Quote:
Originally Posted by Monkey Throttle
Imagine for a second that someone said, I’m going to do a comprehensive study of everything that’s wrong with FIAT money (government currency not backed by gold or silver like the US dollar).
And then that person designed a new type of money using cryptography that solved most or all of the problems that existed with government backed transactional money but also solves a lot of the problem that exists with wealth storage like gold,
silver, real estate, art and other scarce items traditionally used to hold and transfer wealth. That is Bitcoin. It’s not so much a magic bean. It’s more like Viagra. It solves a problem. And even if you don’t have ED, it still makes sex better.
Why was Uber invented? Cause taxis suck.
Why was Airbnb invented? Cause hotels are expensive and suck.
Why was Amazon invented? So you don’t have to go to the store.
Why was Spotify invented? So all the music in the world could live on a cloud and you could instantly access all of it, anywhere.
Why was Bitcoin invented? Because it’s the first rules based, global currency, not controlled by a treasury or bank that is equally as scarce as gold that’s more divisible and more portable. It’s unhackable, It’s an idea whose time has come.
Bitcoin keeps becoming more valuable because government treasuries all over the world keep printing more money. It’s not so much inflation as currency debasement. You keep losing your purchasing power as there is more and more money that has less and less value.
Well, Bitcoin works the opposite way, it becomes more and more scarce in its design. And what happens to highly desirable scarce items? The value goes up.
Bitcoin isn’t a magic bean. It’s a very real, very smart solution to very real problems.
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Go out and buy a box of condoms with it.
Bitcoin is not money (or currency). When you can buy real everyday products with it at any place 'money' is accepted then it will have entered the realm of being a currency.
Bitcoin is an investment. The same as gold, silver, stocks, land, cattle, crops, etc. You can not walk into the grocery store and buy food with any of those.
Understand the difference.