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GentleBanana's avatar

I like your writings but super lazy article. Anyone can see how toxic the Bitcoin/crypto community is. Tell me about proof of work, the upcoming halving, Middle East investments into mining, etc. You saying it’s another fiat currency shows your true lack of knowledge of the subject. In this context, if it’s not proof of stake, it’s probably not fiat.

Unfortunately, discussing Bitcoin can be like punching into the wind. So I understand your frustration on the subject and the discussions you might have had with Bitcoiners. On the surface you appear right. But if you do a deep dive into mining, proof of work, history of money, attributes of money, scarcity, etc you’ll find Bitcoin is the better monetary system. I don’t think it’ll happen overnight and probably not in my lifetime and probably not as a result of the death of fiat. Therefore, I do not care about price nor making money on it. It’s for the grand kids.

It absolutely is a philosophical difference. The fiat system we have coupled with our unelected bureaucrats (WEF, Fed, IMF) have made many losers and few winners. Not through actual work, but scheming and politicking. I don’t want that for my kids and Bitcoin is my only vote against “the system”.

At the end of the day, Bitcoin is a better, more free monetary system. All other cryptocurrencies and “crypto” offerings are Ponzi schemes

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Gilgamech's avatar

Agree with you to the extent that bitcoin is digital fiat currency and probably the primary driver is greed, and has been for a long time. I would quibble with saying everyone who is in it is in it for greed. There are still anarchist true believers as well. But the fundamental problem with bitcoin is that it has inherent scarcity but not inherent use value. So it meets only half of the requirements for a viable currency. And half of good enough, is: not good enough.

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