Reply to If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?

Forum Index » Money and Finances

Reply to "If you have more than a million in investments, have you purchased BITCOIN in any form? if so how much?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The mining is terrible for the environment![/quote]

So are electric batteries and huge windmills.
[/quote]

What a stupid comparison. Batteries and windmills are cheap sources of electricity. They replace harm from fossil fuels so they are a net improvement— more batteries and windmills are good for the economy and environment.

Bitcoin replaces nothing except maybe gold and obscure stocks as vehicles for speculation so having more of them does nothing good for the economy or environment. [/quote]

There are a lot of counterarguments. Bitcoin miners have been developing interesting projects that allow them to use surplus electricity off peak. The traditional banking system also consumes a lot of energy. The energy invested in bitcoin is the cost of making the network secure. [/quote]

Just because people make up FUD/fig leaf arguments doesn’t mean we should buy them.

There are already plans to deploy batteries so there won’t be “surplus” energy and it’s just nonsense to compare the energy used by banks to the energy used by bitcoin mining. And again bitcoin is not serving a purpose so there’s no benefit to investing a lot of resources into making it secure (unless you are a speculator or criminal). [/quote]

It serves a tremendous purpose. Read The Bitcoin Standard. Ultimately it’s a financial network that requires energy to support.[/quote]

Why do we need a new financial network? It’s actually not in the US national interest to provide an alternative to the dollar as reserve currency. Aside from speculators and criminals what problem does bitcoin solve and how is it better than what we have?[/quote]

It's an interesting debate. Honestly, read The Bitcoin Standard. Tremendous book that is more about the nature and history of money than Bitcoin. Bitcoin advocates argue that Bitcoin will support the dollar as the global reserve currency--it will bring capital into the United States. Technologically, it's like going from snail mail to email. Much more efficient and it's happening globally whether we like it or not. The criminal element is overstated. All transactions are on a public ledger. The US has 200,000 bitcoin now because it was able to confiscate it from criminals. There are a lot of laws and regulations around custody.

The big problem it solves is protection from fiat money debasement.[/quote]

If “fiat money debasement” is the biggest problem it solves then the US certainly shouldn’t be putting any resources into it— whether that means crashing our electric grid or actually spending tax dollars.

[/quote]

It's the problem it solves for humanity--basically taking money out of the hands of government, which historically abuses its power to print (often leading to wars and other waste). The electric grid won't crash--it's minor vs AI. Using tax dollars to position the US as a leader in the monetary network of the future makes strategic sense. [/quote]

So the problem crypto solves is taking money control away from government? How big of a problem has that been in the last 50 years in the US?

From what I understand, little actual business is being conducted using crypto, eithe due to lack of popularity or slow transaction processing times. People convert the crypto back to USD when they want to actually buy something.

[b]I just can't recall a time when I thought to myself "Wow, life would be so much easier if the US government didn't control the dollars I hold."[/b][/quote]

I think this literally every time I go to the grocery store or buy anything with my rapidly devaluing dollars.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics