The Indians are planning to ban crypto in their own country.

[Trader Curt]

This is the part that worries me. The phrase "careful what you wish for" comes to mind.

I think the best solution is BTC as a store of value, and fiat to do all the other stuff. But of course if people refuse to hold fiat and just use it to pay bills, etc, then it will have little value.

The transition phase will be extremely turbulent.

Well who would you rather have control your money? The government or no one? I know what my answer to that is and I'm surprised by the amount of sheep minded people in here.

But in reality we need the US dollar because without it, how would anyone cash out their Bitcoin? If you had 100 Bitcoin, that might be worth 6 million USD, but it's only worth 100 Bitcoin. Imagine if there was nothing to cash out into? Then what? Imagine going to the grocery store and buying a pack of gum and having the cashier tell you the stores wallet address, letter by letter. That would suck wouldn't it?

That's why we need someone to constantly upgrade Bitcoin, and we can't do that if it's decentralized.

But then again, would you rather have the government control your money? Or have no one controlling it? Do you believe in government control? Maybe new world order? Or maybe you believe in total anarchy and chaos? The choice is yours..

 

[Overnight]

Well who would you rather have control your money? The government or no one? I know what my answer to that is and I'm surprised by the amount of sheep minded people in here.

But in reality we need the US dollar because without it, how would anyone cash out their Bitcoin? If you had 100 Bitcoin, that might be worth 6 million USD, but it's only worth 100 Bitcoin. Imagine if there was nothing to cash out into? Then what? Imagine going to the grocery store and buying a pack of gum and having the cashier tell you the stores wallet address, letter by letter. That would suck wouldn't it?

That's why we need someone to constantly upgrade Bitcoin, and we can't do that if it's decentralized.

But then again, would you rather have the government control your money? Or have no one controlling it? Do you believe in government control? Maybe new world order? Or maybe you believe in total anarchy and chaos? The choice is yours..

 

[NoahA]

Well who would you rather have control your money? The government or no one? I know what my answer to that is and I'm surprised by the amount of sheep minded people in here.

But in reality we need the US dollar because without it, how would anyone cash out their Bitcoin? If you had 100 Bitcoin, that might be worth 6 million USD, but it's only worth 100 Bitcoin. Imagine if there was nothing to cash out into? Then what? Imagine going to the grocery store and buying a pack of gum and having the cashier tell you the stores wallet address, letter by letter. That would suck wouldn't it?

That's why we need someone to constantly upgrade Bitcoin, and we can't do that if it's decentralized.

But then again, would you rather have the government control your money? Or have no one controlling it? Do you believe in government control? Maybe new world order? Or maybe you believe in total anarchy and chaos? The choice is yours..

So first of all, BTC was never meant to be used to spend. It can only do about 7 tps or there abouts. There are blockchains that can match and exceed what VISA can do.

And come on, the cashier telling you the letters? Lets be real here. You would have a crypto wallet on your phone and tap their terminal via the NFC chip. You authorize the transaction with your fingerprint and you're done. I also imagine that you will have "loose change" on your phone wallet, much like your wallet had a few paper bills like 5's and 10's, but for big purchases, you keep your crypto not as easily accessible, just like you don't walk about with many hundred dollars bills if you're gonna buy a TV.

As for who I want to control my money, do I really want it to be the government? Do they have my best interest at heart? They send young men off to die in a war in order to fight someone that hasn't done anything to me. The government has a role in modern society, but I don't want them making too many decisions for me.

I just read that in Illinois, each household is responsible for $110,000 in debt in order to pay for government worker pensions. Do you think each citizen received that much value from the government? Is it fair for anyone to be stuck paying for decades for a bill that will in no way improve their own life? If I buy a car that will take me 5 years to pay it off, I take on the debt and I get to drive my car whenever I want. With public pensions, your taxes are paying for services that someone else received. Why is my money going to pay off someone that never did anything to benefit my life?

The government keeps making decisions for people far into the future. Heaven forbid they actually had to balance their budget every year and if the money isn't there, they don't get to spend it. I can do the same thing with my finances, why can't the government?

The US has benefited immensely from the US dollar and reserve currency status. But the young people of today were sacrificed so that this could happen. Chaos is for sure coming because these debts can never be paid. The sooner that the system is switched to something that is sustainable, the better. The quality of life for the western world will for sure go down, but there is no way out of it now.

The technology to move forward is being tested right now. Its like watching the first flight of an airplane. You see the wings, you see the propellers, you see the pilot able to steer it. You have no idea what types of future aircrafts will exist, but the principal of flight was cracked open. Likewise, crypto currency is the future of money and we are starting to see now how it will all work. The final product might not yet be what we have today, but we can see the benefits of decentralization, validators, smart contracts, etc. and these will be the elements of what makes up the future of money.

 

[johnarb]

Good Morning and Happy Thanksgiving to All

But in reality we need the US dollar because without it, how would anyone cash out their Bitcoin? If you had 100 Bitcoin, that might be worth 6 million USD, but it's only worth 100 Bitcoin. Imagine if there was nothing to cash out into? Then what? Imagine going to the grocery store and buying a pack of gum and having the cashier tell you the stores wallet address, letter by letter.

That's why we need someone to constantly upgrade Bitcoin, and we can't do that if it's decentralized.

It is possible to never cash out of bitcoin once hyperbitcoinization

A small country of El Salvador with millions of residents use bitcoin today at Starbucks, McDonalds, Pizza hut, street vendors, local stores, etc

There is no need to read each character as all Bitcoin software can use QR code

I'm not advocating for this since I much prefer the current system we have

I use bitcoin as my "savings account" (investment account) and fiat (USD) as my "checking account"

Bitcoin is decentralized. Taproot, the biggest upgrade in 4 years to Bitcoin, was achieved through consensus. This is the way it has always been

In 2017, the biggest Bitcoin miners wanted to increase the blocksize, but bitcoin is decentralized and the community of nodes did not want this change, hence the forks

There are over a hundred thousand Bitcoin nodes so no one or no group can make a change to bitcoin without consensus

If it was possible to make a change to bitcoin by forcing someone or a group, then Bitcoin is not secure and it's just another centralized currency similar to fiat

https://en.bitcoin.it/wiki/Consensus

So first of all, BTC was never meant to be used to spend. It can only do about 7 tps or there abouts
.

Millions of people in El Salvador use bitcoin as legal tender every day using the Bitcoin lightning network

I use the lightning network whenever I can. It's instant. I run an umbrel node at home, It's pretty cool

People who don't want to use the lightning network when spending bitcoin can use other solutions like PayPal or Visa or Square

 

[kroxobor]

if people want it government ban will only make it go underground.....

Still it's not good for crypto. It needs volume to be lucrative place for others and draw in new "fish". Crypto reacts positively to news related to integration in real payments it tells about a lot about what is a good vector for crypto space.

 

[Trader Curt]

Good Morning and Happy Thanksgiving to All



It is possible to never cash out of bitcoin once hyperbitcoinization

A small country of El Salvador with millions of residents use bitcoin today at Starbucks, McDonalds, Pizza hut, street vendors, local stores, etc

There is no need to read each character as all Bitcoin software can use QR code

I'm not advocating for this since I much prefer the current system we have

I use bitcoin as my "savings account" (investment account) and fiat (USD) as my "checking account"

Bitcoin is decentralized. Taproot, the biggest upgrade in 4 years to Bitcoin, was achieved through consensus. This is the way it has always been

In 2017, the biggest Bitcoin miners wanted to increase the blocksize, but bitcoin is decentralized and the community of nodes did not want this change, hence the forks

There are over a hundred thousand Bitcoin nodes so no one or no group can make a change to bitcoin without consensus

If it was possible to make a change to bitcoin by forcing someone or a group, then Bitcoin is not secure and it's just another centralized currency similar to fiat

https://en.bitcoin.it/wiki/Consensus

That's very interesting. I always wondered who was doing the upgrading and the halvings, and this whole time I thought it was Satoshi nakamoto lol.

 

[Trader Curt]

So first of all, BTC was never meant to be used to spend. It can only do about 7 tps or there abouts. There are blockchains that can match and exceed what VISA can do.

Yes I forget what the number is but BNB coin can process more transactions than Visa. I could never see Bitcoin used as a payment system. And the only reason it is where it is today is because it is the #1 crypto. Really any crypto can be used as a store of value.

And come on, the cashier telling you the letters? Lets be real here. You would have a crypto wallet on your phone and tap their terminal via the NFC chip. You authorize the transaction with your fingerprint and you're done. I also imagine that you will have "loose change" on your phone wallet, much like your wallet had a few paper bills like 5's and 10's, but for big purchases, you keep your crypto not as easily accessible, just like you don't walk about with many hundred dollars bills if you're gonna buy a TV.

Yes your right.

As for who I want to control my money, do I really want it to be the government? Do they have my best interest at heart? They send young men off to die in a war in order to fight someone that hasn't done anything to me. The government has a role in modern society, but I don't want them making too many decisions for me.

I just read that in Illinois, each household is responsible for $110,000 in debt in order to pay for government worker pensions. Do you think each citizen received that much value from the government? Is it fair for anyone to be stuck paying for decades for a bill that will in no way improve their own life? If I buy a car that will take me 5 years to pay it off, I take on the debt and I get to drive my car whenever I want. With public pensions, your taxes are paying for services that someone else received. Why is my money going to pay off someone that never did anything to benefit my life?

The government keeps making decisions for people far into the future. Heaven forbid they actually had to balance their budget every year and if the money isn't there, they don't get to spend it. I can do the same thing with my finances, why can't the government?

The US has benefited immensely from the US dollar and reserve currency status. But the young people of today were sacrificed so that this could happen. Chaos is for sure coming because these debts can never be paid. The sooner that the system is switched to something that is sustainable, the better. The quality of life for the western world will for sure go down, but there is no way out of it now.

Yes I agree with you, the government is selfish and is run by corruption. And I also believe we are in a mist of becoming a new world order. Where if you have ever read about it, it where all nations become one in harmony and we have 1 currency (which I believe could be a crypto), we will also have 1 set of laws, and 1 religion. But that's not before we have some chaos, which you can say we are already experiencing now.

I don't agree with the Illuminati, and to me is a very scary thing, but that to me is where the whole world is headed. And I already know I'm going to get flammed for this belief.

The technology to move forward is being tested right now. Its like watching the first flight of an airplane. You see the wings, you see the propellers, you see the pilot able to steer it. You have no idea what types of future aircrafts will exist, but the principal of flight was cracked open. Likewise, crypto currency is the future of money and we are starting to see now how it will all work. The final product might not yet be what we have today, but we can see the benefits of decentralization, validators, smart contracts, etc. and these will be the elements of what makes up the future of money.

Yes I agree with you.

 

[newwurldmn]

so the govrenments are starting to realize that crypto is a real danger to their monopoly on power
banks are realizing that crypto is a real threat to theri financial power over people

we are doing it right by pushing crypto to be a decentralized currency
or possible world wide economic collapse if the crypto becomes more popular before banks figure out how to control it

if there’s a world wide economic collapse, odds are that electricity and power will be disrupted and Bitcoin will be useless.

 

[johnarb]

That's very interesting. I always wondered who was doing the upgrading and the halvings, and this whole time I thought it was Satoshi nakamoto lol.

lol, Satoshi stepped away from the project and handed the controls of the Bitcoin github repo to a group of developers, the lead being Gavin Andresen who is no longer part Bitcoin

https://en.wikipedia.org/wiki/Gavin_Andresen

Bitcoin is open source software, anyone can contribute. Upgrades start out as BIP's

https://bitcoin.stackexchange.com/questions/1530/who-controls-the-bitcoin-software


https://github.com/orgs/bitcoin/people