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The New Coffee Room

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  3. Can someone explain this to me?

Can someone explain this to me?

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  • Catseye3C Catseye3

    @89th said in Can someone explain this to me?:

    And for @Catseye3 , how about this description:

    Thanks, 89th. That's the clearest explanation I've gotten yet.

    I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

    Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

    Aqua LetiferA Offline
    Aqua LetiferA Offline
    Aqua Letifer
    wrote on last edited by
    #24

    @catseye3 said in Can someone explain this to me?:

    it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

    Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

    It's 2021, son, NFT is where it's at! You best get in the game!

    Please love yourself.

    Catseye3C 89th8 2 Replies Last reply
    • Aqua LetiferA Aqua Letifer

      @catseye3 said in Can someone explain this to me?:

      it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

      Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

      It's 2021, son, NFT is where it's at! You best get in the game!

      Catseye3C Offline
      Catseye3C Offline
      Catseye3
      wrote on last edited by
      #25

      @aqua-letifer Nix! Don't do this to me! I want no parts of a same-only-different from bitcoin! Having enough trouble as it is. Not to mention that I don't even care that much!

      Reading over my last post, I'm embarrassed to feel like Captain Obvious. "Government backing is important?" Really???

      Success is measured by your discipline and inner peace. – Mike Ditka

      1 Reply Last reply
      • Aqua LetiferA Aqua Letifer

        @catseye3 said in Can someone explain this to me?:

        it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

        Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

        It's 2021, son, NFT is where it's at! You best get in the game!

        89th8 Offline
        89th8 Offline
        89th
        wrote on last edited by
        #26

        @aqua-letifer said in Can someone explain this to me?:

        @catseye3 said in Can someone explain this to me?:

        it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

        Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

        It's 2021, son, NFT is where it's at! You best get in the game!

        I really think NFTs is the long term value here btw. Being able to "guarantee" ownership of digital property is the way of the future.

        The way of the future.

        The way of the future.

        The way of the future.

        The way of the future.

        The way of the future.

        1 Reply Last reply
        • Catseye3C Catseye3

          @89th said in Can someone explain this to me?:

          And for @Catseye3 , how about this description:

          Thanks, 89th. That's the clearest explanation I've gotten yet.

          I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

          Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

          89th8 Offline
          89th8 Offline
          89th
          wrote on last edited by
          #27

          @catseye3 said in Can someone explain this to me?:

          Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

          Pretty much!

          Although one could argue that could happen even with the US Dollar, but at least for the next few decades that doesn't seem even close to possible.

          1 Reply Last reply
          • Catseye3C Catseye3

            @89th said in Can someone explain this to me?:

            And for @Catseye3 , how about this description:

            Thanks, 89th. That's the clearest explanation I've gotten yet.

            I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

            Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

            LuFins DadL Offline
            LuFins DadL Offline
            LuFins Dad
            wrote on last edited by
            #28

            @catseye3 said in Can someone explain this to me?:

            @89th said in Can someone explain this to me?:

            And for @Catseye3 , how about this description:

            Thanks, 89th. That's the clearest explanation I've gotten yet.

            Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

            And this is different from the regular economy how?

            The Brad

            HoraceH 1 Reply Last reply
            • LuFins DadL LuFins Dad

              @catseye3 said in Can someone explain this to me?:

              @89th said in Can someone explain this to me?:

              And for @Catseye3 , how about this description:

              Thanks, 89th. That's the clearest explanation I've gotten yet.

              Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

              And this is different from the regular economy how?

              HoraceH Online
              HoraceH Online
              Horace
              wrote on last edited by
              #29

              @lufins-dad said in Can someone explain this to me?:

              @catseye3 said in Can someone explain this to me?:

              @89th said in Can someone explain this to me?:

              And for @Catseye3 , how about this description:

              Thanks, 89th. That's the clearest explanation I've gotten yet.

              Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

              And this is different from the regular economy how?

              That's the difference I mentioned in the first response. All currencies rest on agreement that they are valuable, and that agreement in turn rests on something else. The dollar rests on the threat of violence, while bitcoin rests on the inertia of wide adoption and the fact that it's not a fiat currency that depends on the threat of violence.

              Education is extremely important.

              1 Reply Last reply
              • HoraceH Online
                HoraceH Online
                Horace
                wrote on last edited by
                #30

                Liz Warren to the rescue!

                Sen. Elizabeth Warren: Crypto markets might need bailout someday without proper regulation

                What a slime bag.

                Education is extremely important.

                1 Reply Last reply
                • X Offline
                  X Offline
                  xenon
                  wrote on last edited by xenon
                  #31

                  Another kick at the can on definition.

                  Bitcoin is an attempt to make digital gold. It acts as a store of value, the supply is constrained (through technical means).

                  But gold is just a shiny rock (the value doesn't come from its industrial uses). What gives it value is that enough people believe in it.

                  I will admit that lots of people believe in Bitcoin's value. But it's just a shiny rock, it doesn't do much.

                  89th8 1 Reply Last reply
                  • X xenon

                    Another kick at the can on definition.

                    Bitcoin is an attempt to make digital gold. It acts as a store of value, the supply is constrained (through technical means).

                    But gold is just a shiny rock (the value doesn't come from its industrial uses). What gives it value is that enough people believe in it.

                    I will admit that lots of people believe in Bitcoin's value. But it's just a shiny rock, it doesn't do much.

                    89th8 Offline
                    89th8 Offline
                    89th
                    wrote on last edited by
                    #32

                    @xenon Digital gold, great analogy. Finite supply, inherently worthless, but collective agreement makes it valuable.

                    1 Reply Last reply
                    • CopperC Online
                      CopperC Online
                      Copper
                      wrote on last edited by
                      #33

                      Backed by the full faith and credit of the sovereign Sandia Republic

                      Link to video

                      1 Reply Last reply
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