How does the system steal from the users?
Man has two more chances before $232 million is lost forever
- Thread starter Frederick Foresight
- Start date
How does the system steal from the users?
Inflation. The idea that any amount of devaluing of your currency, like 2% per year, is ludicrious.
Think about it like this. Money is really just your stored work and energy. Its a better idea to exchange your work for something that will be easier to barter for something else, right? I mean if I'm a computer programmer but want to buy food, I doubt the farmer needs a programmer, right? So money came along, and this was great. But now when one central authority has the power to all of a sudden create all sorts of extra new money that nobody had to do anything for, it devalues the money that I have and all the worked I "stored".
Bitcoin requires a ton of energy to mine, as does gold. But creating dollars costs absolutely nothing, so of course the government uses this method year after year. Rich people use assets to protect their purchasing power, which has tax benefits as well, but poor people don't have either the knowledge, or really means to accumulate many assets. So in addition to theft through inflation, the system also steals from the poor to give to the rich.
I know it will be there tomorrow since i have safely taken extra precautionary measures to ensure my keys are where they should be. I also know that crypto is here to stay and since it wont go to 0 then the only other way for it to go is up. This is coming from a logical standpoint...
Isn't that the same way you felt a year ago?
This is the opposite of logical.
If everyone else’s crypto is getting stolen, who’s going to use crypto for transactions? If others don’t want to use crypto how much will your crypto be worth?
Depends on the price of what its going for
Thats right
Yet BTC has lost 1/2 it's value, don't you think that could happen again?
Of course, it's happened multiple times in the past. But did you know Bitcoin started at just 25 cents a coin?
Let that sink in for a minute...
I have thought about it and I can't find any good reason that it won't eventually return to that price.
I ended up with a collectors piece, a coin minted in 1790, from a time when the government couldn't manage the money supply. People started minting their own coinage which was accepted as a medium of exchange. (Look up condor coins)
Eventually hundreds of thousands were minted and they became worthless, except as collectors items. While researching the coin I thought of the similarity to crypto. There was a need to be filled; once filled others stepped in and took advantage until the government stepped in and filled the need with its own currency.
I have a coin dated 1790 (might be counterfeit) are you going to be able to show your grandchildren your 2014 bitcoin?