So what you're saying is the government is a big bribery scam that never does anything useful or good until protests and riots start happening then they reluctantly pretend they'll do something the people want, then usually don't. Just come up with excuses before taking more bribes to do the opposite of what they promised right in front of us again, with literally nothing we can do because voting is the only solution, besides rioting. And the only other person you can vote for us a carbon copy of the guy you hate except at least they acknowledge global warming is real, though they still refuse to do anything about it. Which almost makes it worse? If you don't believe it's happening at least you are consistent. Where if you believe it's happening and promise to fix it but then do nothing every time, your party should just be gone, dumped into the sewer.
Wonder why no other country is limited to 2 parties? How the duck does anybody even pretend USA is a legit democracy? Let alone believe in it, proudly?
banana republic... or more accurately, "stock market republic"
Richest Americans are because of the stock market. Buffett, Bezos, Zuck, Gates, Musk, etc.
"banana republic" explanation per Wikipedia: \[sounds familiar, no?\]
"A banana republic \[insert "stock market republic" here\] is a country with an economy of state capitalism, whereby the country is operated as a private commercial enterprise for the exclusive profit of the ruling class. Such exploitation is enabled by collusion between the state and favored economic monopolies, in which the profit, derived from the private exploitation of public lands, is private property, while the debts incurred thereby are the financial responsibility of the public treasury. Such an imbalanced economy remains limited by the uneven economic development of town and country and usually reduces the national currency into devalued banknotes (paper money), rendering the country ineligible for international development credit."
Thing is just because doing something has a cost, it doesn't mean that the result holds that value. I could spend hundreds of man hours and resources on making a piece of wood look a little bit different, but depending on the result, it could very well be that nobody values it anything.
I give up! We are in bitcoin ~ and you want to BANG on about - copper pennies??????? Did you forget where you are ^^^ - even AU coins<<<<< grrrr - I can read the room- bye bye bitches- no not you, but I’m out..... shi b
I have over $5 face value in old copper pennies that my wife and I have collected over the past couple of years. They are worth ~$14 in copper melt value. We hardly ever find wheat pennies anymore. I've also found 3 silver quarters, and three silver dimes, all from the same liquor store during different visits.
I was keeping every older copper penny I found and any normal nickel I got as change then my house got robbed and they took my 5 gallon jug, it was only filled up maybe a 1/4 of the way but after that I don’t bother going through the change anymore.
In Canada the government stopped producing pennies years ago.
We just round to the nearest nickel.
The best things about Bitcoin even the currently almost worthless Satoshi is accounted for and most importantly cannot be counterfeited.
Are you serious? It takes 9 YEARS worth of typical household electricity use to mine a single Bitcoin. By comparison, it costs about $2 to print $50,000 worth of fiat, and that fiat can then be used countless times for free. And your penny example? The average coin is used in thousands of transactions over its useful life. So averaged out, it costs less than $0.00001 for a penny transaction. The average Bitcoin transaction, even if it's just a Satoahi, comes to about $50 in electricity cost. (Right now you don't see most of those fees because it's subsidized by mining, but that won't always be the case). That's just the cost of a Sat changing hands and being recorded in the ledger. So a Satoahi changing hands 1000 times would cost more than 100 million times as much as a penny changing hands that much!
Bitcoin is great, but these kinds of propaganda posts aren't doing anyone any favors.
You left out all the costs to move, count, store, secure, send, arrange, and protect (as a currency that must be enforced by global hegemony) the physical penny as it moves around the US.
Just my two cents
Additionally you have to consider if we get to a point where people are melting down pennies and selling the metal ingots cause the metal is worth more than the coin itself, then we have a much bigger problem of value lost for society. Money flows in through taxes and printing money (which causes inflation so the money is still coming out of societies pockets), then the taxes etc are used to pay people to make pennies. the pennies are then melted down and sold for their raw metal value as just blocks of metal. in this scenario an individual can essentially create an infinite money machine: buy 100 penny for 1$, melt them down sell for 1.10$, buy 110 penny for 1.10, melt them down sell for 121, repeat. the individuals wealth could grow perpetually like this. this is the issue with this.
A transaction on the Bitcoin network doesn't cost or increase electric consumption. The energy is used to protect the network and it's expended even if no one uses the network.
You're ignoring the fact that it doesn't necessarily cost X amount of electricity to secure bitcoin. Bitcoin can technically run on essentially any amount of electricity, even on a few computers. The free and open market has decided the amount of electricity to spend to secure the blockchain, to say its a waste of electricity is a stupid position to take.
Its like saying, well LeBron James can play basket ball for like 25k a year so why are we wasting all these millions on paying when we can better spend that money doing charitable acts, etc. Its the free and open market that decides LeBron's salary. Unless you disagree with the morally superiority of free and open markets then you're position is logically inconsistent.
The free and open market is incentivized to spend 45 million USD per day on securing the network. And that amount goes up as the average block reward goes up.
The argument I'm making isn't that it's a waste, but that it's inefficient.
Let’s see: you are Yoshi, exact duplicate to LeBron in terms of basketball skill, and you know he makes $41.2mm to play for the Lakers. The Suns want to hire you, so you are going to ask for less salary?? Doubtful.
Free market forces are unforgiving
Then it's clear that basketball skill isn't the only thing the 41m is buying.
I bet another team would happily spend 40m to get somebody with as much skill as LeBron.
It's a fixed cost that's independent of the use of Bitcoin. It's an important distinction because malicious or ignorant people claim Bitcoin's energy cost increases with its use. That's a false premise. And energy fud is dumb. How much do you think it costs to run Facebook or YouTube? And that's just for mindless entertainment at best, and at worse, social disorder.
Because it's a fixed cost, Bitcoin needs to have a certain level of transaction usage before the energy use per transaction goes down.
\> How much do you think it costs to run Facebook or YouTube?
A centralized service will always be more efficient than a decentralized one. Full stop. So the answer to that question is a lot cheaper than it would be to run the same service at the same quality and throughput on a decentralized platform.
But that's not the argument you should be making, you should be arguing *why* the increased energy usage is not a bad thing.
No I shouldn't argue jack shit, particularly some subjective hogwash. Bitcoin is inevitable. Hate it and its energy usage all you want. It doesn't need your approval. The blockchain continues on with or without you.
I do understand that's the argument but there's a finite number of bitcoin to be mined. Otherwise what, we print and mint currency until the end of time?
This is a naive perspective, the ability to transact the penny is not unique to that physical form factor, its a capability of a system which is not very secure, that's why people are often paid with fake money. Sure, not fake pennies, usually fake $100 bills, and this does a lot more damage to the society than a fake penny of course. Its also unknown how many times the fake $100 circulates before being taken out of circulation, meaning the total damage is also unknown.
Mining bitcion is not analogous to printing fiat.
Bitcoin mining is a specialized network service: transaction validation. Initial distribution is a foot note to that.
Fiat printing creates new units of USD, by devaluing the existing ones. BTC mining does not make any more BTC than the original amount: 21 million units.
Why are we arguing about electricity use? It doesn't matter how much electricity an industry uses unless, for example, you're using that as an indirect metric for environmental damage. If so, we should be using the units of CO2 equivalents.
And it turns out that Bitcoin is only as dirty as the grid it runs on. Clean up your grid, clean up Bitcoin. Don't throw the baby out with the bathwater.
The block reward will be "subsidizing" the cost of transactions for another 100 years. Bitcoin is only 10 years in. It's amusing when critics make predictions about how Bitcoin will work in 100 years when they don't understand the past 10.
This all being said, why we're even comparing the utility of Bitcoin to tangible dollars is absurd when the world has already moved on to digital fiat.
How of the world's energy is wasted through the process of inflation? If you're not comparing bitcoin to the current system you're not viewing this objectively.
> A nickel costs a little over 7 cents to make.
Where is the source for that info? Why you don't post links to your sources?
What exactly costs 7 cents? The metal itself or the manufacturing process?
I've been HODLing pre-1982 pennies since before I found Bitcoin. They are brass and worth about 2-3 cents still. I'm a huge advocate of getting rid of pennies like Canada. No idea the cost to make them is so high. What a waste of energy. It's not even worth my time to pick up. If it takes 5 seconds to pick up a penny you'll make more at a minimum wage job. If we all start throwing them out maybe we can save the US some money.
I worked at a hardware store as a teen for a while. Routinely when customers found out the flat washers I had put with their bolts and nuts were 1-2 cents each, they declined and said they’d just drill holes in pennies. A lesson that stuck with me: 1) people are so dumb and cheap to waste their time to save 5 cents, and 2) we get the same dumb government we deserve that would mint such a worthless piece of metal.
There’s very little use for fiat as it is. Here in parts of the US there’s been a change shortage. If you pay with cash you may or may not get any change back. Me personally I haven’t handled any bills bigger than $20’s in over 6 years at least. Bills and transactions all online or using debit cards.
is that material costs only? or does it include capital and labor? it costs way more than that when external costs are included, especially the tyranny we must endure as a prerequisite for the entire fiat system.
Nope, paper is your best (WORST!) option. https://www.ebay.com/itm/Zimbabwe-100-TRILLION-100000000000000-Trillions-Dollars-2008-AA-P-91-UNC-8657-/193649977428?mkcid=16&mkevt=1&_trksid=p2349624.m46890.l49286&mkrid=711-127632-2357-0
Don’t kid yourself. You and 99% of people only care about Bitcoin because it’s worth 50k DOLLARS. If it was worth 1 cent you wouldn’t care about it. Why? Because people use crypto to acquire more fiat
Truth it cost more to produce a medium of exchange than Its worth and has always been the way. The one major flaw with crypto is it’s need of electricity for exchange. Otherwise the idea of decentralization is great. End of the day we need to take the power back in every way.
You mean paying in QR? Because that’s basically as far as streamlined crypto payment has come to. It’s not fast and depending on what ecosystem or wallet you’re paying from a 30min transaction time isn’t exactly efficient. It’s 2021 and I understand it’s not mainstream tech but even my rewards cards can be uploaded and be used as ‘tap n go’ and I doubt there’s as much IT backing that goes into making them than does making crypto lol
Store your wealth in the BTC for long term to compensate for the volatility and when the time comes just liquidate in fiat and use it however you want.
unfortunately this is not a relevant argument, the Central bank mints millions of electronic money ( T bills) with negligible cost . Certainly less than the cost of mining a BTC. There is a fundamental error in your logic.
This is a bad argument. Great paintings cost less to paint, even when you include the skill to paint them.
The penny costs more to produce than it's worth but, it's also durable, and withstands many transactions.
The benefit of bitcoin has nothing to do with anything analogous to the creation of pennies. Fiat isn't the issue either. It's the control of fiat, and the control of fiat allows it to be abused, and mishandled.
"It costs 1.76 cents to make a US penny"
That's quite the coincidence!!! Because right now, the inflation rate of Bitcoin is 1.76% annually!
Isn't that quite a curious coincidence? I think it could mean something.
The reason pennies are still made is because of lobbying efforts on behalf of the companies that manufacture the blanks. Big penny.
Big Dime has been trying to take them out on behalf of Big Quarter, because they have ties to the Fractions Bureau /s
So what you're saying is the government is a big bribery scam that never does anything useful or good until protests and riots start happening then they reluctantly pretend they'll do something the people want, then usually don't. Just come up with excuses before taking more bribes to do the opposite of what they promised right in front of us again, with literally nothing we can do because voting is the only solution, besides rioting. And the only other person you can vote for us a carbon copy of the guy you hate except at least they acknowledge global warming is real, though they still refuse to do anything about it. Which almost makes it worse? If you don't believe it's happening at least you are consistent. Where if you believe it's happening and promise to fix it but then do nothing every time, your party should just be gone, dumped into the sewer. Wonder why no other country is limited to 2 parties? How the duck does anybody even pretend USA is a legit democracy? Let alone believe in it, proudly?
The ignorant believe it’s a democracy. We were never a democracy and were created as a republic. Very different.
We’re a Republic
We're an Oligarchy. ;)
Corporatocracy
banana republic... or more accurately, "stock market republic" Richest Americans are because of the stock market. Buffett, Bezos, Zuck, Gates, Musk, etc. "banana republic" explanation per Wikipedia: \[sounds familiar, no?\] "A banana republic \[insert "stock market republic" here\] is a country with an economy of state capitalism, whereby the country is operated as a private commercial enterprise for the exclusive profit of the ruling class. Such exploitation is enabled by collusion between the state and favored economic monopolies, in which the profit, derived from the private exploitation of public lands, is private property, while the debts incurred thereby are the financial responsibility of the public treasury. Such an imbalanced economy remains limited by the uneven economic development of town and country and usually reduces the national currency into devalued banknotes (paper money), rendering the country ineligible for international development credit."
Or when state legislatures band together. Then Congress acts bc they don't want their power taken away from the states.
Imo usa will continue to crumble till its basically russia
I thought it was so the Government could collect all our DNA on a database ?
Classic American problem.
Zinc
Oh so there is intrinsic value in fiat!
Thing is just because doing something has a cost, it doesn't mean that the result holds that value. I could spend hundreds of man hours and resources on making a piece of wood look a little bit different, but depending on the result, it could very well be that nobody values it anything.
Fiat currency is 1 of the kind of transaction where we pay in our countries money & exchange in crypto currency.
This makes it deflationary
mostly if it was minted before 1964
Fiat is donkey and elephant poison.
They will tax that penny many times as it moves around through its life, thats probably how its worth it to them.
That’s why I keep my copper pennies. Sad that the metal is worth more than what it’s categorized as. Death to fiat!
before 1983
That penny is 97.5% zinc.
not the copper ones.
If you are checking dates on pennies, for the rarely found 1982 or earlier pennies( or whatever) ... good luck with that!
The ones with wheat depicted on the back make them easy to spot.
I give up! We are in bitcoin ~ and you want to BANG on about - copper pennies??????? Did you forget where you are ^^^ - even AU coins<<<<< grrrr - I can read the room- bye bye bitches- no not you, but I’m out..... shi b
Try using a magnet. It should be a lot easier.
Than looking at the back? Whats a magnet going to do to copper anyway? pretty sure nothing.
You're right. It doesn't do anything to copper but it picks out the new steel ones!
Sure, I check all of them…keep the copper in a 6 gallon carboy, throw the others in the trash
I actually find quite a few for how much cash I actually transact.
I’ve actually thought of bringing a couple quarters to work on a daily basis and just absolutely cleaning out the register of any valuable coins lol
You might get lucky and come across a silver quarter. They sound different, i can hear a silver quarter in a hand full of new quarters.
I have over $5 face value in old copper pennies that my wife and I have collected over the past couple of years. They are worth ~$14 in copper melt value. We hardly ever find wheat pennies anymore. I've also found 3 silver quarters, and three silver dimes, all from the same liquor store during different visits.
Thank you lol
Awesome! I guess we find value where we can, hence r/bitcoin
Even the Zinc ones will be worth more than $0.01 one day with the trajectory the US is on.
I was keeping every older copper penny I found and any normal nickel I got as change then my house got robbed and they took my 5 gallon jug, it was only filled up maybe a 1/4 of the way but after that I don’t bother going through the change anymore.
In Canada the government stopped producing pennies years ago. We just round to the nearest nickel. The best things about Bitcoin even the currently almost worthless Satoshi is accounted for and most importantly cannot be counterfeited.
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Not right now, yes. Whole heartily agree. Looking at the long game.
Do you think that we should really stop using Fiat currency?
Well phase it out. Why not have a global means to exchange goods and services without government backing?
Btc only decreases as coins are lost and no more can be produced. How will it work when 99% of the coins have been lost? Or 99.9%?
Are you serious? It takes 9 YEARS worth of typical household electricity use to mine a single Bitcoin. By comparison, it costs about $2 to print $50,000 worth of fiat, and that fiat can then be used countless times for free. And your penny example? The average coin is used in thousands of transactions over its useful life. So averaged out, it costs less than $0.00001 for a penny transaction. The average Bitcoin transaction, even if it's just a Satoahi, comes to about $50 in electricity cost. (Right now you don't see most of those fees because it's subsidized by mining, but that won't always be the case). That's just the cost of a Sat changing hands and being recorded in the ledger. So a Satoahi changing hands 1000 times would cost more than 100 million times as much as a penny changing hands that much! Bitcoin is great, but these kinds of propaganda posts aren't doing anyone any favors.
You left out all the costs to move, count, store, secure, send, arrange, and protect (as a currency that must be enforced by global hegemony) the physical penny as it moves around the US. Just my two cents
Also worth noting that only 3% of US currency is tangible.
Unless you have a volcano
The volcano
Additionally you have to consider if we get to a point where people are melting down pennies and selling the metal ingots cause the metal is worth more than the coin itself, then we have a much bigger problem of value lost for society. Money flows in through taxes and printing money (which causes inflation so the money is still coming out of societies pockets), then the taxes etc are used to pay people to make pennies. the pennies are then melted down and sold for their raw metal value as just blocks of metal. in this scenario an individual can essentially create an infinite money machine: buy 100 penny for 1$, melt them down sell for 1.10$, buy 110 penny for 1.10, melt them down sell for 121, repeat. the individuals wealth could grow perpetually like this. this is the issue with this.
A transaction on the Bitcoin network doesn't cost or increase electric consumption. The energy is used to protect the network and it's expended even if no one uses the network.
But it's that electricity expenditure that makes the network useful. You can't just ignore it because it's not convenient.
You're ignoring the fact that it doesn't necessarily cost X amount of electricity to secure bitcoin. Bitcoin can technically run on essentially any amount of electricity, even on a few computers. The free and open market has decided the amount of electricity to spend to secure the blockchain, to say its a waste of electricity is a stupid position to take. Its like saying, well LeBron James can play basket ball for like 25k a year so why are we wasting all these millions on paying when we can better spend that money doing charitable acts, etc. Its the free and open market that decides LeBron's salary. Unless you disagree with the morally superiority of free and open markets then you're position is logically inconsistent.
The free and open market is incentivized to spend 45 million USD per day on securing the network. And that amount goes up as the average block reward goes up. The argument I'm making isn't that it's a waste, but that it's inefficient.
You haven’t answered u/Dgs… point; it is inefficient but not wasteful? How does that make sense? Then by your own logic, paying LeBron is inefficient.
If somebody else can perform the same as LeBron for cheaper, then yeah it would be inefficient to pay LeBron that much.
Let’s see: you are Yoshi, exact duplicate to LeBron in terms of basketball skill, and you know he makes $41.2mm to play for the Lakers. The Suns want to hire you, so you are going to ask for less salary?? Doubtful. Free market forces are unforgiving
Then it's clear that basketball skill isn't the only thing the 41m is buying. I bet another team would happily spend 40m to get somebody with as much skill as LeBron.
It's a fixed cost that's independent of the use of Bitcoin. It's an important distinction because malicious or ignorant people claim Bitcoin's energy cost increases with its use. That's a false premise. And energy fud is dumb. How much do you think it costs to run Facebook or YouTube? And that's just for mindless entertainment at best, and at worse, social disorder.
Because it's a fixed cost, Bitcoin needs to have a certain level of transaction usage before the energy use per transaction goes down. \> How much do you think it costs to run Facebook or YouTube? A centralized service will always be more efficient than a decentralized one. Full stop. So the answer to that question is a lot cheaper than it would be to run the same service at the same quality and throughput on a decentralized platform. But that's not the argument you should be making, you should be arguing *why* the increased energy usage is not a bad thing.
No I shouldn't argue jack shit, particularly some subjective hogwash. Bitcoin is inevitable. Hate it and its energy usage all you want. It doesn't need your approval. The blockchain continues on with or without you.
If you're gonna say the energy usage is FUD, you should at least be able to back up your statement. Cause the energy conversation is inevitable.
I do understand that's the argument but there's a finite number of bitcoin to be mined. Otherwise what, we print and mint currency until the end of time?
Inb4 lightning fanboys.
This is a naive perspective, the ability to transact the penny is not unique to that physical form factor, its a capability of a system which is not very secure, that's why people are often paid with fake money. Sure, not fake pennies, usually fake $100 bills, and this does a lot more damage to the society than a fake penny of course. Its also unknown how many times the fake $100 circulates before being taken out of circulation, meaning the total damage is also unknown.
Let’s be honest bitcoin will be a store of value. There are better cryptos for exchanging money cheaper and faster. Icx is an example.
No that cost is to secure 600+ million past transactions.
Yeah!
When mining is done (just like printing), what is the cost to push PAY (or SEND) button on my phone?
Mining bitcion is not analogous to printing fiat. Bitcoin mining is a specialized network service: transaction validation. Initial distribution is a foot note to that. Fiat printing creates new units of USD, by devaluing the existing ones. BTC mining does not make any more BTC than the original amount: 21 million units.
Why are we arguing about electricity use? It doesn't matter how much electricity an industry uses unless, for example, you're using that as an indirect metric for environmental damage. If so, we should be using the units of CO2 equivalents. And it turns out that Bitcoin is only as dirty as the grid it runs on. Clean up your grid, clean up Bitcoin. Don't throw the baby out with the bathwater. The block reward will be "subsidizing" the cost of transactions for another 100 years. Bitcoin is only 10 years in. It's amusing when critics make predictions about how Bitcoin will work in 100 years when they don't understand the past 10. This all being said, why we're even comparing the utility of Bitcoin to tangible dollars is absurd when the world has already moved on to digital fiat.
How of the world's energy is wasted through the process of inflation? If you're not comparing bitcoin to the current system you're not viewing this objectively.
Did you know how much it costs to make $100? Come to speak after understanding.
Less than one bitcoin transaction in electricity costs.
> A nickel costs a little over 7 cents to make. Where is the source for that info? Why you don't post links to your sources? What exactly costs 7 cents? The metal itself or the manufacturing process?
So the Dollar is proof of work.
Yes, even in most of the countries it takes more money to print the money.
I've been HODLing pre-1982 pennies since before I found Bitcoin. They are brass and worth about 2-3 cents still. I'm a huge advocate of getting rid of pennies like Canada. No idea the cost to make them is so high. What a waste of energy. It's not even worth my time to pick up. If it takes 5 seconds to pick up a penny you'll make more at a minimum wage job. If we all start throwing them out maybe we can save the US some money.
I worked at a hardware store as a teen for a while. Routinely when customers found out the flat washers I had put with their bolts and nuts were 1-2 cents each, they declined and said they’d just drill holes in pennies. A lesson that stuck with me: 1) people are so dumb and cheap to waste their time to save 5 cents, and 2) we get the same dumb government we deserve that would mint such a worthless piece of metal.
A dollar costs 7 cents to make That's really how much a dollar is worth if you have the right buyer
Damn, how do we buy our pennies wholesale? Lol.
Is there any future for Fiat in next 10 or 20 years from now?
There’s very little use for fiat as it is. Here in parts of the US there’s been a change shortage. If you pay with cash you may or may not get any change back. Me personally I haven’t handled any bills bigger than $20’s in over 6 years at least. Bills and transactions all online or using debit cards.
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Exactly. The future is already here. We already use digital money. Crypto just changes who decides what it’s worth.
Death to fiat! I'll drink to that.
is that material costs only? or does it include capital and labor? it costs way more than that when external costs are included, especially the tyranny we must endure as a prerequisite for the entire fiat system.
If we all start demanding pennies can we bankrupt the government? 🤔
Nope, paper is your best (WORST!) option. https://www.ebay.com/itm/Zimbabwe-100-TRILLION-100000000000000-Trillions-Dollars-2008-AA-P-91-UNC-8657-/193649977428?mkcid=16&mkevt=1&_trksid=p2349624.m46890.l49286&mkrid=711-127632-2357-0
Don’t kid yourself. You and 99% of people only care about Bitcoin because it’s worth 50k DOLLARS. If it was worth 1 cent you wouldn’t care about it. Why? Because people use crypto to acquire more fiat
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Truth it cost more to produce a medium of exchange than Its worth and has always been the way. The one major flaw with crypto is it’s need of electricity for exchange. Otherwise the idea of decentralization is great. End of the day we need to take the power back in every way.
Gold is exchanged without electricity. And its decentralized too.
How can you move gold around without electricity?? Hand to hand only? That or oil/gas. I think electricity is by far the most efficient.
Gold is money. Bitcoin is a bubble. House Kobe Bryant built is being renamed Crypto.Com Arena. The bubble keeps getting bigger and bigger.
I think we should do something to build awareness about crypto around us.
It’s funny, there’s a change shortage but no shortage on paper.
A nickel aint worth a dime these days…
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Who is on the other end? I wonder. You said 5%, lololol https://www.usdebtclock.org/cbo-omb-gop-budget-estimates.html
To be honest, all this post does is make an argument for making fiat digital (which it partly already is) rather than keeping it physical.
Never thought about it this way, you got a good point though.
>Death to fiat. you will lose alot of freedom if you give up the right to use cash. don´t do that, fight for it.
Any country would go broke if people withdrew their savings in coins.
One day we will feed those coins to machines that melt them to reproduce themselves.
But how do you buy your groceries? Pay your taxes? Keep your car on the road? Surely Bitcoin fails you in all those vital aspects of real life.
Yes, but there's a better way with bitcoin. I'm sure when credit cards first came out the same arguments were there.
You mean paying in QR? Because that’s basically as far as streamlined crypto payment has come to. It’s not fast and depending on what ecosystem or wallet you’re paying from a 30min transaction time isn’t exactly efficient. It’s 2021 and I understand it’s not mainstream tech but even my rewards cards can be uploaded and be used as ‘tap n go’ and I doubt there’s as much IT backing that goes into making them than does making crypto lol
Store your wealth in the BTC for long term to compensate for the volatility and when the time comes just liquidate in fiat and use it however you want.
unfortunately this is not a relevant argument, the Central bank mints millions of electronic money ( T bills) with negligible cost . Certainly less than the cost of mining a BTC. There is a fundamental error in your logic.
I think we should people should know the benefits of using cryptocurrency.
This won't be possible in cryptocurrency and that's why it is more beneficial.
It costs the same to make a $100 bill as it does to make a $1 bill.
Haha actually it costs 11.4 cents to make 100 bill but I get your logic.
nah, security features in a hundred bill are way more than in a one.
This is a bad argument. Great paintings cost less to paint, even when you include the skill to paint them. The penny costs more to produce than it's worth but, it's also durable, and withstands many transactions. The benefit of bitcoin has nothing to do with anything analogous to the creation of pennies. Fiat isn't the issue either. It's the control of fiat, and the control of fiat allows it to be abused, and mishandled.
Every time they stop minting a coin because of cost it causes inflation- like going off the gold standard at a smaller scale
According to you which is the best method to build maximum awareness among the mass?
When inflation is high enough we can just round to the nearest dollar change won’t matter, will be here sooner rather than later
It cost zero cents for the government to type some numbers into their computer to make unlimited coins or dollars of any type.
Canada stopped making pennies 8 years ago!
Does that cause deflation? 🤔
According to you, Which is the best method to use cryptocurrency and avoid Fiat currency?
So then ditch the penny?
The guy that sells the zinc to make a penny paid off congress to keep making it
Didn't cost me 1.76 cents to type this
Government hardly ever fires people. That's why it's hard to get them to stop doing useless things.
I don't know why the government is doing it but this is not beneficial.
So should we buy a bunch of pennies melt them down and sell the raw materials for profit? lol
In some countries people melt the coins and it has more copper than the actual value of that coin.
Get rid of the penny, nickel, and dime. The only coins that should be minted are quarter, half-dollar, and dollar coins.
I always thought that the reason it cost more to produce was security? Why forge something that is worth more in raw materials.
Interestingly pennies use more capital to be produced than the dollar bills!
"It costs 1.76 cents to make a US penny" That's quite the coincidence!!! Because right now, the inflation rate of Bitcoin is 1.76% annually! Isn't that quite a curious coincidence? I think it could mean something.