[–] SpectacularGoy 2 points 0 points 2 points (+2|-2) ago
One step closer to the mark of the beast system.
[–] jizzswizzler 2 points 0 points 2 points (+2|-2) ago (edited ago)
critical thinking would say it will be exposed as the scam it is before the scammers bail out.
its well past that. That brief drop in the share price of bitcoin?
That was the ponzi scheme organisers getting the fuck out before the bubble burst.
It still has no intrinsic value.
And your ass is still broke. Youre getting nothing back. Thats why it was already made extremely difficult to cash out your investment. Because it was already gone the second you sent them your money.
Im also impressed how much you dumb motherfuckers out yourselves as having literally no clue about even the most basic of economics.
At least now i know that if someone starts telling me all about bitcoin i already know theyre a complete and utter fucktard that probably didnt graduate highschool (neither did i but at least i know the value of a dollar and how that dollar came to be worth a dollar)
[–] Canada_is_gay 1 point -1 points 0 points (+0|-1) ago
Right now all the shadow entities mining bitcoin are pushing it to be a thing because they can effectively create free money as long the market value is greater than server costs to mine. What happens when that taps out? Who is going to be there to prop up the market every time some hacker disappears with millions? Are the big players currently pushing it going to have any interest when they can't make free money anymore?
[–] RiverWind 1 point 0 points 1 point (+1|-1) ago
You are correct in stating that OP is wrong regarding the belief that "sound money" ie gold or silver, will "save us from debt slavery".
Firstly, so much of the gold has already fallen into the hands of a small group of private hands that it is not viable as a guarantee.
More importantly though, OP raises the issue of money and debt. This is a huge problem which underlies most of the world's woes and which few understand. I can try a quick explanation for people, that hopefully will shed light.
Instead, the government could remove the power to create money from the Fed, and create it itself. This money would not be created as debt! It could be spent by the government into the economy as and where it is needed, on infrastructure projects, for example.
Find out more:
[–] Kleyno 2 points 1 point 3 points (+3|-2) ago
I agree about crypto being a big part of future commerce. But as for Gold, it is valuable because of its rarity.
It can only be created in a supernova explosion, which makes it pretty damn special, as metals go.
[–] Sakusha 1 point -1 points 0 points (+0|-1) ago
When I go poo-poo, my unique turd isn't valued equal to the entire world's supply of gold just because it's one of a kind. Scarcity doesn't equal value. Demand equals value, and ordinary people no longer have a high demand for gold and silver. Bitcoin, however, is both scarce and in high demand.
[–] Kleyno 0 points 1 point 1 point (+1|-0) ago
A very poor example. Everyone can shit; everyone can keep their shit. It is not rare.
Also, scarcity does not equal unique either, so I am really not sure where you were going with the shit example.
Demand also does not equal value in and of itself. If supply of a resource is plentiful, then demand for that resource does little for its value, no matter its other qualities.
Gold is valuable because:
Demand for gold started from point 4 and the value increases because of the other points. Yes, humans had to collectively agree that gold had value, but demand does not exist in a vacuum. If gold were as plentiful as other metals, it would not be worth nearly as much as it is now.