victor on Nostr: This screams that it was written by ChatGPT, but I'll bite anyway. 1. Oh, so my ...
This screams that it was written by ChatGPT, but I'll bite anyway.
1. Oh, so my "money" becomes more valuable over time no matter what? I guess there's no reason to spend it! I'll HODL it just like everyone else, and nobody will ever use it in the real world.
2. Inflation means I have to spend my money or it becomes worthless. Deflation means I better not spend my money, because it becomes more and more valuable, until newcomers/outsiders just don't even bother with it since the rich people who hold the currency (in this case bitcoin) only get richer while the little guy has to fight for increasingly tiny amounts.
3. Bitcoin's value rises and falls based on the almighty dollar. It is a fancy, fun investment toy. It is nothing more than another ticker on the stock exchange. This is a fact that bitcoin nerds ABSOLUTELY CANNOT come to grips with. Nobody who does bitcoin things actually produces anything of value in the real world; they just buy bitcoin and HODL it because "it just keeps getting more valuable," when in reality the value is only based on speculation and rich investors pumping and dumping it. So yes, not a "Ponzi Scheme" in the classical sense, but still a system that only benefits those on the ground floor.
4. Irrelevant to my question. I know it's transparent. Transparency doesn't make the deflation problem any better. (And, while we're on things irrelevant to my question, the transparency is a double-edged sword resulting in a privacy nightmare that lets bad actors track everything you purchase).
And of course you finish off with a subtly condescending, underhanded "you're too dumb, it would take too long to explain" style comment.
Typical.
1. Oh, so my "money" becomes more valuable over time no matter what? I guess there's no reason to spend it! I'll HODL it just like everyone else, and nobody will ever use it in the real world.
2. Inflation means I have to spend my money or it becomes worthless. Deflation means I better not spend my money, because it becomes more and more valuable, until newcomers/outsiders just don't even bother with it since the rich people who hold the currency (in this case bitcoin) only get richer while the little guy has to fight for increasingly tiny amounts.
3. Bitcoin's value rises and falls based on the almighty dollar. It is a fancy, fun investment toy. It is nothing more than another ticker on the stock exchange. This is a fact that bitcoin nerds ABSOLUTELY CANNOT come to grips with. Nobody who does bitcoin things actually produces anything of value in the real world; they just buy bitcoin and HODL it because "it just keeps getting more valuable," when in reality the value is only based on speculation and rich investors pumping and dumping it. So yes, not a "Ponzi Scheme" in the classical sense, but still a system that only benefits those on the ground floor.
4. Irrelevant to my question. I know it's transparent. Transparency doesn't make the deflation problem any better. (And, while we're on things irrelevant to my question, the transparency is a double-edged sword resulting in a privacy nightmare that lets bad actors track everything you purchase).
And of course you finish off with a subtly condescending, underhanded "you're too dumb, it would take too long to explain" style comment.
Typical.