🇳🇱
1) its not a debt centric economy, money is invested and you gain, you need not go into debt.
2)the people at the low end do not hold money or any other form of wealth, likewise their wages rise to match the inflation on average. So they are not harmed by inflation. (as was shown earlier with the average hourly rate vs inflation chart)
> There is truth to the fact that encouraging people to invest their wealth rather than save it puts capital into the economy, but people could already do this with savings banks.
No this is actually the very point your disputing. Inflation encourages investment, you take that wad of cash and put it into the economy so it can work to build things and pay wages... putting money into a bank causes that money to be loaned out, so puts someone in debt on the other side. So in fact using the bank system to just sit on a wad of cash is a "debt-centric economy" where as inflation where people are storing their money in mutual funds or other low-risk investments is far less so a debt-centric economy.
It is always when a person doesnt have a leg to stand on in their argument they resort to personal attacks.
I have had more than enough success predicting economic events and profiting off them to have proved my understand of economics. You're welcome to disagree of course, but it doesnt appear based on understanding, just your personal dogma (which is why your having a fit when your dogma is debunked).
Well for starters they arent taking wealth out of US dollars, no more than someone is doing so when they take US dollars and invest in anything. They are doing exactly what I said responsible people should do, that is, invest their US dollars rather than hoard it. Since bitcoin is a growing technology still being adopted it is a growing asset and not acting like a fiat (yet)
But to answer your question, why bitcoin (or other cryptocurrency for that matter).. simple, because they add function that doesnt exist, just like any technology. They allow for instant transfer of money across borders, unlike the hassles of something like western union. It enables trustless contractialization of money (no reliance on courts and lawyers but instead using systems like Stacks to enforce money contracts), and enables automatic, garunteed, and provable accounting. No one in their right mind is buying up bitcoin simply because its some fixed fiat and nothing else.
福神龍 1) Bitcoin and cryptocurrencies are one of the riskiest assets you can invest in; so it's not something a "responsible" person should do.
2) Bitcoin doesn't have a layer that can process contracts like Ethereum network.
3) Bitcoin is slow as fuck which is why Bitcoin Cash forked and why Bitcoin Core had to invent the Lightning Network.
4) At any moment, any major government can ban crypto assets and cut off transactions for their banking institutions and crypto tanks.
5) Bitcoin is incredibly susceptible to 51% attacks and decryption, both of which can be achieved with quantum computing in the next 36 months.
No one should be investing in crypto and the US government should ban it immediately. The only people who are going to make real money are the wealthy like the Winklevoss twins, the US Government, Wall Street, and other major holders of bitcoin when it crashes, and it will.
1) Never claimed crypto is low risk or even a good investment. But as part of a portfolio (which is allowed some high-risk elements) it is responsible, if your portfolio is overall healthy.
2) Yes it does and I mentioned it by name, its called "Stacks" which adds smart contracts on top of Bitcoin.
3) Yes its slow to some extent. To slow for every day purchases, but more than fast enough for what I stated which is borderless money transfers (a bank transfer across borders is 3days absolute minimum, bitcoin is many orders of magnitude faster)
4) Yes in theory they could, your point?
5) Yes it is, I invest in crypto, I dont invest in bitcoin. Your point?
To your last point.. government banning it is stupid.. but I do agree that Bitcoin is a bad choice of crypto to get into, Ethereum is a much better choice in the present, Cardano will be a better version of Ethereum in the future I suspect.
Stacks isn't a layer on the network, it's an application built around Bitcoin. Ethereum actually has the functionality built into it's core code. Even then Ethereum is a hellhole.
4 & 5 means the value of crypto assets will tank almost immediately if either occur, of which there is a high likelihood.
Those details are not particularly relevant.. the point is Stacks adds the trustless garunteeability of smart contracts to bitcoins. The fact that it exists as a side chain is not relevant tot he fact that the functionality is added to bitcoin specifically.
Yes 4 and 5 would mean the crypto would tank, yes those are risks and yes they are why investing in bitcoin is higher risk than other things, its also why i dont invest in bitcoin.. your point?
