And unlike the richest people of today – the Jeff Bezoses and Elon Musks, whose wealth comes from creating companies that benefit most of us – the bitcoin aristocrats will get their rank just by buying early. They will make no contribution to society.
:agony-consuming:
Sorry but I thought this article was pretty garbage. The central conceit that bitcoin has to replace fiat currency is absurd. The narrative is out of date. All of the companies investing in crypto right now are not saying that. They are saying it is an investment against inflation, gold 2.0. Im sure in the future there will be a couple of dominant cryptos in addition to fiat money even if bitcoin doesn't make it in the long haul.
Lots of things only have power because we believe it does. There could just as easily be no "emperor has no clothes" moment. If a bunch of people and a bunch of businesses believe it is preferable to have some of your cash in bitcoin, then it has value. If a bunch of banks and financial institutions buy into it, it will become a more stable, more mature asset.
Nobody knows what's gonna happen especially me. That said I think a crypto future is probably not going to be a society you want to live in. Copying a comment of mine from a few months ago:
-What happens when cryptocurrency becomes capital? Crypto bears complain that crypto isn't tied to any underlying value but it is easy to see that in the near future, owning crypto will be like owning capital perhaps an AI which is paid to do work.
-Ethereum or some future crypto like Ethereum means that In 10 years, an AI bot will be paying another AI bot for work done. Small example: a wedding video editing AI will buy background music from a country music synthesizer bot. Scary example: more convincing reddit bots or deep fake videos get paid per post, automatically every time they post.
-It may not be btc or eth but crypto will be the future of autonomous capital, separating itself from dependence on the state and financializing dark money including examples like above, drug money, and corruption.
-You know how every chud says that you can't tax Bezos on his Amazon stocks because it is impossible to accurately measure the value/force him to sell hurts the value? Crypto is this x1000. Different forms of crypto will be exchanged to get paid, invest in capital and grow, and spend that money, never entering the paper financial system, out of the government's eye and a central policy's ability to tax or control.
The bitcoin enthusiasts are quite vague on what success means beyond rising prices, they seem more fond of arguments wrapped in mysticism than basic economic logic
hahaha "nooo, you can't be a death cult!" - economist reptilian death cultist
Those whose material wellbeing depends on fiat will suffer the worst, like pensioners.
Yes every libertarian is a nazi who wants to do genocide of olds
Bitcoin is a bubble. It makes sense to ride the bubble as long as possible – just get out in time. Watch out for a little boy yelling “the Emperor has no clothes.”
...libertarians are also pedos
I'm heavily invested in Cryptocurrency, and I want this piece of shit coin to fail. Blockchain as a technology is incredible, they just need to find a way to keep it from being tied to a "value".
bitcoin is a short (5 year max) position. super computers are gonna break it by how fast they can mine it. play the game for 1 year max then get out. too risky after that
mega companies want to value themselves on something like bitcoin that is predictable and based on an algorithm instead of the whims of congress/fed reserve, but bitcoin long term just isn't it
Displacement of fiat currency as the primary unit of exchange in an established economy.
