Yes sir. Wouldn't want regular folks to be able to retain the value of their savings! Government's restricted to being fiscally responsible instead of printing their way out of problems with the hidden tax on the poor that is inflation? Ridiculous!
Bitcoin: 4.7% believed to be in the hands of a single person, another 3.1% in the hands of four addresses. Deflatory so no incentive to use it to make transactions. Value depends on the network effect (i.e. a pyramid scheme). Small transactions now too expensive to be realistic. 24% of the supply was created in the first year, 35% over two years. Movement of funds takes too long to be useful. Those who got in early are guaranteed to be richer than those who got in late without having made any effort...
Crypto would be great as a replacement of the stockmarket but it's fighting to be cash instead and it's doing a bad job of it because it's cash as envisioned by tech bros, not actual economists.
Also wastes energy and hardware (which includes rare earth metals mined by slaves) to endlessly compute hashes. Great solution for a post climate change world let me tell ya!
Since nobody else responded to the stock market argument: it's how cash is envisioned to work by Austrian school economists, not the economists currently in charge. The average person needing to trust strangers with their money is not good.
It's an entirely different perspective on how money should work (that was de facto illegal for decades), and only now can we put our money where our mouths are.
I'm not pro crypto per-se, but your argument is only valid for bitcoin, not crypto. Most of it is even worse to be fair, but there is a future for sane crypto IMO.
I love posts like this, it lets me know most people still don't have the first clue what they're talking about. It's honestly a bit impressive how nearly every point you tried to make is either misleading or straight up wrong.
I love posts like this, it lets me know most crypto lovers don't have the first clue what they're investing in. It's honestly a bit impressive how you didn't even try to actually argue against what I said because it's just a list of facts.
Though great privacy when used offline, which is also pretty sick and the adoption levels defies reason, it's virtually usable globally both online and offline.
Paper money is flimsy and wears down quickly. It's being constantly printed and replaced. This meme is vague and intentionally misleading. Physical money in circulation is replaced and old money destroyed. Constantly. That's what these figures are about. The wealth inequality, solid point. The rest is just vague word use to make it sound alarming.
Simple answer: Because they can, because it's lucrative, and because it's not as obvious as raising taxes. Imagine you could legally print money, and when anyones asks about it, you can just dismiss it with: "I'm stimulating the economy"
The US is printing a lot of money, but a lot of that money is theoretical and not really printed. Stocks are a way this happens, if you bought 10 shares at $10 and a week later they are worth $15, $50 got created. Loans are another way money gets created with a fractional reserve system, $1, 000 in savings can create $10,000 in loans.
Tell me again which one is the best place to store value?
I don't think you are ready to hear this yet, but it's monero :P All jokes aside, bitcoin ain't terrible, especially compared to the dollar, but I worry that botcoin's security model will crumble more with each halfing. Transaction fees are already unusable in some cases, yet they barely contribute to the miner rewards. The math doesn't seem to work out.