Why does being intellectually stimulated and passionate about a subject just turn into "Oh he's just a pushy salesman" Its like no one has any vision. O wait they don't.
Just because someone doesn't see you're vision doesn't mean they don't have vision. No need to be defensive about something like this. Go invest your life savings in bitcoin and come back in 10 years
If someone tried to explain to you our current monetary system, you would probably not understand it (I don't understand it all). Explaining the Bitcoin monetary system is also difficult (especially for those not tech savvy), though far easier then explaining the dollar. Just out of curiosity, whats the window someone has to sell you on something? 5 minutes? You come off as very close minded.
sensitive much? I'm just busting chops a little. I actually routinely check in here to see what info there is because I am interested in the topic and I see a lot of potential. However, what I also see is a select few super gung-ho Bitcoin groupies who immediately dismiss legitimately concerns and questions. Look, there are a ton of possibilities but there are also a ton of questions. I would prefer to come in here and hear dialogue, rather than hearing Eugene Levy as the car salesman from vacation. You think you hate it now, but wait until you drive it.
I still just don't get it. Ok so it has the potential to be more transparent (not sure what economic value that provides) and it can potentially be cheaper to transfer money. Further if you are buying a currency as a long term investment without any idea of whether or not it is expensive or cheap versus other currencies then you need to rethink your investment thesis. Also, currency is not a store of wealth and it isn't intended to be. Also, what is the aversion to traditional banking? Banks do provide a great service to society with their ability to leverage capital.
there is tons of dialogue (besides ur recent posts). transfer and store. Also not 'potentially cheaper'. It is cheaper. Thats not some small thing.
Inflation, money supply controlled by unelected central bankers vs. finite, unchangeable money supply controlled by code/math pull systems where you must allow others to pull from your account vs. cash/bitcoin which you push out only the amount you want centralized points of failure (Target/Home Depot/etc) vs. anonymous, permissionless, trustless transactions transnational currency that can be transferred instantly, at little/no cost, to/from any two points on Earth, in any amount, from a billion dollars to .0000001 dollars
currency in its current form. We have no other technology being able of division into 21,000,000 units which are then subdivisible into 100,000,000 smaller subunits. Such a system theoretically, would be able to handle the increases in real capital creation by the economy without requiring an increase in its supply. Unfortunately we haven't had such a system until now. But as a thought experiment think about what if Bitcoin had always been around? From the beginning of modern economies. From our fledgling roots as sugar, tea, spice and furskin traders. Blacksmiths and subsistence farmers. Then modern advances and oil came along. So on and so forth. The increases in human capital and production were not caused by the monetary supply. It occurred independently of the currency- technology will be created regardless of what the money is. So what if Bitcoin had always just been there?
I guess my only experience with it was trading it and it wasn't cheap to trade relative to trading stocks and stuff. So maybe that makes me bias with the thought of bitcoin being a cheaper way to transfer wealth.
Point 1....What is wrong with inflation? And I am confused about the no inflation argument when one of the pro-bitcoin people (Ganja) referenced the necessity of MASSIVE inflation of bitcoin in order to for it to handle worldwide commerce. Point 2....I don't understand. Do you mean that if you owe money to someone then they have the ability to take what you owe? Like with child support or taxes or whatever? Point 3.....The fear of 3rd parties being breached is certainly a worry. However, that can be fixed without completely changing the global monetary system. Additionally, the people being stolen from are not the customers of the bank who have their card info stolen. I've had my credit card info stolen a couple times and I didn't pay a dime out of pocket for that theft. Actually who does pay? Is it the vendor? The bank? Point 4....That sounds wonderful.
Why does this matter? Who cares if supply increases? You've already talked about bitcoin needing to inflate in price (if I read correctly) Spoiler in order for it to be viable. That inflation basically amounts to a supply increase. I don't know. I guess it would be a universal way to transfer wealth if everyone accepted it as such. It would not be an investment as you view it.
Question: so if the transaction is a push rather than pull based system, does that mean that no government will ever have the power to force someone to make a payment, seize funds, etc? I mean, if a deadbeat dad was instructed to pay child support and they decided to garnish his wages to make it automatic (and prevent him from NOT paying), could he then transfer all his money into bitcoins that the govt could then not touch? I'm just trying to get a handle on how this would be different for financial type crimes, etc that the government gets involved with.
^ Would that be any different than the deadbeat dad withdrawing all his money and hiding it somewhere? Because either way, the bank will show his bank account went from a certain amount to $0 amount.
The more dollars that exist, the less each dollar you have is worth. Inflation destroys your purchasing power and any wealth you have stored in dollars. Governments like inflation because it's a way to get rid of their debt without taxing people. They can just print it. Rather than taking your money directly, they destroy your wealth with inflation. You get nickeled and dimed every time you go to the grocery store or gas station and see the price of those things rising. But we never stop to wonder why it has to be that way. Always think of it like gold. There is a finite amount of it on Earth. Gold is divisible, you can melt it into many tiny pieces, but the amount of gold doesn't change when you do that. Likewise, a single bitcoin can be divided into a hundred million pieces (imagine tipping a good clutchfans post with .00000001 bitcoin, or giving .000001 bitcoin each to a thousand schools in Africa). But the supply of bitcoin doesn't change (it is released into the world at a fixed rate in the form of mining rewards, but eventually runs out). When you want to pay someone with a debit/credit card, you are handing them your card information and allowing them to "pull" from your account. The security risks from this are obvious, especially when you are transacting over long distances. So we pay a ton of money to third parties to secure the transaction and secure our financial information. These are expensive, vulnerable, centralized points of failure. They also keep out people in the third world that don't have enough wealth for such companies to justify securing it in accounts. So they have no access to banking or credit. In a push system, like cash, you are "pushing" an amount to a person. Bitcoin is the same way, you push out a transaction for only the amount you want onto the network, and the miners pick it up and add it to the ledger. If someone buys something from Amazon using a stolen credit card, Amazon eats that cost, not the credit card company. But those costs are then passed on to the customer in the form of higher prices.
Yes, there is no entity on earth that can access your bitcoin private keys. They could threaten you for them, or beat it out of you, or imprison you. But if you dropped dead without leaving behind the private keys, that bitcoin is lost forever. It has very interesting implications for law enforcement, but it's not clear how it can be stopped. You can't shut down the internet everywhere. You can shut it down in some places and stop transactions from those locations, but the ledger will continue to exist on the network, and it cannot be erased or altered by anyone.
The supply increases but to a finite level.. there are 2.1 quadrillion potential units of this universal ledger. Able to handle any increases in global wealth as society progresses. Theoretically
I guess that explains the questions about terrorists using it in that Youtube video earlier of the Canadian govt officials.
