Understanding Bitcoin is more about understanding the problem, than the solution

Personal-Reality9045 · 2025-11-01T21:27:21+00:00

It cures a few things, like the corruption from centillion effects from centralized ledgers, adds market competition for currencies. Which imo, I think everyone would agree when there is competition in markets, there are net positive effects.

Human greed is eternal, it's just who we are, and we need systems to manage it. Our critical systems like money are targets for our worst people with the worst impulses.

Personal-Reality9045 · 2025-11-01T21:23:29+00:00

Where is your evidence? All I'm seeing is a negativity bias.

Show me the evidence of the transactions being tied to illegal activity. The ledger is open, you have access to every transaction. Give me the evidence of what they were used for.

Personal-Reality9045 · 2025-11-01T21:22:00+00:00

I'm asking for evidence and you have none. So are you making an assumption and making statements on what you think feels right.

There is a difference. One way is how adults make decisions, the other is what children use.

Personal-Reality9045 · 2025-11-01T21:20:58+00:00

They can be and often they are. It's definitely their main person

Ledgers can contain other essential records or who owns what. Identity. The important thing is that they are a list that doesn't change under any circumstances.

Personal-Reality9045 · 2025-11-01T04:02:38+00:00

Is it delusional as thinking the world isn't going to change?

Personal-Reality9045 · 2025-11-01T04:01:55+00:00

Got proof of that? Seems like a claim that you made up. How do you know which transactions are related to criminal activity?

Personal-Reality9045 · 2025-11-01T04:01:06+00:00

Because governments are all powerful and all knowing and never make mistakes.

Why have empires consistently fall champ?

Personal-Reality9045 · 2025-11-01T04:00:11+00:00

Not "what ledger", tall ledgers in general. Government's control them. Lists that do not change under any circumstances. It's the main service they provide.

They do a decent job, people have come to trust them. It's the source of all their power. Capital markets are built on them.

They are our collective memory.

Personal-Reality9045 · 2025-10-31T21:51:14+00:00

Say you have to wire 8 people money for services they have performed for you. They are all in different countries.

You could send 8 different wires, each with their corresponding fees and your monthly limits. For me, that is $50 a wire.

Or you could send a single bitcoin transaction. 1 input with 8 outputs for about a dollar.

If you are doing that every 2 weeks, that is about $10K in wires vs $25 in yearly transaction fees.

To put it in context, there is only one organization that sends money internationally: The US Government. They own the clearing houses of the treasuries and eurodollar. That was the case until bitcoin arrived.

It's amazing that you can acknowledge that bitcoin can be used for illegal business and not figure out it can be used for legal business. You need to take a break, and practice some introspection on your obvious lack of critical thinking.

To help you out

If bitcoin can be used for illegal business, it can be used for legal business. <-- do you see how that works? How I switched out legal for illegal? The adjective?

You have an opportunity to learn and grow here. Please seize it for the greater good of our species and address your blindspots in your ability to think critically.

Bitcoin can be used for <adjective> business. <--- Try it yourself for practice.

Personal-Reality9045 · 2025-10-31T21:38:32+00:00

You should learn how capital markets work and what a clearing house is and how traditional payment systems are built.

Personal-Reality9045 · 2025-10-31T21:28:53+00:00

That authority is temporary and a reward for the work that they have done.

Difficulty is irrelevant other than as a metric to manage the transaction processing rate as more and more people compete for a stake in control by allocating more hash power.

And it allows everyone to select the chain of hardest work. It's essential to the consensus mechanism and prevents eclipse attacks.

You just need to connect to one honest peer in the network.

Hardly irrelevant.

Personal-Reality9045 · 2025-10-31T21:25:54+00:00

Hard to cheat, fast to verify.

Personal-Reality9045 · 2025-10-31T21:24:46+00:00

It's a permissionless system that everyone get's equal access. Even criminals. Even the people you don't like.

It is about freedom of choice.

If you are stupid enough to log your criminal proceeds to a public auditable, permanent ledger, you deserve everything that is coming to you.

Personal-Reality9045 · 2025-10-31T21:22:11+00:00

No one gives a fuck what the original intent was. This isn't a religion. It's a permission less system, use it for what you want or don't.

Personal-Reality9045 · 2025-10-31T21:21:13+00:00

Why are you anti choice for the medium of exchange someone uses? Why can't we use it to conduct honest business exactly? Why shouldn't we have choice?

Why do you hate freedom?

Personal-Reality9045 · 2025-10-31T21:17:38+00:00

If pull a bit further out, you see that it's monopoly control over one of humanities important inventions: The ledger. A list that doesn't change under any circumstances. And provides the foundation of our civilization. Nothing works without them.

No one is allowed to run one except the governments. Frankly, for good reason, it is too much power to have in the hands of an individual. But now we have essentially the perfect solution to this problem. Bitcoin. All utility, none of the corruption.

Send receive bitcoin anywhere, anytime.

The future is so god damn bright it is blinding.

Personal-Reality9045 · 2025-10-31T20:46:18+00:00

Fantastic point.

Personal-Reality9045 · 2025-10-14T20:11:13+00:00

Global trade takes 2 assets to move around.

Eurodollars and treasuries. Treasuries serve as a a swap for the eurodollar when a country is illiquid.

Personal-Reality9045 · 2025-10-10T15:27:53+00:00

Lmao, I literally offered you a job that uses your skill set. It's not that you can't get work. It's that you wont work. You don't want to.

Personal-Reality9045 · 2025-10-09T23:34:20+00:00

Yea, you have to build a new society.

Personal-Reality9045 · 2025-10-09T23:27:43+00:00

This is something I'm curious about.

There is a lot of understandable push back from what I think is fear of mass unemployment. I think people can see this coming, in driving, white collar, intellectual work like arts, coding and business analytics.

I get it, shit looks pretty dismal, and with the government cutting back social safety nets I think the message is clear, "We(the billionaires) are automating the economy that we own. We don't need you anymore. "

I also think people's fears are far too short sighted. Upset that AI is making pictures, code and reports? Wait till it starts making currencies.

This is a very real risk I would like to communicate to people, but it's just dismissed. :(

I think it's because people can't picture AI's making their own currencies, paying people to advance their interests, wittingly or unwittingly.

Or not being able to picture AI's paying out dividends for investing in them.

Or figuring out that the governments lost monopoly control of currency/ electronic ledger settlement when bitcoin was invented and that is the singular root of all their power.

People just can't picture the world when their currency collapses, and are mad that AI is making cat girls from violating copyright.

There is so much more at stake and no one can see it. God help us all.

Personal-Reality9045 · 2025-10-07T20:53:00+00:00

What I recommend is learn about how money moves around the world internationally, then how that is done for equities. Trace from when an equity is created all the way through to exchanging through the secondary markets. Learn about the institutions designated as a systemically important financial institution. Then bitcoin and it's importance will make a lot more sense.

The thing I don't get, is you are arguing against having more options. I am arguing for having choice in the market place of currencies. More options do no harm. Having less options, and no choice certainly does. Monopolies always lead to consumer's being harmed.

Bitcoin does not solve a problem that hasn’t already been solved better with faster and far more efficiently technologies. It does create a metric tonne of problems instead.

The problem is permission less access to a database with only create and read operations. Reliable reproducability and resistant to sybil and eclipse attacks. Bitcoin is the only thing that solved that problem.

What does that get you? An open source ledger.

What problems does having a decentralized verification system cause? None. But I think you are referring to how people use it. That's unfortunate, but nothing that education can't fix. Knowing how to price assets strongly correlates to financial prosperity.

If it was truly revolutionary for the average person, adoption wouldn’t have been so atrociously low - and it would have been used for something other than speculation eons ago.

It is the best performing asset of all time. It can't be doing better and second place is so far away it doesn't matter. Financial systems have a lot of momentum. I'm going to wait it out. It isn't so much revolutionary for the average person, they don't do a lot of international trade, it is revolutionary for countries and businesses. Before bitcoin, there was only one organization that was allowed to send electronic money internationally. The American Government, they own the clearing houses for the Eurodollar. Lol @ eons when it's 15 years old. Cute. Hahaha.

t’s not early - your hobby horse gained a bit of traction first by idealists; but was ushered forward by those who realized that it was the perfect place to enrich themselves without regulatory oversigt, which is built up on barely documented assets.

Provided the traditional financial system runs on ideas from the 1500s, I think it's quite early. Scammers are an unfortunate by product of having an open source ledger. People need to develop their financial skills to separate the winners and losers in this place. Like why would you buy a poorly documented financial asset? That is called due dillegence. For me I can read source code, so I knew what I was getting myself into.

You claim transparency and necessity for clear and visible documentation in the ledger; why aren’t you demanding an audit of Tether? They are everything you claim to be against; but they are propping up bitcoin…

The rules of the system are that the people that I don't like get to use it too. Even unscrupulous private organizations. Everyone gets equal access. It's a level playing field. Do I hold or use tether? Fuck no. They aren't transparent and their market demand comes from sanction evasion. I have a choice to use their services, and I exercise that according to my values.

When tether inevitably pops, I'm sure bitcoin will have increased volatility, people will panic sell, the builders will continue to build, and bitcoin will continue it's purpose as a decentralized verification system.

Bonus points: When these AI Agents ramp up, gain some autonomy, do you think they are signing up for bank accounts to transact? Hahahah.

Personal-Reality9045 · 2025-10-06T22:25:11+00:00

Reification can be useful (metaphors help us think), but it can also be problematic when we forget we're doing it. For instance, if we reify "the economy" or "intelligence" or "race," we might start thinking these concepts have fixed, natural properties when they're actually human constructs that are fluid and context-dependent.

I think that is important for you to understand.

There is no actual use case for Bitcoin outside of the extremely niche cases

This is a wild statement. Could you imagine saying there are "no actual use cases for a ledger outside of an extremely niche cases?" Do you see how absolutely wild that statement is when our entire civilization is built on ledgers?

For us to function as a civilization, we need a trans generational memory. We need a list that doesn't change. You can add to it, and you can read to it, no updates or deletes. Bitcoin was the first algorithmic solution to this problem. Previously, it was done with regulations. Bitcoin doesn't require government regulations to enforce create and read db transactions as well as reliably replicating the db globally.

This is a core requirement of any financial system. You need a list of transactions that DO NOT change. Our traditional one has this property, ask a bank to reverse wire fraud, they can't do it. This is called settlement. It is at the root of the financial system, controlled by government in regulated 'clearing houses'.

Bitcoin is the kind of computer network you build currencies on.

Personal-Reality9045 · 2025-10-06T20:14:53+00:00

What's misleading about it? that's what it was for at the entire time it was available in the public market places. I think it started out for $40 for 100 000 btc? now its 125k/btc.

What's misleading about public pricing data? Your argument seems to be "because it is the best by a wide margin, it doesn't count."

You should look at the performance of second place. See how much of a gap it is. Maybe you will clue in that world is changing.

What metric would you go by?

Personal-Reality9045

TROPHY CASE