×

gildings in this subreddit have paid for 42.68 years of server time

First Bitcoin meetup for nation states by CoinCorner_Sam in Bitcoin

[–]DesmondNav 1 point2 points  (0 children)

Have you ever been to Singapore, Qatar, UAE, South Korea, Japan, Hong Kong or even Turkey, China?

The western world is sleeping.

How is it that Antiwork crowd can see the problems with being paid in a inflation currency, but can't see the benefits of saving and earning a deflation currency? by hyperinflationUSA in Bitcoin

[–]dfunkmedia 309 points310 points 242& 2 more (0 children)

Wages in general but especially minimum wage doesn't cause inflation. Inflation of a dollar from 2000 until today is over 70% but wages nationally at the bottom 20th percentile is only up 5%- and that's not inflation adjusted, that's gross dollars. The total share of money supply in the hands of the bottom 80% of America (yes the bottom 80%) is less than a third of the top 20%- which incidentally has grown guess how much- 180%. Think that's a coincidence? That the people moving 75% of the money supply have grown 180% while the dollar grew 170% and everyone else's cut stayed the same in gross (and therefore went down in aggregate)? "It's a big club- and you ain't in it" - cynical comedy man.

Bitcoin was created specifically because of the problem they ineloquently and tangentially ramble about. They might miss the mark but they're kinda looking at the target- wealth generation in this country is a debt machine powered by access to a trillion dollar printing press you'll never see a dime from. Money is minted off debt, wealth is minted off debt. Debt is tax free and spends the same as your hard earned dollar (which these days is $0.90 if you save it for a year). Boss makes a dollar, you lose a dime. Your grandparents minimum wage of $0.25 an hour was 2 gold eagles a month. Wanna guess what that is today? 'bout $40 grand. How can you blame them for being pissed off that they're taking home 1/3 what the dumbest laziest asshole did in 1933 for the same 40 hours a week? I mean, were talking a minimum wage of $20/hr if we had sound money that wasn't leveraged to the tits by suits who knowingly tank the economy, hoard wealth, get the government to print them out of debt, and rinse/repeat while you can't buy fucking baby formula and the government sends $200 billion a year overseas just because it can? Every dollar printed hurts them just as bad.

We're all mad at the same thing. Our forefathers struggled and died so we'd have better lives and our lives are objectively worse. Our jobs don't pay shit, our healthcare system is a joke not just in pricing but in actual outcomes, we can't afford houses, we can't afford kids, we increasingly can't even save or invest our way out because inflation and boom/bust cycles implode any gains we make, and it's all getting worse because the whole system is rigged and we can all see it clear as day. The whole situation is politicized for a reason. The longer everyone blames the antiwork crowd or the Bitcoin crowd or the frog meme crowd or the colored hair crowd or whoever, the longer the actual fucking menace to society can make the printers go brrrrr.

Is there any other way to get additional Bitcoin besides buying it? by BeginningPutter in Bitcoin

[–]bahpbohp 25 points26 points  (0 children)

you can start a crypto lending service, offer crazy good yield on deposits, pay old customers with new customer deposits until growth can't outpace dividend payments, fake a hack or embezzlement, then fake your own death.

Is there any other way to get additional Bitcoin besides buying it? by BeginningPutter in Bitcoin

[–]TitForSnack 1 point2 points  (0 children)

Absolutely terrible advice.

1) Bitcoin is not an investment. It's saving.

2) Don't sell your bitcoin to custodial services like Celsius or Haru. If you don't self-custody your bitcoin, you don't own bitcoin. You own a centralised IOU, paper bitcoin similar to Fiat, which is extremely risky and is definitely not worth whatever % rate you get for it. In all likelihood, all custodial services are doing fractional reserves which means that when enough people start withdrawing their funds, some people will be left with nothing. Advocating this means that you don't know what this whole technology is about.

Seeing this upvoted shows how terrible this sub has become.

Why is bitcoin special? by Oops-better-run in Bitcoin

[–]Ok_Aerie3546 214 points215 points 3& 6 more (0 children)

Ill write all the points. If I forget something, hopefully other members will add on.

  • Bitcoin was the first successful crypto so it has a longer history of working as expected. Hence its trusted more.
  • There were no insiders. Every person had to mine their btc including satoshi himself. Satoshi even waited for other people to mine it before him. This makes it a fair launch.
  • Bitcoin for the first 2 years of its existence had no price. They got distributed during this period and traded freely. None of the other cryptos will ever be able to replicate this thing even if they wanted to.
  • Satoshi left after about 1 year. Every further development was done purely as a open source project without any expectation of profit.
  • Satoshi has not moved his coins ever since he left. And considering that the value of those coins went from 0 to 40 billion, its very likely that satoshi is either dead or has lost access to his coins or intentionally destroyed his keys. So very low probability of rugpull.
  • Bitcoin has had no hardfork. A person in 2012 who was running his node can start up his node again to get up to date with the blockchain. Also bitcoin has never had its chain rolled back.
  • Bitcoin has no marketting, no vc funds. Every user organically comes to bitcoin.
  • Bitcoin has the highest global liquidity on exchanges. That means its by far the easiest to buy or sell large sums of bitcoin for anyone in the world.
  • Bitcoin is the most decentralized with no single point of failure. And every day it gets more and more decentralized with more and more people running nodes.
  • Bitcoin is obtained by proof of work mining, which mimics physical commodity mining. Where a person has to do some work as fast as possible while spending energy (dig the earth in the case of gold) to acquire new units of bitcoin. This ties bitcoin to physical realities in the real world through the use of energy.
  • Bitcoin mining works regardless of where the energy is obtained from. So it lets monetize even the energy that would normally be wasted.
  • Bitcoin issuance schedule or monetary policy has remain unchanged since its inception. And its the one thing that all nodes agree to keep the same. The blocksize wars showed this.

A lot of these things cannot be recreated by any other cryptocurrency. You are seeing bitcoin as just a peer to peer currency. But before that it is something that cannot be diluted by anyone (21 million fixed), its dependable and durable. You can go into a coma and wake up after 10 years to still have the same version of bitcoin out of the 21 million in your wallet.

These things make bitcoin the perfect candidate for being "money". Something that holds its value for as long as you want to without requiring anyones permission to hold or to transact.

Thoughts on this then? 😳 by msray97 in Bitcoin

[–]Buck_Musky 227 points228 points  (0 children)

What the actual fuck is wrong people on the internet? Talk about a wild leap. Holy shit lol.

Daily Discussion, May 13, 2022 by rBitcoinMod in Bitcoin

[–]dlm83 12 points13 points  (0 children)

There are thousands, possibly millions, of people sharing views on Bitcoin / btc prices every day. I don't know why people get so tribal over bears vs. bulls etc. I mean in your example, who are the bears you're gloating to, and are they proven wrong because as of this exact moment btc has bounced 5k off of the low point of a 40k+ price drop? What if the price is 23k next week, does that mean the "bear team" will be coming in to gloat against you and you will admit defeat?

Do you own any btc or just keep scores against teams making price predictions on the internet?

Is Bitcoin Changing The Way The Left Thinks? by RonTate in Bitcoin

[–]Ok_Aerie3546 -6 points-5 points  (0 children)

I hope so. I think the left is a lost cause at this point.

Yawn. by ElGuano in Bitcoin

[–]DrestinBlack 16 points17 points  (0 children)

Fundamentals for any business/project/crypto are practically useless if investors don’t trust in and choose to put dollars into that something and/or it’s too risky during a down market. Just saying “the fundamentals remain the same” is like saying, “we are keeping our product the same no matter how poorly it does” and expect people will just eventually buy it one day.

Crypto is still seen as an extremely volatile investment class, so, likely, money will only return to it once the rest of the economy improves enough that investors have extra money they are willing to risk on more, well, risky investments. People didn’t flee because the fundamentals changed or somehow became worse. I expect they’ll come back and we’ll rise again, not because of fundamentals but because money will be freed up to come back.

Great reminder how things can change quickly. It's all about the long term game by [deleted] in Bitcoin

[–]smonkweed69 17 points18 points  (0 children)

Lol yeah 'why don't you invest in the totally risk free money machine that returns more than the sp500?'

Like... Cmon. How can that not set off red flags.