Man has two more chances before $232 million is lost forever

Ed48 said:
Economies don't tend to do very well without some inflation. If everyone had their money in a deflationary "currency" like BTC, then there would be a propensity to HODL and defer purchases, which would create a major drag on the economy.
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Since the current economy is based on debt that has to forever grow, its doomed to fail. Its a game of musical chairs and you have to hope that you're born at the right time to take the most advantage.

The current young generation might never own a house, so maybe a bit of deflation isn't bad for them. At some point, you reach an equilibrium where you're willing to part with your money to purchase things you need or things you want. Quality of life doesn't always mean having the newest gadgets but being a debt slave your whole life.
 
NoahA said:
The current young generation might never own a house, so maybe a bit of deflation isn't bad for them.
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A deflationery crypto has no influence on real estate values.

On the other hand a hugely deflationery currency can't work as such, because of people hording it. But cultists gave up on that definition long time ago anyway.
 
NoahA said:
Crypto firms failing is a non-issue for people who store their bitcoin themselves.
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Why would you store it, isn't it a currency? Do you store your money under your mattress?

As the value goes sideways holders want to INVEST it and then shit starts to happen.
 
NoahA said:
Yes, it works well for the very rich, like you. I can see how you wouldn't want anything to change.

Crypto firms failing is a non-issue for people who store their bitcoin themselves. But when a bank fails, somehow everyone has to take a haircut on the purchasing power of their money. Its all about socializing the losses but privatizing the profits.
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Normies do not understand that Bitcoin is decentralized, permissionless, censorhip-resistant, p2p, scarce, global digital asset

So when normies describe the issues, they use existing systems that are centralized and controlled

If a crypto company holding 1M bitcoins fails, they think as long as it was regulated, the government will make everything ok. No, the government cannot create 1M bitcoins

If a hacker takes or scams 1,000 bitcoins, normies think there should be a way to reverse the transaction and give it back to the victim(s). No, it is not possible

Bitcoin is fair for everyone, not just for the rich person in New York, but also for that street vendor in Vietnam

Normies who have the privileges from the existing financial system will always want to run back to their nanny state for, ahem, regulations and protections
 
newwurldmn said:
the rest of us see the value in a stable system.
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By stable though do you mean a system that is designed to steal from the users of the system in a stable way but consistent way? The only stability is that if you were fortunate to be born at the right time, you get to benefit the most. But if you're off by 20 or 30 years, you're screwed. There is no way that the young people today in their 20's and 30's will ever hope to have a stable retirement or even perhaps enjoy home ownership. I am sure that once the current crop of politicians, most of whom seem to be in their 60's or so, along with their fellow boomers, die off, then it will be time to let the system implode, if they can manage to even keep it together that long. Taking into account the projections about interest expense for the government, I see no way that even the next 12 months can have any form of stability.
 
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