BTC (FOREX) Bitcoin discussion

Originally posted by jlo2012: ↑

@deco19

I understand the arguments you raise. You do appear to concentrate and rely on very recent economic history (last 100 odd years) when dismissing commodity based money. I very much think the current fiat system is responsible for the continued widening of the wealth gap between the super rich and the most poor in the world. I would recommend reading Alex Gladstein’s Check Your Financial Privilege. It shows the need for Bitcoin in the developing world far more than it’s need in our own privileged existence.

Personal responsibility and individual sovereignty should be sought by all. I don’t want my money and the value of my life’s work stored in something that can be expanded or adjusted when a small group of people think that’s “what’s best”.

Custody solutions are continually improving all the time. For money to be censorship resistant / immutable it needs to be spent in an irreversible way. Multi sig custody solutions, including collaborative solutions are there already and continue to improve in UI. Anchorwatch is a good example of multisig miniscript solution with insurance provided all whilst the owner retains self custody.

I find FTX/FTT and the whole shitcoin ecosystem repulsive and to overlay those as examples in your opinions about Bitcoin is neive.

Bitcoin is good for energy usage. We as humans have only become more prosperous as we use more and more energy. The countries that are most prosperous are those that use the most energy. Bitcoin mining provides for a constant purchase of energy both as a buyer of first resort and of last resort. Have a look at the company Gridless. There are areas in Africa that are using Bitcoin mining as a buyer of first resort to economically justify the build out of energy infrastructure that can in turn be used by locals once the infrastructure is in place.Similarly, Bitcoin mining is being used as a load balance in places like Texas where miners take all the excess energy not used by the grid but when there is a heat wave etc they can switch of in a minute and that energy is redirected to areas of the grid in higher demand.

Anyway, I suggest you conduct some further research.

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I have as it has revealed why currency has evolved to the state it is currently in today. And this nihilistic approach of throwing it all in the bin and returning to an earlier form (albeit with a poor piece of technology to underpin it - an even bigger step back) is ignoring the history, context and pain that is quite frankly unmatched to whatever is being experienced today as a result of Keynesian-styled economics.

It would be worth acknowledging Alex Gladstein is a CSO of the Human Rights Foundation, who's donors include people like Peter Thiel... Certainly no advocates or practisers of wealth gap minimisation. The developing world has been subject to more exploitation that utility of Bitcoin. We've seen examples in El Salvador and Africa where this has failed spectacularly. In the case of El Salvador the majority of citizens utilised the government allocated Bitcoin and then continued the preferred currency, USD. Bitcoin: El Salvador’s failed experiment has important lessons | Context
In Africa among other areas in the world we can observe crypto-colonialism and contrary to claims that it is challenging the order, it is furthered by those from first-world countries: Full article: Enrolling into exclusion: African blockchain and decolonial ambitions in an evolving finance/security infrastructure (tandfonline.com)
It certainly has no evidence of providing much benefit over other forms of currencies (such as USD) but rather has furthered the facilitation of scams.

As mentioned in the aforementioned post, this (currencies and economics) are sociological. Humans are a collective species and expecting this to be detached in some way is not what happens in reality. As much as you find that other ecosystem repulsive, since you have regressed to a decentralised, low-trust system, you have opened to door to allowing such mechanisms to come into place. There is nothing stopping them entrenching themselves into the system. To the point that you couldn't have had the wealth you did without them.

Excerpt from the NYAG regarding the Tether scam, in which Tether was fined.

The relevance Bitcoin received in popular culture was due to the ecosystem you revile. To the point that it actually made you money (as you claimed). You need this in order to profit from your initiative. This is why this whole thing is a terrible idea.

All those other components seem like a hell of a headache the regular person just doesn't want to deal with. You cannot replace the current system with something as sub-standard as Bitcoin.

Those grids in Texas have taken the government hostage, receiving big payouts in order to switch of their energy greedy machines. That is terrible for energy. And given that prior evidence, justifying the creation of power grids on a greater fool scheme is unsustainable and due for disaster.

Bitcoin mining hubs are terrible for locals, not a single redeeming factor
Noise Pollution from Crypto Mining is Destroying This Town (popularmechanics.com)

I think you need to think more about the technical side of this, I recommend watching this: