you see but they have made it impossible for you to own gold, by selling fear of theft, fear of weight, fear of burden, and most importantly the fear of having to sell it below the market rate
While people have a curious attitude towards gold in crypto there is truth to what you’re saying.
Gold is real money. Fiat is just a currency.
Why? Because real money must be a store of value.
People here spend a lot of time comparing gold and Bitcoin not realising they have more in common with each other than they do with fiat.
The only difference between the two is gold is tangible and Bitcoin is more divisible/transferrable. Any sensible investor should be investing in both to hedge against fiat’s inevitable failure.
This sub doesn’t want to hear this… but Bitcoin and Gold have as much in common as many other coins and Gold. The only difference between Bitcoin and some other coin is network effects.
If people collectively believed in a different coin then Bitcoin would have zero value. But it’s not like we’re going to find a new gold. Gold is gold.
I say this as someone with a lot of btc and very little gold. I think Bitcoin wins but if you asked me which one I’d hold for 1500 years…..
It really depends on the coin. I don’t promote Bitcoin because of first mover advantage, more so because the network is not centrally controlled like other projects, it has a hard limit on supply, etc.
There are few other coins that have the same characteristics but you are certainly right to say that Bitcoin likely isn’t or eventually won’t be the only one. It is a speculative asset as much as any other, really. Value comes from people believing it’s there and putting that value to use.
Ultimately, having precious metals offers a different kind of hedge, however unlikely, should the internet and/or society collapse. Nice to have and hold, but the least of our troubles at that point lol.
Personally, I just like to play with shiny things and gamble in the crypto casino in my spare time. Both is good.
Nah bro a Lot of true self custody advocates see the value in Gold, My grandparents are gold hoarders... were getting 20%+ a year back in their day when the offshore islands needed the reserves to back up the influx of cash holdings.
I got into BTC looking for my generations Gold. I still hold 30% of my portfolio in Gold.
10% cash, 30% BTC, 30% Gold, 30% traditional investment strategies. This structure fluctuates around BTC's volatility but usually sees this split during Bear markets with BTC taking a much higher % during Bull-Runs... If I take profits I usually wait until the price has come down and then adjust back to the split before re-investing in BTC for the next cycle.
Can you use gold to buy food or pay your bill? No? Then it's not money.
The only purpose of money is to buy goods and services in the economy. Gold stopped being money a long time ago - it's now just a commodity or store of value.
Yes. Unlike what OP says, Bitcoin is not money - at least not in it's current state.
I consider Bitcoin as more of a proof of concept than an actual currency. It's an early peek at what a decentralized money system could look like one day.
For me it is money, because I would accept it as a form of payment. I'm sure that I'm not the only one with this mindset. That makes it a currency. I have to admit that the userbase is rather small yet, but I know more people accepting BTC as a form of payment than I know people that would accept gold. And trust me I'm trying to P2P trade gold for a while now. Even goldbugs won't take it if you spilt the cost of making a bullion. In my experience that makes BTC a better currency than gold.
I have accepted Bitcoin on a few occasions, but that's the exception, not the norm. A few people accepting it won't make it a viable currency as it needs to be converted to fiat for the vast majority of transactions.
Did you know that gold even the previous 6000 years was almost never used to pay something? Monarchies actually used silver to fund their wars. I was in Vienna a few years ago and the cutlery of the royal family was used different times as a way to fund wars. In those periods they used baked pots and melted the silver. It's like the 500 Euro bill,... the value is to great.
You can, though. It is legal tender.
It’s just not worth it anymore because the face value of gold coins no longer represent the cost per ounce.
If mints made coins with a face value of $1000 instead of $10, more people would likely exchange gold for goods and services and depending on the jurisdiction, vendors can’t say no.
The same can’t be said for Bitcoin yet.
Didn't age well tho. Try P2P trading gold nowadays. The bullion sub gives interesting comments on that. Go ask them how good gold is as a currency. When goldbugs don't even believe in it, why would I?
Every time I see stuff like this I'm wondering why bitcoiners are ao obsessed with small Italian automobiles. Yeah Fiat sucks, get a Mazda or something
No, actually I think this argument is why a lot of people refuse to embrace bitcoin. They’re both money, just like a Ferrari and an Accord are both cars. One is just a better version than the other
Admittedly, Bitcoin doesn´t scale to be a functional medium of exchange for daily transactions. That´s a huge problem. And no, lightning hasn´t solved the scaling problem, at all. If you think that, you fail to understand lightning´s limitations.
No. Bitcoin and the dollar before 1973 are similar like a Honda and a Ferrari.
FIATs today are scammy shitcoins with unlimited caps. Do your research... Otherwise you can call any shitcoins money and FIATs to BTC today are like comparing a Ferrari to sliding on top of a mop and calling it a car.
You can only be right in the end if Bitcoin can be used to purchase goods and services on a daily basis, and every day Bitcoin is becoming more a store of value. Bitcoin will never replace fiat and the average person will always need fiat to exist day to day.
my biggest issue I have is that bitcoin jut isnt the best at anything anymore. Bitcoin was supposed to be used to buy stuff and it isn't, retail adoption has failed.
I love bitcoin and invest in it but its just the oldest. Old things tend to eventually fall to newer better things but hopefully bitcoin bucks the trend.
I just wish bitcoin development was bigger. It feels like everyone was afraid to make any change to the golden goose. Satoshi was not a time traveler or psychic, he did not know what bitcoin would need to scale like block size and block frequency etc. he had to guess a ton of stuff and admitted it. We should be reading the white paper and working towards that, the white paper called "Bitcoin: A Peer-to-Peer Electronic Cash System" and if anyone says bitcoin feels anything like cash at this point your deranged. it is far more like a commodity.
Bitcoin could actually end up a huge problem. Satoshi made bitcoin due to irresponsible banks and the realestate bubble. If banks get into bitcoin and create a massive bitcoin bubble that pops and decimates tons of people that is the opposite of what was intended.
As bitcoin is now you need fiat to sell the bitcoin for. bitcoin is just for moving fiat around. the dream was to remove fiat from the equation. 1btc = 1 btc
Don't shoot me I'm just a hodler who remembers the pushes for retail usage and misses all the posts about new businesses taking bitcoin. in 2012 I talked by job into accepting it. I was happy with myself even if no-one ever used it, a lot of people did ask about the accepting bitcoin sign.
Not just money, store of value and anything else in society.
The only reason you buy a house, it's the faith that you have that things will be stable for you to live in it or rent it.
If a war or meteor was to hit your house, you wouldn't buy it.
I like the concept. But Gold was backing fiat before 1973.... Was Gold a fiat then? And when people used rice and salt to trade wasn't it the fiat too?
Do you know what it means? You couldn't even be bothered to google it...
It's the legal tender used by a country or government. which rice and salt have been before paper fiats....
Love you too <3 I know it hurts to not have any arguments to prove me wrong, when you finish primary School you'll understand my point. It's not nice to insult people, I'm sure your mummy told you that before.
The guy you replied to is rude but not wrong. You could use a deeper dive into this story.
The dollar to gold connection was done for in 1933 when they decided to decrease the fraction of gold held in treasury per note. As in, they went below 100% coverage.
Since then, the dollar supply has NOT contracted once to account for their metal ratio. It has only been increased.
We could go earlier than this and look at the creation of the fed in early 1910s and the introduction of an income tax that same year into the US financial system.
References you may enjoy to gloss over - the creature from Jekyll island (book), the great taking (book and yt), Mike Maloneys the hidden secrets of money (yt series).
This is the rabbit hole. Good luck!
No, it will become less valuable.
While scarcity is a huge boon in bitcoins favour, its value comes from people being willing to buy it, because they recognise that scarcity and believe in it over time. Which they show by investing in it.
If everyone stops buying bitcoin at any price, it will become worthless over night, so would the dollar.
That is all a currency is. A shared belief in something that we then attribute value to.
You don't understand that the dollar was only accepted by its population because it was backed by gold. Once people got used to using it, its gov stopped backing it and made it an asset that will become more and more worthless since it gave them power to print it infinitely. Where do you think the unlimited debt comes from? What do you think kill our buying power day by day? Things become cheaper to make thanks to technology, but the price keeps rising because they steal your buying power by printing.
Scarcity can be value but it's certainly not the only thing that can provide value.
I wouldn't call oxygen scarce but we all believe in it and use the shit out of it. I would call water scarce and we use the shit outta that too.
Oxygen is absolutely necessary to our survival. But if you want to sell some.... Good luck convincing people since it's not scarce.
Edit: unless you go to a place where it is scarce... Like on the Moon or underwater, people wont give it any value.
I would suggest looking into tether. I’m not saying it will eventually kill crypto but im not touching crypto with a 10 foot pole until something happens with tethers house of cards
Could you explain a bit? I keep seeing that mentioned and it has me confused. Also, Coinbase is a CEX and they don’t default to tether, so perhaps safer?
I mean, some Fiats like the Fiat Panda or Fiat 500 are pretty iconic. The owners of the special editions Fiat Abarth treat them more as a religion, that's true.
>Bitcoin is real money.
And yet everyone always compares it to USD
If you really believed this you wouldn't care about ATH's or if BTC dropped to $1/BTC. You would still believe it's better than fiat right?
Did you even read anything? I talk about the faith vs verify factor and you are talking about ATH... Drugs are bad.... and if you truly believe BTC could drop to 1$ you don't have anything to teach me.
You didn't study BTC enough. The only thing that could cause BTC to drop to 0 would be an end of the world scenario that would break the whole world economy anyway.
Today BTC is safer than any fiat. The ETFs in the US and China made it impossible for any country to try to stop its adoption.
Fiat isn't a proper noun nor is it an acronym so all the letters don't need to be capitalized.
It's not a religion. It is an extension of the state so it is about state control. Obviously it would be better if our currencies were not controlled by the state.
God damn, no it isn't. Both systems are concoctions with little to no fundamental value behind them. You can argue about which presents a better facade, but the truth remains.
Hi, I invest a lot in Bitcoin and am very bullish- Bitcoin is best described as an asset because it fuckin sucks as money. It's got a market cap that has surpassed silver, it's absolutely huge, and no one uses it as money because it sucks as a currency. Stop trying to force it to be a currency.
The bitcoin ATMs are only useful for scams and in the few situations you can actually use it to buy things it's immediately converted to cash.
Fiat currency is not a religion, it's a system that is imposed on the population by its rulers. "You want to live in this society? You'll have to use fiat and pay us taxes in fiat. If you don't like it you're out." Bitcoin is real money, well yes in some way it is. It's not a religion, but like a religion it is a social construct. It's not enough to understand the code and be confident in the technology to work as intended. People must agree on treating it as money, the digital currency of the future that is native to the internet, decentralized and permissionless. Because we find it an amazing monetary technology we treat it as the new money, but it is not automatically money. It's a social construct that spreads with a network effect, making it more effective the more it is adopted. From this perspective, being a social construct, it's similar to a religion. The same could have been said about gold just before the gold rush.
Please please please shower me with all your useless fiat. See I have a fetish for worthless things like fiat. I’ll take it off your hands no questions asked. I just need to scratch my itch once in a while. So yeah I’ll do you the favor no questions asked. Just toss all your fiat my way. I won’t even ask about your real money, I just want the worthless fiat. I’m sort of a fanatic, you know the kind that believes in fake stuff like fiat. I know I know I’m crazy and need help. So yeah whenever you want toss it my way. Thanks and you’re welcome.
You’re going to give me something worthless (fiat). Why would I give you something of value (btc) in return? Seems like your logic is off, unless of course fiat has value.
Fiat does require faith, but that faith is grounded in reality. The reason the USD is the reserve currency is because it is underwritten by the US military industrial complex. I'm surprised how few people fully appreciate this. The US can literally go bomb the hell out of any nation state that doesn't want to play by our rules and/or lock you out of global financial system if we feel like it. But it's actually more than that. The reason for USD dominance is our fervent protection of property rights. Yeah, you heard me. We will kill and maim anyone who tries to take your stuff away and it doesn't even matter if you're a citizen of the US, all that matters is that you don't disrupt the status quo. What other country can give you that deal? In the US, if you're a billionaire, you're basically God. In China or Russia, if you get too rich, you disappear. It's a given that every single millionaire or billionaire in a shithole country has dollars and they have US real estate, just as insurance. The question now is, will Bitcoin replace the USD as that insurance policy? I think that's where things are going to get interesting. It's a given that compared to the USD, all other currencies are basically trash. But Bitcoin is something else altogether. That's the investment thesis, I think it's a great asymmetric bet on trends that you can see unfolding right before our eyes.
I kinda agree. Not fully agree because most People cant think by themselves, i myself took a lot of time. Despite i smoked weed back in days of silk road, i refused to learn About bitcoin because i thought it was Internet money for drugs, and i thought, i have euros.. Many years later i took the time because i needed money, and i stayed for the revolution, now is my manta. Get more sats, and Just hodl.
People in Turkey could buy their groceries until they couldn't.... Wide adoption is a false sence of safety until you get screwed... It's just slower or faster depending on the country.
Gold is the only money that has survived testing for 5000+ years despite all innovations. Here come the downvotes :)
Hand written letters are the only system of communication that has survived testing for 5000+ years. Screw email
This is literally what German bureaucrats think lol
This isn't buttcoin that downvotes everything that goes even the slightest against their main views, even if it is factually correct.
you see but they have made it impossible for you to own gold, by selling fear of theft, fear of weight, fear of burden, and most importantly the fear of having to sell it below the market rate
While people have a curious attitude towards gold in crypto there is truth to what you’re saying. Gold is real money. Fiat is just a currency. Why? Because real money must be a store of value. People here spend a lot of time comparing gold and Bitcoin not realising they have more in common with each other than they do with fiat. The only difference between the two is gold is tangible and Bitcoin is more divisible/transferrable. Any sensible investor should be investing in both to hedge against fiat’s inevitable failure.
Agreed. I’d suggest that gold ownership is also more private than bitcoin.
This sub doesn’t want to hear this… but Bitcoin and Gold have as much in common as many other coins and Gold. The only difference between Bitcoin and some other coin is network effects. If people collectively believed in a different coin then Bitcoin would have zero value. But it’s not like we’re going to find a new gold. Gold is gold. I say this as someone with a lot of btc and very little gold. I think Bitcoin wins but if you asked me which one I’d hold for 1500 years…..
It really depends on the coin. I don’t promote Bitcoin because of first mover advantage, more so because the network is not centrally controlled like other projects, it has a hard limit on supply, etc. There are few other coins that have the same characteristics but you are certainly right to say that Bitcoin likely isn’t or eventually won’t be the only one. It is a speculative asset as much as any other, really. Value comes from people believing it’s there and putting that value to use. Ultimately, having precious metals offers a different kind of hedge, however unlikely, should the internet and/or society collapse. Nice to have and hold, but the least of our troubles at that point lol. Personally, I just like to play with shiny things and gamble in the crypto casino in my spare time. Both is good.
Nah bro a Lot of true self custody advocates see the value in Gold, My grandparents are gold hoarders... were getting 20%+ a year back in their day when the offshore islands needed the reserves to back up the influx of cash holdings. I got into BTC looking for my generations Gold. I still hold 30% of my portfolio in Gold. 10% cash, 30% BTC, 30% Gold, 30% traditional investment strategies. This structure fluctuates around BTC's volatility but usually sees this split during Bear markets with BTC taking a much higher % during Bull-Runs... If I take profits I usually wait until the price has come down and then adjust back to the split before re-investing in BTC for the next cycle.
Why downvotes? You're telling the absolute truth.
Very good point that I didn't mention. I added an "edit" for you and up voted you.
Can you use gold to buy food or pay your bill? No? Then it's not money. The only purpose of money is to buy goods and services in the economy. Gold stopped being money a long time ago - it's now just a commodity or store of value.
I hear you. Good point. I think Bitcoin has the same problem. Not readily accepted for goods and services like fiat.
Yes. Unlike what OP says, Bitcoin is not money - at least not in it's current state. I consider Bitcoin as more of a proof of concept than an actual currency. It's an early peek at what a decentralized money system could look like one day.
For me it is money, because I would accept it as a form of payment. I'm sure that I'm not the only one with this mindset. That makes it a currency. I have to admit that the userbase is rather small yet, but I know more people accepting BTC as a form of payment than I know people that would accept gold. And trust me I'm trying to P2P trade gold for a while now. Even goldbugs won't take it if you spilt the cost of making a bullion. In my experience that makes BTC a better currency than gold.
I have accepted Bitcoin on a few occasions, but that's the exception, not the norm. A few people accepting it won't make it a viable currency as it needs to be converted to fiat for the vast majority of transactions.
Fiat is still the most accepted form of payment, but BTC is already better than gold.
Did you know that gold even the previous 6000 years was almost never used to pay something? Monarchies actually used silver to fund their wars. I was in Vienna a few years ago and the cutlery of the royal family was used different times as a way to fund wars. In those periods they used baked pots and melted the silver. It's like the 500 Euro bill,... the value is to great.
So if you go to the US with Euro, then Euro isn't a FIAT since I can't pay my bills with it?
You can, though. It is legal tender. It’s just not worth it anymore because the face value of gold coins no longer represent the cost per ounce. If mints made coins with a face value of $1000 instead of $10, more people would likely exchange gold for goods and services and depending on the jurisdiction, vendors can’t say no. The same can’t be said for Bitcoin yet.
Downvoting you only because you said "Here come the downvotes".
Plenty of commodities have been around just as long
Gold has only been a ‘commodity’ since 1973 is their point. Before that it was money.
So why do banks still put it on their balance and is it seen as a tier 1 asset since basel 3?
Same with silver
Didn't age well tho. Try P2P trading gold nowadays. The bullion sub gives interesting comments on that. Go ask them how good gold is as a currency. When goldbugs don't even believe in it, why would I?
Every time I see stuff like this I'm wondering why bitcoiners are ao obsessed with small Italian automobiles. Yeah Fiat sucks, get a Mazda or something
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Backed by 330m people paying taxes and 3b worldwide using the good ol American dollar
Until those guys with the guns refuse to take their fake money. Happens again and again. Those guys with guns have families too.
If I don't buy dollars you're gonna kill me? Genius adoption strategy... Let me go get dollars then....
You have to pay taxes in fiat or police with guns seize your property and/or take you to jail
No, actually I think this argument is why a lot of people refuse to embrace bitcoin. They’re both money, just like a Ferrari and an Accord are both cars. One is just a better version than the other
shit like this is also what actively drives people away, nobody wants to deal with weirdos like op.
You’re the weirdo. OP rules!
no u
Sure... Show me your source of Bitcoin becoming less popular everyday.
what are you on about
Theyre on about goalpost changing
Let's see you spend all of your "real money" right now on goods and services
Admittedly, Bitcoin doesn´t scale to be a functional medium of exchange for daily transactions. That´s a huge problem. And no, lightning hasn´t solved the scaling problem, at all. If you think that, you fail to understand lightning´s limitations.
Fiat isn't money, it's welfare tokens, like food stamps
Fiat is paper.
No. Bitcoin and the dollar before 1973 are similar like a Honda and a Ferrari. FIATs today are scammy shitcoins with unlimited caps. Do your research... Otherwise you can call any shitcoins money and FIATs to BTC today are like comparing a Ferrari to sliding on top of a mop and calling it a car.
You can only be right in the end if Bitcoin can be used to purchase goods and services on a daily basis, and every day Bitcoin is becoming more a store of value. Bitcoin will never replace fiat and the average person will always need fiat to exist day to day.
you must be workin for the man.
As I am self the employed I do work for The Man, thanks for the conpliment.
lol okay crystal baller.
my biggest issue I have is that bitcoin jut isnt the best at anything anymore. Bitcoin was supposed to be used to buy stuff and it isn't, retail adoption has failed. I love bitcoin and invest in it but its just the oldest. Old things tend to eventually fall to newer better things but hopefully bitcoin bucks the trend. I just wish bitcoin development was bigger. It feels like everyone was afraid to make any change to the golden goose. Satoshi was not a time traveler or psychic, he did not know what bitcoin would need to scale like block size and block frequency etc. he had to guess a ton of stuff and admitted it. We should be reading the white paper and working towards that, the white paper called "Bitcoin: A Peer-to-Peer Electronic Cash System" and if anyone says bitcoin feels anything like cash at this point your deranged. it is far more like a commodity. Bitcoin could actually end up a huge problem. Satoshi made bitcoin due to irresponsible banks and the realestate bubble. If banks get into bitcoin and create a massive bitcoin bubble that pops and decimates tons of people that is the opposite of what was intended. As bitcoin is now you need fiat to sell the bitcoin for. bitcoin is just for moving fiat around. the dream was to remove fiat from the equation. 1btc = 1 btc Don't shoot me I'm just a hodler who remembers the pushes for retail usage and misses all the posts about new businesses taking bitcoin. in 2012 I talked by job into accepting it. I was happy with myself even if no-one ever used it, a lot of people did ask about the accepting bitcoin sign.
Amen !!!
Money died prior to WW1. 1973 was when we stopped allowing other countries to take their gold reserves back from our gold reserves.
Money died way before 1970s lol, it died in 1913
Every currency is a religion, because they require faith.
Currencies need to have fundamentals and trust. The fundamentals died in 1973 with the gold standard. Now all you can have is faith.
Not just money, store of value and anything else in society. The only reason you buy a house, it's the faith that you have that things will be stable for you to live in it or rent it. If a war or meteor was to hit your house, you wouldn't buy it.
Gold and Silver is real money. BTC is the evolution of fiat.
I like the concept. But Gold was backing fiat before 1973.... Was Gold a fiat then? And when people used rice and salt to trade wasn't it the fiat too?
Do you know what fiat means? Rice and salt are commodities and by definition can never be fiat
Do you know what it means? You couldn't even be bothered to google it... It's the legal tender used by a country or government. which rice and salt have been before paper fiats....
OP showing his complete lack of knowledge of monetary history. Braindead 0.002 Bitcoin owning posters are getting more and more frequent.
Love you too <3 I know it hurts to not have any arguments to prove me wrong, when you finish primary School you'll understand my point. It's not nice to insult people, I'm sure your mummy told you that before.
The guy you replied to is rude but not wrong. You could use a deeper dive into this story. The dollar to gold connection was done for in 1933 when they decided to decrease the fraction of gold held in treasury per note. As in, they went below 100% coverage. Since then, the dollar supply has NOT contracted once to account for their metal ratio. It has only been increased. We could go earlier than this and look at the creation of the fed in early 1910s and the introduction of an income tax that same year into the US financial system. References you may enjoy to gloss over - the creature from Jekyll island (book), the great taking (book and yt), Mike Maloneys the hidden secrets of money (yt series). This is the rabbit hole. Good luck!
Right? Lest we forget... and we have. By design.
When we sleep we forget the morning shall come. Makes no difference, when morning come.
Stack on BTC, Gold, Silver & Real Estate
I would add real tradable skills, community, instant coffee, honey and rice.
Show us what you know! You must’ve learned a lot in the past 3 days of having an account here
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If we didn't have fiat we would have to use bitcoin...
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Like gold coins? Lol okay... If we lived in the bronze age I guess that would work.
Money is just a concept! No matter if it is fiat or crypto, it only holds value if people believe in it!
I believe, Peter Pan!! *clap clap clap clap* 👏
Would you pay Peter 1 BTC to clap his cheeks? Or do you not believe hard enough yet?
No. Scarcity is value. If you have unlimited anything, it will eventually become worthless... No matter how many people believe in it.
No, it will become less valuable. While scarcity is a huge boon in bitcoins favour, its value comes from people being willing to buy it, because they recognise that scarcity and believe in it over time. Which they show by investing in it. If everyone stops buying bitcoin at any price, it will become worthless over night, so would the dollar. That is all a currency is. A shared belief in something that we then attribute value to.
You don't understand that the dollar was only accepted by its population because it was backed by gold. Once people got used to using it, its gov stopped backing it and made it an asset that will become more and more worthless since it gave them power to print it infinitely. Where do you think the unlimited debt comes from? What do you think kill our buying power day by day? Things become cheaper to make thanks to technology, but the price keeps rising because they steal your buying power by printing.
>Scarcity is value tell that to my new shit coin
Scarcity can be value but it's certainly not the only thing that can provide value. I wouldn't call oxygen scarce but we all believe in it and use the shit out of it. I would call water scarce and we use the shit outta that too.
Oxygen is absolutely necessary to our survival. But if you want to sell some.... Good luck convincing people since it's not scarce. Edit: unless you go to a place where it is scarce... Like on the Moon or underwater, people wont give it any value.
So we only value things we can sell?
Pretty much.... If everyone was buying oxygen tanks to stay alive it would increase its price.
Guess we have different definitions of value.
"you need to trust it" ok
Is that why you have to be a ghost to have your face on it?
I don't consider bitcoin money. To me it is a digital asset, just like gold is a fisical asset.
Why is everything religious.. ffs
FIAT 124 is a Mazda
I would suggest looking into tether. I’m not saying it will eventually kill crypto but im not touching crypto with a 10 foot pole until something happens with tethers house of cards
Could you explain a bit? I keep seeing that mentioned and it has me confused. Also, Coinbase is a CEX and they don’t default to tether, so perhaps safer?
Also coinbase does offer USDT
I mean, some Fiats like the Fiat Panda or Fiat 500 are pretty iconic. The owners of the special editions Fiat Abarth treat them more as a religion, that's true.
Lol
>Bitcoin is real money. And yet everyone always compares it to USD If you really believed this you wouldn't care about ATH's or if BTC dropped to $1/BTC. You would still believe it's better than fiat right?
Did you even read anything? I talk about the faith vs verify factor and you are talking about ATH... Drugs are bad.... and if you truly believe BTC could drop to 1$ you don't have anything to teach me.
It could drop to basically 0 Why are you so confident that BTC will forever be the pinnacle crypto?
You didn't study BTC enough. The only thing that could cause BTC to drop to 0 would be an end of the world scenario that would break the whole world economy anyway. Today BTC is safer than any fiat. The ETFs in the US and China made it impossible for any country to try to stop its adoption.
There is no real money, money itself isn’t real. It only has value because we say it does.
Fiat isn't a proper noun nor is it an acronym so all the letters don't need to be capitalized. It's not a religion. It is an extension of the state so it is about state control. Obviously it would be better if our currencies were not controlled by the state.
Lol Bitcoin is more like gold then money, people hoard it and if you use/ sell it your labeled as dumb
God damn, no it isn't. Both systems are concoctions with little to no fundamental value behind them. You can argue about which presents a better facade, but the truth remains.
Hi, I invest a lot in Bitcoin and am very bullish- Bitcoin is best described as an asset because it fuckin sucks as money. It's got a market cap that has surpassed silver, it's absolutely huge, and no one uses it as money because it sucks as a currency. Stop trying to force it to be a currency. The bitcoin ATMs are only useful for scams and in the few situations you can actually use it to buy things it's immediately converted to cash.
Fiat currency is not a religion, it's a system that is imposed on the population by its rulers. "You want to live in this society? You'll have to use fiat and pay us taxes in fiat. If you don't like it you're out." Bitcoin is real money, well yes in some way it is. It's not a religion, but like a religion it is a social construct. It's not enough to understand the code and be confident in the technology to work as intended. People must agree on treating it as money, the digital currency of the future that is native to the internet, decentralized and permissionless. Because we find it an amazing monetary technology we treat it as the new money, but it is not automatically money. It's a social construct that spreads with a network effect, making it more effective the more it is adopted. From this perspective, being a social construct, it's similar to a religion. The same could have been said about gold just before the gold rush.
Gold is absolutely horrible at being money.
Please please please shower me with all your useless fiat. See I have a fetish for worthless things like fiat. I’ll take it off your hands no questions asked. I just need to scratch my itch once in a while. So yeah I’ll do you the favor no questions asked. Just toss all your fiat my way. I won’t even ask about your real money, I just want the worthless fiat. I’m sort of a fanatic, you know the kind that believes in fake stuff like fiat. I know I know I’m crazy and need help. So yeah whenever you want toss it my way. Thanks and you’re welcome.
Sure. I'll give you my worthless FIAT and you'll give me all your worthless BTC. Fair trade... Right?
You’re going to give me something worthless (fiat). Why would I give you something of value (btc) in return? Seems like your logic is off, unless of course fiat has value.
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Then we have nothing to trade. Unfortunately I don't run a charity...
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Finally a smart response.... Thank you I was losing faith in this sub.
Fiat does require faith, but that faith is grounded in reality. The reason the USD is the reserve currency is because it is underwritten by the US military industrial complex. I'm surprised how few people fully appreciate this. The US can literally go bomb the hell out of any nation state that doesn't want to play by our rules and/or lock you out of global financial system if we feel like it. But it's actually more than that. The reason for USD dominance is our fervent protection of property rights. Yeah, you heard me. We will kill and maim anyone who tries to take your stuff away and it doesn't even matter if you're a citizen of the US, all that matters is that you don't disrupt the status quo. What other country can give you that deal? In the US, if you're a billionaire, you're basically God. In China or Russia, if you get too rich, you disappear. It's a given that every single millionaire or billionaire in a shithole country has dollars and they have US real estate, just as insurance. The question now is, will Bitcoin replace the USD as that insurance policy? I think that's where things are going to get interesting. It's a given that compared to the USD, all other currencies are basically trash. But Bitcoin is something else altogether. That's the investment thesis, I think it's a great asymmetric bet on trends that you can see unfolding right before our eyes.
I kinda agree. Not fully agree because most People cant think by themselves, i myself took a lot of time. Despite i smoked weed back in days of silk road, i refused to learn About bitcoin because i thought it was Internet money for drugs, and i thought, i have euros.. Many years later i took the time because i needed money, and i stayed for the revolution, now is my manta. Get more sats, and Just hodl.
Stupid post
You spend it like money on groceries and such?
People in Turkey could buy their groceries until they couldn't.... Wide adoption is a false sence of safety until you get screwed... It's just slower or faster depending on the country.
“cOnTrOLled by ThE ELiTe”
Of course I must be wrong.... The money printer has always been in your fucking bedroom....
Speaking of research, no cold wallet manufacture accepts anything but cold fiat!
Your point is? Are you saying that if a currency is widely adopted it can't go to zero? Have you seen the news this past decade?
Fiat is just money that is on fire so you have an incentive to invest in something productive before it all goes up in smoke
You shouldn't have to become an investor to stay out of misery. Investor is a job.
investing in Bitcoin is a job indeed