An enlightening and high quality video on how money and the banking system work, why they are corrupted and what is the solution.
money has to be backed by the state so if bitcoiners really want bitcoin to be used in everyday transactions, i would suggest running for President and replacing U.S. Dollar with Bitcoin for tax payments/legal tender.
how will the state obtain Bitcoins? by building massive resource wasting mining farms which itll have to issue bitcoin bonds to build, making the state subservient to the private bond markets and interest rate it demands, Greek style.
there is massive plague and the economy has collapsed? what will the state do? cant give people money or increase healthcare spending because the capacity of the state to mobilize resources is now limited by what the private sector is willing to give it or how much it can mine. oops mass death.
bitcoiners have to be dumbest creatures alive. these people can't imagine a pro-Worker Government so they have to come up with convoluted ways to tie the hands of the state so it cant give capitalists free money.
money has to be backed by the state
I think the point if Bitcoin was to challenge this statement.
Yea and why cryptocurrency isn't money with its exchange rate being determined by how much fiat currencies are entering and exiting.
Show
Why don't they just move to El Salvador if they like Bitcoin so much
Bitcoin is already legal tender in at least one country in America
Sole legal tender.
Edit: I dare them to pay all Government employees in Bitcoin, demand taxes be paid in Bitcoin. It would be a funny experiment if it weren't for mass unemployment and deaths that arise out of a recession.
It would be funny trade wise too. No other country is going to accept Bitcoin as payment for real goods and services. So, the country will have to convert Bitcoin to USD at market price (which can swing wildly) and also hope the market has enough liquidity to handle it.
I don't want to live in a world with only one legal tender. I should be able to pay in bitcoin or monero.
OK, two cryptocurrencies as legal tender. My point still stands. If you give people a choice between crypto and fiat they will use fiat, even if it's a foreign currency like the Dollar in El Salvador.
The solution for El Salvador or any other country using a foreign currency isn't to go with another foreign "currency" like Bitcoin but building their own currency.
El Salvador had their own currency until they gave it up because their leader back then was a US Puppet.
Bitcoin is one of the most successful open source projects to have ever been created, and it gets downvoted to hell anywhere it gets brought up. 15 years of growth in network size, usage, and capability. Surviving attacks and attempted bans from nation-states. Not a single hour of downtime, not a single hack, reliably transferring money across the globe to anybody with a cell phone and a halfway reliable internet connection in seconds to minutes for pennies to dollars in fees. 100% open source and decentralized, uncorruptible, open to whoever wants to use it, the way currency should be. It's got a market cap bigger than Sweden's GDP and is already more reliable and widely accepted than most national currencies. Nobody can make it print money it isn't meant to print or move money it isn't supposed to move.
Honestly I was expecting far more downvotes. I posted the video with people like you in mind, who still can think critically without the burden of misinformation and ideology.
