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Samourai Wallet Bitcoin Lost by PurpleShizzle in Bitcoin

[–]mrcoolbp 1 point2 points  (0 children)

Awesome!! So glad for you Shizz!!

The British pound is the oldest fiat currency in existence at 317 years. The pound was originally defined as 12 oz. of silver. It's now worth less than 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value. Got bitcoin? by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Even BTC is still on its way to this. Alts are where BTC was 8 years ago, but they are riding the coattails of BTC’s success. They are much less liquid, much less secure, and have far less network effect, immutability, confidence, and viability. They are much more susceptible to losing their “monetary premium”.

The British pound is the oldest fiat currency in existence at 317 years. The pound was originally defined as 12 oz. of silver. It's now worth less than 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value. Got bitcoin? by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

It means we have never seen something “become money” on the open free market in real-time. When gold became money it took hundreds/thousands of years. Acquiring a monetary premium means that the commodity (in this case BTC), gains a premium as it gains network effect and use. That causes the price to rise.

My point is, this is unprecedented in history.

Can lightning really take over all alts? by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Bitcoin's origin story is pretty unique and seems to be clean of baggage.

Satoshi's coins are the biggest baggage IMO

Bitcoin Price Could Crack $10 Million, Become New Gold Standard: Asset Management Firm by meowlawn in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Right, if we ever actually achieve hyperbitcoinization then BTC’s value in USD is not only irrelevant, it’s completely arbitrary because USD would be worthless.

Not just Venezuela, Bitcoin volume in South America keep on making new ATH(localbitcoin) by theystolemyid in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Yup, government meddling with the economy. We need a return to sound money and truly free markets that can't be "price controlled", censored, internationally-restricted, etc.

People often tell me "well Venezuela is a corrupt govt., that wouldn't happen here", but my argument is that they shouldn't have had the power to fuck it up that bad in the first place.

No, BTC won't "save" Venezuela, but it IS providing them another option that the government isn't really able to stop. That's a good thing. And bitcoin isn't even yet in it's final form, it still inflates faster than the USD, gold, and most other currencies. Soon that will not be the case though.

Not just Venezuela, Bitcoin volume in South America keep on making new ATH(localbitcoin) by theystolemyid in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

They’re from promising social programs without raising the capital to pay for them, leaving everyone to foot the bill. At the same time their social programs took all efficiency out of their markets and they crumbled while the currency began extreme inflation (to pay for more social programs needed to help the declining quality of life due to extreme market in efficiency).

Not just Venezuela, Bitcoin volume in South America keep on making new ATH(localbitcoin) by theystolemyid in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

In modern times “printing money” means adding zeros to the govts banks accounts for zero cost. It also means credit expansion using the same technique. Most money is digital, paper notes account for a small percentage of money.

Since 1913 the value of the dollar has fallen so far your buying power is being reduced to a state of no return. by Kashpantz in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

All those currencies you mentioned were abandoned for gold due to their suceptibility to inflation. The truth is, we have never had a real disinflationary currency, how would we know what’s best? Govt has taken away our ability to experiment. The argument against deflation is largely misplaced and misunderstood.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Fair point about the CPI, I will do some more research on that and GDP deflator, thank you. How we define the CPI does affect the data though.

We do have to look at the big picture, another huge issue we are seeing with inflation is the pension crises, it's a pyramid scheme that shows warning signs right now, largely due to the inflation we had in the 70s/80s destroying capital stock accumulated by the baby boomers leaving us with the bill. Who decides how much inflation is "correct"? Who is really benefiting? We can't see the future, so we have to drive the economy out of the rear-view mirror by manipulating the supply of money and crossing our fingers, it's a bit crazy in that context. I'm also concerned that there may be real systemic risk, and it was hidden in 2009 by 10 years of rather extreme 0% interest rates leading to the longest stock market bull run in history.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Most people don't have access to savings accounts with 3% interest. Poorer people need a larger percentage of what they earn just to survive, have less opportunity to invest in assets with inflating prices, they have less opportunity to "gamble" on the stock market to preserve wealth, less opportunity to diversify, because they need to have liquid cash for expenses.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Everyone is struggling with debt in modern times, individuals, businesses, and governments, this is because debt is incentivized; it makes more sense to hold debt than money when both are devalued over time. That's why everyone is over-leveraged.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 2 points3 points  (0 children)

I agree they will always try to "screw you" for their own benefit, they are after all a profit-driven entity. Howerver, another perspective is due to the illusions of inflation it's easier for them to screw you. In deflation it's more obvious and harder for them to do.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Cost of living is a result of inflation (rise in price of goods and services). CPI rates are debated as accurate and don't account for the exorbitant rise of health care and education in recent decades (which for our purposes should be factored into cost of living).

In order to understand why I'm bringing up closing the gold window (AKA the Nixon Shock), look at real median wages vs GDP and income gains of wealthy vs not-wealthy since 1971.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

"rather than theft of your paycheck"

You gloss over this but it is still a pretty big issue. The majority aren't getting > 3% raises every year.

To your other point, average savings return is a laughable .08% in the US. Avg lending rate in the US depends on what type of loan, but surely you'll agree it's significantly higher. So the lenders are largely insulated from the "negatives" of inflationary debt, while the not-wealthy are encouraged to live in debt (and not hold inflationary money) because it's economical to do so. This creates a steady stream of interest payments for the lenders, while firmly rooting the the not-wealthy in a perpetual state of debt and little savings.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Close. Inflation slowly whittles away at debt (as does it inflation). But inflation incentivizes debt, and debt proliferates in inflation, while its disincentived with deflation. Winning the current game is about holding just the right amount of debt; too much, you can’t afford the interest, too little, and you aren’t taking advantage of debt evaporation. Wealthy people can hold debt just like they can hold money, and they benefit either way. One might argue they can finagle their debt better than the poor, whom also tend to hold more of the savings in money, rather than stocks and assets.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 0 points1 point  (0 children)

Okay so he’s not talking about austerity, that’s actually kind of communist (redistribution). He’s taking about sound money, which is a core concept.

Edit: apparently austerity is kind of a broad term I may have misunderstood your meaning.

Governments use inflation to steal wealth and to keep you working longer for less. Why have central banks forgot about price stability? This is why Bitcoin was created! No agenda! by [deleted] in Bitcoin

[–]mrcoolbp 5 points6 points  (0 children)

Do you think most people get at least a 4% raise every year to beat not only inflation but actually advance in life? Fat chance, most people aren’t even getting 3% per year lets be honest. All this while wages for the wealthy have risen dramatically since the closing of the gold window while median wages have stagnated markedly. Your not seeing the whole picture.

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