Spencer on Nostr: Had a good Bitcoin conversation on Facebook that I think is worth sharing. Me... ...
Had a good Bitcoin conversation on Facebook that I think is worth sharing.
Me...
Yeah, the price is volatile. Don't dismiss Bitcoin for behaving as expected during its adoption phase.
Friend...
now we can all sleep better knowing that our "future currency" can fluctuate every time a whale sneezes lol
Me...
do you realize how much price volatility bonds are suffering right now, despite being universally adopted as the current world reserve asset?
Have you considered what Bitcoin's short term price volatility would look like if it were universally adopted as the world reserve asset?
Friend...
Hundreds of countries will relinquish control of their currency why? Because bitcoin is a cool idea? Ill take things that will never happen for $100.
On top of that adoption is technically challenging for 99% of people. People cant even properly secure their passwords and now all of a sudden the illiterate world is going to store and maintain bitcoin without getting it all stolen by bad actors? And that money is uninsured to boot? Bitcoin is a cool concept, it has showed it has value to some but it will never be what you think it is. Nobody is going to give all the power to bitcoin whales. I sure as hell wont.
Me...
all great thoughts worthy of careful consideration.
Hundreds of countries don't have control over their currency, but are controlled by the few that do.
Most people will never deal with bitcoin technical challenges, but will instead transact and protect their accounts using a growing suit of apps backed by bitcoin.
Yes, money is power. The key is to break the cycle so that power is not also money. In Bitcoin, more money can never give you control over the money. In fiat, more money does give you more control over the money, which leads to more money and power.
What kinds of things are you watching for that would get you to reconsider your current outlook?
Friend...
Hundreds of countries flock to the USD. Thats what I meant about that. As an American I think thats a good thing. That allows this country to keep operating at a deficit for as along as we need. Do i agree with that on principle? No. But my trust in that system is more a result of my distrust of bitcoin whales than it is trust in our gov.
How is the power not in the hands of whales right now?
Me...
Obviously, the hundreds of countries that don't control the money have much to benefit by flocking to a system of money that can't siphon their wealth away.
It's true that Americans benefit from the dollar, but at terrible cost to the rest of the world. Time to build a better system.
Bitcoin whales only have one, temporary power - to manipulate the price while bitcoin adoption is minimal. Current bitcoin adoption is around 0.1% of global wealth. But even now attempts to manipulate the price to exploit people are guaranteed to bleed Bitcoin into the hands of people who simply buy and hold. Bitcoin whales have no power to exploit. Fiat whales certainly do, like getting overleveraged on financial derivatives only to get bailed out by working class taxpayers.
Why do you think you're more willing to trust a fiat system that gives a ruling class the power to put themselves above the rules, rather than to trust a Bitcoin system that enforces the same rules for everyone?
...
Now it's been several days with no response
Me...
Yeah, the price is volatile. Don't dismiss Bitcoin for behaving as expected during its adoption phase.
Friend...
now we can all sleep better knowing that our "future currency" can fluctuate every time a whale sneezes lol
Me...
do you realize how much price volatility bonds are suffering right now, despite being universally adopted as the current world reserve asset?
Have you considered what Bitcoin's short term price volatility would look like if it were universally adopted as the world reserve asset?
Friend...
Hundreds of countries will relinquish control of their currency why? Because bitcoin is a cool idea? Ill take things that will never happen for $100.
On top of that adoption is technically challenging for 99% of people. People cant even properly secure their passwords and now all of a sudden the illiterate world is going to store and maintain bitcoin without getting it all stolen by bad actors? And that money is uninsured to boot? Bitcoin is a cool concept, it has showed it has value to some but it will never be what you think it is. Nobody is going to give all the power to bitcoin whales. I sure as hell wont.
Me...
all great thoughts worthy of careful consideration.
Hundreds of countries don't have control over their currency, but are controlled by the few that do.
Most people will never deal with bitcoin technical challenges, but will instead transact and protect their accounts using a growing suit of apps backed by bitcoin.
Yes, money is power. The key is to break the cycle so that power is not also money. In Bitcoin, more money can never give you control over the money. In fiat, more money does give you more control over the money, which leads to more money and power.
What kinds of things are you watching for that would get you to reconsider your current outlook?
Friend...
Hundreds of countries flock to the USD. Thats what I meant about that. As an American I think thats a good thing. That allows this country to keep operating at a deficit for as along as we need. Do i agree with that on principle? No. But my trust in that system is more a result of my distrust of bitcoin whales than it is trust in our gov.
How is the power not in the hands of whales right now?
Me...
Obviously, the hundreds of countries that don't control the money have much to benefit by flocking to a system of money that can't siphon their wealth away.
It's true that Americans benefit from the dollar, but at terrible cost to the rest of the world. Time to build a better system.
Bitcoin whales only have one, temporary power - to manipulate the price while bitcoin adoption is minimal. Current bitcoin adoption is around 0.1% of global wealth. But even now attempts to manipulate the price to exploit people are guaranteed to bleed Bitcoin into the hands of people who simply buy and hold. Bitcoin whales have no power to exploit. Fiat whales certainly do, like getting overleveraged on financial derivatives only to get bailed out by working class taxpayers.
Why do you think you're more willing to trust a fiat system that gives a ruling class the power to put themselves above the rules, rather than to trust a Bitcoin system that enforces the same rules for everyone?
...
Now it's been several days with no response