I have been using crypto since 2017, made plenty of dumb trades which caused me to lose out a lot. Currently my portfolio is about 80% BTC and while the new USA admin seems they may do more damage than good to the crypto space I’m still positive about Bitcoin.
This sub seems like a meme or anti-btc sub mostly. Anybody here who isn’t that way?
Is fiat better?
We drop interest rates in order to spurn more consumption, to hit an inflation target as technology lowers the price of goods, what would you call that?
Yes, fiat is a better ledger system for currency. Proof-of-work crypto has gotta be the most energy inefficient design in the history of humanity.
I call it capitalism. As long as the bourgeois controls money - whether that’s gold, fiat or crypto curriencies - then it’s going to drive a system based on infinite growth and consumption
I agree with your ultimate assessment of money, but the security mechanism of bitcoin is an order or two less energy demanding than the security mechanism of the dollar. The US military is the largest consumer of energy on the planet. Projection is how champions of US hegemony attack bitcoin. Theirs aren’t the best arguments for you to use, keep it simple and stick to the base condemnation of money and crypto’s technological acceleration of it’s potency.
The problem I see is people always want to raid the cookie jar. People want easy answers to crisis caused by previously misallocated capital, and the easy answer is to steal from fixed income, forcing people onto the risk curve.
This then dramatically inflates home values, leading to fewer children, and makes the rich richer via the cantillon effect. It also creates a debt trap via unfunded entitlements, which with fewer children just leads to an avalanche of debt, as politicians promise to keep the system running via more borrowing. Centralized control leads to a tragedy of the commons in our currency.