I don’t think any crypto will succeed unless it’s easily Fungible with dollars, which will mean the US government will still control its monetary policy.
I certainly don’t want a bunch of hackers controlling our monetary policy.
Crypto Crash Survivors Could Become Tomorrow’s Amazons, Bank of England Says
- Thread starter johnarb
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I don’t think any crypto will succeed unless it’s easily Fungible with dollars, which will mean the US government will still control its monetary policy.
I certainly don’t want a bunch of hackers controlling our monetary policy.
Interesting that most people aren't yet discussing the Sam Bankman PUT. Basically FTX just back-stopped the crypto markets.
I'm actually amazed at how widely accepted it is right now. And from a recent announcement from Jack Maller from Strike, its gonna be accepted in a lot of more places.
But to me, I'm happy for a world that has fiat mixed with bitcoin. This means my bitcoin will continue to appreciate as fiat continues to depreciate. If central banks one day want to add bitcoin to their reserves, even better. Heck, if they choose to one day even create a peg, that would really transform things.
Most people do not carry around cash these days anyway. Those tipping cases are less than 1% of use cases. Even if you use a credit card, you're already using a digital payment system, so it can either be digital dollars or digital bitcoin. I won't bother to look up the video to show you how easy it is to use the Lightning Network to pay for stuff because I know you're just mostly trolling, but it really is these days.
Are you aware of anything that is priced in bitcoin?
Honestly, the government are the biggest hackers of all. They just print up more, right? Add another trillion here or there at will. What does this mean? Its means that my dollars I earned from my job get automatically devalued while all the assets holders continue to keep up with this inflation.
Now it is true that these hacks you read about for hundreds of billions of dollars are worrisome, but much of this are software exploits on other blockchains. The other cases are mostly mistakes on the part of the holders. Now clearly we don't want the government to lose a bunch of money one day from their treasury, but given that its an open blockchain, who is going to steal from the government and not be afraid of getting caught?
Crypto is already complete fungible with dollars, isn't it? That's what exchanges are for. So the government can still control its policy, and it is still, and still very badly. The role of government is supposed to be just collect taxes and redistribute this in a way that the majority of citizens will benefit from this. This can be in the form of roads or military for protection or healthcare or taking care of homeless, etc. But it should come out of money that is collected.
There is a reason why the government just gives out money vs. actually feeding people or housing them. These things are finite resources. Its much easier for them to print out money and pass it around. Heaven forbid they gave everyone a free tank of gas because where would they get it from after all? So just give some rebate, print up the money, watch inflation shoot higher, which then of course negates this rebate.
The government is 100% incapable of fixing a problem it created. The workers get paid regardless of their performance. I don't want them in charge of monetary policy anymore.
Stop with these silly arguments. Its a simple conversion. When I go to the US, is anything priced in Can$? Of course not, but you just do the conversion. I don't care if stores don't price stuff in bitcoin. The bottom line is that unless the government makes a drastic u-turn, the dollars will continue to devalue so you better hold assets. But of course right now, they are out to destroy asset prices in order to try and regain some control of the system. It can never happen because the debt based system needs more debt to function.
I hate to see bitcoin going lower, but at the same time, I don't mind if all the leverage and ponzi schemes get flushed out. It will actually be good for crypto to build from a solid foundation.
If all you do is backstop all these shitcoins, how is it different than the government buying up all the bonds of even shit companies that should have died? Or rescuing banks that aren't run properly?
You asked what I didn't like about bitcoin. We agree on what we don't like about fiat.
Bitcoin is supposed to be a currency, It doesn't meet all the criteria of a currency.
Inflation was a lot worse in the 1950s and 1960s when we were on the gold standard. Stable inflation is a good thing:
1. Deflation is really bad: It discourages investment and spending now.
2. Stable is good because then we can plan. Your employer budgets a 3percent raise so you don’t fall behind in your standard of living. If it wasn’t stable then who knows what your purchasing power is.
it’s not practical to have to convert crypto into USD everytime you need to transact, especially since there are hundreds of cryptos out there. It violates one of the rules of a successful currency this way. But this will be solved (likely with support of the US govt).
Just my opinion. I’m not an expert here.
1. Deflation is really bad: It discourages investment and spending now.
2. Stable is good because then we can plan. Your employer budgets a 3percent raise so you don’t fall behind in your standard of living. If it wasn’t stable then who knows what your purchasing power is.
it’s not practical to have to convert crypto into USD everytime you need to transact, especially since there are hundreds of cryptos out there. It violates one of the rules of a successful currency this way. But this will be solved (likely with support of the US govt).
Just my opinion. I’m not an expert here.
I'm saying I don't get triggered by people like you who are unintelligent or retarded. Which proves my point since I had to spell out the point of the story