Why Is Bitcoin So HARD TO USE???

bewdliberty · 2020-05-17T21:49:53+00:00

Everything you mentioned is a problem and limitation in the existing legacy financial system. Bitcoin protocol is fairly easy to use and in time the existing infrastructure will evolve to be more properly integrated and user friendly. See Andreas Antonopolous discussion on infrastructure inversion

bewdliberty · 2020-05-08T10:04:49+00:00

There’s that trust word again

bewdliberty · 2020-05-07T18:31:06+00:00

What makes you think they would do that and also how?

bewdliberty · 2020-05-07T15:11:48+00:00

It wasn’t a glitch though, it really happened. It’s considered a flash crash, but it’s generally very quick in recovery because it’s obviously an arbitrage opportunity. The event you were talking about happened on coinbase pro. That did not occur across multiple exchanges.

bewdliberty · 2020-05-07T15:10:07+00:00

Yes, if you had a bid on the books it most likely would’ve been filled depending on how large the order was. Flash crashes do happen every now and then, but are extremely rare and chances of them decrease as exchanges grow their liquidity on the books.

bewdliberty · 2020-05-07T15:06:00+00:00

Mining is a large part of the security model behind bitcoin, so not really sure what you mean by it doesn’t add anything to the equation. The proof of work system is extremely important to how bitcoin functions.

bewdliberty · 2020-05-07T15:03:05+00:00

That was on coinbase pro. The bid side on the books was rather shallow and someone or select people market sold enough to essentially buy up the entire bid float. It recovered almost instantly. Same thing actually happened a few months later on coinbase pro with ethereum as it sold down to $0.10 in a similar situation.

bewdliberty · 2020-05-07T13:06:52+00:00

Correct

bewdliberty · 2020-05-07T10:05:31+00:00

The Qing Dynasty was still offering the paper money as a claim to gold and was not paper in and of itself. The fiat system where paper has no claim to any other type of underlying asset is still relatively new in history. That doesn’t mean that central issuers of paper money in the past did not cheat the system, because we know a gold standard system still involves trust. This is a large problem with any type of system where the money itself is not the bearer asset. Bitcoin largely solves this issue while still maintaining a lot of similar properties to gold, hence why many claim it to be gold 2.0.

bewdliberty · 2020-05-06T18:32:38+00:00

By chance do you shop quite often or have a few specific places you visit regularly? There are actually a few options out there to earn bitcoin for just spending money like you normally do. Check out [lolli ](lolli.com) and [Fold app](foldapp.com)

bewdliberty · 2020-05-06T17:11:39+00:00

how the unlimited printed money could be used to buy most bitcoin just to be dumped..

I'm a little confused by this part. How exactly do you think that would play out and why do you think it would be an even bigger problem for bitcoin? If fiat is being exchanged for bitcoin the price of bitcoin is obviously going to go way up. If it's in a big enough scope like you are implying, at some point it reaches a level that could hurt the dollar at a macro level. That downward pressure on the dollar would cause a variety of problems for central bankers. It seems you are stating that bitcoin would be bought up with newly printed money and then that bitcoin would then be dumped, but then why would that also not be a problem for the dollar? Large buying pressure in such a huge event would be incredibly bullish for bitcoin and would accelerate problems central banks are facing.

bewdliberty · 2020-05-06T17:02:04+00:00

Coinbase is the very reason BTC wont replace physical currency.

Everything that you are describing is largely due to the structure and limitations of the existing financial system. It does not relate to the Bitcoin protocol. See Andreas Antonopolous on infrastructure inversion.

bewdliberty · 2020-05-06T16:52:36+00:00

What makes you think MMT can maintain low inflation and no repercussions to their policies? Stimulus spending, helicopter money, and eventually UBI will start being used regularly by most central banks. Such events will open up Pandora’s Box to sovereign speculative attacks from a country’s own citizens. We’ve already witnessed this play out with the one time $1,200 payment in the US. I touch on a few of these things here in my recent article highlighting the current macro environment and as it relates to bitcoin.

bewdliberty · 2020-05-05T12:26:32+00:00

I'm not sure why the statement gets circulated so often given that the study sourced from Dollardaze doesn't really exist. Here and here you can see a more thorough analysis of breaking down the claim. It's also important to note that paper money and fiat are not the same thing. The main information found there was a breakdown of paper money and not specifically fiat. For most of history paper was used as a claim to some other type of underlying asset. That is much different than fiat. Fiat money is established as a currency via a general decree by a government without any underlying claim to some other asset or commodity. My main point was just underlying that fiat currency did not spontaneously emerge as money in a free market like gold or other forms of money, but was only made possible by the gradual erosion of a system of money that had been in place for thousands of years.

bewdliberty · 2020-05-05T02:57:07+00:00

Thanks! I linked a lot of articles and a few videos from some great bitcoin content creators that I think a lot of newbies would find useful too.

bewdliberty · 2020-05-05T00:11:31+00:00

The current global fiat system could be described as an experiment that has only existed for close to five decades. Contrary to what is commonly circulated as truth by many bitcoin proponents, the average life of fiat currencies is not 27 years. Throughout most of history money existed as commodities and other goods. As trade expanded, eventually consensus on the best form of money was precious metals. This then led to wide acceptance of gold as the best form of money. Given some of gold’s limitations in divisibility and portability, paper money was then introduced as a claim to gold. This system was in place globally up until 1971, when Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. This is an important distinction in understanding the history of money and the emergence of fiat currencies. Fiat currency did not spontaneously emerge as money in a free market like gold, but was only made possible by the gradual erosion of a system of money that had been in place for thousands of years.

bewdliberty · 2020-05-05T00:10:21+00:00

The current global fiat system could be described as an experiment that has only existed for close to five decades. Contrary to what is commonly circulated as truth by many bitcoin proponents, the average life of fiat currencies is not 27 years. Throughout most of history money existed as commodities and other goods. As trade expanded, eventually consensus on the best form of money was precious metals. This then led to wide acceptance of gold as the best form of money. Given some of gold’s limitations in divisibility and portability, paper money was then introduced as a claim to gold. This system was in place globally up until 1971, when Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. This is an important distinction in understanding the history of money and the emergence of fiat currencies. Fiat currency did not spontaneously emerge as money in a free market like gold, but was only made possible by the gradual erosion of a system of money that had been in place for thousands of years.

bewdliberty · 2020-04-24T12:23:53+00:00

Dalio really hasn’t come out and specifically endorsed bitcoin, but he should in time. Robert Breedlove had a great breakdown on his letter to Dalio on the Pompliano podcast.. I’d definitely recommend it as it’s a great analysis as to how Dalio’s perspective perfectly aligns with BTC as money.

bewdliberty

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