Experimenting with currencies like china is doing with a fully digital currency is good but only if it contributes to a potential socialist future. Bitcoin contributes to climate change and reinforces a techbro capitalist future
Like everything else in techbro culture, it's wonderful in a socialist future, but in a capitalist one, it's another system of control and exploitation.
It is estimated that one account, Satoshi Nakamoto's, holds around 1 million bitcoins. More than anyone else, it's about 1/13th of total bitcoins. If he ever cashed out the market would absolutely crash hard. For example when 26,000 bitcoins were unloaded on it slashed market prices by 10%. We don't know much about Satoshi, if they even have access to the wallet still, but just that idea alone makes it seem even more unpredictable than bitcoin already is.
you thought about buying in 2009? Jesus, I thought I was early first hearing about it in 2011 (fucked it up tho). How did you hear about it, were you on one of the early mailing lists? It's just pretty rare to have been privy to it in 2009.
I heard about it around 2009 because I was big into mocking libertarians, though I didn't have a job or money at the time so I couldn't have invested even if I had wanted to (which I didn't).
1,000,000 bitcoin currently equals ~47 billion dollars. If that's a third of the total, then that means all bitcoin combined is still less than 1 Bezos
The difference IMO is that if China issues a digital Yuan, they just need to push out how much of this new currency they want/need.
With Bitcoin, the main problem is the mining infrastructure that consumes these enormous, ever-increasing amounts of energy.
If we keep using currency, there are better digital alternatives than bitcoin that require far less power and storage, but they'll have to be pushed as real currency not as investment which is what drives bitcoin.
Experimenting with currencies like china is doing with a fully digital currency is good but only if it contributes to a potential socialist future. Bitcoin contributes to climate change and reinforces a techbro capitalist future
Like everything else in techbro culture, it's wonderful in a socialist future, but in a capitalist one, it's another system of control and exploitation.
It's shitty and pointless in a socialist future too.
It is estimated that one account, Satoshi Nakamoto's, holds around 1 million bitcoins. More than anyone else, it's about 1/13th of total bitcoins. If he ever cashed out the market would absolutely crash hard. For example when 26,000 bitcoins were unloaded on it slashed market prices by 10%. We don't know much about Satoshi, if they even have access to the wallet still, but just that idea alone makes it seem even more unpredictable than bitcoin already is.
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Sounds like a pyramid scheme
"These coins will make you rich as long as you hype it up and get ten more people to buy them!"
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you thought about buying in 2009? Jesus, I thought I was early first hearing about it in 2011 (fucked it up tho). How did you hear about it, were you on one of the early mailing lists? It's just pretty rare to have been privy to it in 2009.
I heard about it around 2009 because I was big into mocking libertarians, though I didn't have a job or money at the time so I couldn't have invested even if I had wanted to (which I didn't).
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1,000,000 bitcoin currently equals ~47 billion dollars. If that's a third of the total, then that means all bitcoin combined is still less than 1 Bezos
Oh I misread 1/13 as 1/3rd oops, whatever
Socialist money
Socialist commodity commodity
what's techbro culture?
To me it's everything silicon valley and the disruption industry.
The difference IMO is that if China issues a digital Yuan, they just need to push out how much of this new currency they want/need.
With Bitcoin, the main problem is the mining infrastructure that consumes these enormous, ever-increasing amounts of energy.
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If we keep using currency, there are better digital alternatives than bitcoin that require far less power and storage, but they'll have to be pushed as real currency not as investment which is what drives bitcoin.