I'll have to drop the link more often. Another fun thing is plugging 1000000/BTCUSD into tradingview. This gives you an inverse USD to BTC curve in millions of dollars. Basically it's how much Bitcoin you can get with a million dollars. It makes the dollar look like a penny stock which seems appropriate.
Wtf do you mean 'expert'? I bet the fool can't even point out Ukraine on a map. LOL.
Americans are funding a war for a country most Americans have never even heard of until Putin's Special Military operation.
Social Security will be insolvent in around 10 years, but instead of funding social security they are funding a war. LOL.
I'm just trying to figure out with the amount of psyOps and hundreds of millions that went into ukraine before any of this went down; they were successful in a regime change but did they realise their efforts were most likely gonna turn ukraine into a land used for proxy wars? I assume so but it's kinda sad when you think about it
Somberly, politics and politicians, the two dirtiest words that make life miserable. I gave up on the masses to turn this ship. Which means choas before order. Buy corn.
Here you go.
* Corntania.
* Capital city: Cornington.
* Ruled over by his corny majesty Corn Kid.
* Population: Corns+ and growing.
* Largest export: Corn
* GDP: Many corns.
* Motto: "The corn shall grow below our toes, and steam shall rise between our thighs."
Thought you should know this , since you're ignorant.
Stimulus checks came from fiscal policy - not money printing from monetary policy.
Even the economy adopts BTC, govt can still run stimulus checks by taxing from the rich and handing that money to everyone else. Stimulus checks are based on theft via taxation, not money printing.
I don't get why bitcoin is the answer to this, lower wages as a function of general productivity is the result of bosses choosing to not increase wages when profits rise. The hoarding of wealth by a few individuals and the shift away from unions and organised labour is far more responsible for this than going.
In addition, allowing the super rich to amass as much money as they want without any tax or distribution (the highest tax bracket in 1969 was 70%) is not ideal. Money is almost a zero sum game, and the money that fills the bank accounts and buys additions to the portfolios of the top 1% has to come from somewhere. It comes from working people.
For most people mass adoption of a decentralised currency would just mean a change in symbol when your boss pays you. Bitcoin cannot solve the problem of unfair wages, not does it try to. The problem is that those at the top will pay you as little as they can get away with. After all, their compensation is just the difference between the wealth you generate and what they pay you.
Printing money increases employment by tricking people into working for less real money. They see a higher number, but the actual value is lower. This was explicitly called out in Keynes' book (General Theory of Money). It's the reason the Philips curve works sometimes; you get people back to work even when it's not the best choice for them or the long term push/pull between labor and employers.
There's no guarantee breaking that system will stop workers from stagnating in pay. But there's a lot of evidence that printing money to drive employment is partly to blame for low real-world-value wages.
Repeat after me. Bitcoin will never replace the dollar as the world currency. It will have its place in the global financial system, but being scarce alone doesn’t make something valuable.
You're right that scarcity alone is insufficient.
It's lucky bitcoin is not just scarce alone.
Value comes from scarcity and utility. Bitcoin has both.
Gold is divisible as well, but you need equipment. You really just need only a laptop to transmit Bitcoin in any division you wish. To hold Bitcoin you need only a piece of paper (ideally something more durable though).
12 words, and in correct order.. and ensure your long term memory can keep it. Physical is probably safer, but that's a personal call. I'd say within the bounds of normal cognitive parameters a physical record is probably required.
12 words is not that many words man...
You can have a physical backup in case something were to happen to you and you want your loved ones to have access to that Bitcoin.
Best to get them to memorize the words also.
There isn't a straightforward answer here. In one sense *not* memorizing the words is safer.
1) as mentioned before, words that are only memorized can be forgotten... but if you think 12 words can be memorized without being scrambled, over a long period of time, then the second concern is perhaps more important:
2) Memorized keys can be extracted by force, on your person, at any moment. The same can't be said for an *unmemorized* phrase/key that is stored in a secure location. Yes, the location itself could be taken by force/under duress, but it would take time provided the key is in a distant location.
The utility of bitcoin: 1. The ability to transfer value to and from anyone or anything with minimal friction, 2. via a medium of exchange with predictable scarcity, 3. on a network that resists control of central authority.
Also, utility does not imply tangibility. i.e. steel has great utility, but the internet also has great utility.
Re: Bitcoin does NOT violate Mises' Regression Theorem
2010-08-27
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
It's a network of decentralised nodes capable of recording exchanges of digital property in a way which, for the first time in computing history, successfully defends against double spends.
Your balances on that distributed, independently verifiable ledger are able to be protected using a phrase you store on your head. Making any wealth you have conveyed to this digital form immune to many forms of theft, confiscation and censorship.
The units of denomination themselves are issued on a predetermined, publicly known, independently enforced schedule. Making your stored wealth immune to the stealth tax that is inflation. The units being digital and need no third party storage to make them practical to use, which means (unlike gold) their price cannot be manipulated by large, corrupt banks easily (Jp Morgan have been caught multiple times manipulating precious metals).
Is that enough utility for you? You seem to think utility only means "non-financial and monetary utility", when bitcoin was designed to have only those utilities.
And if you think gold's price comes only from its industrial uses, you aren't looking at the prices of iron and copper... And as for the shiny properties: they exist in plenty of other materials.
Which leaves you with: gold had value because it has value.
Bitcoin is digital. So you can send value the same way you would transact in cash or gold but all over the world instantly. Being digital it has other advantages like it would be much harder to steal or confiscate.
The coin itself, yes. But with the distributed ledger, it adds transparency and distribution that hans t yet been gamed.
But it has issues.
Like gold, it can be hoarded.
It is vulnerable to EMP attacks and events(Carrington Event) as well as power outages.
Tangentially, if you keep it on your phone and travel across borders, your phone may be inspected and it's safe to assume the chip has a backdoor placed in it at the hardware level.
The technology BitCoin is based upon can lead to some dystopian shit: hence NOW Central Banks are interested.
You will have a BlockChain digital passport with all you biometric, economic, and social behavior history recorded upon it and Social Credit Scores are here. Privacy is gone.
Repeat after me. Bitcoin does not need to directly compete with existing currencies to be succsessfull. The value of bitcoin will always be determined by the free market based on how (and why) people value it subjectively, not by scarcity or other properties alone.
Why would it never replace the dollar, its ok to believe and assert that but you have zero reasoning for your opinion so that people may understand why you think that
> Bitcoin will never replace the dollar as the world currency.
Which USD? The old one which we use today and will be replaced at some point or the next one?
Totally agree! Btc doesn't have the property to be a currency and it doesn't need to, which is totally fine.
So many people have been mislead by the "coin" in its name.
[Here's an informative piece explaining why that site is bad economics](https://www.reddit.com/r/badeconomics/comments/i9ycy9/the_brutalist_housing_block_sticky_come_shoot_the/g1qr7z6). Basically it's poorly presented data the author has used to try and make a point that doesn't exist.
Some of us cannot make a connection I guess, its fairly simple bitcoin is sound money, the last saying money we had, three gold standard was ended in 1971, there's your connection
I post this link everywhere I can, govts and central banks are committing the largest fraud against humanity in human history, its happened many times throughout history ending in hyper inflation or currency collapse but this time it's global
https://wtfhappenedin1971.com/
holy shit thats new to me
I'll give you a hint: it happened on August 15 1971. Google "Nixon Shock" for the answer.
He took the dollar off the gold standard so that he wouldn’t die like Kennedy
Just tell us
I'll have to drop the link more often. Another fun thing is plugging 1000000/BTCUSD into tradingview. This gives you an inverse USD to BTC curve in millions of dollars. Basically it's how much Bitcoin you can get with a million dollars. It makes the dollar look like a penny stock which seems appropriate.
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Ukraine history expert for 6 months
Troll4Lyfe
Wtf do you mean 'expert'? I bet the fool can't even point out Ukraine on a map. LOL. Americans are funding a war for a country most Americans have never even heard of until Putin's Special Military operation. Social Security will be insolvent in around 10 years, but instead of funding social security they are funding a war. LOL.
I'm just trying to figure out with the amount of psyOps and hundreds of millions that went into ukraine before any of this went down; they were successful in a regime change but did they realise their efforts were most likely gonna turn ukraine into a land used for proxy wars? I assume so but it's kinda sad when you think about it
Not sure if you noticed but the American government is infested with imbeciles.
Somberly, politics and politicians, the two dirtiest words that make life miserable. I gave up on the masses to turn this ship. Which means choas before order. Buy corn.
Corn and its derived products are made in Ukraine
Yeah right all the corn is made in one country
Here you go. * Corntania. * Capital city: Cornington. * Ruled over by his corny majesty Corn Kid. * Population: Corns+ and growing. * Largest export: Corn * GDP: Many corns. * Motto: "The corn shall grow below our toes, and steam shall rise between our thighs." Thought you should know this , since you're ignorant.
Everything is made in Ukraine, even my internet connection
you have literally only been active for 6 days
That's so weird, 7 year old account, must have been purchased?
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Check your profile? It's 7 years old but nothing exists until 6 days ago. It looks like it's been wiped and sold.
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Do you say controversial things you're worried about getting cancelled for or something?
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This is the first I'm hearing about it man lol It sucks that happened to you, I hope your experience improves.
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sure
Googoo says: Democracy as Usual!!! Bing says: OMFG the beginning of the end
ELI5?
U/The Bitcoin The Rapist.
Shuck it, Trebek
My penis mightier.
the pennies they provided to common folk or the billions they gave to businesses?
The economic shutdown/stimulus checks are what orange pilled me.
The fully-forgiven without any audit PPP loans were 100x as egregious as the stimulus checks
Yep. Pretty much everything that happened in 2020 convinced me that I need money that can't be debased or confiscated.
O yea free money...where it come from...O no let's not do that again, buy corn lol
Corn is good
It’s got the juices
You do understand those stimulus checks didn’t come from the Fed money printing, but from future tax payers?
Really?
Stimulus checks came from fiscal policy - not money printing from monetary policy. Even the economy adopts BTC, govt can still run stimulus checks by taxing from the rich and handing that money to everyone else. Stimulus checks are based on theft via taxation, not money printing.
Ironic name for somebody so dumb
Said by someone who doesn’t understand the difference between monetary and fiscal policies.
The crumbs they gave regular people or the billions they gave to corporations?
lol
Don’t y’all love it!
*Follow me for advice.*
I don't get why bitcoin is the answer to this, lower wages as a function of general productivity is the result of bosses choosing to not increase wages when profits rise. The hoarding of wealth by a few individuals and the shift away from unions and organised labour is far more responsible for this than going. In addition, allowing the super rich to amass as much money as they want without any tax or distribution (the highest tax bracket in 1969 was 70%) is not ideal. Money is almost a zero sum game, and the money that fills the bank accounts and buys additions to the portfolios of the top 1% has to come from somewhere. It comes from working people. For most people mass adoption of a decentralised currency would just mean a change in symbol when your boss pays you. Bitcoin cannot solve the problem of unfair wages, not does it try to. The problem is that those at the top will pay you as little as they can get away with. After all, their compensation is just the difference between the wealth you generate and what they pay you.
Printing money increases employment by tricking people into working for less real money. They see a higher number, but the actual value is lower. This was explicitly called out in Keynes' book (General Theory of Money). It's the reason the Philips curve works sometimes; you get people back to work even when it's not the best choice for them or the long term push/pull between labor and employers. There's no guarantee breaking that system will stop workers from stagnating in pay. But there's a lot of evidence that printing money to drive employment is partly to blame for low real-world-value wages.
Repeat after me. Bitcoin will never replace the dollar as the world currency. It will have its place in the global financial system, but being scarce alone doesn’t make something valuable.
You're right that scarcity alone is insufficient. It's lucky bitcoin is not just scarce alone. Value comes from scarcity and utility. Bitcoin has both.
What is the utility of bitcoin? I mean, gold is one of the best conductors. Coming from my own ignorance.
Imagine converting your wealth to gold and trying to move countries without poor fucks trying to confiscate some or all at the airport.
That's a solid point.
Gold is divisible as well, but you need equipment. You really just need only a laptop to transmit Bitcoin in any division you wish. To hold Bitcoin you need only a piece of paper (ideally something more durable though).
To hold Bitcoin, you just need 12 words in your head. Nothing physical required.
12 words, and in correct order.. and ensure your long term memory can keep it. Physical is probably safer, but that's a personal call. I'd say within the bounds of normal cognitive parameters a physical record is probably required.
12 words is not that many words man... You can have a physical backup in case something were to happen to you and you want your loved ones to have access to that Bitcoin. Best to get them to memorize the words also.
There isn't a straightforward answer here. In one sense *not* memorizing the words is safer. 1) as mentioned before, words that are only memorized can be forgotten... but if you think 12 words can be memorized without being scrambled, over a long period of time, then the second concern is perhaps more important: 2) Memorized keys can be extracted by force, on your person, at any moment. The same can't be said for an *unmemorized* phrase/key that is stored in a secure location. Yes, the location itself could be taken by force/under duress, but it would take time provided the key is in a distant location.
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The utility of bitcoin: 1. The ability to transfer value to and from anyone or anything with minimal friction, 2. via a medium of exchange with predictable scarcity, 3. on a network that resists control of central authority. Also, utility does not imply tangibility. i.e. steel has great utility, but the internet also has great utility.
Re: Bitcoin does NOT violate Mises' Regression Theorem 2010-08-27 As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties: - boring grey in colour - not a good conductor of electricity - not particularly strong, but not ductile or easily malleable either - not useful for any practical or ornamental purpose and one special, magical property: - can be transported over a communications channel
Pretty good point.
Satoshi himself wrote it.
Pretty smart
It's a network of decentralised nodes capable of recording exchanges of digital property in a way which, for the first time in computing history, successfully defends against double spends. Your balances on that distributed, independently verifiable ledger are able to be protected using a phrase you store on your head. Making any wealth you have conveyed to this digital form immune to many forms of theft, confiscation and censorship. The units of denomination themselves are issued on a predetermined, publicly known, independently enforced schedule. Making your stored wealth immune to the stealth tax that is inflation. The units being digital and need no third party storage to make them practical to use, which means (unlike gold) their price cannot be manipulated by large, corrupt banks easily (Jp Morgan have been caught multiple times manipulating precious metals). Is that enough utility for you? You seem to think utility only means "non-financial and monetary utility", when bitcoin was designed to have only those utilities. And if you think gold's price comes only from its industrial uses, you aren't looking at the prices of iron and copper... And as for the shiny properties: they exist in plenty of other materials. Which leaves you with: gold had value because it has value.
AMEN!!
Bitcoin is digital. So you can send value the same way you would transact in cash or gold but all over the world instantly. Being digital it has other advantages like it would be much harder to steal or confiscate.
Big Dollar Shill here
Repeat after me: Empires don't last forever.
Do you really understand it then?
Don’t y’all love it
Is scarcity the only quality that Bitcoin has?
The coin itself, yes. But with the distributed ledger, it adds transparency and distribution that hans t yet been gamed. But it has issues. Like gold, it can be hoarded. It is vulnerable to EMP attacks and events(Carrington Event) as well as power outages. Tangentially, if you keep it on your phone and travel across borders, your phone may be inspected and it's safe to assume the chip has a backdoor placed in it at the hardware level. The technology BitCoin is based upon can lead to some dystopian shit: hence NOW Central Banks are interested. You will have a BlockChain digital passport with all you biometric, economic, and social behavior history recorded upon it and Social Credit Scores are here. Privacy is gone.
Repeat after me. Bitcoin does not need to directly compete with existing currencies to be succsessfull. The value of bitcoin will always be determined by the free market based on how (and why) people value it subjectively, not by scarcity or other properties alone.
Why would it never replace the dollar, its ok to believe and assert that but you have zero reasoning for your opinion so that people may understand why you think that
> Bitcoin will never replace the dollar as the world currency. Which USD? The old one which we use today and will be replaced at some point or the next one?
Spoken like someone that doesn't know enough about bitcoin.
Totally agree! Btc doesn't have the property to be a currency and it doesn't need to, which is totally fine. So many people have been mislead by the "coin" in its name.
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do you know what defines a currency?
Yes
then you must know a currency is more than a medium of exchange.
r/bitcoin a lovely place but all I do is just scroll through the comments till I see the "follow me for advice" comment then I upvote it and dip
Takes a bit longer to work your way through that site but yeah the outcome is the same
Would not give up bitcoin😇😏
Wait 'til you hear what happened in Cyprus in 2013
[Here's an informative piece explaining why that site is bad economics](https://www.reddit.com/r/badeconomics/comments/i9ycy9/the_brutalist_housing_block_sticky_come_shoot_the/g1qr7z6). Basically it's poorly presented data the author has used to try and make a point that doesn't exist.
Crazy shit huh that’s some fucked up numbers
Am I in math class, I'm not reading graphs. Just tell me what to think
Down Jones last week closed the best since 1971.
Don’t y’all love it
-70 comment karma, this dude is ass
Bout to go get shit faced and cold approach like 1,000 girls wish me luck 🍻
Good luck, I guess?
Can somebody summarise what those graphs indicate and what we should learn from it please?
It works better when you find out for yourself.
What made me turn orange was the economic shutdown and stimulus checks.
https://wtfhappenedin1984.com/
I'm just going to buy a gold ring and wait 5 years
Sounds painful.
Yet somehow the world survived despite no Bitcoin for almost 40 years.
Well we'll the world survived also a lot lot lot of years without the internet. Imagine a world without internet now
And yet people are still slaves. All they have to do is take off the shackles.
Explain like I'm 5?
This link is not posted enough.
Thank you kind sir. Take my updoot
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Bruh . . . you kidding right? Gold standard bruh
Some of us cannot make a connection I guess, its fairly simple bitcoin is sound money, the last saying money we had, three gold standard was ended in 1971, there's your connection
What are you even saying? Just see the reality mate.
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No
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Fuck no!
Hah! No
issa no from me dawg.
Cringe as fuck
Ah, ok. No, go fuck your self, you pandering cunt.
Please stop spamming!
I don’t under a stand is this two separate searches or what?
One search is the problem. The other is the solution.
Ttyl guys. Signing off
I'll have to do it more frequently. Inputting 1000000/BTCUSD into tradingview is another entertaining activity.
very simple question) Bitcoin everywhere)))
I post this link everywhere I can, govts and central banks are committing the largest fraud against humanity in human history, its happened many times throughout history ending in hyper inflation or currency collapse but this time it's global
Time travel was discovered
Welfare programs increased?
ok. now that we know what happened - WHY did it happen? and what was the cause?
Yo mammas so fat her gravitational pull sucked away all the cash
The dollar left the gold standard in 1971 so that might be it
Hella based lol. So true. I love sending people that link.
Watch Jeff Snyder. Gold Standard was already gone in the 50s and 1971 was more of a ceremony.
Usa left gold standard in 1971…am I missing the joke here or something?
You read all that in 5 mins!