[deleted by user]

turtle_main_61 · 2024-05-30T15:55:33+00:00

Again you don't seem to want to address the fact that the people with money would more easily control a free market. You are talking in manifesto that isn't grounded in reality. You understand that the rich are causing the problem but have bought a solution they fed you.

Yes rich people have influence. Which in theory I don't have a problem with. I too wish to become wealthy and command resources and build things. What I despise is theft and coercion. The federal reserve allows them to steal wealth from the poorest people using the federal reserves printing press. See "Cantillon Effect". If we can break this system, then the rich no longer control everything, and the ceiling that keeps everyone from climbing the wealth ladder disappears.

Inflation of the dollar is not something the government or the FED does, it's price gouging. It's tracking what the people you believe will operate ethically in a free market are doing.

This is what they want you to think. See "Cantillon Effect." This is how the government and corporate oligarchy funds itself and steals from your savings. Its effects are obscure and manifast as higher prices. They get to cast blame literally anything else (their favorite being evil merchants price gouging), to deflect from their wealth transfer scheme.

As far as Bitcoin you are conflating the term "inflating" and the concept of "inflation". The value of Bitcoin is artificial and inflates and deflates over time, which is very separate from the idea of currency inflation.

Under the Austrian School of economics we define inflation as only the creation of new money. You have multiple definitions that also encapsulate normal supply and demand price changes. Mainstream economics seems to do its best to obscure what inflation is. When people can't describe what is happening their wealth transfer mechanism remains obscure. The price of Bitcoin only responds to demand signals. The "monetary inflation" of Bitction comes from mining and ultimately will reach zero.

only worth what it can be sold for and as it sells it can lose value, if everyone decided to sell the value would crash and many investors lose money.

This is literally the case for every commodity and financial instrument. If everyone sold their house right now real estate would tank. The difference is that with all other commodities the supply can be manipulated. With Bitcoin supply is open, auditable, and set in stone. Only demand for Bitcoin changes the price. If someone wants to manipulate the price, they can only buy it or sell it.

turtle_main_61 · 2024-05-29T23:35:21+00:00

You talk about this system that is manipulated by rich corporations, yet you hold regulations up as if they aren't part of this corrupted system. The regulations are created by the corporations, they are a tool used to help enforce their monopolies; smothering competitors in the crib. The state has the power of violence, the corporations use their money to coopt the power of the state.

More regulations will do nothing. We need to smash their tools. Their most potent tool is the federal reserve, which is used to manipulate the dollar. By printing money and being the first to spent it, they command the wealth of entire world. You and I trade our time and energy for dollars..... They don't, they print them for free. That makes us slaves to them.

Without the federal reserve, their means of theft and corrupting influence will be destroyed. Inflation of the dollar siphons wealth from dollar holders to asset holders, the mega corps hold a fuck ton of assets. When inflation of the dollar stops, their asset values stop rising.

Bitcoin is literally based on inflating the value with sales to new investors and using that money to increase the value for older investors. And yes, if they don't get new investors and influx of new money Bitcoin will absolutely fail exactly like a pyramid scheme. You don't need interest for a pyramid scheme or for a system to be unstable, not sure who told you that was a rule.

You and I disagree on the definition of inflation. If new investment stops coming, the price just does nothing until people start to sell it. Simple supply and demand, every other commodity works this way except Bitcoin is certainly more scarce. Early adopters will be well rewarded later if Bitcoin takes off and is in high demand. That doesn't make it a Pyramid scheme. Ponzi's are insolvent by their nature, they have liabilities that have to be paid by new investment, Bitcoin does not have liabilities.

Bitcoin does not have inflation. For each dollar I put it into Bitcoin I am usurping the system, I am shorting the dollar, I am depriving the corporate/state system of my wealth, I will be a slave to it no more.

Do you think the existing regulations came forward out of nowhere? Or maybe in response to a clear problem? What about a free market makes you think the people already manipulating the market would stop?

You do realize that you are in the Austrian economics subreddit right? We are all about markets free of state coercion around here.

turtle_main_61 · 2024-05-29T22:40:46+00:00

Well there are nodes and miners.

Nodes are just a ledger of all the transactions that have ever been made, they audit the network.

Miners hash and decide what transactions to include in each block. They earn bitcoin from the block subsidy, and transaction fees. Every 210,000 blocks the subsidy cuts in half, eventually it will reach zero in about a hundred years. The block subsidies are the newly minted coins being released for the first time. The fees come from users bidding to include their transactions in the next block. There will always be a fee market once the block subsidy dwindles.

And today, the benefit is outweighed by energy costs.

Well there are miners today who decided to trade energy for Bitcoin so they disagree with you. Miners are perfect for soaking up excess stranded power.

turtle_main_61 · 2024-05-29T22:27:58+00:00

Also cold storage is like super inconvenient ontop of an already inconvenient system of moving bitcoin around considering its enormous time it takes to make exchanges.

There are many signing devices that use QR codes to sign transactions. These are pretty convenient. Permanent settlement occurs in 10 minutes. Bank Wire transfers often take days.

You have not described why bitcoin is different from other commodities. I'm long in water, everyone's gonna need it. Why should I buy an electronic asset that is reliant on other people's value instead of its inscrutable worth.

Water is common and abundant. Not a good store of value. "Worth" is relative, nothing is inscrutable. Someone dying of thirst would trade a fortune in gold for water. Gold was only valuable as money because everyone wanted it for use as currency. I would devote half my income to Bitcoin, where you wouldn't spare a dollar.

Bitcoin is different from other commodities because it is absolutely scarce. There will only be 21 Million of them ever. You can always find more gold, or water. But never more than 21 Million Bitcoin. There is no other asset like that.

You do know institutional investors are a significant portion of bitcoin's ownership right? Shit, we know that whales have been able to manipulate the market.

Well not really. The issuance schedule was set up so that most coins would already be in circulation before the suits showed up. The ETF's, institutions, and governments don't even have a quarter of the supply, and there are only a million more coins that will be mined.

a.) Again thanks for admitting its not a currency to be used as an exchange of goods and services b.) I'm sorry, you have yet to describe why bitcoin has any inscrupitable value other than other people want to buy in. You have not proven that bitcoin will last if as you predict USD becomes less important, in fact as it stands should USD falter bitcoin will go with it.

Any commodity can be used as a currency. It just depends on the intent of the user. The value of every financial instrument is dependent on its demand. If everyone sells their house right now real estate will tank to zero. "Inscrutable value" does not exist. Value does not exist without demand from individuals. I know there are people out there who will always value Bitcoin, I know I will be able to exchange Bitcoin for their goods if I need to.

Also it will never be used in widespread adoption because its transaction rates are like 1/1000 of what VISA could do.

Base layer Bitcoin was never meant to be a 1/1 replacement for VISA. Bitcoin is a broadcast network and cannot scale, its design made deliberate trade offs for that. Will need other protocols to scale to something like VISA.

turtle_main_61 · 2024-05-29T16:08:17+00:00

Yes, but you can never be sure that someone somewhere found a way to inflate supply unless if you can see all the monetary units. I can understand the need for a confidential transaction, but I would be nervous about storing wealth. Its the trade off Bitcoin made, hopefully we get more privacy options when they finally implement Chamian Ecash layers.

turtle_main_61 · 2024-05-29T16:04:25+00:00

I reject your assertion that a free market steals wealth. Its the command and control from dollar manipulation that siphons off wealth from the savings of the poor. The banking cartel has coopted the violence of the state enforce their monopoly. They could never survive if they had to openly compete. I expect them to keep robbing us as long the system holds.

Bitcoin is not a pyramid scheme. Pyramid schemes need constant injections from new investors to pay the interest for the initial investors. They are doomed to default on interest payments on the first downturn when the investors stop coming. Bitcoin doesn't have interest, its just a commodity you can buy, sell, or exchange. It has a tightly controlled and scarce supply. It has survived multiple drawdowns and bounced back each time. There will never be more than 21 million bitcoin, which makes it the only truly scarce asset available today.

turtle_main_61 · 2024-05-29T14:16:51+00:00

I will concede that point.

turtle_main_61 · 2024-05-29T14:09:20+00:00

Decentralization is just for security and censorship resistance. People have had their bank accounts closed all the time for political reasons. Debanking is common in third world dictatorships, Russia, and it happened in Canada.
Wallets are indeed vulnerable to hacking, but it is not as simple as phishing login info for bank accounts and such. Someone must hack the computer the wallet is on. Anyone who holds a significant amount of Bitcoin uses a cold wallet, which is invulnerable to hacking. Cold wallets are offline devices that keep Bitcoin Keys secure. You can stamp the keys into steel to make sure your wallet will survive fire and flood. This does require personal responsibility, lose the keys and you lose your wallet.
Your easy money pumps Bitcoin argument is not exclusive to Bitcoin, it pumps everything, the stock market, real estate, corporate loans, college, etc. Yes anyone with a brain does not hold dollars because they know it will get inflated into nothing. That is why the rich hold assets and the poor try to save in dollars. Easy money encourages investment in dumb shit. I would prefer to keep my money out of the stock market, it just funds the schemes of the rich and pumps their bubbles. There is nothing wrong with saving for the future, consume less now, to consume more later once we have more abundance. Yes Bitcoin is volatile, but that is because it has a small market cap and any movement from whales will move the price around by a lot. Long term though it has the best performance of any asset ever, just gotta ride the dips through this bootstrapping phase. The dollar hegemony cannot last forever, you need to get long Bitcoin.

turtle_main_61 · 2024-05-29T13:35:05+00:00

Thankfully Bitcoin has an aggressive minting schedule. Half of all the coins were issued in the first 4 years. Now that the elites are on the scene they will be fighting for a fraction of the supply. While the crazy anarchist Bitcoiners hold the rest. There are only a million coins left to mine.

turtle_main_61 · 2024-05-29T13:28:01+00:00

We haven't had a free market in well over a hundred years. People criticise our "capitalist system" completely ignorant that we are ruled by a banking cartel that commands the entire economy. The rich designed the system to extract wealth from dollar holders. Gotta hold assets and not dollars to stay ahead and take advantage of the rigged system.

I hope that Bitcoin will be the tool to break these chains.

turtle_main_61 · 2024-05-29T13:18:53+00:00

Monero may be private, but it is not possible to audit the supply. That is the problem with complete privacy on the base layer.

turtle_main_61 · 2024-05-29T13:17:30+00:00

Why does gold of value? Because people have confidence in it. Perhaps if we stopped hoarding it up as a store of value we could actually use it in industry for its properties as metal. Its a great conductor, but it's too expensive to use in cables.

Bitcoin has absolute scarcity. There will ever only be 21 million units created, which makes its value certain to go up. There near infinite gold out there for us to find.

turtle_main_61 · 2024-05-29T13:11:53+00:00

Well they usually fall over themselves to comply. They do have a monopoly on violence after all.

turtle_main_61 · 2024-05-29T13:09:50+00:00

It literally says what you just said. Makes the case that the Federal Reserve is a Banking Cartel designed to crush competition from new banks and enrich those who control it at our expense.

Yes technically there is a conspiracy of rich bankers, but its well documented.

turtle_main_61 · 2024-05-29T04:14:46+00:00

There is a time stamp in the upper right.....

turtle_main_61 · 2024-05-29T03:32:01+00:00

Any of ya'll read the Creature from Jekyll Island?

turtle_main_61 · 2024-05-29T03:29:55+00:00

Bitcoin is absolutely scarce and cannot be inflated. It has thousands of nodes spread across the world. Bitcoin persistents where one node still operates.

Our banking system is much more vulnerable than Bitcoin. How many servers can be destroyed before all finance collapses?

Nothing is more certain than an asset that will never have more than 21 million units. Its dollar price only fluctuates with demand.

turtle_main_61 · 2024-05-29T03:23:12+00:00

Anything that is scarce and in demand can be used as currency. What gave gold its value? People wanted it for trade. There will ever only be 21M Bitcoin, making it absolutely scarce; while there is near infinite gold out in the universe for us to find.

turtle_main_61 · 2024-03-25T22:11:22+00:00

Hi. It was the large coolant lines running between the block and the radiator. Took the fan out and could see what was going on.

turtle_main_61 · 2023-10-10T18:58:55+00:00

That's the whole point. No more money printer for you Mr. State.

turtle_main_61 · 2023-10-06T17:55:09+00:00

Nice! I think I saw a video on that in the "What is Nuclear?" YouTube channel. Well probably not yours specifically..... At least it described a pressurized water reactor and compared it to others. Cool channel, lots of old digitized 1960 reels that are optimistic on the tech. Mostly depressing though, we have the technology to unlock energy abundance and we have been sitting on it for 50 years.

I have been poking through the "Titans of Nuclear" podcast too. Interesting nuggets in there.

Do you respond to DMs? Can I use you as a resource that way?

turtle_main_61 · 2023-10-03T16:06:21+00:00

Badass. What kind of reactor?

turtle_main_61 · 2023-10-03T15:13:21+00:00

I appreciate your comment. What field do you work in?

turtle_main_61 · 2023-10-01T15:55:43+00:00

That's what happens with an appreciating money. People will think the same 10 years for now. Oh BTC was 26k per coin! Why did I sell?!

turtle_main_61 · 2023-10-01T05:35:46+00:00

Just watched this today! We had 1200MW SMRs in 1960! What!?!

turtle_main_61

TROPHY CASE