steelceasar t1_iusf4oq wrote
Reply to comment by godofleet in FYI: PPL is Increasing their Electricity Rates by 18% to 14.612 cents/kWh on December 1st. This is up 53.78% YOY. by giggles-mcgee
So all of modern economics is wrong and crypto currency is going to fix everything? Instead of addressing systemic corruption through institutional change we should all invest in the latest and greatest magic currency system? Because it's totally not a ponzi scheme. You are getting down voted for posting this stuff because it is nonsense.
godofleet t1_iusgx68 wrote
>So all of modern economics is wrong and crypto currency is going to fix everything?
No, but humans have clearly corrupted/taken advantage of these systems...
Reality is "modern economics" is fundamentally theoretical in nature, we can either trust some people (federal reserve, their banking and corporation buddies) or we can trust some relatively simple code and math to ensure a stable monetary tool.
the fed just raised rates by .75 - think of what that does to poorer nations? to people already struggling to pay for energy...
think of WHY they're doing this - it's not just a pandemic 2 years ago, some ~5 trillion new dollars were added to our system.
>Instead of addressing systemic corruption through institutional change we should all invest in the latest and greatest magic currency system?
I'm not saying we shouldn't address systemic corruption, i'm saying we [the people] will be FAR more empowered to do so if the gov/corps can't just turn off our bank account overnight because they don't like what we're saying ... we'll have more economic/financial sovereignty and with it more power to hold politicians and private interests accountable.
>You are getting down voted for posting this stuff because it is nonsense.
It took me 5+ years of saying shit like that before i actually tried to learn what bitcoin was :/ are you sure you understand how it works and the impact hard monetary policy can have? The truth is you're ignorant as we all were...
steelceasar t1_iusk7ic wrote
>Reality is "modern economics" is fundamentally theoretical in nature, we can either trust some people (federal reserve, their banking and corporation buddies) or we can trust some relatively simple code and math to ensure a stable monetary tool.
So if this true then what stops the fed or whatever bad actor from just usurping crypto currency once it somehow surplants the existing system? Why should this new theoretical system serve people better?
Currency doesn't exist in a vacuum it is tied to global production, distribution, demand, and global events. Which you seem to understand, but don't at the same time since you think that somehow changing currency would alter this dynamic and empower individuals. I mean by your logic why don't we just do away with currency all together and trade goods and services directly?
I get that crypto is appealing and the interest in it has generated a profitable market if you wagered correctly over the past decades, but calling it a substitute for the current global system is naivety to the point of ridiculous.
godofleet t1_iusyehg wrote
>So if this true then what stops the fed or whatever bad actor from just usurping crypto currency once it somehow surplants the existing system? Why should this new theoretical system serve people better?
They can't. This is a fundamental point and function of bitcoin, no centralized entity/person can control it- (don't you think they would have shut this shit down by now? lol)
Updates to code involve a 95% consensus of network participants.... try getting 95% of people to agree on something this critical and tied to their personal value...
>Currency doesn't exist in a vacuum it is tied to global production, distribution, demand, and global events.
100%, but you're omitting a key factor... the quantity of units of the monetary good... if suddenly we add some ~5 trillion dollars to the system (giving some 4T to big corps no doubt) - that has a real economic implications for the short term AND long term... 2 years later each dollar is worth substantially less because there are now more of them available. CPI is a lagging indicator of this and the fed pulls the lever the other way... back and forth. They bail out the banks/corps, your dollar is worth less a few years later... they claim "we're reversing course to reduce inflation" ... they do it again for the next crisis... all while buying yachts and bunkers on the side.
>I mean by your logic why don't we just do away with currency all together and trade goods and services directly?
No this makes no sense, bitcoin has practically nothing to do with a barter economy. Money is a tool much like a yardstick, only bitcoin is a definitive 21 million and fiat currencies are a variable rate / unknown. Mathematically, scientifically, logically speaking, would you prefer a yard divided by 3 feet/36 inches or a question mark?
>I get that crypto is appealing and the interest in it has generated a profitable market if you wagered correctly over the past decades, but calling it a substitute for the current global system is naivety to the point of ridiculous.
I find it far more naïve and ridiculous that we would continue to trust other humans to orchestrate monetary systems for us when history has proven them incapable of doing so fairly.
Why rely on trust when we can rely on science, math, code, energy, and a consensus?
Rules with out rulers... it sounds like magic but it's actually possible, it has a 99.9% uptime since 2009...
Regardless, I don't expect bitcoin to substitute our meat-based systems for many decades or even centuries... in fact I suspect the fiat money scam will always exist in some form or another... it's besides the point... there's corporate money (ie- gift cards)... there's government money (USD, Euros etc) ... and there's Bitcoin... which i see generally as a people's money.
It's my feeling that as people learn what Bitcoin is, how it can benefit their freedom and privacy over existing monetary systems- they'll come around. But remember, it's a fixed supply... There will only ever be 21 million bitcoin and the "active" supply is dwindling (people aren't selling) ... It's just supply and demand... it's all happening in real time, you can even monitor/verify it yourself since it's a public ledger (good luck trying this with any other currency).
Anyway, some listening-
steelceasar t1_iut3ziy wrote
"Rules with out rulers... it sounds like magic but it's actually possible, it has a 99.9% uptime since 2009."
You are pretty much pitching a MLM scheme in the way you present this, which makes sense because your sources are a guy who makes his living off selling bitcoin to people and some random guy's youtube channel. Bitcoin doesn't mean anything if the existing financial actors prevent it from being used. Crypto was a gamble that paid off for a bunch of early investors and is now a glorified craps table, with a side of runaway energy consumption. It incorporates some interesting technology and has some philosophical implications, but its not revolutionary.
godofleet t1_iuta8og wrote
>Bitcoin doesn't mean anything if the existing financial actors prevent it from being used.
they can't, they won't... it's a trojan horse they can't resist... because it has better fundamentals than any other money our species has ever known, they will [and are] getting on board... they will probably abuse this adoption phase too, flip flopping "we're gonna ban it" to dump the price and buy in while it's low...
but it's besides the point, whether they abuse it or not, whether we hold them accountable or not... it won't matter because it's in short supply and I have little doubt that in time that will be clear.
regardless, you can buy/sell bitcoin like you pizza or weed... it's no different and you can be damn sure people will use it that way (and have)
>It incorporates some interesting technology and has some philosophical implications, but its not revolutionary.
I disagree, it's already banked millions of people who have been left out of the lucrative and exclusionary (see: racist/bigoted) financial systems of the west...
We have free to use, inclusive, global, digital cash now... that is a revolution beyond any our species has ever experienced... free of centralized control/corruption/entropy ... with every new discovery/tech there are early adopters/believers - people said the internet was for terrorists and pedophiles once...
consider:
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