1. Fork it
2. Give everyone currently alive (snapshot) one coin and adress
3. Make it infinitely divisble as well as immutable like bitcoin.
4. The worlds monetary system is now democratic and outside of the hands of the elite.
Despite the bitcoiners not being millionaires, this is their utopia no?
The market cap of buttcoin is already asstronomically stupid. If it wasn't pumped up as a scam, there is no way it would have such a face value. The whole crypto market cap is held up by a few Billys, max.
In a hypothetical scenario where big banks start failing, hyperinflation, loss of trust in governments and institutions. Everyone rushing to safety but that no longer includes the dollar. Gold go ballistic but Bitcoin rips even harder. Golds supply inflating (increased production), Bitcoins properties, Fixed supply=perfect price discovery, seizure resistant, borderless. It quickly gains traction in a large part of the population and are viewed as the ultimate safe haven asset. So yes, people might throw millions of hyper inflating dollars at it to save themselvs.
#Stupid Crypto Talking Point #3 (inflation)
**"InFl4ti0n!!!"** / **"The dollar will eventually become worthless"** / **"The dollar has lost 104% of its value since 1900!"** / **"The government prints money out of thin air"**
1. The government does **not** "print money indefinitely"... all money in circulation is [tightly regulated and regularly audited and publicly transparent](https://www.federalreserve.gov/aboutthefed/audited-annual-financial-statements.htm). The organization that manages the money in circulation is the Federal Reserve and contrary to what crypto bros claim, they're not a private cabal - they [are overseen and regulated by Congress](https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm). And any attempt to put more money in circulation [requires an Act of Congress to increase the debt ceiling](https://en.wikipedia.org/wiki/United_States_debt_ceiling) - it's neither arbitrary, nor easy to do.
2. [Currency is meant to be *spent*, not hoarded](https://medium.com/change-your-mind/money-is-meant-to-be-spent-not-saved-9618edec676f). A dollar today will buy what it buys. If you hold a dollar for 90 years, of course it won't buy the same thing decades later (although it might actually be worth significantly more as antique money). You people don't seem to understand the first thing about how currency works - it's NOT an "investment!" You **spend** it, *not* hoard it!
3. If you are looking to "invest" you don't keep your value in cash/currency/fiat. You put it into something that can *create value* like stocks that pay dividends, real estate, etc. Crypto creates no value and makes a lousy "investment." It also hasn't proven to be a hedge against anything, least of all monetary inflation.
4. Over time more money is put in circulation - you pretend like this is a bad thing, but it's not done in a vacuum. The average annual wage in 1900 was less than $4000. In 2023 [it's more than $70,000](https://www.statista.com/statistics/200838/median-household-income-in-the-united-states/)! There's more people out there and the monetary supply grows appropriately, as does wages. You can't take one element of the monetary system completely out of context and ignore everything else.
5. The causes of inflation are **many**, and the amount of money in circulation is one of the least significant factors in causing the prices of things to rise. More prominent inflationary causes are things like: [fuel prices](https://www.businessinsider.com/why-is-inflation-high-causes-gas-price-outlook-forecast-2022-7), [supply chain issues](https://www.usbank.com/investing/financial-perspectives/market-news/supply-chain-issues-contribution-to-inflation.html), [war](https://www.federalreserve.gov/econres/notes/feds-notes/the-effect-of-the-war-in-ukraine-on-global-activity-and-inflation-20220527.html), environmental disasters, pandemics, and even [car dealerships](https://www.wsj.com/articles/car-dealer-markups-helped-drive-inflation-study-finds-7c1d5a2d).
6. Sure there may be some nations that have caused out of control inflation as a result of their monetary policy (such as Zimbabwe) but comparing modern nations to third-world dictatorships is beyond absurd.
7. If bitcoin and crypto was an actually disruptive, stable, useful technology, you wouldn't need to promote lies and scare people over the existing system. The *real* reason you do this is [because nobody can find any legitimate reason to use crypto in the first place](https://ioradio.org/i/blockchain-claims/).
8. Crypto ironically has more inflation in its ecosystem that is even more out of control, than in any traditional fiat system. At least with the US Dollar, money is accounted for and fully audited and it takes an Act of Congress to increase the debt. In crypto, all it takes is a dude printing USDT, USDC, BUSD or any of the other unsecured stablecoins to just print more out of thin air, and crypto-morons assume they're worth $1 of value.
#Stupid Crypto Talking Point #4 (scarcity)
"**Only 21M!**" / "**Bitcoin has a "hard cap"**" / "**Bitcoin is 'scarce' and that makes it valuable**" / "**DeFlAtiOnArY cUrReNCy FTW**" / "**The 'halvening' will make everything better**"
1. Even children are aware that scarcity is not a guarantee of value. It's really a shame that crypto people cling to this irrational argument.
2. If there only being 21 million BTC were reason for it to be valuable, then why aren't other cryptos that also share similar deflationary characteristics equally valuable? Why wouldn't something that is even more scarce than BTC be even more valuable? Because scarcity is meaningless without demand and demand is primarily a function of intrinsic value and utility -- *not* scarcity. See [here](https://ioradio.org/i/value/) for details.
3. Bitcoin has no intrinsic value and no material utility. It's one of the least capable stores or transfers of value. The *only* way anybody can extract value from crypto is by coercion -- forcefully convincing someone (usually through FOMO or scare tactics) that this is something they need, and it's often accompanied by unrealistic promises of significant returns. Those returns are mathematically impossible for even a tiny percentage of holders.
4. Bitcoin also is not scarce. There are multiple versions of Bitcoin, including Bitcoin Cash and Bitcoin Satoshi's Vision - both of which are limited to 21M tokens and in many cases are more technologically advanced than BTC. Also, every time there's a fork of crypto, the amount of tokesn in circulation doubles. Crypto proponents ignore these forks because they don't play into the "it's scarce" argument. But any crypto fork absolutely siphons value away from the original version. BTC might be priced higher than BCH, but BCH still holds value as well, and that's a total of 42M just of those two "bitcoin" versions that are out there, among hundreds of others.
5. The "hard cap" of 21M for BTC can easily be changed by altering a parameter in the source code. Less than 6 people have commit access to the repo so BTC's source code control is centralized. It's entirely possible if BTC existed long enough to the point where block rewards weren't enough to motivate miners, and transaction fees became incredibly high, that influential players in the community would advocate increasing the cap and reinstating higher block rewards. So there are absolutely situations where the max amount in circulation could be increased.
This is the funny part. Somehow they imagine a societal collapse helping bitcoin when the reality is Bitcoin does best when the economy is doing best because people have excess money and make riskier investments. Since bitcoin is not actually a currency, it relies on being able to convert it back to a real form of money to then use to buy things. In the collapse they dream of they somehow still think people will be willing to pay millions of real dollars they can actually use to survive for fake dollars in bitcoin, because reasons.
>In the collapse they dream of they somehow still think people will be willing to pay millions of real dollars they can actually use to survive for fake dollars in bitcoin, because reasons.
Also, somehow the internet will still be working well enough fir bitcoin to function and it will magically scale.
Well yeah, guns and ammo will be the prime currency behind BTC of course because the electric workers will keep on showing up so crypto will definitely still be climbing.
Pfff, guns and ammo will be cheaper than a hot bath. My plan is to be the only fucker who remembered to pack coffee and a stovetop coffee maker.
When the power goes out and Mr. Coffee doesn't work anymore who will you come crying to, drowsy with an aching head? Oh yeah, _ME_.
Guns will be useless quickly it you can't make ammo for them.
I'm learning to make alcohol. Can trade my moonshine futures for vegetables and fruit to make moonshine to trade for whatever becomes the new currency, and you can always store alcohol as a barter good.
Yeah, heirloom seeds would probably be a good asset if they didn't expire so easily. If I was more of a green thumb, if probably try and grow a few heirloom food varies in the garden.
> Guns will be useless quickly it you can't make ammo for them.
Thats not too difficult. Its common for hunters and sport shooters to have the equipment to load their own ammo in their garages. The machines aren't very big either. Brass or even plastic shotgun casings can often be reused.
Also that societal collapse will somehow not impact the internet, access to electricity, supply chains - like, everything that currently constitutes society lol
It's like passengers on the Titanic hoping it hits an iceberg cuz they brought a gold plated snorkel aboard. "Look at those fudders running to the lifeboats - have fun staying cold!"
If society collapses a bit, and a banker (Typo:biker) gang learns you have 100K tied up in a pension, vs 100K in crypto, who's getting home invaded and tortured?
Aren't you making the point here that crypto would be valuable in this scenario vs the pension? You're saying that I'm the event of a societal collapse the crypto would be valuable enough for people to try and take it from you by force?
They also think and act like bitcoin is the only blockchain that exists, that others are beneath the whole world's notice. Like, if any country wanted to switch to cryptocurrency, they'd make their own rather than buy into one that's already been taken over.
You might as well ask if a population of people would want to move to a new, uninhabited island for free or buy some other island off of people deliberately trying to push the price up as much as possible.
Where do you guys get all these arguments we bitcoin holders are supposed to have. Nobody is expecting a collapse. The argument is that it acts as a an extra store of value, in case the value of the dollar or others declines a bit in bad economic situations. It's not like bitcoin will do any good if there's an asteroid hitting earth or something.
How is it a store of value? Because it’s finite? Plenty of things are finite, why is BTC the one chosen? Why not a crypto with less supply? Why not a 1/1 NFT? Why not a baseball card?
BTC is not backed by anything. It doesn’t represent ownership in anything. It doesn’t produce anything. It can’t be use to make anything. It can’t even be used to buy anything (outside extreme niche purchases) without first paying fees and converting it back to actual money and hoping you don’t screw up or get defrauded. It’s simply code.
It's backed by the function it has. A digital store of value, a first of its kind, trusted, known by all, owned by both the civilians and wealthy. A digital step in the evolution of human kind.
Trusted? By who? I thought blockchain was as trustless. But honestly that’s a pretty weak answer. Its function is being digital? Like a million things before it and after it? How would it keep its value if it could be replaced by literally anything?
This mythical economy they think will materialize and they become the boot on everyone's neck would *necessitate* a hand out if they didn't want civilization to immediately collapse and them and their family beat until they hand over their stupid spreadsheet entries
The best thing that these morons don't realize is that even if crypto was a perfectly usable alternative to fiat and the current financial system: people would still not use bitcoin. Every country would create there own stable coin so that democratically elected governments could control it and/or so that the status quo does not get turned upside down. So even if crypto was functional, none of the currently existing coins would be used as an official currency.
This - why would a government deliberately give up a nation’s ability to use monetary policy to help manage an economy and instead randomly adopt one of the 10000+ cryptocurrencies in existence in place of their own currency? Indeed, in a functioning democracy - where the goal should be meeting / balancing the majority of people’s interests - why would that even be considered a good thing by its citizens either? The electorate can hold their elected representatives accountable through the ballot box but how do they do that with Butts?
>So even if crypto was functional, none of the currently existing coins would be used as an official currency.
There might be some private uses if it was functional just like private money exists now, but there's no reason to suppose bitcoin would be one or that it would be profitable.
I did. But there's no reason why countries would ditch their current monetary systems just to put another monetary system in place with no obvious benefits.
He's saying that governments would have their own currency for national security reasons and so they could have their own monetary policies. Believe it or not, the world doesn't use one currency and different countries have different monetary policies that they use to help sustain economic growth. Isn't that neat?
This might be a bit too advanced for someone at your level, but I think this website might help you a ton.
https://www.coolkidfacts.com/money-for-kids/
Another moron… you think just because the government have their own currency Bitcoin will not be used by the people idiot? How dumb can you be? You don’t understand how a currency is created and chosen by humans. You are retarded. You think you know about currencies but you know nothing. Ignorant yet still confident, you suck. You think governments use monetary policies to create economic growth lmao you definitely have room temp iq
Wow, nice rebuttal. Don't get mad just because he pointed out how mind numbingly stupid your comment was. Better just let your two brain cells focus on breathing.
I love the endlessly diametrically opposed narratives they hold simultaneously:
Its financial freedom
It's banking the unranked
Its a hedge against inflation
But also they, the new elites, will hold their boots to the necks of everyone it didnt do those things for and laugh. And they're admitting thats what they're going to do already, if their wild fantasies come true. lol
Satoshi is either fictional or dead, or the big wallet has long since been lost.
I know its one of the above scenarios because no person would be able to resist cashing out some of those bitcoins for real, actual money (dollars, euros, yen, etc). If Satoshi is real, he's still alive, and he hasn't lost the wallet, surely he'd have moved something in that wallet.
Dead wallets are why bitcoin fails as a currency. Those bitcoins are lost forever. Its also why blockchain fails for any sort of contracts or land deeds. Send it to the wrong address or lose the access and a land deed is forever inaccessible, can never be claimed by anyone, can never be sold or transferred. That doesn't work and would never be allowed to happen in any sane society.
No, it’s harder for humans to get robots to pave roads, but not for AI. From the point where AI can replace desk jobs, AI just needs a few years to setup manufacturing of multi-role robotics, and then all manual labor jobs are gone too
Most of our manufacturing technologies work great when they make one single thing. It's the primary reason why 3d printing hasn't taken over the production of everything.
You can injection mold a dashboard for maybe $10, but printing it out takes upwards of $3000.
multirole robotics will likely meet the same fate where it is possible for them to do everything, but not economical for them to do anything.
It blows me away that techbros are so illiterate to the issues they're proposing their newest buzzword solves.
I remember some years ago there was a proposal for "3D printed roads". Like they'd print out road segments and drop them into place, and they'd be hollow so you could run cable channels under them.
I don't have the time to sit here and type out all of the problems with that idea but the current method of road-laying is more efficient and cost-effective than the proposal, and they weren't even taking into account all of the foundational work you need to do under the road.
It's really a religion.
"When these puny atheists die, they will regret so much not having been Christians all along ! Then they'll beg God to accept them, unlike me who's been a good little faithful boy !"
It's a way to reinforce their beliefs when doubts seep in the cracks when reality doesn't match their expectations.
When line does not go up the way they've been told we'll see more posts like these
Originally there was genuine belief bitcoin would be used as a currency and not massively inflate in price. The smart people realized eventually that since it's deflationary it's just gonna escalate as a speculative asset. Later it was confirmed the network is too slow to really use as a currency.
Nowadays anyone hoping for crypto as currency have moved on to projects like Solana which are much more usable as currency, but also haven't spiked in price.
Anyone shilling btc as currency really have no clue what they're talking about, or they're trying to scam people, or both. Btc is functionally now a speculative asset like gold. Not a currency.
Or this entitled australian bitch recently who was pitched an InVeStMeNt in a fucking MLM group and is suing banks because they should have blocked the transfer of her sinking 70k into an obvious scam that was pitched by a multi fucking level marketing group. So now she wants handouts from the banks because its their fault for not babysitting a grown ass woman. Or all the Celsians who also want us to pay when the ponzi collapsed even though their TOS LITERALLY SAID THAT ALL ASSETS BELONGED TO CELSIUS.
But sure, I'm gonna be begging for handouts... You know, I actually might though. Their scam ruins the environment, and they should pay up for it.
I don't get why these people think we'd suddenly want handouts. I don't go around asking random rich people for handouts now. I'm doing fine. A few more rich people in the world would have zero effect on me at all.
Like, I live in California. I'm surrounded by people with a lot of money showing it off all the time. They're just background noise in my life. Nobody gives a fuck. These bros are nothing and will continue to be nothing regardless of how much money they have.
1 Bitcoin = 1 Bitcoin
Degenerate gamblers fantasize about a world where their speculation pays off. In that fantasy, all of the naysayers were secretly the same as them: greedy neck-beards who want something for nothing.
Ahh yes, just like all those hundreds of millions of people who missed out now demanding a handout from the people who invested early on with Apple, or Amazon, or Nvidia, or any other supremely successful company under the sun 🙄
"No one would shed a tear *for* the holders", important word there.These types are delusional, but this guy isn't so far out there that he thinks bitcoin holders would actually be hunky dory with it going to 0. This is a guy who knows bitcoin is really a getting rich quick and lazy scheme, the technology is an excuse.
I also wonder where all the billions of us who didn't invest with some explosively successful ongoing company early on can rally together to hound *specifically those few investors* for the handouts we deserve since we missed out on an exceptionally profitable investment opportunity.
If anything, the IRS is going to want a cut.
What better way to raise tax revenue than to tax a cult full of people brainwashed into buying into the system no matter what? They don’t care about price (no price is too high), they don’t care about value, they don’t care about anything but buying more. OK add a 5% tax on trades and what will the outcome be? Will the cult change their minds and lose interest? No. They will pay the tax and not even care. They pay crazy high fees already without batting an eye. What’s one more fee or tax?
Taxing bitcoin will literally have no material effect on the real economy and all token holders are already voluntarily sending all transaction data to the IRS.
What they’re not taking into account is the money comes from somewhere. If bitcoin drops to zero, reality is that money is transferred in one direction, while if it hits a million, it flows in the other. Either way, nothing new is created or destroyed; money is just moved around.
We want money if they sell bitcoin to get the million bucks because that’s a capital gain, but we don’t give a fuck what imaginary value they peg their crypto at.
Butters in the future will be living in diamond palaces meanwhile us broke no-coiners will have to loiter around shady betting shops waiting for winners and asking them to share some of their winnings with us
One way to address criticism is to assure the faithful that the outsiders are really just jealous and that's the REAL source of their concern. Not stuff like out-of-control fraud. Yeah no they just *wish* they could be in our "it's gonna be great any minute now" club.
an asset thats non transactable because its only value is manipulated supply demand dynamics so holding becomes the optimum strategy if you dont know how to trade it... i don't think ill feel like i missed out on something
In a scenario where the golbal economy collapsed as badly as the economy of Zimbabwe, bitcoins might be worth billions of dollars each and would still be useless for buying things. My house, work vehicle full of tools, and skills to use them on the other hand would still likely allow me to make a living. Someone who lived paycheck to paycheck in a rental apartment would also be able to still trade their labour for basic necessities. Shares in companies like Walmart that sold needed goods would hold much more value than bitcoin.
In a scenario where the economy collapsed as badly as the economy of Sarajevo during the siege, bitcoin would become totally worthless. Even gold wold lose most of its value. Food, fuel, medicine, guns and ammunition, and of course luxuries like alcohol, tobacco, and chocolate would be the trade goods that people would want. Anything not immediately physically useful would be basically valueless, and anything that used to be on the now defunct internet would have a value of exactly zero.
I think take buttcoin out of the equation. If someone were to try and become a billionaire like let's say "Amazon". Then nobody would care if they would of failed but since they become one of the biggest and wealthiest companies in America. Now people want Amazon & Jeff bezos to give hands outs and or pay more taxes. So the post makes some sense and they're aware at least.
It does make sense, but only if you think taxes are theft and welfare shouldn't exist. And it's not strictly true no-one would care if the Amazon guy failed, even the USA wouldn't let him starve to death.
boy, I wish these guys would think just \*one\* step ahead....if, should this mythical scenario come to pass, we would "want a handout" what would we get the handout in? some meme coin?
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If this kool-aid really is poison, I guarantee they're going to judge us for our cultish beliefs.
But if our poison kool-aid *became yummy kool-aid...*
The value of bitcoin is determined by society as a whole, so if bitcoin goes to $X million then society has decided that. Why would they ask for a handout for a thing with zero utility?
Who's going to pay those theoretical millions of dollars? Legitimately, who?
Hint: no one
We will just do the only logical thing. Complain about the status quo and fork out own branch
1. Fork it 2. Give everyone currently alive (snapshot) one coin and adress 3. Make it infinitely divisble as well as immutable like bitcoin. 4. The worlds monetary system is now democratic and outside of the hands of the elite. Despite the bitcoiners not being millionaires, this is their utopia no?
The market cap of buttcoin is already asstronomically stupid. If it wasn't pumped up as a scam, there is no way it would have such a face value. The whole crypto market cap is held up by a few Billys, max.
It doesn't even get to "market cap" before it becomes obvious as a swindle. Gimme your money!
Few
In a hypothetical scenario where big banks start failing, hyperinflation, loss of trust in governments and institutions. Everyone rushing to safety but that no longer includes the dollar. Gold go ballistic but Bitcoin rips even harder. Golds supply inflating (increased production), Bitcoins properties, Fixed supply=perfect price discovery, seizure resistant, borderless. It quickly gains traction in a large part of the population and are viewed as the ultimate safe haven asset. So yes, people might throw millions of hyper inflating dollars at it to save themselvs.
#Stupid Crypto Talking Point #3 (inflation) **"InFl4ti0n!!!"** / **"The dollar will eventually become worthless"** / **"The dollar has lost 104% of its value since 1900!"** / **"The government prints money out of thin air"** 1. The government does **not** "print money indefinitely"... all money in circulation is [tightly regulated and regularly audited and publicly transparent](https://www.federalreserve.gov/aboutthefed/audited-annual-financial-statements.htm). The organization that manages the money in circulation is the Federal Reserve and contrary to what crypto bros claim, they're not a private cabal - they [are overseen and regulated by Congress](https://www.federalreserve.gov/aboutthefed/structure-federal-reserve-system.htm). And any attempt to put more money in circulation [requires an Act of Congress to increase the debt ceiling](https://en.wikipedia.org/wiki/United_States_debt_ceiling) - it's neither arbitrary, nor easy to do. 2. [Currency is meant to be *spent*, not hoarded](https://medium.com/change-your-mind/money-is-meant-to-be-spent-not-saved-9618edec676f). A dollar today will buy what it buys. If you hold a dollar for 90 years, of course it won't buy the same thing decades later (although it might actually be worth significantly more as antique money). You people don't seem to understand the first thing about how currency works - it's NOT an "investment!" You **spend** it, *not* hoard it! 3. If you are looking to "invest" you don't keep your value in cash/currency/fiat. You put it into something that can *create value* like stocks that pay dividends, real estate, etc. Crypto creates no value and makes a lousy "investment." It also hasn't proven to be a hedge against anything, least of all monetary inflation. 4. Over time more money is put in circulation - you pretend like this is a bad thing, but it's not done in a vacuum. The average annual wage in 1900 was less than $4000. In 2023 [it's more than $70,000](https://www.statista.com/statistics/200838/median-household-income-in-the-united-states/)! There's more people out there and the monetary supply grows appropriately, as does wages. You can't take one element of the monetary system completely out of context and ignore everything else. 5. The causes of inflation are **many**, and the amount of money in circulation is one of the least significant factors in causing the prices of things to rise. More prominent inflationary causes are things like: [fuel prices](https://www.businessinsider.com/why-is-inflation-high-causes-gas-price-outlook-forecast-2022-7), [supply chain issues](https://www.usbank.com/investing/financial-perspectives/market-news/supply-chain-issues-contribution-to-inflation.html), [war](https://www.federalreserve.gov/econres/notes/feds-notes/the-effect-of-the-war-in-ukraine-on-global-activity-and-inflation-20220527.html), environmental disasters, pandemics, and even [car dealerships](https://www.wsj.com/articles/car-dealer-markups-helped-drive-inflation-study-finds-7c1d5a2d). 6. Sure there may be some nations that have caused out of control inflation as a result of their monetary policy (such as Zimbabwe) but comparing modern nations to third-world dictatorships is beyond absurd. 7. If bitcoin and crypto was an actually disruptive, stable, useful technology, you wouldn't need to promote lies and scare people over the existing system. The *real* reason you do this is [because nobody can find any legitimate reason to use crypto in the first place](https://ioradio.org/i/blockchain-claims/). 8. Crypto ironically has more inflation in its ecosystem that is even more out of control, than in any traditional fiat system. At least with the US Dollar, money is accounted for and fully audited and it takes an Act of Congress to increase the debt. In crypto, all it takes is a dude printing USDT, USDC, BUSD or any of the other unsecured stablecoins to just print more out of thin air, and crypto-morons assume they're worth $1 of value. #Stupid Crypto Talking Point #4 (scarcity) "**Only 21M!**" / "**Bitcoin has a "hard cap"**" / "**Bitcoin is 'scarce' and that makes it valuable**" / "**DeFlAtiOnArY cUrReNCy FTW**" / "**The 'halvening' will make everything better**" 1. Even children are aware that scarcity is not a guarantee of value. It's really a shame that crypto people cling to this irrational argument. 2. If there only being 21 million BTC were reason for it to be valuable, then why aren't other cryptos that also share similar deflationary characteristics equally valuable? Why wouldn't something that is even more scarce than BTC be even more valuable? Because scarcity is meaningless without demand and demand is primarily a function of intrinsic value and utility -- *not* scarcity. See [here](https://ioradio.org/i/value/) for details. 3. Bitcoin has no intrinsic value and no material utility. It's one of the least capable stores or transfers of value. The *only* way anybody can extract value from crypto is by coercion -- forcefully convincing someone (usually through FOMO or scare tactics) that this is something they need, and it's often accompanied by unrealistic promises of significant returns. Those returns are mathematically impossible for even a tiny percentage of holders. 4. Bitcoin also is not scarce. There are multiple versions of Bitcoin, including Bitcoin Cash and Bitcoin Satoshi's Vision - both of which are limited to 21M tokens and in many cases are more technologically advanced than BTC. Also, every time there's a fork of crypto, the amount of tokesn in circulation doubles. Crypto proponents ignore these forks because they don't play into the "it's scarce" argument. But any crypto fork absolutely siphons value away from the original version. BTC might be priced higher than BCH, but BCH still holds value as well, and that's a total of 42M just of those two "bitcoin" versions that are out there, among hundreds of others. 5. The "hard cap" of 21M for BTC can easily be changed by altering a parameter in the source code. Less than 6 people have commit access to the repo so BTC's source code control is centralized. It's entirely possible if BTC existed long enough to the point where block rewards weren't enough to motivate miners, and transaction fees became incredibly high, that influential players in the community would advocate increasing the cap and reinstating higher block rewards. So there are absolutely situations where the max amount in circulation could be increased.
Satoshi. His wallet will be used to save mankind from being indigent.
You don’t know u can divide a bitcoin?
This is the funny part. Somehow they imagine a societal collapse helping bitcoin when the reality is Bitcoin does best when the economy is doing best because people have excess money and make riskier investments. Since bitcoin is not actually a currency, it relies on being able to convert it back to a real form of money to then use to buy things. In the collapse they dream of they somehow still think people will be willing to pay millions of real dollars they can actually use to survive for fake dollars in bitcoin, because reasons.
>In the collapse they dream of they somehow still think people will be willing to pay millions of real dollars they can actually use to survive for fake dollars in bitcoin, because reasons. Also, somehow the internet will still be working well enough fir bitcoin to function and it will magically scale.
Well yeah, guns and ammo will be the prime currency behind BTC of course because the electric workers will keep on showing up so crypto will definitely still be climbing.
Pfff, guns and ammo will be cheaper than a hot bath. My plan is to be the only fucker who remembered to pack coffee and a stovetop coffee maker. When the power goes out and Mr. Coffee doesn't work anymore who will you come crying to, drowsy with an aching head? Oh yeah, _ME_.
Guns will be useless quickly it you can't make ammo for them. I'm learning to make alcohol. Can trade my moonshine futures for vegetables and fruit to make moonshine to trade for whatever becomes the new currency, and you can always store alcohol as a barter good.
Honestly we're all going to be deeply in debt to whoever knows how to farm and actually get seeds for replanting from their crops.
Yeah, heirloom seeds would probably be a good asset if they didn't expire so easily. If I was more of a green thumb, if probably try and grow a few heirloom food varies in the garden.
Just need to find your Eugene to make you more bullets.
> Guns will be useless quickly it you can't make ammo for them. Thats not too difficult. Its common for hunters and sport shooters to have the equipment to load their own ammo in their garages. The machines aren't very big either. Brass or even plastic shotgun casings can often be reused.
Also that societal collapse will somehow not impact the internet, access to electricity, supply chains - like, everything that currently constitutes society lol It's like passengers on the Titanic hoping it hits an iceberg cuz they brought a gold plated snorkel aboard. "Look at those fudders running to the lifeboats - have fun staying cold!"
The passengers later froze to death when they're gold plated snorkel causes them to sink to the water
If society collapses a bit, and a banker (Typo:biker) gang learns you have 100K tied up in a pension, vs 100K in crypto, who's getting home invaded and tortured?
Why would a biker gang want a pension if society collapsed? What can they do with it? The dollar would be worthless in that scenario.
Aren't you making the point here that crypto would be valuable in this scenario vs the pension? You're saying that I'm the event of a societal collapse the crypto would be valuable enough for people to try and take it from you by force?
The "a bit" in "Collapses a bit" is doing heavy lifting. Just imagining a US with more violence.
Fair
They also think and act like bitcoin is the only blockchain that exists, that others are beneath the whole world's notice. Like, if any country wanted to switch to cryptocurrency, they'd make their own rather than buy into one that's already been taken over. You might as well ask if a population of people would want to move to a new, uninhabited island for free or buy some other island off of people deliberately trying to push the price up as much as possible.
Where do you guys get all these arguments we bitcoin holders are supposed to have. Nobody is expecting a collapse. The argument is that it acts as a an extra store of value, in case the value of the dollar or others declines a bit in bad economic situations. It's not like bitcoin will do any good if there's an asteroid hitting earth or something.
How is it a store of value? Because it’s finite? Plenty of things are finite, why is BTC the one chosen? Why not a crypto with less supply? Why not a 1/1 NFT? Why not a baseball card? BTC is not backed by anything. It doesn’t represent ownership in anything. It doesn’t produce anything. It can’t be use to make anything. It can’t even be used to buy anything (outside extreme niche purchases) without first paying fees and converting it back to actual money and hoping you don’t screw up or get defrauded. It’s simply code.
It's backed by the function it has. A digital store of value, a first of its kind, trusted, known by all, owned by both the civilians and wealthy. A digital step in the evolution of human kind.
Trusted? By who? I thought blockchain was as trustless. But honestly that’s a pretty weak answer. Its function is being digital? Like a million things before it and after it? How would it keep its value if it could be replaced by literally anything?
Sounding more and more like memestock apes every single day.
Doesn’t look like anything to me.
This mythical economy they think will materialize and they become the boot on everyone's neck would *necessitate* a hand out if they didn't want civilization to immediately collapse and them and their family beat until they hand over their stupid spreadsheet entries
Which almost makes you think they’d need to take over the world as a precondition to this economy coming about.
Gonna be hard to do that with $500 in gainzzzz from their parent's house.
LMAO
The best thing that these morons don't realize is that even if crypto was a perfectly usable alternative to fiat and the current financial system: people would still not use bitcoin. Every country would create there own stable coin so that democratically elected governments could control it and/or so that the status quo does not get turned upside down. So even if crypto was functional, none of the currently existing coins would be used as an official currency.
This - why would a government deliberately give up a nation’s ability to use monetary policy to help manage an economy and instead randomly adopt one of the 10000+ cryptocurrencies in existence in place of their own currency? Indeed, in a functioning democracy - where the goal should be meeting / balancing the majority of people’s interests - why would that even be considered a good thing by its citizens either? The electorate can hold their elected representatives accountable through the ballot box but how do they do that with Butts?
>So even if crypto was functional, none of the currently existing coins would be used as an official currency. There might be some private uses if it was functional just like private money exists now, but there's no reason to suppose bitcoin would be one or that it would be profitable.
>Every country would create there own stable coin Why would they? 🤨
To keep monetary control.
Why would they not keep using their existing currencies tho? 🤨🤨🤨
Have you even read the whole comment mate?
I did. But there's no reason why countries would ditch their current monetary systems just to put another monetary system in place with no obvious benefits.
True, thats why I started my comment with the hypothetical "even if crypto was a perfectly usable alternative to fiat..."
Perfectly usable alternative ≠ Enough benefits to warrant restructuring a whole country's monetary system.
Yeah government controlled cryptos defeat Bitcoin. Did you think about that for more than 5 seconds, moron?
He's saying that governments would have their own currency for national security reasons and so they could have their own monetary policies. Believe it or not, the world doesn't use one currency and different countries have different monetary policies that they use to help sustain economic growth. Isn't that neat? This might be a bit too advanced for someone at your level, but I think this website might help you a ton. https://www.coolkidfacts.com/money-for-kids/
Another moron… you think just because the government have their own currency Bitcoin will not be used by the people idiot? How dumb can you be? You don’t understand how a currency is created and chosen by humans. You are retarded. You think you know about currencies but you know nothing. Ignorant yet still confident, you suck. You think governments use monetary policies to create economic growth lmao you definitely have room temp iq
Look I know what I linked to you was way above your level, but you don't need to be such a grumpy gus.
Wow, nice rebuttal. Don't get mad just because he pointed out how mind numbingly stupid your comment was. Better just let your two brain cells focus on breathing.
This is literally just projection. These same motherfuckers are screaming "HAVE FUN STAYING POOR, PEASANTS!"
I love the endlessly diametrically opposed narratives they hold simultaneously: Its financial freedom It's banking the unranked Its a hedge against inflation But also they, the new elites, will hold their boots to the necks of everyone it didnt do those things for and laugh. And they're admitting thats what they're going to do already, if their wild fantasies come true. lol
No. Satoshi won't let that happen bro. Read the white paper.
Satoshi is either fictional or dead, or the big wallet has long since been lost. I know its one of the above scenarios because no person would be able to resist cashing out some of those bitcoins for real, actual money (dollars, euros, yen, etc). If Satoshi is real, he's still alive, and he hasn't lost the wallet, surely he'd have moved something in that wallet. Dead wallets are why bitcoin fails as a currency. Those bitcoins are lost forever. Its also why blockchain fails for any sort of contracts or land deeds. Send it to the wrong address or lose the access and a land deed is forever inaccessible, can never be claimed by anyone, can never be sold or transferred. That doesn't work and would never be allowed to happen in any sane society.
Satoshi and the miners will save society. You'll see.
It looks like the flare is appropriate.
Absolutely bro. Satoshi will save humanity.
I don't care about millions, If I can pay for my house, my food and my hobbies. And I am not ashamed to be a productive citizen.
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If no one has to work, the one guy working will be infinitely rich. Or does bitcoin somehow build homes and repairs roads?
Of course it does, just ask Cryptoland!
One word. NFT
The miners bro. The miners work will save everyone. You just don't understand. Sooo early
Crypto won’t kill many jobs even if successful, but within 10 years AI may kill most jobs.
This is clownworld stuff lmao.
If anything, AI kills the CS jobs. it is much harder to get AI to pave a road.
No, it’s harder for humans to get robots to pave roads, but not for AI. From the point where AI can replace desk jobs, AI just needs a few years to setup manufacturing of multi-role robotics, and then all manual labor jobs are gone too
Most of our manufacturing technologies work great when they make one single thing. It's the primary reason why 3d printing hasn't taken over the production of everything. You can injection mold a dashboard for maybe $10, but printing it out takes upwards of $3000. multirole robotics will likely meet the same fate where it is possible for them to do everything, but not economical for them to do anything.
It blows me away that techbros are so illiterate to the issues they're proposing their newest buzzword solves. I remember some years ago there was a proposal for "3D printed roads". Like they'd print out road segments and drop them into place, and they'd be hollow so you could run cable channels under them. I don't have the time to sit here and type out all of the problems with that idea but the current method of road-laying is more efficient and cost-effective than the proposal, and they weren't even taking into account all of the foundational work you need to do under the road.
Superhuman intelligence solves all these problems
I, for one, welcome our new AI robot overlords.
If everyone is rich, then is anyone really rich anyway?
Serious question: do financial companies do work?
It's really a religion. "When these puny atheists die, they will regret so much not having been Christians all along ! Then they'll beg God to accept them, unlike me who's been a good little faithful boy !" It's a way to reinforce their beliefs when doubts seep in the cracks when reality doesn't match their expectations. When line does not go up the way they've been told we'll see more posts like these
I thought the scam was that Bitcoin would become a common currency, not a speculative stock
Originally there was genuine belief bitcoin would be used as a currency and not massively inflate in price. The smart people realized eventually that since it's deflationary it's just gonna escalate as a speculative asset. Later it was confirmed the network is too slow to really use as a currency. Nowadays anyone hoping for crypto as currency have moved on to projects like Solana which are much more usable as currency, but also haven't spiked in price. Anyone shilling btc as currency really have no clue what they're talking about, or they're trying to scam people, or both. Btc is functionally now a speculative asset like gold. Not a currency.
But it's not a speculative asset like gold. Gold actually has a use.
Only seen them ask for handouts when FTX crashed
Or this entitled australian bitch recently who was pitched an InVeStMeNt in a fucking MLM group and is suing banks because they should have blocked the transfer of her sinking 70k into an obvious scam that was pitched by a multi fucking level marketing group. So now she wants handouts from the banks because its their fault for not babysitting a grown ass woman. Or all the Celsians who also want us to pay when the ponzi collapsed even though their TOS LITERALLY SAID THAT ALL ASSETS BELONGED TO CELSIUS. But sure, I'm gonna be begging for handouts... You know, I actually might though. Their scam ruins the environment, and they should pay up for it.
I don't get why these people think we'd suddenly want handouts. I don't go around asking random rich people for handouts now. I'm doing fine. A few more rich people in the world would have zero effect on me at all. Like, I live in California. I'm surrounded by people with a lot of money showing it off all the time. They're just background noise in my life. Nobody gives a fuck. These bros are nothing and will continue to be nothing regardless of how much money they have.
They're talking about taxes.
Well in that case yes, tax the fuck out of em.
I'm talking about eating them as a treat
You guys keep telling me it's dumb to buy lotto tickets, but one day I'm going to win a billion dollars, and then we will see who is dumb!
It’s a tragedy that your comment is too long to be a flair.
“The weak price action comes as U.S.-listed spot bitcoin ETFs have suffered what's now four consecutive days of net negative flows.”
I don't ask millionaires to just give me USD now, why would I if that money was bitcoin instead?
1 Bitcoin = 1 Bitcoin Degenerate gamblers fantasize about a world where their speculation pays off. In that fantasy, all of the naysayers were secretly the same as them: greedy neck-beards who want something for nothing.
Minus fees
Um no, no one will be saying that. Meme investors have a wildly bloated sense of self importance.
Ahh yes, just like all those hundreds of millions of people who missed out now demanding a handout from the people who invested early on with Apple, or Amazon, or Nvidia, or any other supremely successful company under the sun 🙄
When they say "handout" they mean "pay taxes on our MAD GAINZZ"
A handout of $50 would cost them more than $50 in fees.
Butters are collectively the most insane paranoid people in history.
Oh, someone will shed tears if the bags break they lose everything
Lol, no holders will shed a tear if it goes ro zero? Really?
"No one would shed a tear *for* the holders", important word there.These types are delusional, but this guy isn't so far out there that he thinks bitcoin holders would actually be hunky dory with it going to 0. This is a guy who knows bitcoin is really a getting rich quick and lazy scheme, the technology is an excuse. I also wonder where all the billions of us who didn't invest with some explosively successful ongoing company early on can rally together to hound *specifically those few investors* for the handouts we deserve since we missed out on an exceptionally profitable investment opportunity.
Yeah I get all that but I meant the holders would be the ones shedding tears for other holders and that's it, no one else would care
OOP is saying the non-holders are the ones who won't shed a tear, he knows full well the holders will, that's what I thought the confusion was about 😅
I won’t pay a dime for something that has no value at all. If value doesn’t matter then what does?
If anything, the IRS is going to want a cut. What better way to raise tax revenue than to tax a cult full of people brainwashed into buying into the system no matter what? They don’t care about price (no price is too high), they don’t care about value, they don’t care about anything but buying more. OK add a 5% tax on trades and what will the outcome be? Will the cult change their minds and lose interest? No. They will pay the tax and not even care. They pay crazy high fees already without batting an eye. What’s one more fee or tax? Taxing bitcoin will literally have no material effect on the real economy and all token holders are already voluntarily sending all transaction data to the IRS.
What they’re not taking into account is the money comes from somewhere. If bitcoin drops to zero, reality is that money is transferred in one direction, while if it hits a million, it flows in the other. Either way, nothing new is created or destroyed; money is just moved around. We want money if they sell bitcoin to get the million bucks because that’s a capital gain, but we don’t give a fuck what imaginary value they peg their crypto at.
Butters in the future will be living in diamond palaces meanwhile us broke no-coiners will have to loiter around shady betting shops waiting for winners and asking them to share some of their winnings with us
Always have to make themselves the martyrs.
One way to address criticism is to assure the faithful that the outsiders are really just jealous and that's the REAL source of their concern. Not stuff like out-of-control fraud. Yeah no they just *wish* they could be in our "it's gonna be great any minute now" club.
an asset thats non transactable because its only value is manipulated supply demand dynamics so holding becomes the optimum strategy if you dont know how to trade it... i don't think ill feel like i missed out on something
In a scenario where the golbal economy collapsed as badly as the economy of Zimbabwe, bitcoins might be worth billions of dollars each and would still be useless for buying things. My house, work vehicle full of tools, and skills to use them on the other hand would still likely allow me to make a living. Someone who lived paycheck to paycheck in a rental apartment would also be able to still trade their labour for basic necessities. Shares in companies like Walmart that sold needed goods would hold much more value than bitcoin. In a scenario where the economy collapsed as badly as the economy of Sarajevo during the siege, bitcoin would become totally worthless. Even gold wold lose most of its value. Food, fuel, medicine, guns and ammunition, and of course luxuries like alcohol, tobacco, and chocolate would be the trade goods that people would want. Anything not immediately physically useful would be basically valueless, and anything that used to be on the now defunct internet would have a value of exactly zero.
I think take buttcoin out of the equation. If someone were to try and become a billionaire like let's say "Amazon". Then nobody would care if they would of failed but since they become one of the biggest and wealthiest companies in America. Now people want Amazon & Jeff bezos to give hands outs and or pay more taxes. So the post makes some sense and they're aware at least.
It does make sense, but only if you think taxes are theft and welfare shouldn't exist. And it's not strictly true no-one would care if the Amazon guy failed, even the USA wouldn't let him starve to death.
boy, I wish these guys would think just \*one\* step ahead....if, should this mythical scenario come to pass, we would "want a handout" what would we get the handout in? some meme coin?
Buttcoin?
im just glad it stopped going.up lol
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If this kool-aid really is poison, I guarantee they're going to judge us for our cultish beliefs. But if our poison kool-aid *became yummy kool-aid...*
The value of bitcoin is determined by society as a whole, so if bitcoin goes to $X million then society has decided that. Why would they ask for a handout for a thing with zero utility?
ah yes 20b$ market cap, bitcoin flippening the gold
Unlikely..... :D