What exactly is BitCoin (BTC)?
Posted by CaptainKirk 1 month, 4 weeks ago to Economics
I am linking to a video. Please ignore the $46B value he is placing on it.
What I would like you to do is recognize that he is 100% right about the probabilities. Yes, some of you think it is 100% probable that it is worth ZERO.
But he EXPLAINS why this is hard to comprehend. That's the magic. EVEN IF it won't change your mind. Every major technology has "Dematerialized" something (Mail, Books, Audio, Videos, etc).
And we MUST find a way to Dematerialize Money. Why? Because this is the ONLY PATH we have away from Central Bankers controlling the currency.
But please spend a little time watching what it means. And why BTC (of which there are less than 22 Million coins available, and more cannot be made once they are mined).
Imagine the BRICS countries trying to buy and sell OIL. You need to pay them. Currently the SWIFT system is used ALOT. But it can have restrictions placed on it (ask Russia).
If BTC was used... Then value could be trade. The companies can exchange BTC for oil. And not worry if they are taking YUAN and China is about to print a billion more behind the scenes...
The problem. How do you price your oil in BTC?
And as more things use BTC as a pricing medium, like dollars. More people must hold BTC. That is the demand argument.
And Mark Moss walks through how this will create a lot of pressure on BTC to be all things to all people over time.
Who wants to bet that BTC will hit $100K before it hits Zero? (FWIW, my bets have already been placed).
It won't go straight up, but as it digitizes value... It will be traded for goods/services without ANY Central Bank Interference!
That's Freedom, to me!
What I would like you to do is recognize that he is 100% right about the probabilities. Yes, some of you think it is 100% probable that it is worth ZERO.
But he EXPLAINS why this is hard to comprehend. That's the magic. EVEN IF it won't change your mind. Every major technology has "Dematerialized" something (Mail, Books, Audio, Videos, etc).
And we MUST find a way to Dematerialize Money. Why? Because this is the ONLY PATH we have away from Central Bankers controlling the currency.
But please spend a little time watching what it means. And why BTC (of which there are less than 22 Million coins available, and more cannot be made once they are mined).
Imagine the BRICS countries trying to buy and sell OIL. You need to pay them. Currently the SWIFT system is used ALOT. But it can have restrictions placed on it (ask Russia).
If BTC was used... Then value could be trade. The companies can exchange BTC for oil. And not worry if they are taking YUAN and China is about to print a billion more behind the scenes...
The problem. How do you price your oil in BTC?
And as more things use BTC as a pricing medium, like dollars. More people must hold BTC. That is the demand argument.
And Mark Moss walks through how this will create a lot of pressure on BTC to be all things to all people over time.
Who wants to bet that BTC will hit $100K before it hits Zero? (FWIW, my bets have already been placed).
It won't go straight up, but as it digitizes value... It will be traded for goods/services without ANY Central Bank Interference!
That's Freedom, to me!
SOURCE URL: https://www.youtube.com/watch?v=sDSLcyNPf2U
1.a terrorist funding system
2. a system that will die when the EMP or next massive solar flare hits
3. a system that when the/if civil unrest hits will have little value as it can't be traded as easily as others
4. if you think it can't be government controlled, you are not paying attention to recent events, like the SBF scandal
FWIW, I am not talking about the pocket money, or the money you keep at the house. I am talking about a chunk of your wealth. An amount that is terribly hard to carry and protect.
A lot of folks here are at the later stages in their life. Many have a net worth of at least a million dollars. And a subset have multiples of that.
Unfortunately all of your assets are at COUNTER PARTY risk, by design. (Your unencumbered property looks safe for now).
But you are NUMBER 5 in line to collect your deposits from your bank WHEN it fails. And this was by design. My view is that the FDIC will announce you only get your "money" if you accept digital currency in CBDCs.
#4? Which part of SBF was that the government INFLATED the number of BTC? Or they gained access to PRIVATE WALLETS of BTC? (SBF ran a "fake bank using crypto", and therefore created the EXACT same risk of all banks... Failure and loss of other peoples assets, and risk of government control/meddling)