Bitcoin and other crypto-The CR thread

[Dahobbs 17626]

25 minutes ago, Immaculate Vibes said:

The rest of the coins have a myriad of proposed uses, but most of the biggest ones are smart contract platforms. 

Ah yes, the proposed uses of cryptocurrencies. Someday, maybe we'll actually see uses and not just proposed ones (except of course criminal transactions, that market they got, woohoo!). 

[elfenix 34330]

1 hour ago, Immaculate Vibes said:

Its value continues to go up year after year.

in fits and spurts with runs and reversals.  maybe good for speculators, but all bad from a use for cash standpoint.  if we're nearly in crisis mode because inflation is at 6% on an annualized basis then the solution isn't this:

 

Edited January 26, 2022 by elfenix

[wildcat09 29355]

GR Horn/Immaculate Vibes is definitely one of the con artists.

[elfenix 34330]

40 minutes ago, Bravo said:

I am not going to take some super small snap shot to make my point look valid.

would you take your paycheck in bitcoin?  do you think most people would take their paycheck in bitcoin?  do you think even a sizeable plurality would take their paycheck in bitcoin?

[Immaculate Vibes 114]

1 minute ago, elfenix said:

would you take your paycheck in bitcoin?  do you think most people would take their paycheck in bitcoin?  do you think even a sizeable plurality would take their paycheck in bitcoin?

Of course not. As currently structured spending it is a taxable event. The more appropriate thing to track would be how many people put some of their savings in Bitcoin. How many dollar cost average a set amount into it? It’s a small number but will grow over time. 

[Fudge Nuggets 19208]

46 minutes ago, Bravo said:

I mean who would ever want to store $ in this? I am not going to take some super small snap shot to make my point look valid.

 

 

[Immaculate Vibes 114]

52 minutes ago, elfenix said:

in fits and spurts with runs and reversals.  maybe good for speculators, but all bad from a use for cash standpoint.  if we're nearly in crisis mode because inflation is at 6% on an annualized basis then the solution isn't this:

 

It’s actually 7% CPI but anyway. A more accurate representation would be to look at it since Covid and the money printer went overdrive. Up almost 10x even after the current 50% dip. Bitcoin has wilder swings because it’s a thinner market and runs 24-7 with no stops. It seems to me that bitcoin actually led the rest of the markets in pricing in both inflation and the Fed’s ongoing attempt at tightening policy. 

[Dahobbs 17626]

Look, putting your life savings into lottery tickets may work out for you. But it is a speculative gamble. Oddly enough though, it is less speculative than bitcoin because at least you can identify the probability that it will produce a good outcome for you. If you're telling yourself or anyone else that your crypto investment is anything else, you're either a fool or a con-artist. 

Edited January 26, 2022 by Dahobbs

[Immaculate Vibes 114]

3 minutes ago, Fudge Nuggets said:

 

Ok, boomer 

[elfenix 34330]

4 minutes ago, Immaculate Vibes said:

Of course not. As currently structured spending it is a taxable event. The more appropriate thing to track would be how many people put some of their savings in Bitcoin. How many dollar cost average a set amount into it? It’s a small number but will grow over time. 

again, we're talking about replacing the cash in your bank account, not whether you should have bitcoin as part of your general investment strategy.  you guys seem intent on not answering that directly, even though no one wants their paycheck in bitcoin. 

[workswithseed 2110]

10 minutes ago, elfenix said:

would you take your paycheck in bitcoin?  do you think most people would take their paycheck in bitcoin?  do you think even a sizeable plurality would take their paycheck in bitcoin?

I've always been told to not put my eggs in one basket. This is a new basket to put money in, and I'll keep putting more eggs into different baskets.

[Fudge Nuggets 19208]

2 minutes ago, Immaculate Vibes said:

Ok, boomer 

Gen X through and through, but we can go real old school if you like:

 

[Immaculate Vibes 114]

2 minutes ago, elfenix said:

again, we're talking about replacing the cash in your bank account, not whether you should have bitcoin as part of your general investment strategy.  you guys seem intent on not answering that directly, even though no one wants their paycheck in bitcoin. 

Who said anything about replacing all the cash in your bank account? If you have excess cash more than say a certain amount of expenses then yes it makes sense to save it in bitcoin imo. Or dollar cost average a small amount that you can save. That’s what I advocated for. 

[elfenix 34330]

gosh it's a complete mystery:

  

5 hours ago, Immaculate Vibes said:

Hold your own bitcoin vs having depreciating cash in bank account earning minimal interest?

 

[Immaculate Vibes 114]

2 minutes ago, Fudge Nuggets said:

Gen X through and through, but we can go real old school if you like:

 

Good one. False, but makes a good story. 
 

 

1 minute ago, elfenix said:

gosh it's a complete mystery:

  

 

Sorry I wasn’t clear. I would never dump all the cash in my bank account in it. Everyone has living expenses etc. I’m talking about money not doing anything for an extended period. 

[Captainant 27682]

I love how we've finally arrived at consensus that BTC is purely a speculative instrument chock full of volatility, and yet all of y'all are on here proselytizing how it's the next generation value store. 

 

...

Whose value is 100% speculative and based on someone else's willingness to buy it for a higher premium than you did

[workswithseed 2110]

1 minute ago, Immaculate Vibes said:

Good one. False, but makes a good story. 
 

 

Sorry I wasn’t clear. I would never dump all the cash in my bank account in it. Everyone has living expenses etc. I’m talking about money not doing anything for an extended period. 

Hell, you never even said to outright get rid of cash, but that there a track of depreciation.

[Fudge Nuggets 19208]

3 minutes ago, Immaculate Vibes said:

Good one. False, but makes a good story. 
 

I'm not sure how stating no one paid 300 guilders proves its a psyop when the chart has a maximum price of 60 guilders.  The last paragraph is also amusing as it sounds just like crypto.

[Fudge Nuggets 19208]

1 minute ago, Bravo said:

so it is like any other asset you own.

No one is claiming their jet ski, F-150,  or Bass Cat is a store of value.

[Immaculate Vibes 114]

13 minutes ago, Fudge Nuggets said:

I'm not sure how stating no one paid 300 guilders proves its a psyop when the chart has a maximum price of 60 guilders.  The last paragraph is also amusing as it sounds just like crypto.

Read the column buddy 

[Dahobbs 17626]

17 minutes ago, Bravo said:

You're not bright. 

The irony. 

[956 Worldwide 34734]

1 hour ago, Immaculate Vibes said:

Of course not. As currently structured spending it is a taxable event. The more appropriate thing to track would be how many people put some of their savings in Bitcoin. How many dollar cost average a set amount into it? It’s a small number but will grow over time. 

It seems like this is arguing against BTC being used like money.  I do have keep some of my “savings” liquid as a rainy day/war chest type thing but the the “savings” that I dollar cost average a set amount into are investments. Not money.  
 

If people are hoarding something, it’s not good money. And that’s what gets me with BTC. If I could get a coherent answer about why it’s a good investment vehicle I’d be more intrigued. But the argument is always coming back to “this is going to replace the dollar/be the money of the future” and if that’s actually true, it’s gonna end up being a terrible investment for the people holding it when that happens. 

[Fudge Nuggets 19208]

53 minutes ago, Immaculate Vibes said:

Read the column buddy 

No.

[Fudge Nuggets 19208]

59 minutes ago, Bravo said:

You're not bright. 

They are assets.  You're the dumbass that lumped all assets into one category.

[Immaculate Vibes 114]

35 minutes ago, 956 Worldwide said:

It seems like this is arguing against BTC being used like money.  I do have keep some of my “savings” liquid as a rainy day/war chest type thing but the the “savings” that I dollar cost average a set amount into are investments. Not money.  
 

If people are hoarding something, it’s not good money. And that’s what gets me with BTC. If I could get a coherent answer about why it’s a good investment vehicle I’d be more intrigued. But the argument is always coming back to “this is going to replace the dollar/be the money of the future” and if that’s actually true, it’s gonna end up being a terrible investment for the people holding it when that happens. 

Here’s a simple breakdown of how to look at it as an investment that will appreciate with a potential target or two. As a savings vehicle it’s compared often to gold. It is superior to gold in every way other than having the established history. I’ve read that the total value of gold available is around $9 trillion. I think a good medium term target is bitcoin eventually demonetizing gold. That’s about a 14x from here. We’ve already seen one small country move to holding BTC. I expect we’ll see another country or two follow suit soon (probably also in Latin America) and then things could pick up steam. 
 

Another potential target that could add to the addressable market for bitcoin is the real estate market. The current inflated prices are largely due to easy money policies. As bitcoin becomes more accepted it could be seen as a good wealth preservation vehicle for people that would have in the past been looking more at real estate. It’s more liquid if needed and with less headaches. These are long term targets but possibilities imo. 
 

As for what happens to the price if/when true mass adoption happens, at that point not much price appreciation will happen because the market will be saturated and people will no longer be hoarding it. They will be transacting in it en masse. I don’t see it dumping at that point just stabilizing. The gains will largely be realized by those that bought some before it is mass adopted. 

 

[TwiceHorn 31510]

26 minutes ago, Immaculate Vibes said:

Here’s a simple breakdown of how to look at it as an investment that will appreciate with a potential target or two. As a savings vehicle it’s compared often to gold. It is superior to gold in every way other than having the established history. I’ve read that the total value of gold available is around $9 trillion. I think a good medium term target is bitcoin eventually demonetizing gold. That’s about a 14x from here. We’ve already seen one small country move to holding BTC. I expect we’ll see another country or two follow suit soon (probably also in Latin America) and then things could pick up steam. 
 

Another potential target that could add to the addressable market for bitcoin is the real estate market. The current inflated prices are largely due to easy money policies. As bitcoin becomes more accepted it could be seen as a good wealth preservation vehicle for people that would have in the past been looking more at real estate. It’s more liquid if needed and with less headaches. These are long term targets but possibilities imo. 
 

As for what happens to the price if/when true mass adoption happens, at that point not much price appreciation will happen because the market will be saturated and people will no longer be hoarding it. They will be transacting in it en masse. I don’t see it dumping at that point just stabilizing. The gains will largely be realized by those that bought some before it is mass adopted. 

 

Well, except gold and real estate have some intrinsic value based on utility and actual scarcity.

[staboner 4984]

my two satoshis - btc = gold. no value other than spec against other things losing value. only future difference potentially BTC is easier to actually spend for stuff. which may or may not happen and/or its Myspace and there is a Facebook coming down the tubes. past that i don't see what the argument is about here? seems everyone is in agreement. some serious internetting 

the real obstacle is the governments getting grumpy about it and regulating it, which of course will happen. some smarter, smaller countries/companies will less to lose will find a way to take advantage that. and thats just a natural thing i think. 

for me i would think everything in the metaverse comes to gaming. gaming is driving most of this shit IMO. at least teh shit that may have element of lasting value. NFTs are a bubble IMO of people who have this moment in time, cash and a hobby of sorts. but NFTs down the line in shit like gaming will end up being a very big deal I think 

that'll be 9.95 of something TBD

Edited January 27, 2022 by staboner

[staboner 4984]

6 hours ago, Bravo said:

This is interesting too and I see it even in crypto reddit/discord groups. There is a political divide just like you see in the country. Crypto is skewed towards libertarian/conservative types and the naysayers tend to be to the left. We even see it here so none of these takes surprise me. It isn't absolute but it definitely skews right.

everything is a political divide sadly. and it fucking sucks but it is what it is.

[workswithseed 2110]

https://www.barrons.com/articles/white-house-executive-action-regulate-cryptos-national-security-51643312454

The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.

[JohnnyRage 1617]

That whole checking accounts with more than $600 thing was probably setting up for capital gains on crypto flippers.

[Captainant 27682]

4 minutes ago, Bravo said:

libs hate crypto. news at 10...

It's really unfortunate that you've ignored my technical reasons and explanation and distilled it down to "unga bunga libz"

Fuckin a, man. That's some bad faith coward bullshit.

[JimmyJames 12271]

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

[JimmyJames 12271]

14 minutes ago, Bravo said:

libs hate crypto. news at 10...

Lol

[JimmyJames 12271]

10 minutes ago, Captainant said:

It's really unfortunate that you've ignored my technical reasons and explanation and distilled it down to "unga bunga libz"

Fuckin a, man. That's some bad faith coward bullshit.

Grifters get upset when they get called out on their grift so “unga bunga libz” is all they got to fall back on. 

[JimmyJames 12271]

5 minutes ago, Bravo said:

True. I was just doing a quick commentary. Mea Culpa.

It’s true I ignored your explanations and reasons. Here’s another post where I do it again but this time say I’m sorry.

[Immaculate Vibes 114]

15 minutes ago, Captainant said:

It's really unfortunate that you've ignored my technical reasons and explanation and distilled it down to "unga bunga libz"

Fuckin a, man. That's some bad faith coward bullshit.

Liberals generally dislike bitcoin and crypto because it removes financial power from their hands. They want tighter control of the public’s finances. It’s a shame they don’t see the progressive case for bitcoin. Poor people that are disproportionately minority are hurt the most by inflation. Bitcoin protects against unelected central bank enabled inflation. The legacy financial system has been tilted against minorities forever. Bitcoin is an option to opt out that everyone has equal access to. 

 

 

1 hour ago, workswithseed said:

https://www.barrons.com/articles/white-house-executive-action-regulate-cryptos-national-security-51643312454

The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.

this ends up being tricky but the initial move here is to try to coordinate strategy. Right now the sec and cftc fight over regulatory territory. It’s a new genre that probably does deserve a dedicated agency. The federal government will fuck it up or try to kill it stupidly though. 
 

16 minutes ago, JimmyJames said:

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

You’re such a simple minded individual. You deserve to buy in late and miss out on most of the gains. 

[JimmyJames 12271]

4 minutes ago, Immaculate Vibes said:

Liberals generally dislike bitcoin and crypto because it removes financial power from their hands. They want tighter control of the public’s finances. It’s a shame they don’t see the progressive case for bitcoin. Poor people that are disproportionately minority are hurt the most by inflation. Bitcoin protects against unelected central bank enabled inflation. The legacy financial system has been tilted against minorities forever. Bitcoin is an option to opt out that everyone has equal access to. 

 

 

this ends up being tricky but the initial move here is to try to coordinate strategy. Right now the sec and cftc fight over regulatory territory. It’s a new genre that probably does deserve a dedicated agency. The federal government will fuck it up or try to kill it stupidly though. 
 

You’re such a simple minded individual. You deserve to buy in late and miss out on most of the gains. 

LOL. I prefer to invest in things that have actual intrinsic value like real estate.
 

Good luck with the marks though! And that fight against the government. It’s always good to be the early investor in the pyramid scheme. Better anyway.

[JimmyJames 12271]

https://www.ft.com/content/83a14261-598d-4601-87fc-5dde528b33d0
 

Or you can trust trump supporter, anti vaxxer GRUHorn with your investments. What could go wrong?

[JimmyJames 12271]

Just now, Bravo said:

this is hardcore facts and why even crypto on Surly breaks down on left vs right generally.

Sharps v. Grifters would be a more accurate characterization.

[Immaculate Vibes 114]

36 minutes ago, JimmyJames said:

https://www.ft.com/content/83a14261-598d-4601-87fc-5dde528b33d0
 

Or you can trust trump supporter, anti vaxxer GRUHorn with your investments. What could go wrong?

Goddamn do you not realize that same article has been written for years? And you present it as some big gotcha 😂?

[JimmyJames 12271]

1 minute ago, Immaculate Vibes said:

Goddamn do you not realize that same article has been written for years? And you present it as some big gotcha 😂?

Madoff lasted many, many, years. This won’t.

[Bullneck 19184]

1 hour ago, JimmyJames said:

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

Honkey Vape

[JimmyJames 12271]

4 minutes ago, Bravo said:

dude is obsessed with me. He knows I blocked him days ago but I keep seeing him reply to my posts through replies like this. Lunatic troll. Verifying why I blocked him.

Since it wasn’t a reply to your post you’re obviously full of shit.  I was talking to GRUHorn, who once claimed he blocked me then replied to one of my posts not five minutes later. Just admit you’re lying and move on.

[Immaculate Vibes 114]

9 hours ago, JimmyJames said:

Madoff lasted many, many, years. This won’t.

What do you mean? It’s going on year 13. 
 

 

[RDCanecutter 26454]

11 hours ago, Bravo said:

I was like WTF did you send me from Denmark from DHL. He just started laughing when I called him after the text. He said this watch is the 1st physical watch attached to an NFT. Crazy ass shit. Likely going to be worth nothing. Watch NFT right now is worth $152. Each watch has a unique number on it attached to the NFT. It's regarded.

It'd be cooler if you carried it around inside the box, and when you wanted to check the time you open it and gaze inside like staring into a palantir.

[Immaculate Vibes 114]

12 hours ago, JimmyJames said:

All I know is that if anti vaxxer GRUHorn or whatever he’s calling himself now and Dr. Bravo are in favor of it then it’s definitely a scam that will eventually crash and burn.

Spoiler

 

In 2022, cryptocurrency is mainstream.
 

If Tom Brady and Matt Damon aren’t proof enough, consider bitcoin’s vocal conservative fans. Tucker Carlson, Ted Cruz and Newt Gingrich tout it as digital property, useful for electrical grids, and as a reserve asset. Bitcoin increasingly replaces gold in ads on conservative talk radio. Nayib Bukele’s center-right populist regime has even made it legal tender in El Salvador.
 

One could be forgiven for thinking bitcoin is a creature by and for the political right. But it’s not – and politicizing technology is counterproductive.
 

Yes, prominent Democrats still describe bitcoin as unregulated, environmentally costly, risky and better for terrorists and gamblers than ordinary citizens. Former Secretary of State Hillary Clinton suggested it could displace the mighty dollar and destabilize democracies everywhere. Others worry it funds insurrections and enriches white supremacists. Sen. Elizabeth Warren, D-Mass., wants to crack down on virtual cryptocurrency mining.

 

Imagine if, in the internet’s early days, its use became a political marker rather than a public good. A similar tragedy is unfolding now with bitcoin. We invite those on the left to look more closely.
 

Bitcoin promotes shared values
 

Bitcoin’s detractors include figures rather unlike Sen. Warren. They include Donald Trump, Vladimir Putin and Turkish President Recep Tayyip Erdogan. Establishment figures like JPMorgan Chase Chief Executive Jamie Dimon, the International Monetary Fund, the World Bank, U.S. Treasury Secretary Janet Yellen and the Bank of England’s Andrew Bailey apparently also dislike it. Investor Charlie Munger called it "disgusting and contrary to the interests of civilization," and he admires China for banning it.
 

None of this sits well with the theory that bitcoin is right-wing. Its more outspoken critics seem to prefer the financial status quo to a decentralized network that states, corporations and autocrats can’t control.
 

This is not a call for anyone to buy bitcoin – it’s a call for choice.
 

Nor is it a denial of the trade-offs. The internet has dark corners where evils multiply. But it also liberates, opening up new worlds of connection, engagement and opportunity. Bitcoin is doing the same, not with information, but with money.

 

In this sense, bitcoin’s design and use are no more right-wing than the internet itself. By including and protecting marginalized investors, it promotes values shared by centrists, liberals and progressives.
 

Banks have excluded people of color
 

America’s legacy financial systems exclude people and perpetuate inequality. They require trust in ledgers, loan officers, tellers and credit agencies that serve the wealthy better than the poor. People of color can be wrongfully denied bank accounts and loans or targeted by predatory payday lenders. Punishing overdraft fees lock customers into debt cycles. Commercial banks block ex-inmates from accessing banking, payments or credit services, hampering a return to meaningful work.
 

Financial inclusion matters. Accessing savings, payments and credit enables human flourishing. Bitcoin facilitates this for anyone, and with more volume than PayPal. At just 13 years old, it’s already the most inclusive and open financial network anywhere.
 

Anyone with a cheap smartphone can use it to send or receive value regardless of location, race, gender, religion, sexual orientation, age, credit rating or immigration status. This is by design.
 

Minorities adopt bitcoin at faster rate
 

Just as anyone can send email at basically no cost, now they can transfer assets at basically no cost. And millions do. It’s therefore unsurprising that U.S. ethnic minorities have been faster to adopt bitcoin than their white peers. Instead of fearing change, we should ask why this is the case.
 

Worldwide, about a billion people live under double-digit inflation, which harms the poor first and foremost. When you’re stuck with Brazilian real or Turkish lira, your financial prospects don’t inspire hope: prices rise, wages lag and hard assets elude you.
 

The United States faces its worst inflation in decades, exacerbating wealth inequality between black and white Americans.
 

Bitcoin’s capped supply and inclusive design, by contrast, provide inflation-resistant savings technology for the masses. The rich may still find refuge from the dollar in gold, equities or real estate; the global poor can turn to bitcoin.
 

Around the globe, people are adopting it faster than they adopted the internet. Countries with the highest adoption include India, Kenya, Venezuela and Vietnam.
 

Traditional payment systems grant nearly unlimited authority to state and corporate actors to block payments. Authoritarian governments spy on transactions, arresting people who’ve bought verboten goods or donated to dissident movements. Corporate authorities follow suit, blocking payments to lawful marijuana dispensaries, adult film actors, unorthodox intellectuals or Muslim charities.
 

Bitcoin’s payment network protects against systemic injustices and the whims of autocrats. Dissidents and victims of monetary repression find refuge in it.
 

Progressives familiar with bitcoin know all this. So do members of other political groups on the right and left who are concerned for the oppressed. Bitcoin’s appeal is broad indeed.
 

Across the political spectrum, we should recognize that it’s a force for good, to be nurtured and channeled rather than quashed.
 

 

[BrickHorn 18253]

On 1/26/2022 at 7:26 PM, Immaculate Vibes said:

It is superior to gold in every way other than having the established history.

God damn. That is some Grade A Jumbo stupid shit.

[Dahobbs 17626]

3 minutes ago, BrickHorn said:

God damn. That is some Grade A Jumbo stupid shit.

Yeah, gold actually has some useful qualities even beyond being an investment hedge against inflation. Bitcoin's only value is as a speculative investment. 

[Dahobbs 17626]

30 minutes ago, Immaculate Vibes said:

  Hide contents

 

In 2022, cryptocurrency is mainstream.
 

If Tom Brady and Matt Damon aren’t proof enough, consider bitcoin’s vocal conservative fans. Tucker Carlson, Ted Cruz and Newt Gingrich tout it as digital property, useful for electrical grids, and as a reserve asset. Bitcoin increasingly replaces gold in ads on conservative talk radio. Nayib Bukele’s center-right populist regime has even made it legal tender in El Salvador.
 

One could be forgiven for thinking bitcoin is a creature by and for the political right. But it’s not – and politicizing technology is counterproductive.
 

Yes, prominent Democrats still describe bitcoin as unregulated, environmentally costly, risky and better for terrorists and gamblers than ordinary citizens. Former Secretary of State Hillary Clinton suggested it could displace the mighty dollar and destabilize democracies everywhere. Others worry it funds insurrections and enriches white supremacists. Sen. Elizabeth Warren, D-Mass., wants to crack down on virtual cryptocurrency mining.

 

Imagine if, in the internet’s early days, its use became a political marker rather than a public good. A similar tragedy is unfolding now with bitcoin. We invite those on the left to look more closely.
 

Bitcoin promotes shared values
 

Bitcoin’s detractors include figures rather unlike Sen. Warren. They include Donald Trump, Vladimir Putin and Turkish President Recep Tayyip Erdogan. Establishment figures like JPMorgan Chase Chief Executive Jamie Dimon, the International Monetary Fund, the World Bank, U.S. Treasury Secretary Janet Yellen and the Bank of England’s Andrew Bailey apparently also dislike it. Investor Charlie Munger called it "disgusting and contrary to the interests of civilization," and he admires China for banning it.
 

None of this sits well with the theory that bitcoin is right-wing. Its more outspoken critics seem to prefer the financial status quo to a decentralized network that states, corporations and autocrats can’t control.
 

This is not a call for anyone to buy bitcoin – it’s a call for choice.
 

Nor is it a denial of the trade-offs. The internet has dark corners where evils multiply. But it also liberates, opening up new worlds of connection, engagement and opportunity. Bitcoin is doing the same, not with information, but with money.

 

In this sense, bitcoin’s design and use are no more right-wing than the internet itself. By including and protecting marginalized investors, it promotes values shared by centrists, liberals and progressives.
 

Banks have excluded people of color
 

America’s legacy financial systems exclude people and perpetuate inequality. They require trust in ledgers, loan officers, tellers and credit agencies that serve the wealthy better than the poor. People of color can be wrongfully denied bank accounts and loans or targeted by predatory payday lenders. Punishing overdraft fees lock customers into debt cycles. Commercial banks block ex-inmates from accessing banking, payments or credit services, hampering a return to meaningful work.
 

Financial inclusion matters. Accessing savings, payments and credit enables human flourishing. Bitcoin facilitates this for anyone, and with more volume than PayPal. At just 13 years old, it’s already the most inclusive and open financial network anywhere.
 

Anyone with a cheap smartphone can use it to send or receive value regardless of location, race, gender, religion, sexual orientation, age, credit rating or immigration status. This is by design.
 

Minorities adopt bitcoin at faster rate
 

Just as anyone can send email at basically no cost, now they can transfer assets at basically no cost. And millions do. It’s therefore unsurprising that U.S. ethnic minorities have been faster to adopt bitcoin than their white peers. Instead of fearing change, we should ask why this is the case.
 

Worldwide, about a billion people live under double-digit inflation, which harms the poor first and foremost. When you’re stuck with Brazilian real or Turkish lira, your financial prospects don’t inspire hope: prices rise, wages lag and hard assets elude you.
 

The United States faces its worst inflation in decades, exacerbating wealth inequality between black and white Americans.
 

Bitcoin’s capped supply and inclusive design, by contrast, provide inflation-resistant savings technology for the masses. The rich may still find refuge from the dollar in gold, equities or real estate; the global poor can turn to bitcoin.
 

Around the globe, people are adopting it faster than they adopted the internet. Countries with the highest adoption include India, Kenya, Venezuela and Vietnam.
 

Traditional payment systems grant nearly unlimited authority to state and corporate actors to block payments. Authoritarian governments spy on transactions, arresting people who’ve bought verboten goods or donated to dissident movements. Corporate authorities follow suit, blocking payments to lawful marijuana dispensaries, adult film actors, unorthodox intellectuals or Muslim charities.
 

Bitcoin’s payment network protects against systemic injustices and the whims of autocrats. Dissidents and victims of monetary repression find refuge in it.
 

Progressives familiar with bitcoin know all this. So do members of other political groups on the right and left who are concerned for the oppressed. Bitcoin’s appeal is broad indeed.
 

Across the political spectrum, we should recognize that it’s a force for good, to be nurtured and channeled rather than quashed.
 

 

Yes, people of all political stripes can be marks. Woohoo!

[Captainant 27682]

It's telling that after pages of technical discussion you fucking waterheads are falling back to empty partisan arguments in favor of it lol. Vibe's article is another sunshine pumper opinion piece that boils down to "well many people are saying BTC is great!"

I'd really love it if yall were capable of engaging in the nuts and bolts discussion while defending your argument of an extremely volatile and purely speculative instrument being a top place for a long term value store.

Like, the NFT watch is a great example - it's nothing more than a really REALLY long CVS receipt that's distributed across the world that you bought that watch. But it's still a fucking physical thing in the meat space. There's absolutely NOTHING that binds it to the blockchain aside from your faith that it does and that someone else will agree with you.