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What-Fries-Beneath t1_j8wfjfe wrote

Reply to comment by BourboneAFCV in [OC] Is Bitcoin price correlated with Google search volume or not? by against_all_odds_

It follows collective psychology. It's a bet based on emotion.
Like interest rates and US GDP, but stupid and based on no actual value

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SaintUlvemann t1_j8yz6pi wrote

All the efforts of all the cryptocurrencies in the world haven't yet reached the level of day-to-day practical utility as a McDonald's giftcard; because I can spend the giftcard to buy the hamburger, but there is no store anywhere around me that accepts Bitcoin, or any other cryptocurrency.

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LotLizard55 t1_j8z47w5 wrote

Collectible-> store of value -> medium of exchange. Would you rather hold a McDonald’s gift card for the next decade or bitcoin. 99% of crypto is vaporware riding on bitcoins coat tails. I do not disagree majority has 0 utility today

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What-Fries-Beneath t1_j8z8b6h wrote

McDonalds gift card for a day which I would exchange for a burger. I might take the money I would otherwise have spent and invest it in some vehicle which offers some degree of oversight/regulation, for example a mutual fund, bond, or currency stake, and the backing of a powerful entity like say a government.

As opposed to "investing" in this week's comp sci program dropout's first live software project based on an ultimately insignificant, artificially and nearly arbitrarily derived slice of an infinite distribution of numbers in geometric space.

The day shitcoins truly have utility is the day they become indistinguishable from "real" money with all the regulations, transparency, and backing of currency, investment, and banking today. Until then they're just a ponzi treadmill

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LotLizard55 t1_j8zcgqw wrote

Sir, when you look across the world, do you feel like governments have your best interest at heart? Highest debt/gdp since WW2. Aging demographics and rising interest rates. They are going to inflate the debt away or default there is no alternative. I like bitcoin because it lets me opt out with a portion of my saving in a money that can’t be corrupted by 12 people around a table in Washington. Im going to be paying social security my whole life and I’m lucky if I see a penny from it.

We are very privileged in the west to have bank accounts and access to financial products. A lot of the world does not have that but they do have an internet connection and can access bitcoin.

The beautiful thing is that the market will decide over time. Me and your opinion don’t matter in long run.

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What-Fries-Beneath t1_j8zjjj8 wrote

>Sir, when you look across the world, do you feel like governments have your best interest at heart?

To some extent yes. In most democratic governments most of the people are just ordinary folk who rather than building lives around power and influence, they wanted a steady job with decent benefits. They have families which are more important to them than their 9-5. They don't want their friends and families with similarly modest lives to get fucked by the rich and powerful right and left.

Granted many->most politicians are narcissistic douchebags. Nearly ALL aspiring CEOs are narcissistic douchebags. Especially in finance. "My greatest dream is to get rich quick while providing minimal value". That's the sociopathic motto of finance.

>money that can’t be corrupted by 12 people around a table in Washington.

You prefer less people with zero oversight and far less accountability...

>The beautiful thing is that the market will decide over time.

The libertarian religion isn't beautiful to most of us. It has been resoundingly disproven by history. Regulations are written in blood.

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LotLizard55 t1_j8yz5f1 wrote

Fixed supply money tied to energy. Peer to peer and can have final settlement in seconds. Must have some value no?

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