Submitted by hzj5790 t3_zxhkct in technology
octaviusromulus t1_j21vo6u wrote
Reply to comment by MurderDeathKiIl in Sam Bankman-Fried to enter plea in FTX fraud case by hzj5790
Exactly this. They were the lucky ones to get into the pyramid scheme before it all fell apart. There are a LOT of people who weren't so lucky, and anyone who profited off bitcoin did so at their expense. The whole crypto thing is a moral shambles.
Future-Spirit7874 t1_j221uk4 wrote
You should study Bitcoin, because you are misinformed. The 21 million bitcoins will not been completley mined until 2140.
Are you also against the stock market?
Are you also against the dollar? Have you even looked at the money supply in 1920 vs 2020? Everytime a dollar gets printed it decreases the purchasing power of all the other dollars previously in existance. This is why gas was 10 cents a gallon in 1950 and $2.99 a gallon today. It is literally why everything costs more.
octaviusromulus t1_j223k11 wrote
Maybe you should study history and economics.
The difference is that the dollar is an effective currency. You can use it in your day-to-day life to do the things that you need to do. Its value is in its usefulness, and it's widespread use in commerce by society.
The same is not true of Bitcoin. It is not useful in day-to-day transactions, and it is not used in commerce for anything other than speculation in itself. It's effectively tulips, but you can't put them in a vase and admire their beauty.
mofman t1_j22ac0h wrote
What about gold?
clit_eastwood_ t1_j22rxev wrote
Gold has a ton of genuine uses:
Future-Spirit7874 t1_j22jmci wrote
Better than the dollar, but the future of money is online.
Helenium_autumnale t1_j22ym0g wrote
Money is online now; how do you imagine banking works in 2022? Everyone does online banking, pays bills, &c. online. We do that with fiat currency, which, unlike Bitcoin, is fungible and useful as a medium of exchange.
Not 13 hours ago, you wrote:
My prime membership is ending in January. I bought over 1k in presents from Amazon this Christmas.
Did you do that with Bitcoin, if it's so useful?
Future-Spirit7874 t1_j2473ln wrote
I was replying to someone asking about gold.
If you don't see the value in bitcoin that is fine, it's not for you. When your currencey suffers from debasement you are welcome to change your opinion.
Bitcoin is still growing in adoption. The internet was around for ages, before it saw global widespread use. Yes there are places you can spend BTC online and in person for goods and services.
Future-Spirit7874 t1_j22jdsd wrote
Yes I have.
The history of money. How every currencey gets debased over time. How the gold/silver coins of Rome got debased due to non-gold/silver metals being blended .
https://www.businessinsider.com/how-currency-debasement-contributed-to-fall-of-rome-2016-2
How comimg off the Gold Standard was one of the factors in the Great Depression. https://www.history.com/news/how-did-the-gold-standard-contribute-to-the-great-depression
Try reading the Bitcoin Standard.
Try watching the Zeitgeist Movies.
Helenium_autumnale t1_j22yhiv wrote
Bitcoin is a speculative asset with no real value, unlike the stock market.
MurderDeathKiIl t1_j22q60e wrote
Maybe you should take some basic economy classes. Bitcoin has no real value. It’s all made up value through speculation and shady/criminal transactions. The value thus is external, never had any intrinsic value.
Money, such as coins and banknotes, are physical object. The amount of metal in a dollar or euro coin amounts to the value of its alloy, which is in limited quantity in the world and has real-life value.
Bitcoin always was and will be a scam propagated by those that want to escape fiat currencies for criminal whitewashers. You keep defending Bitcoin like a potdealer defending cartels.
azimir t1_j22wnak wrote
>Money, such as coins and banknotes, are physical object. The amount of metal in a dollar or euro coin amounts to the value of its alloy, which is in limited quantity in the world and has real-life value.
Except that around 90% (or more) of US dollars are digital. Add in that they might be physical, but their materials are worth less than their face value. Only cents from before 1982 (and some 1982's) actually have a metal value more than their face value because copper's value climbed so much. It's same reason we went to small cents in 1867 because it was too costly to make larger copper cents.
We (the US) haven't been on a gold standard for at least 50 years where we had true gold/silver backed notes. The actual value of a US dollar is entirely because someone else will take something for it.
> Bitcoin has no real value. It’s all made up value through speculation and shady/criminal transactions.
US dollars have made the transition to having daily value while cryptocurrencies did not. Anything can be used as a currency if the public values it and accepts it as such. That was the lesson learned when countries dropped the gold standard.
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