Again, so when you get enough BTC to retire, you will go to a centralized bank and take out loans to pay off your real life debt. I thought the whole point was to be decentralized. I bet these centralized banks will have some consumer protection in place should you ever need it. That's a smart move.
So your criticism centers around the fact I can't pay my debts with Bitcoin? OK, big whoop. I'm still going to be financially independent and my wealth will be safeguarded against manipulation and abuse. The fact I have to jump over to fiat rails to service debt (for now) isn't really a problem or concern.
No, my point is one of your selling points of bitcoin is it can be used for day to day transactions and will save Afghan women from the Taliban. That it's supposed to be a way to avoid centralized institutions like credit unions and banks. That it's superior to centralized institutions like credit unions and banks and will eventually replace them. But when push comes to shove and you eventually wish to cash out on this superior method to centralized banking institutions, what are you ultimately going to do when cashing out? Run straight to a centralized bank and take out loans to finance your real life expenditures. That seems to circumvent the manufactured selling point of the superiority of bitcoin compared to traditional banking institutions. It would appear you would prefer to be under the umbrella of consumer protection laws when taking out loans with a centralized institution opposed to fully embracing bitcoin and it's supposed superiority to centralized institutions as means to finance your day to day transactions.
I don't get it. Do you think this is making some profound point? We're all well aware that BTC payment options are small in number and are expanding over time. No, it's just a matter of circumstance. We don't live in an era where I can service debt and pay for goods routinely with BTC yet. On the flipside, we do live in an era where BTC's price is highly volatile and presents ample opportunity for wealth preservation and growth. Like I've already said multiple times directly to you, I'm not going to use fiat because I want to, but because I have to.
You make pages and pages of grandiose claims about how bitcoin is going to revolutionize the world and how it's saving people in 3rd world countries and it's superior to centralized institutions. You made these grandiose statements. Now you're backtracking and saying BTC really doesn't do much for the everyday person and further when it comes time to cash out on your personal finances, you're going straight to a bank. It's kinda some bullshit.
I forgot the other thing, btc might not be responsible for all of the wheel reinventing that's been going on in crypto for the past five years, but a lot of history in fraud or reasons regulations are the way they are is being retried in those markets. That's the biggest reason folks shouldn't plunge in head first. Which is understandably confusing for an observer to see the narrative of Bitcoin shift from "the best big currency... The security with next big underlying technology called Blockchain... into store of value like gold." It jumps all over the place and the product offerings (btc ATMs) are generally stuck at the point in time when there narrative is hyped. The confusion becomes a glass half empty/full debate depending from where you're sitting from. There's been two ultra popular boom bust cycles and walking into btc/crypto still feels like walking into a digital cantina from star wars. Not intuitive or pain free like all the consumer oriented rules for banking. The fact that folks have to be disillusioned or dispossessed of the current banking system shouldn't be the prime motivation for normies to DYOR and figure it all out. Btc going to and from their highs and lows in the last 24 months would make anyone who has all their wealth in it age quickly. Can live from paycheck to paycheck... Can not live from paycheck to paycheck... Can live.... That's the problem with each person's risk vtolerance/financial situation but when (relative) volatility and Currency is mentioned in the same paragraph it has to be called out. Not financial advice
Just because you cannot spend BTC many places does not mean it "doesn't do much" for people. You're jumping to lots of conclusions and putting words in people's mouths, and it's really unproductive.
If bitcoin is a currency of the future but you can't spend it because it's supposed to be treated like gold, where you just sit on it and let it appreciate or depreciate based on implied value that's propped up on consumer confidence in the product, then it doesn't do much. It's just another means to horde wealth, which again people in poverty, can't even horde food in their pantry consistently, but it's going to save poor people too. It's some bullshit. Let me reiterate, you've made pages and pages of grandiose claims about how superior bitcoin is, but when push comes to shove, and you wish to cash out on your investment, you're running straight to a bank. That tells me you don't even believe bullshit you say about how superior bitcoin is and that ultimately bitcoin is hyped up based on consumer confidence and lacks any practicality in real world use. I personally hope those deck of cards fall and hard. What a waste of energy and resources.
Currency adoption is dependent on a few things. Not the least of which is low volatility. We're very early in the BTC timeline. Relative volatility is high. However, it's on a steady march towards pure stability. At a certain point, it will make sense for folks to use BTC as their currency. Note that this will not invalidate it as a store of value, either. It's possible to be both.
So if volatility is high compared to other currencies, how is it superior to any of them? Again, you gloss over the fact that at the end of the day, should bitcoin even reach the value of gold, you're going to run straight to a bank to take out a loan to finance your expenditures. You haven't eliminated centralized institutions at all then. You haven't replaced anything. All you did was manufacture value propped up based on consumer confidence without adding any real tangible value to the economy. I don't get that. Again, it sounds like some bullshit. Like take a resource like water for example. That has real value. It's necessary for plants to thrive, and plants are a food source and people need food to live. What does bitcoin do? Just seems to suck up resources. And I know, some bitcoin farms use solar power, but that solar could be used to power homes or anything else. It doesn't do anything really. It's not a thing like water is. You need water everyday. You don't need bitcoin. Which again goes back to how laughable it is that bitcoin enthusiast such as yourself have the gall to claim it's beneficial to people in 3rd world countries. That's some disingenuous bullshit.
Not answering this question again for you. Go back and read. If BTC ever ends up capturing gold's market cap (it will), then I won't have to run to a bank to cash out for fiat (unless there's some kind of weird law in effect, but that's unlikely for multiple reasons) because everyone will be using BTC by that point. I'm not really concerned with the existence of centralized banks. What I care about is if I have to use them and to what degree. Regardless, in any circumstance, I'm not expecting them to vanish overnight. You think BTC has no value because: 1) You're too lazy to learn about it 2) You're too stupid to understand it 3) You don't value what BTC does That's the harsh truth of the matter for you. Which category you fall into I'm not sure, seems like a mix of all 3 honestly.
You could have made a meme like this for the buyers at the tail-end of every bull run since 2010. I keep saying the only money you should put into BTC are funds which you do not need for 4-5 years for this exact reason.
FIFY. Basically what I am hearing is I need to tell my parents to get a cold storage and move all their assets they can use without much hassle into BTC because decentralized. It might take a minute though because I just taught them how to use an iPad and Youtube. Name a better duo Altima and paper plates Space ghost and Elon's ck Donnymost and BTC
If your parents are old enough BTC doesn't make much sense. Too much volatility for someone with such a short time horizon. If your parents have a long enough time horizon but are incapable of practicing self-custody there are third parties that offer concierge service without security risk or rehypothecation. Otherwise you might have power of attorney, in which case you could do it for them. You can keep making pithy comments, but it really just makes you look like an ignorant, stubborn *******.
Bro I need to explain value of BTC to simpletons. You keep forgetting that you need me and others to get on board if you want BTC to become the currency. So I will keep asking stupid questions but you don't have to answer it.
I only have one question: what is this amazing value or problem BTC is solving for the average Joe. Not you nerds and cold storage folks. The average guy who is installing my roof.....what does he get out of this?
The primary use case for a US citizen is preservation of wealth (given the proper time horizon). The "average Joe" has been eaten alive by inflation over the last 15 years. Edit: If he's installing your roof he might be the "average Jose" and sending remittances to family in another country. If so, BTC is a godsend. Instant xfer for pennies on the dollar with zero slow and predatory middlemen.
