They were wrong. They said a bitcoin would never be worth a dollar. They were wrong. They said no government would ever acknowledge bitcoin. They were wrong. They said no US government would ever accept bitcoin for taxes. They were wrong. They said no government would ever make it a national currency. They were wrong. They said bitcoin will never be worth 10,000 USD. They were wrong. But sure, I’m sure you are positive it will never go any further, that governments would use it as a reserve currency. I’m sure you’re accurately calling the next line.
If half the world is nuked to hell, then gold or special paper isn’t going to buy you bread either.
Only one way to find out who’s right, the people who have consistently been right for over a decade or the people who have consistently been wrong. You’re free to place your bets wherever you choose. If you prefer your value to disintegrate by inflation to save your fragile ego, then more power to you, it doesn’t change what’s happening in the slightest. Upcoming generations can see it clearly, you can be the elder stuck in the past or the one that embraces the future. The only one that it affects is you. Your choice.
Removed by mod
It’s going fantastic for El Salvador, I don’t know why you would think differently. It is hilarious hearing someone say you can’t use btc in the real world. I use it for Uber, airbnb, groceries, amazon, flights, restaurants, and way more. I think you are imagining the state of bitcoin at least 7 or 8 years ago, things have changed tremendously. The largest retail stores in Japan accept it directly. Many of the largest stores across Europe take it. There are countless resteraunts all over the world taking it directly. There are literally thousands of atms across Europe that will exchange it for cash. There are many 2nd world countries that use it regularly across Africa and South East Asia, South America, the list goes on and on. Your information really truly is way outdated. The future got here long ago, but I guess there are still bubbles of people completely oblivious.
Removed by mod
Bitcoin prevents the arbitrary creation of new currency by a single powerful entity. I don’t know who told you that creating tons of usd can’t affect inflation, but you literally will find no economist claiming this. This isn’t in the slightest a disputed claim. It seems like you’ve come into economics through some sort of anti-crypto mindset, and now you just assume that anything you heard from a “cryptobro” must be the opposite of the truth. Just take a sec to think about how people who are always wrong have created the 9th most valuable asset in the history of the world. Maybe your armchair hunches may need an adjustment.
Removed by mod
The currency doesn’t affect inflation? If every day the number of usd doubles, would that increase inflation, decrease it, or keep the value the same? That is extreme, but it should really clear things up for you.
You are right that if there are less oranges and the same demand, then oranges will go up in price. Now apply that same logic to the currency itself. If there is more of a currency and not more demand for it, should the value of that currency go up or down?
This really isn’t complicated economics, I guarantee that if you crack open any intro to economics textbook, you will have your current understanding completely annihilated.
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Anyone can buy fractional shares.
I notice you didn’t say “value”, which is smart.
Everyone can print it privately. And it’s insanely easy to get robbed.
That is amazingly, blatantly and intentionally false. Bitcoin transactions are horribly expensive in real life.
Oh my, you have gotten some terrible information.
There is nothing magical about holding a whole number bitcoin.
I did say “value” as well, bitcoin has undeniably proven itself as an excellent store of value.
Anyone can mine it according to agreed upon rules, nobody has special control over it.
You absolutely can send it instantly for almost no fee. That’s the only way I send it. I use the lightning network to send BTC like millions of other people.
You know so little about something you think you know so much about. You have just absolutely proven your ignorance repeatedly. It’s time to slide the keyboard to the side and start doing a little research.
Oh yes, massive volatility and no official backing make it a great store…
So you can cheaply do Bitcoin transactioms… By not doing Bitcoin transactions and taking your exchange off of the blockchain, thereby negating most of the advantages. And by doing that you’re relying on trusted third parties with special powers for fraud prevention, which goes against everything most crypto people applaud?
Ah yes, personal insults really make your argument more persuasive and informative, and always do wonders to motivate people.
Lightning network doesn’t involve trusted 3rd parties, and it is directly connected to the blockchain in a trustless 2nd layer network.
Whatever, sometimes it’s volatile, that has decreased massively over the years, and during all that volatility, it was consistently rapidly increasing in value. Not only is it not inflating like even the best fiat currencies, it has outperformed every other asset or investment in the last 10 years.
Pointing out that you are talking with confidence about things that you can’t even be bothered to research is an important thing to say because there are people who will mistake your confidence for actual knowledge. The appropriate behavior is to research and say things you learned. When they are refuted, you should check to see if maybe you were mistaken, not double down because you dislike the feeling of being wrong.
What are nodes and watchtowers? The way the whole layer works basically negates all the upsides of Bitcoin transactions, stripping much of the privacy aspect: https://arxiv.org/abs/2003.12470
There are much, much better cryptocoins out there, and it’s a much more nuanced case there. Bitcoin with lightning transactions are basically a less safe, more power hungry and more complex way to be less safe than with a normal bank.
Hell, even the original developers are leaving the Lightning project because they don’t support whats going on.
I’m not very interested in cryptocurrency generally but I’m interested in how the tech works–in addition to the aforementioned issues with security if one party controls a significant amount of the lightning network, wouldn’t lightning also be inefficient if a large percentage of transactions are one-offs? It would generate a transaction on the blockchain to open the payment channel between two accounts and a second transaction to close the account, correct? So if the actual number of transactions is two or less it doesn’t offer any actual advantage?
Someone memorized the script really well.
What’s mining again?
An agreed upon set of rules where everyone has an equal opportunity to support the system in exchange for a reward. If you get caught printing usd, then guys with guns come and shut you down because you’re not allowed to do that. Only the government can do that. In BTC, everyone has equal rights to it, and this right is enforced by math.