Originally Posted by
gimmick
Since apparently i'm on a kick to waste my time, here's the crypto potential part.
It could possibly improve the wheel. It could become less clunky and less costly that traditional banking/processing. I severely doubt it can keep any additional features of privacy or decentralization without a significant cost.
It lacks every property that could make it shock resistant to general market movements. It's a shitty hedge against the dollar. It's prospering because the market prospers. That's obv not the same as the economy. Most people can still be fucked/stagnated/declining and quite bit less financially secure than the stonks/gdp/1%.
It's the base premise that if the dollar crates, if you have shitcoins you'll be solid in almost anywhere in the first world. It's the literal opposite. You'll be just as or even more fucked. It's a reasonable hedge in the 3rd world against the instability of their currency/government. BTC doesn't care if a random 3rd world shithole craters.
Crypto is getting sold before yachts in the 1st world. On a long list of speculative assets crypto is close to the middle on a good day. It becomes decent when the amount of credit you can get is ridiculous and anything remotely stable/profitable is already overpriced because of the ridiculous amount credit. There's also some other points like higher than normal levels of inflation (for whatever reason) and how shit bonds/treasuries are compared to it.
Anyone want to make a guess what happens to credit when the dollar craters?
Combination of a global pandemic with the global decision to keep markets up and very lax credit policy was/is the perfect storm for a speculative asset bubble. The minute any of it goes away and we return to "normal" is the moment we start culling the weak. That's when crypto equivalent of Commodore crashes, IBM takes a small hit and Apple takes a sizable hit but regroups in time.
gimmick is an intelligent guy it seems
Although he has that dated old, lol Baby boomer perspective as I jokingly call that. I question you this gimmick, how is Bitcoin not Digital Gold and now as we move into a well thought of to be more Digital place in the world, a logical fair person, without any Vested interests would see how this is different, and what this happening now is a change wholly for our entire world too.
Not ever meant too replace a dollar, nor will but proper understanding of the positives is only fair at this poi t truly. And with Bitcoin at record All-Time highs the world is speaking now and this is what the world is actually saying imo, clearly......
Communism is Centralization, and the world doesnt think that's right at all, clearly now with these All Time high Dectralized cryptocurrency world we now live in and, as people wake up and diversify I expect this to go much higher too for one reason Bitcoin at least, It's Finite (limited supy..)
Digital Gold is what it is, and lol if you think that old actual crap in the ground is gold, its not Bitcoin is, Digital Gold get it before it runs out imo, glgl