Bitcoin is dead (again)
- Thread starter JohnnyDoe
- Start date
True, but you shouldn’t care because 1btc always = 1btc, and fiat→0
At the risk of outing my OCT identity (meh, I never go there anymore anyway), digital currencies aren't going anywhere now. But whether BTC itself holds up is another matter. Unlike gold, technology can quickly become antiquated. The best way for BTC to stay relevant is institutional adoption like becoming the national currency, that way it will enjoy government protections like fiat currently does. But that defeats the whole point of Bitcoin.
To move away from a culturally accepted medium of value exchange requires a cultural shift. Some media have more inertia than others due to how widespread the cultural acceptance is and levels of institutional support and infrastructure around it, like gold. There could be a shift away from gold, but it would require a massive cultural shift and abandonment of financial infrastructure. The opposite is your average shitcoin, which has been adopted by a small, fickle group of technologists who are very apt to pick up the next new thing and abandon it. Bitcoin is in between but the strong trend is moving towards increasing cultural acceptance, not abandonment, which will make it more effort to abandon in the future.
Btc doesn't need to become a museum piece or a state mascot to stay relevant. Tech evolves, but the core physics does not.
Btc can change, refine, ossify where needed, and still remain the settlement foundation of the entire sector. That is the correct direction, because the base layer must be boring, predictable, attack resistant and costly to fake.
For the rest of human needs, privacy, everyday transactions, plausible deniability, actual fungibility, there is Monero.
Btc can change, refine, ossify where needed, and still remain the settlement foundation of the entire sector. That is the correct direction, because the base layer must be boring, predictable, attack resistant and costly to fake.
For the rest of human needs, privacy, everyday transactions, plausible deniability, actual fungibility, there is Monero.
in relation to states bitcoin should be seen as a trojan horse or poison pill
of course I'm happy if bitcoin is adopted by anyone, including governments
of course I'm happy if its price in USD grows - I don't care about growth of wealth in dollars but my purchasing power is increasing, that's what I value
but all this is incompatible with state in the long-term - existence of the state is dependent on theft and use of coercion to make slaves pay for what they wouldn't voluntarily - all that is grounded in the ability to create worthless credit out of thin air and make people to work for what they can print without limits - adoption of bitcoin redefines the state and kills it inevitably
too optimistic. It will “just” become the global reserve currency, and redefine monetary policies.
People will use btc as storage of value, and xmr for everyday transactions.
I wasn't much of a crypto fanatic at first, for years, out of ignorance. But I support it for an obvious reason: banks have too much power and it's getting worse. Fueled by governments because they'd otherwise face hundreds of millions of euros in fines (which happens regularly), is KYC. It's often just a challenge to transfer five figures these days. BTC makes it possible to transfer money to another country on the other side of the world in five seconds. Wonderful. With banks it's a permanent hassle with delays, checks/questions, and freezing of funds. Doesn't matter if you're entirely whitehat these days. They'll make your life hell if they feel like it. Imagine the economy if money wasn't constantly held back and could simply keep flowing.
We must do everything we can to transition to a crypto based system as our fundament that bypasses banks and allows for instant, cost-free transfers. If BTC can facilitate or improve this even 10% in the future, I'll be overjoyed.
We must do everything we can to transition to a crypto based system as our fundament that bypasses banks and allows for instant, cost-free transfers. If BTC can facilitate or improve this even 10% in the future, I'll be overjoyed.
Unless you absolutely need it for buying something, not for “cashing out”. And that something should be xmr; then you use xmr for the final purchase transaction.
even if it would stop at just becoming the reserve asset it will change the world order, i.e. changing who is the boss now - the courageous ones will benefit, the ossified nation states will suffer, seems disruptive enough to me
but I don't believe it will stop there, they will be forced to back their fiat by bitcoin eventually (making it no "fiat" anymore...)
no matter how much I'd prefer this scenario I don't think this will happen - centralized rails with provable bitcoin backed reserves will take over the daily spending, it's just a matter of lower resistance and convenience
87k rn; Black Friday came late this year
1) it's not just about podium... it makes a huge difference to move from 100+ to top 20
2) these "holders" didn't (officially) buy pretty much anything - putting aside El Salvador and Bhutan, they have basically stolen it
it's a pretty good deal to print worthless credit and buy the scarcest thing in the universe, the race didn't start yet
or I'm just a dreamer and wrong as usual 😉
I completely agree.
I meant that in a few years, the top 2 will be exactly the same, although with very different numbers.
The USA is already talking about buying 1m btc. The big US ETFs can be considered semi-governmental entities.
Other countries most certainly already have some unreported btc reserves.
Kazakhstan is considering to sell gold to buy btc
Etc. The trend is set.
The EU proudly declared it will not buy btc, so, as usual, they win the first place in the podium of stupidity and will soon be (more) broke.
If you consistently do the opposite of what the EU claims its strategy is, you’ll always end up being right 😉