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/biz/ - Business & Finance

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24330705 No.24330705 [Reply] [Original]

>BLOCKCHAIN IS JUST AS REVOLUTIONARY AS THE INTERNET
The internet:
Let’s you access data from anywhere in the world so you can communicate with anyone, learn anything, grab information out of thin air, etc...Basically magic.
Blockchain:
A Google Sheets file set to Write Only.

>> No.24330778

>>24330705
You are correct anon. It's a scam. We know. It's not worth dwelling on /biz/ and shitcoins, just close the tab and go live your life.

>> No.24330809
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24330809

>>24330705
>97F88DF3-4448-49D7-98F5-FFF2312FD85E.png

>> No.24330819

>>24330778
Oh I know it is.

>> No.24331590
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24331590

>>24330705
Medium of exchange is fundamental to human civilization. It starts with small tribes that are able to pool resources, goes to using things like shells as currency, to gold, and then to fiat.

Currency can not be overstated in terms of its effect on human civilization. Without a medium of exchange you can't get past the tribal states of life. It's the system that is the building block of modern life.

As it exists currently, money is fiat - which is money that is enforced by the government. Fiat is the latin word which roughly translates to "let it be done". It isn't backed by anything other than the government telling you it's being backed by the government. We actually live in the exception, not the rule. For most of human history currency was backed by something - gold. It's only within the last 50 years that we've moved to this fiat system.

Modern monetary theory is Keynesian. It is based on the assumption that people need to constantly be spending for the economy to grow. This means that currency needs to constantly be devalued (via inflation) in order that people spend it. True inflation is 7% historically and explains why prices go up over the years. This is why no prudent wealth manager has ever said "let's invest in cash". 20% of all USD ever to exist has just been printed within the last year. We are looking at 15%+ inflation with many experts giving higher eventual numbers. On top of all of this, we haven't solved anything. We are only putting a band-aid on the problem. All of the most distinguished hedge fund managers, from Druckenmiller to Dalio have been saying this. There is no one more educated on a subject than those who are able to take advantage of that subject.

1/2

>> No.24331638
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24331638

>>24331590

This Keynesian policy leads to boom and bust cycles, bubbles eventually pop as too much money is leveraged. This leads us to the concept of sound money, or hard money. Gold and Bitcoin are hard monies. Because the Fed is able to create as much money as they want out of thin air, they tend to mismanage it, the Fed is also the last entity you'd want controlling money. Not only that, but the money system is so complex, no centralized entity should be allowed to tinker with the knobs when they all trigger infinite unforeseen outcomes. With hard money, that money is grounded and can't be over leveraged and these problems no longer exist. The free market is allowed to breathe and react naturally.

Bitcoin has solved trustlessness. I could argue this is as important as the internet because it eliminates the need for centralized control. It goes back to the fundamental nature of money. It starts to break and disrupt how we think about everything. This has to do with first principles thinking, which is very hard and not intuitive for people to grasp. It's how Elon Musk says he found success. It means questioning the questions. I.e. If you could design a means of exchange, hardly anyone would vote in favor of a centralized means of exchange! So why do we need it? Bitcoin allows us to get back to the first principles, to questioning why we do things a certain way in the first place. Bitcoin has been compared to currency and to gold, but it's a brand new thing. It's been doing very well. I think it's going to continue doing very well.

>> No.24331674

>>24330705
iExec RLC

>> No.24332214

>>24331638
Pearls before swine

>> No.24332259

the window for "CRYPTO" is going by
10 years later and its still a meme

>> No.24332307
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24332307

The people who don't recognize blockchain technology are the dumbest mother fuckers in the world. Keep letting banks fuck you over and over again for no other reason than "that's just how it works"

Sage

>> No.24332355

>>24331590
Medium of exchange is necessary for the existence of the universe and all things inside it. Money is a natural consequence of the laws of nature.

>> No.24332462

>>24332355
money is the commoditization of fitness
its great at optimizing resource allocation, but the problem is it sent us back to lifes "reproduce until equilibrium" objective, and equilibrium will be a hard wall to hit.

>> No.24332545

Pretty sad if you think about how there hasn't been any life-changing technology since the internet, for all the clamor about future tech stuff

>> No.24332561

>>24332307
This.
It's much better to get fucked by tether corp, exchanges and colluding bitcoin whales.

>> No.24332595

>>24332214
I read all of it, it was insightful and helpful

>> No.24333325

>>24332561
You don't need any of those to use Bitcoin.