They Work in Crypto, ...

[destriero]

I understand that as a method of exchange, on-chain bitcoin transactions aren't ideal. I see the future as the base layer settling high value transactions and everyone else goes to some L2.

Fiat will of course always exist, but when you understand that this system is based on debt, and the debt needs to keep growing, which means money supply needs to keep increasing so you can pay the debt, it becomes obvious that holding any fiat is just dumb. In many countries, they know how bad fiat is, and the USD will be the last to fall.

If you think about, its not even the dollar that has been a store of value but real estate and other tangible assets. These are of course risky in their own right, and so what is left as a store of value? I do believe bitcoin will take the lion's share. Shit, the Chinese real estate market is even bigger than the US equity market. Imagine when that implodes.... The smart will get into bitcoin before its too late.

I don't understand half of your reply though since I am just a 17yo playing FPS.

FX is not intended as a store of value. When was the last time you bought a burger with fractional-gold or property? I do not dispute (specifically) BTC as a store of value. I am not a crypto-hater. It's fundamentally no different than gold is that respect.

You're arguing against fractional-reserve. That's entirely another discussion. What caused FTX's collapse? Too much success? I know I am conflating management with the asset but fractional-reserve is not the argument you think that it is.

 

[NoahA]

My opinion is that as rates rise or inflation runs rampant,there is little money left to the consumer to purchase any assets. I believe your right that we're in trouble no matter what. I have trouble envisioning a new type of asset pulling us out of that trouble.
Something not controlled by government will be controlled by somebody. With a limited supply of BTC the opportunity for manipulation is certainly there.

You're starting to think. If you did enough research, you will see nobody controls bitcoin. Its a system where there are rules without rulers (Take from Andreas Antotopolus). Very much like nature. You don't eat, you die. You don't breathe, you die. You don't have shelter and bad weather hits, you die.

We have been lead to believe that only one type of system can work. If you watch videos from Jeff Booth, you will see he talks about this quite a bit. You can't measure a system from within the system. Everyone has been brainwashed to accept the current fiat system of debt and enslavement, and nobody can even picture something more fair and prosperous. But its here.

 

[NoahA]

FX is not intended as a store of value. When was the last time you bought a burger with fractional-gold or property? I do not dispute (specifically) BTC as a store of value. I am not a crypto-hater. It's fundamentally no different than gold is that respect.

You're arguing against fractional-reserve. That's an entirely another discussion. What caused FTX's collapse? Too much success? I know I am conflating management with the asset but fractional-reserve is not the argument you think that it is.

Good, we are on the same page. Yes, fractional reserve is the problem.

The beautiful thing about bitcoin is that is can act as a store of value and method of exchange. It has all the properties in one. Imagine marrying the girl you truly love who is also the dirtiest whore you ever fucked. Shit.. that would be heaven! LOL... But we all know that its impossible an impossible dream for one woman to provide all this.

Bitcoin can though! I watch lots of videos from Jeff Snyder, an expert on the Eurodollar. His only complaint is that its not elastic enough. But I never know why you need it to be. If there is pressure in the system, price just goes up, that provides the elasticity. Its seems like what he means by elastic is that he wants the government to be able to create more money during times of stress, which is bullshit.

What the world needs is for a system that everyone agrees on and that nobody can manipulate.

 

[semperfrosty]

My opinion is that as rates rise or inflation runs rampant,there is little money left to the consumer to purchase any assets. I believe your right that we're in trouble no matter what. I have trouble envisioning a new type of asset pulling us out of that trouble.
Something not controlled by government will be controlled by somebody. With a limited supply of BTC the opportunity for manipulation is certainly there.

This is part of the beauty of BTC and getting in before its too late.

You can have a piece of what the 'somebodies' will want and need for control.

There is an opportunity for the little guys to close the gap.

 

[destriero]

Logging into Chase and sending frictionless crypto as easily as fiat reduces the equation to viability of fractional-reserve... do you really think anyone logs in to their bank and has a moment of panic and questioning whether the system will fail before they can cash out to their mattress?

How many bank runs have we seen vs crypto-exploits? Do you trust CZ more than Jamie Dimon? What are you going to do with that address when you can't trust Binance? What are you going to do after the EMP-event with your secure thumb drive?

What it comes down to is ease of use to the end user and the value add of an immutable ledger. Nobody needs what you're selling.

 

[destriero]

Good, we are on the same page. Yes, fractional reserve is the problem.

The beautiful thing about bitcoin is that is can act as a store of value and method of exchange. It has all the properties in one. Imagine marrying the girl you truly love who is also the dirtiest whore you ever fucked. Shit.. that would be heaven! LOL... But we all know that its impossible an impossible dream for one woman to provide all this.

Bitcoin can though! I watch lots of videos from Jeff Snyder, an expert on the Eurodollar. His only complaint is that its not elastic enough. But I never know why you need it to be. If there is pressure in the system, price just goes up, that provides the elasticity. Its seems like what he means by elastic is that he wants the government to be able to create more money during times of stress, which is bullshit.

What the world needs is for a system that everyone agrees on and that nobody can manipulate.

Crypto is the answer to a question nobody has asked.

Fractional reserve wasn't devised to beat the system. We had a gold-standard for decades. It's a "utility function" in economics where the convenience outweighs the risk.

I added that the immutability of crypto is meaningless when you're scammed. It's also less attractive as it fails on utility function as fractional reserve is sovereign-backed.

 

[NoahA]

Nobody needs what you're selling.

And yes the hashrate for bitcoin is exponential. So why are so many people putting resources into this?

Listen, the most benefits from crypto right now don't come to people like you with special privelages. But enough westerners even have had bank accounts closed that even they start to worry.

Every exploit of an exchange was not the fault of the bitcoin code. With an EMP event, even your fiat doesn't work since we are pretty much cashless now anyway.

If you read enough posts from John, you will understand how much the rest of the world needs stablecoins for example, or a better way to save their money since their local fiat is shit. The US system works well for the US, but cracks form, and even in the US, many people don't have a bank account and even need to use those shit "cheque cashing" services.

But the direction for banks and fiat is consistently down, and the innovation with bitcoin and crypto just keeps growing.

 

[deaddog]

You're starting to think. If you did enough research, you will see nobody controls bitcoin.

I find that hard to believe. Any asset that has the volitility of BTC has someone pulling the strings.
Those who own a lot can control the amount offered for sale. They can move the price by controlling the supply. How else do you explain the wide swings in price?
To me it looks like the pump and dump operations of the old Vancouver stock exchange.

 

[NoahA]

Fractional reserve wasn't devised to beat the system.

It was designed to fuck the little guy. They don't teach this in school so that most people accept being fucked. But the secret is getting out. Once everyone knows they are getting fucked, and don't want to be fucked, they buy bitcoin, and then bitcoin takes over.

Who the fuck still uses MySpace? Nobody, cause they didn't want to. It will be the same for the financial system. Every drop of juice has been extracted. They can't squeeze the little guy anymore. Zero interest rate policy is finished now. The debt finally matters because of the huge interest payments. There is no way to use fiat to manipulate anymore.

I added that the immutability of crypto is meaningless when you're scammed.

Its better than someone else fucking me over, so I prefer to fuck myself over. The immutability is a positive, not a negative. You tell me what you think about the London Metals Exchange rolling back transactions on that nickel price explosion about a year ago? Do you think its great that they had the power to do this simply because their friends lost money?

 

[destriero]

Imagine POS transactions where you're paying microstructure to hedge FX that takes 90 minutes to verify. You cannot transact FIFO but you can hedge it as it comes in. All that friction to avoid fractional reserve?

I get that you're arguing store of value but then it's a gold-analogy.