My father is 100% convinced that crypto currency will end the reign of the global elite and end the banking system
Every few days he calls me and rants like a fucking lunatic about how when fiat currency falls, everyone is going to move over to crypto currency, and that will remove the elite's reign through central banks. He also claims that government will lose their power around the world because of this.
This makes 0% sense to me. The government can still regulate crypto currency in any way they want by regulating the trading platform they're on. Also, the average person is a fucking lemming and will always do whatever the elite tells them to do.
I tell him this and he just says "No! People WILL lose faith in the system!!".
90 percent of the banking system consists of risk assessments of and risk management for companies and to a smaller extent individuals. How are cryptocurrencies supposed to make any dent in this?
Fiat currency has 0 to do with the banking system. Fiat means a trade currency is created and backed by the financial taxing power of the issuing sovereign nation(s). The value of this trade currency reflects the backing power and financial solvency of the nation. For cryptocurrency the value is in its function for illegal transactions and to a smaller extent for international legal transactions (Ripple) to circumvent the money exchange companies. The combined value of cryptocurrencies does not exceed 0.1 percent of the US and Euro system monetary supply.
Isaac Carter
It is over. >appeal to authority >ambiguity >loaded question/statement >anecdotal >to quoque incoming >the fallacy of fallacy >personal incredulity >texas sharpshooter >no true scotsman
She should do a stream where this is all she does.
Owen Sanchez
Watch the hidden secrets of money series by Mike Maloney on youtube
Bentley Mitchell
Everyone I have shown this video to has nearly had a severe mental crisis. Very powerful video that lays it all out.
Landon Bennett
Eventually, crypto will overrun the banks. Might not be a crypto we'd like though. I suspect, if they don't kill BCH this time around, it'll be (((Ripple))) or something similar that will pump. (((They'll))) slap the name and connotation of crypto onto something of their own devising - that has none of the beneficial properties that crypto initially promised.
John Flores
That’s the price you pay to swallow the red pill
Ryan James
> op plays dumbfuck.mp4 1. Satoshi Nakamoto is a cover for a CIA psyop 2. Bitcoin stops working if hit by an EMP 3. The elites have been trying to go to a paperless society for 20 years, what better way than to have this great idea organically grow, and act like the elites dont want it 4. Once bitcoin displaces other currencies they crash and burn, bitcoin will have its own financial crisis 5. The elites will then come out with the crypto "solution"
Jason Brooks
>tech-dependent currency
batshit retarded scam don't ever do this
Oliver Collins
The reason you're dubious is because you're too comfy in your country. Imagine your government saying you aren't allowed to spend your own money (e.g. Cypriot government imposing 5k per month limit on overseas spending). Imagine your government considering bringing in the army to protect banks from the public (e.g. Ireland). Imagine your government putting limits on gold ownership or even confiscating it (Australia, England, etc). Hell, the normal state of affairs in EU countries is that you can't take €10k out without begging the man to let you. These aren't hypothetical situations and they aren't third world shitholes.
I'm convinced crypto will become more and more necessary as the next recession takes hold and drags out.
Luis Thomas
Seriouspost: I don't understand how crypto could upend any currency or function independent of government influence. Even in pure hypothetical land, how do these people imagining it working? All vendors accepting crypto with no middle man? Private vendors that cash crypto into the local currency?
It doesn't make any fucking sense to me.
Asher Smith
Make your dad read the Turner Diaries.
Jose Morales
There are very simple use-cases which make it useful right now. 1) You want to take 20k out of your country without asking for permission 2) You want to send a large amount of money to someone in another country, outside of business hours This isn't hypothetical land, you can not do either of these now without crypto.
Jack Gutierrez
Your dads the idiot. You’re right.
Ryan Howard
It's not going to supplant anything but in its current form it will always fill a much needed niche. It nullifies the need for censor hungry payment processors like Jewpal and Stripe and I think for alternative personalities who are constantly being deplatformed it will become increasingly important. But anyone thinking that governments will let their fiat scams and heavily trackable electronic credit cards and bank transfers be supplanted completely than I'm afraid they're high
Tyler Bell
it can't if they ban it, lol.
Juan Walker
But how do you convert, say, USD -> BTC -> NZD? There's no international bitcoin bank?
Do you just go to fuckin craigslist say "ey yo gimmie 30k NZD for this wallet, internet"
how is that not sketchy as shit
Brayden Bennett
good sirs , buy the chain link , it is good coin and needful
John Price
And in terms of how to 'cash out': there are always people willing to give you cash for crypto right now. But in general the idea would be that you decreasingly need to cash out as it becomes more widely used. You'd just operate in crypto.
Angel Flores
Right, so as of right now it's sketchy scambait with the potential to be really cool if governments around the world decide to allow a completely free and independent worldwide market.
I mean I want to get on board with this but how the fuck do people think this is going to be a real thing in the relevant nearish-future?
Easton Cook
It can be sketchy, and no doubt there are lots of points of friction now. But the fact remains, if you want full control of your own funds, you wont get it by using banks, or cash, or the likes of gold. If you try to take NZ$10k out of your country now, you may get investigated for money laundering. This idea drives me nuts. > governments around the world decide to allow The beauty of Bitcoin is that governments don't get a say in the matter. They can control things at an exchange level yes, but imo if they did this it would only speed up adoption of Bitcoin as a primary currency.
Joseph Davis
At this point no because of the difficulty and energy requirements of the payment system for crypto. Right now if crypto were to process the same amount of transactions as Visa does on a daily basis the energy requirement to power all the mining would be ~ 4 nuclear power plants. Visa is able to process these transactions using a centralized server with very little power requirement and at a greater speed than crypto transactions occur. It is possible financial institutions adopt some derivative of block chain to help with transaction processing, but it won’t be crypto in its current form nor will it be the use of crypto as a currency.
Connor Cooper
Thanks for the replies user, it's making more sense at least. Still seems like a pipe dream, but a nice one to wish for.
David Cook
i think its cute and has nice thighs and milkers, even if its a mutt itsa cute mutt
Currency is a control system and crypto is just another form of control.
Henry Sanchez
No. 1.You'll always need to use fiat to pay taxes. 2. Crypto's intrinsic value is simply the black market. 3. if it caught on, what's stoping big corporations from doing their own currency? Imagine being able to order from amazon using amazon currency. Or going to walmart and needing walmart currency and paying penalties if you did not use them.
Fiat money is a simple system that works well you fucking idiots. Money is not supposed to have value. What has value is the service/good you do for it and what you buy with it. So long the Central Bank keeps inflation under control there is no reason to question fiat money.
You can always use the money you receive to buy assets if you do not trust or want a return
>At this point no because of the difficulty and energy requirements of the payment system for crypto. Right now if crypto were to process the same amount of transactions as Visa does on a daily basis the energy requirement to power all the mining would be ~ 4 nuclear power plants. Visa is able to process these transactions using a centralized server with very little power requirement and at a greater speed than crypto transactions occur. It is possible financial institutions adopt some derivative of block chain to help with transaction processing, but it won’t be crypto in its current form nor will it be the use of crypto as a currency. This is bullshit. The degree of decentralization in mining is what determines power consumption. You could literally have one miner on the network - mining 500MB blocks (Visa Capacity) - and this could only consume 1KW. However, this would be very centralized. In essence, what determines Bitcoin's power consumption is the degree of mining decentralization, it has nothing to do with capacity. The poster I'm replying to is either retarded or ((())).
Nicholas Powell
>when fiat currency falls, everyone is going to move over to crypto currency yeah >fiat fails >bank runs >chaos >no power >people fight for food in the streets >everyone moves to crypto >needs internet acces + power to exchange shitcoins >needs miners who need even more power and internet to sign the transactions you're dad is totally right. when the system crashes and infrastructure is a luxury everyone will change to a currency that requires internet access and stupendous amounts of power. merry christmas nonetheless, even if you're from a mediocre genetic stock
If crypto really threatens real power and requires a future bank run to gain power then there won't be a future bank run.
Ryan Brown
If half the world stops mining then the difficulty of mining will drop accordingly. And if there's chaos in the streets then you have bigger problems than whether to use fiat or bitcoin. All of these solutions for currency and trade sort of require that we aren't living in Armageddon.
David Jones
>kissing animals >infecting your tongue with all the germs and bacteria in their fur nasty
Justin Butler
believe me, women put dirtier things in their mouths than that...
Grayson Taylor
a fiat currency only has value because the government says it does. Crypto can be stripped of value by the government at any time. The us government stripped gold of it ability to be traded in the us for a time.
