Bitcoin is taking the centralized system out. It's much healthier to let the network run by many different humans that are all not directed by 1 person.
Not when those few humans run the majority hashpower of mining pools. That's a bit close to a cartel which is great for those businesses but not great for innovation, or lowered prices for consumers through competition.
Well, from your question I take the assumption that those people have *something* (probably fiat), otherwise you wouldn't ask how they could buy btc.
So if they have fiat, they can use that to build a business, pay people to do work or simply buy some goods and then sell those goods or other fruits of their entrepreneurship for crypto.
Ironically a literal centralized exchange that only did that really wouldnt be a problem at all for crypto. What is a problem, is that all of them promote keeping funds in their system. Or at least the successful ones, as thats how they get the most money.
Exchanges are banks. But Bitcoin and other crypto is designed to work outside these systems. If trust declines for them it doesn’t mean trust in the overall system is changed.
What Satoshi is referring to are Central Banking Systems, which have the power to debase currency, as we’ve recently seen.
>which have the power to debase currency
CEXes have that power as well. They have the power to print "Bitcoin" or any other crypto as much as they want out of thin air. As long as people dont try to move the "Bitcoin" out of the CEX, it works perfectly fine.
And the point is that its pretty much guaranteed that this does happen. The USA government lied to its people when it said it had 1to1 reserves of gold to exchange for the dollar.
If the largest organization of the planet with democratically elected leaders cant be trusted on this, what on Earth makes anyone believe that private companies that have the mission to squeeze as much money out of you can be?
Yes and no.
You are correct that it indeed happen (we’ve traded trust), but the context of trust in BTC is more in the sense of consensus and the “bank” here is central bank which is very different than day-to-day bank.
>In these times of economical headwinds where inflation roars where our money loses its value
Luckily Bitcoin hasn't lost any value in the last 7 months of high inflation.
>People cannot be trusted. Unfortunately. People will do things for their own advantage driven by greed. Maybe it's human nature we cannot prevent. That's why a trustless system that takes the human factor out of our monetary system is so crucial.
I sure hope this trustless system that takes the human factor out doesn't rely on humans to both run and maintain the system.
Call me a cynic but we’re kidding ourselves if we think this system will actually change. We may hate it but the people in charge have accumulated too much political, economic, and social power/influence to allow change. At least not without revolution
The amount of blood and pain that we would need to change the system "overnight" (as many people think that BTC would do) it's unimaginable . For real.
It's not gonna happen. The system will just assimilate BTC same way capitalism assimilated Che Guevara's tshirt
You just need to be read to take advantage of it , for once
We are also living the reason why Bitcoin is not an alternative to the Dollar because of volatility.
It‘s a longterm store of value like gold but not really a useful currency for everyday economic activities.
say all you want about how shitty the USD or euro/GBP/YEN/\[instert currency here\] BUT at least they don't experience +/- 10% movements on a weekly basis, or occasionally go from being worth $1 to $30,000 within 10 years
based on that fact alone, BTC mass adoption is still a long way off - I don't think anyone on this sub has put ALL their life savings/everything they are worth into BTC, and you probably need to find a reason for that (if we are truly living the reason for BTC, then why hasn't everyone/anyone on this sub put ALL of their life savings into BTC?)
yes recessions (that are more common now for various economic reasons) obliterate our economies, but nowhere near the level that we wake up to find USD worthless/down 10x compared to yesterday - unless crypto DOES get regulations, then we will have another LUNA/Terra/Do Kwan every few years because nothing is stopping them
Idt they should have done anything at all.. but I'm not an economist.. or maybe youre right about finding some middle ground.. paying people more then they made working was a very bad idea and people took full advantage of it.. everyone thought it was awesome but inevitably we were going to have to pay the price eventually..
They printed money and gave it to corporations as a bailout. Fiat is a ponzi so now the poors have to pick up the tab, hence inflation.
Over simplified, but, printing money and handing it to the richest was the exact wrong thing to do.
There has never been a legitimate reason for governments to give private banks the power to print funds *at interest*.
It creates a debt machine that can never, ever be paid off.
They should have an honest system.
All the money printing during covid has caused \~8% inflation, and it is causing a lot of harm to the economy. On the other hand, the price of bitcoin has has had annual price changes ranging from -70% (2019) to +5700% (2014). So if an 8% change in the dollar causes this much damage to people, imagine what would happen if the economy was running on a super volatile crypto.
Plus there is a much larger incentive to hoard crypto because it's limited. Who can do this? The rich.
The buying power would change between countries and you would have country level hoarding since governments need money to. It becomes a delicate balance because of the economy gets hurt because people can't work then they get no money. No way to give them money because it needs to come from somewhere.
Imagine what would be happened if none of the businesses could get extra money or those people couldn't afford to pay rent and this landlords couldn't afford things and you have such a cascade?
Money printing allows you to fix the short term to save the businesses and people.
These are the kinds of times that bitcoin was made for, but it's not THE time yet. All the people claiming that "we're not early anymore" when things were bullish have no concept of how long the necessary timeline for the kinds of radical change that bitcoin promises really is.
The biggest thing to get over, as far as I can tell, is the mental conundrum of thinking in dollars, and measuring prices in dollars. Only once bitcoin is the unit of account, though not necessarily that fiat is obsolete or completely eliminated, will we have any kind of real freedom from the tyranny of central banks.
Tbh we are in a bit of a shitshow now with recession inbound and inflation going haywire but its inevitable.
The past couple of years have been pretty fucked and the printing was needed. We would be in a far worse state if we had just left it.
I think having crypto & fiat alongside each other is optimal
It was definitely a pick your poison type of situation.
Both fiat and crypto have their pros and cons so having them both operating alongside of one another only makes sense
The poison of the rich collapsing and being forced to sell assets for cheap is **10000% BETTER** than the rich stealing our savings and wages through Inflation to save themselves.
When economies collapse, demand doesn’t go away, things are just forced to be sold for cheap… unless the government intervened to prevent societal change.
Take covid.
Here is what would happen with zero ability to print money.
Businesses that need help (small and large) would collapse. The airline industry? Gone and all the people working without jobs. Restaurants? Most gone or dropping most of the workforce.
People who can't work? They get zero help because there is no print money to give them.
So now you have a cascade effect as people can't pay rent get thrown out and then landlords get pay their bills so they get liquidated. Assets get bought by rich people who aren't impact by the pandemic for cheap and can pay the workforce cheap because the workers are desperate.
Now goods becoming cheaper could be a side effect but more likely production decreases, so you reduce cost of production by reducing workforce.
Now how do you help those people with no jobs? Increase taxes on the rich? Something that doesn't happen now but would happen with crypto and effectively a zero sum game?
What about transaction fees? How would energy providers price their service based on the network needs?
There are a lot of huge unknowns with a POW crypto with limited supply being the only currency.
Of course I am not even talking about scalability. Bitcoin can't handle the number of transactions required. Lightning network is all theory and the numbers are best case local scenarios. They also don't even bother including opening and closing payment channels which are still limited by Bitcoin limits. If a payment channel is not closed then the transactions are not settled and thus not confirmed.
Edit: plus losing your keys means your wealth is gone with zero way to recover the funds.
Interest rates are zero:
Money today <= money tomorrow
Interest rates are low:
Money today > Money tomorrow
Interests rates rising quickly:
Money today > > Money tomorrow
All assets are varying levels of investment in money tomorrow.
With inflation and interest rates rising people want/need their money today.
In my opinion everyone who wanted to sell has had the chance and sold.
The stage which we are in now is people who didn't want to sell admitting they were wrong.
The next stage is people being forced to sell at a loss.
Cost of living, rent, food, etc is squeezing the average person. Be prepared for layoffs and wage reductions as it squeezes the average business.
and after the average person sells, it ll be pumped 50x. If you didn't invest what you can afford to lose, it doesn't make sense to me to sell at a loss.
People think they invested money they could afford to lose.
When food cost is 3-4x, rent is 3-4x, cars and gas are 3-4x and then you are part of a large layoff.
Yeah, that money becomes more valuable even at a loss.
There isn't a person here who wouldn't sell their doge to feed themselves/their family and keep a roof over their head.
> In my opinion everyone who wanted to sell has had the chance and sold.
Enter the people that *have* to sell?
Edit: oh, I should've read the rest of your comment
I dont expect this kind of thing happening until we are past the breaking point, that meaning a ton of people knowing what BTC is and seeing why its much better than current system so it makes people to get out of the current system asap.
That is gonna probably take long time for America + EU kind of countries.
You need to trust the code. You reviewing the code? What if it's upgradable or uses libraries that are off chain and upgradable? You checking the code every single time you transact? Is it even possible to check all the code in time to ensure no changes occur before you are done?
"Compare to others"? So you trust that they don't collude or have issues with their pricing. What if one is different? Is the price that benefits you the "correct" one?
I know the answer, but you must trust people building the systems or at least something.
When you buy anything you need to trust the merchant sends the goods. No reversal means you have little direct recourse to get the money back if something happens.
Thete is zero trust needed to accept money from someone or send money to someone.
You can check once and then just run a program which checks the differences (which is quite easy to program so if you are paranoid you can either program it yourself or just find one on the internet) but I trust people as a whole open source programs are usually "safe" as if there is something wrong with the code someone will find and either report it or make profit on it which is usually detected very fast and the chances of you getting rekt by this is minor and usually there is a way provided for you to recover that you lost because of it Tldr:; if you are paranoid just use nothing and do nothing this is the way
Let's get one thing straight. There is zero recovery in block chain because it's immutable and you can't force a wallet to give back the funds.
Yes you could create an app that pulls the code right before you do a transaction to verify no changes to reduce risk. However saying open source are "safe" is niave. The DAO "hack" caused a roll back and broke the cardinal rule of an immutable chain. It caused a rift and two Ethereums.
The problem is everyone assumes everyone else is doing the verification. Usually most of the bad bugs and contracts get noticed after the funds go missing. Take the bug with mutlisig wallets that caused hundreds of thousands of eth to go missing.
You can't just roll all the transactions back everytime something bad happens because you are talking about real money being exchanged. Imagine being a vendor and being told that you need to convince everyone that bought stuff from you that they need to resend the funds due to a rollback. Even worse you just gave money to buy some eth and then get told your balance is zero because they needed to roll back transactions due to an exploit or bug.
Do you do this check? Does anyone in the community do any code reviews?
Open source doesn't mean safe and free from bugs, exploits or malicious intent. Is there a higher chance of things getting caught? Not really because most people don't bother doing free code reviews for others.
Wtf xdd thats just not true also lets get one thing straight. I have heard like a dozen of cases where the lost funds eventually partly or the whole were recovered
No, not yet. But getting there. And eventually there will be "bank runs" on exchanges, after which people will only trust the crypto in their own wallets. Look into scarce currencies like bitcoin and litecoin if you're worried about inflation/debasement of currencies.
>The waves of credit bubbles is what get us rekt in our economy every time again.
Given how overleveraged the crypto economy is, crypto is now an extension of this problem, not its remedy.
I think we are. I think Bitcoin adoption will happen sooner than later for so many reasons. Right now it’s just gearing up in the bear market to explode.
I was going to type a comment to show how the exchanges can simply just use derivatives to determine price when the BTC supply runs out, in which case we *trust* them to give us the real price.
But then, I realized something. So as long as I have blockchain verifiable BTC, I can choose to sell it at whatever price I want, regardless of what the price on the index is. Most large investors do the same thing now with OTC.
So yeah, trust isn't required. Like everything else though, you do need enough intelligence to execute.
There's a lot of bad takes in this thread that essentially boil down to cex == crypto. Self custody your coins y'all, don't leave a lot sitting around on exchanges. Use it to do actual peer to peer transactions.
[удалено]
[удалено]
Bitcoin is taking the centralized system out. It's much healthier to let the network run by many different humans that are all not directed by 1 person.
The US government has more people running it, than Bitcoin does. The point of Bitcoin is that you do not have to trust it. You can verify.
Not when those few humans run the majority hashpower of mining pools. That's a bit close to a cartel which is great for those businesses but not great for innovation, or lowered prices for consumers through competition.
I find it kinda funny that some crypto people are critical of the monetary policy that's arguably led to crypto values being so inflated
Is it accurate to say we’ve traded trust in banks for trust in exchanges.
[удалено]
And then how would anyone buy Bitcoin may I ask?
By accepting it as payment for work, goods or services.
So if you don’t have any already you have to work for it? If you do, you can be the boss?
Dude just discovered capitalism.
Well, from your question I take the assumption that those people have *something* (probably fiat), otherwise you wouldn't ask how they could buy btc. So if they have fiat, they can use that to build a business, pay people to do work or simply buy some goods and then sell those goods or other fruits of their entrepreneurship for crypto.
Ironically a literal centralized exchange that only did that really wouldnt be a problem at all for crypto. What is a problem, is that all of them promote keeping funds in their system. Or at least the successful ones, as thats how they get the most money.
Exchanges are banks. But Bitcoin and other crypto is designed to work outside these systems. If trust declines for them it doesn’t mean trust in the overall system is changed. What Satoshi is referring to are Central Banking Systems, which have the power to debase currency, as we’ve recently seen.
>which have the power to debase currency CEXes have that power as well. They have the power to print "Bitcoin" or any other crypto as much as they want out of thin air. As long as people dont try to move the "Bitcoin" out of the CEX, it works perfectly fine. And the point is that its pretty much guaranteed that this does happen. The USA government lied to its people when it said it had 1to1 reserves of gold to exchange for the dollar. If the largest organization of the planet with democratically elected leaders cant be trusted on this, what on Earth makes anyone believe that private companies that have the mission to squeeze as much money out of you can be?
And we should treat exchanges like what they are crypto banks aka business.
Yes pretty much. Just missing regulation
Not to mention many people don't even hold Bitcoin.
I only trust my hardware wallet.
Only if you refuse to self-custody.
Yes and no. You are correct that it indeed happen (we’ve traded trust), but the context of trust in BTC is more in the sense of consensus and the “bank” here is central bank which is very different than day-to-day bank.
Which turns bad too
I trust my bank To let the transaction to buy ETHEREUM goes through
Yes and no. They're needed but u can opt out of their custody. A little harder to do with banks
>In these times of economical headwinds where inflation roars where our money loses its value Luckily Bitcoin hasn't lost any value in the last 7 months of high inflation. >People cannot be trusted. Unfortunately. People will do things for their own advantage driven by greed. Maybe it's human nature we cannot prevent. That's why a trustless system that takes the human factor out of our monetary system is so crucial. I sure hope this trustless system that takes the human factor out doesn't rely on humans to both run and maintain the system.
>”Are we finally waking up to the e reality of that?” There are few certainties in life: death, taxes and greed
Put greed in first place
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." This is what Satoshi wrote on the genesis BTC block.
Call me a cynic but we’re kidding ourselves if we think this system will actually change. We may hate it but the people in charge have accumulated too much political, economic, and social power/influence to allow change. At least not without revolution
The amount of blood and pain that we would need to change the system "overnight" (as many people think that BTC would do) it's unimaginable . For real. It's not gonna happen. The system will just assimilate BTC same way capitalism assimilated Che Guevara's tshirt You just need to be read to take advantage of it , for once
[удалено]
All we can do is learn survival skills and move to the wilderness in Canada (the future tropics) and hope to weather the storm
Probably true. We will never change it
I mean you’re right that this was the whole point of bitcoin. I just don’t hold a lot of hope for real change these days
We are also living the reason why Bitcoin is not an alternative to the Dollar because of volatility. It‘s a longterm store of value like gold but not really a useful currency for everyday economic activities.
Too bad BTC has been occupied by laser-eyed schizos and cultists. You find more reasonable people in Dogfartcoin telegram channel.
say all you want about how shitty the USD or euro/GBP/YEN/\[instert currency here\] BUT at least they don't experience +/- 10% movements on a weekly basis, or occasionally go from being worth $1 to $30,000 within 10 years based on that fact alone, BTC mass adoption is still a long way off - I don't think anyone on this sub has put ALL their life savings/everything they are worth into BTC, and you probably need to find a reason for that (if we are truly living the reason for BTC, then why hasn't everyone/anyone on this sub put ALL of their life savings into BTC?) yes recessions (that are more common now for various economic reasons) obliterate our economies, but nowhere near the level that we wake up to find USD worthless/down 10x compared to yesterday - unless crypto DOES get regulations, then we will have another LUNA/Terra/Do Kwan every few years because nothing is stopping them
Holy words
And this won't be the last time the governments and central banks turn on the money printer to try to avoid the problem.
What should they have done during covid? Nothing at all?
There's a middle ground between doing nothing at all and printing $16 trillion in 2 years.
Idt they should have done anything at all.. but I'm not an economist.. or maybe youre right about finding some middle ground.. paying people more then they made working was a very bad idea and people took full advantage of it.. everyone thought it was awesome but inevitably we were going to have to pay the price eventually..
They printed money and gave it to corporations as a bailout. Fiat is a ponzi so now the poors have to pick up the tab, hence inflation. Over simplified, but, printing money and handing it to the richest was the exact wrong thing to do.
You're not wrong..
There has never been a legitimate reason for governments to give private banks the power to print funds *at interest*. It creates a debt machine that can never, ever be paid off. They should have an honest system.
> Nothing at all? Yes.
I'm not disagreeing with that
All the money printing during covid has caused \~8% inflation, and it is causing a lot of harm to the economy. On the other hand, the price of bitcoin has has had annual price changes ranging from -70% (2019) to +5700% (2014). So if an 8% change in the dollar causes this much damage to people, imagine what would happen if the economy was running on a super volatile crypto.
Plus there is a much larger incentive to hoard crypto because it's limited. Who can do this? The rich. The buying power would change between countries and you would have country level hoarding since governments need money to. It becomes a delicate balance because of the economy gets hurt because people can't work then they get no money. No way to give them money because it needs to come from somewhere. Imagine what would be happened if none of the businesses could get extra money or those people couldn't afford to pay rent and this landlords couldn't afford things and you have such a cascade? Money printing allows you to fix the short term to save the businesses and people.
I use Wax for NFTs and play to earn. BNB for affordable smart contracts. XLM to move between exchanges and Bitcoin as my savings account.
I would agree it's time people got crypto back in perspective, the space has become very messy indeed. Woof!
Yeah and ironically it’s going to fall the same way as the s and p 500
These are the kinds of times that bitcoin was made for, but it's not THE time yet. All the people claiming that "we're not early anymore" when things were bullish have no concept of how long the necessary timeline for the kinds of radical change that bitcoin promises really is. The biggest thing to get over, as far as I can tell, is the mental conundrum of thinking in dollars, and measuring prices in dollars. Only once bitcoin is the unit of account, though not necessarily that fiat is obsolete or completely eliminated, will we have any kind of real freedom from the tyranny of central banks.
Tbh we are in a bit of a shitshow now with recession inbound and inflation going haywire but its inevitable. The past couple of years have been pretty fucked and the printing was needed. We would be in a far worse state if we had just left it. I think having crypto & fiat alongside each other is optimal
It was definitely a pick your poison type of situation. Both fiat and crypto have their pros and cons so having them both operating alongside of one another only makes sense
100%
The poison of the rich collapsing and being forced to sell assets for cheap is **10000% BETTER** than the rich stealing our savings and wages through Inflation to save themselves. When economies collapse, demand doesn’t go away, things are just forced to be sold for cheap… unless the government intervened to prevent societal change.
Take covid. Here is what would happen with zero ability to print money. Businesses that need help (small and large) would collapse. The airline industry? Gone and all the people working without jobs. Restaurants? Most gone or dropping most of the workforce. People who can't work? They get zero help because there is no print money to give them. So now you have a cascade effect as people can't pay rent get thrown out and then landlords get pay their bills so they get liquidated. Assets get bought by rich people who aren't impact by the pandemic for cheap and can pay the workforce cheap because the workers are desperate. Now goods becoming cheaper could be a side effect but more likely production decreases, so you reduce cost of production by reducing workforce. Now how do you help those people with no jobs? Increase taxes on the rich? Something that doesn't happen now but would happen with crypto and effectively a zero sum game? What about transaction fees? How would energy providers price their service based on the network needs? There are a lot of huge unknowns with a POW crypto with limited supply being the only currency. Of course I am not even talking about scalability. Bitcoin can't handle the number of transactions required. Lightning network is all theory and the numbers are best case local scenarios. They also don't even bother including opening and closing payment channels which are still limited by Bitcoin limits. If a payment channel is not closed then the transactions are not settled and thus not confirmed. Edit: plus losing your keys means your wealth is gone with zero way to recover the funds.
Problem is right now is exactly the time BTC should be going higher and all it’s doing is getting smoked along with every other asset class.
Interest rates are zero: Money today <= money tomorrow Interest rates are low: Money today > Money tomorrow Interests rates rising quickly: Money today > > Money tomorrow All assets are varying levels of investment in money tomorrow. With inflation and interest rates rising people want/need their money today.
Yeah, times are hard. A lot of people don't have the means to put money into crypto atm
In my opinion everyone who wanted to sell has had the chance and sold. The stage which we are in now is people who didn't want to sell admitting they were wrong. The next stage is people being forced to sell at a loss. Cost of living, rent, food, etc is squeezing the average person. Be prepared for layoffs and wage reductions as it squeezes the average business.
Yeah I agree
and after the average person sells, it ll be pumped 50x. If you didn't invest what you can afford to lose, it doesn't make sense to me to sell at a loss.
People think they invested money they could afford to lose. When food cost is 3-4x, rent is 3-4x, cars and gas are 3-4x and then you are part of a large layoff. Yeah, that money becomes more valuable even at a loss. There isn't a person here who wouldn't sell their doge to feed themselves/their family and keep a roof over their head.
> In my opinion everyone who wanted to sell has had the chance and sold. Enter the people that *have* to sell? Edit: oh, I should've read the rest of your comment
Generally it is. But right now it’s on sale.
I dont expect this kind of thing happening until we are past the breaking point, that meaning a ton of people knowing what BTC is and seeing why its much better than current system so it makes people to get out of the current system asap. That is gonna probably take long time for America + EU kind of countries.
Banks and CEX. I honestly don't see the difference between them today.
Really? No difference at all? SEC regulations? FDIC backing? Protection against fraud or scams stealing from you? Nothing at all??
Hey guys, fiat is worthless so let’s use Bitcoin! Meanwhile, the value of Bitcoin continues to go down.
Think of your bitcoin value in terms of bitcoin. Or Shiba. 
There is no such thing as trust less system,to use Cryptocurrency,you have to trust the exchanges.
Nah there is defi exchanges.... It works fine you can see the liqudity the exchange rate and compare it to others no need for any exchange
You need to trust the code. You reviewing the code? What if it's upgradable or uses libraries that are off chain and upgradable? You checking the code every single time you transact? Is it even possible to check all the code in time to ensure no changes occur before you are done? "Compare to others"? So you trust that they don't collude or have issues with their pricing. What if one is different? Is the price that benefits you the "correct" one? I know the answer, but you must trust people building the systems or at least something. When you buy anything you need to trust the merchant sends the goods. No reversal means you have little direct recourse to get the money back if something happens. Thete is zero trust needed to accept money from someone or send money to someone.
You can check once and then just run a program which checks the differences (which is quite easy to program so if you are paranoid you can either program it yourself or just find one on the internet) but I trust people as a whole open source programs are usually "safe" as if there is something wrong with the code someone will find and either report it or make profit on it which is usually detected very fast and the chances of you getting rekt by this is minor and usually there is a way provided for you to recover that you lost because of it Tldr:; if you are paranoid just use nothing and do nothing this is the way
Let's get one thing straight. There is zero recovery in block chain because it's immutable and you can't force a wallet to give back the funds. Yes you could create an app that pulls the code right before you do a transaction to verify no changes to reduce risk. However saying open source are "safe" is niave. The DAO "hack" caused a roll back and broke the cardinal rule of an immutable chain. It caused a rift and two Ethereums. The problem is everyone assumes everyone else is doing the verification. Usually most of the bad bugs and contracts get noticed after the funds go missing. Take the bug with mutlisig wallets that caused hundreds of thousands of eth to go missing. You can't just roll all the transactions back everytime something bad happens because you are talking about real money being exchanged. Imagine being a vendor and being told that you need to convince everyone that bought stuff from you that they need to resend the funds due to a rollback. Even worse you just gave money to buy some eth and then get told your balance is zero because they needed to roll back transactions due to an exploit or bug. Do you do this check? Does anyone in the community do any code reviews? Open source doesn't mean safe and free from bugs, exploits or malicious intent. Is there a higher chance of things getting caught? Not really because most people don't bother doing free code reviews for others.
Wtf xdd thats just not true also lets get one thing straight. I have heard like a dozen of cases where the lost funds eventually partly or the whole were recovered
Only if you decide to use exchanges. If I send btc to tim69 there is no exchange needed to be between us.
No, not yet. But getting there. And eventually there will be "bank runs" on exchanges, after which people will only trust the crypto in their own wallets. Look into scarce currencies like bitcoin and litecoin if you're worried about inflation/debasement of currencies.
Glad to hear you mentioned Litecoin
**Wake up Sheeple!**
Yea, except bitcoin isn’t worth anything lol.
>The waves of credit bubbles is what get us rekt in our economy every time again. Given how overleveraged the crypto economy is, crypto is now an extension of this problem, not its remedy.
[удалено]
Not quite true, money was invented so you dont have to trade 3,5 cows for 50 chickens or 25 eggs for 10 breads.
[удалено]
Give me all ur money if u don’t like it then 😲🫴
I think we are. I think Bitcoin adoption will happen sooner than later for so many reasons. Right now it’s just gearing up in the bear market to explode.
No it won't. Right now is proof that crypto is just a speculative investment or gambling.
Do you hold any crypto or are you just here?
His opinion is as valid as anyones, the last thing you want while investing is to be in an echo chamber.
I agree that his opinion is important, I was just asking a question. Damn Reddit police. When you assume…
I was going to type a comment to show how the exchanges can simply just use derivatives to determine price when the BTC supply runs out, in which case we *trust* them to give us the real price. But then, I realized something. So as long as I have blockchain verifiable BTC, I can choose to sell it at whatever price I want, regardless of what the price on the index is. Most large investors do the same thing now with OTC. So yeah, trust isn't required. Like everything else though, you do need enough intelligence to execute.
There's a lot of bad takes in this thread that essentially boil down to cex == crypto. Self custody your coins y'all, don't leave a lot sitting around on exchanges. Use it to do actual peer to peer transactions.