What was once considered science fiction, is now science fact

Yes, exactly.

Are you retarded?
Fiat is literally called 'fiat' because people just decided that it existed. It's entirely based on it's own inverse: Debt
The value of crypto is based on the work needed to mine it.

>The value of crypto is based on the work needed to mine it.
its based on how much people think its worth

Sorry, but you're wrong.

That's true for literally everything, moron.
>Everything is worth what its purchaser will pay for it.
Feel free to tell me what it's based on.

The United States federal reserve is a private company

fpbp

what does that room sound like when it boots up

>whhhrrrHRZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZOOSH

>The value of crypto is based on the work needed to mine it.

fiat is based on a states ability to forcefully extract wealth from the citizens it governs. Crypto's value is based on whatever the people who are using it decide it is based on the features it has.

Geostationary satellites.

>implying anyone actually uses crypto for something

At least they'll be flush with crypto when everyone needs to move inland and we get resource wars.

teleportation

>turn on room
>it flies away

How coal do you think is burned to power this shit compared to a printing press?

>turn it on
>wall flies away

After all these years I still don't get what cryptocurrency is. Your GPU/CPU does calculations and when it calculates something that is worth money. What is it calculating? Anything useful?

Fiat currency is at least backed by governments. As long as the government of a country exists so will the currency of that country, backed by assets and the promise of the government that it will recognise and trade other countries' currency.

Crypto then is backed by people mining it? As long as people believe that every block they calculate is worth money, it is? The more people want to enter into the mining market, the less blocks there are to go around. So the value of it goes up, and each miner gets a smaller piece of the block that is still worth the same as a larger piece at a cheaper price.

Am I on the right track? Now, where I am confused. If crypto doesn't create any value, where is this money coming from? Just from people who want to buy bitcoin? If no value is created, then it's just transferring wealth/capital from one form to another without any additional wealth. So when price of bitcoin goes up, the initial investment is increased, but onky because people are putting money into it. Now it seems like a pyramid scheme, kind of.

Crypto then just drains wealth from people, propped up by inflation, rising in price without creating any sort of value? A bubble is created, like we saw when bitcoin was over $10,000, and when it bursts by people selling high, the price drops, but the wealth was already extracted.

Is that it? Seems pretty silly to me.

>work
sitting on yourfat ass and let gpus burn the planet's life away is not work you asshole

It's calculating large numbers that take a large amount of power to calcuate and it gets higher every time so there will only be a finite amount of them
It isn't backed by anything but people believing in it

>work is only work when it is done by humans

So literally using power for nothing? If it was calculating protein folding, or animal genes, or something with actual use then i could kind of understand. But calculating for the sake of calculating is ridiculous.

This 2bh

>So literally using power for nothing?
yes
and yes it is ridiculous

Anything can be worth anything. A canvas with white paint can be worth twenty million dollars. A pair of dirty sneakers can be worth twelve million if they were worn by Michael Jordan. The USD and Monopoly money have the same intrinsic value, it just happens that one isn't accepted by stores or banks. Bitcoin doesn't have to calculate anything important to be valuable, the same way the US government doesn't have to do anything but stomp on 3rd world nations to keep its currency going.

Economics is all bullshit. Anything is valuable if you can sell it at a high price.

holy fucking shit, all fiat money is NOT based on gold anymore, its literally the most imaginary money ever you dumb fucking zoomer.

right now you can print fiat non fucking stop.

crypto is limited.

we can only know what happens when bitcoins last block is mined.

right now crypto IS VERY valuable to people who want to wash illegal cash and make it clean.

how do you think the russian billionaires buy up London? with illegal cleaned cash ofc and crypto has a big role in it.

moving mouse and clicking certain pixels IS technically work but when you have done those 10 clicks then its all automated from there, it automatically mines the most profitable crypto while your workers keep adding more miners 24/7 and you are basically helping global warming but nobody gives a shit about it since cars release more harmful shit then gpus.

right now crypto is so unregulated that if you are missing out, YOU ARE THE BIGGEST IDIOT OF 21st CENTURY.

Printing money uses way less resources and the paper can last years.

you do understand that fiat money is the biggest scam of all time on this fucking planet?

its not even backed by gold anymore, WHICH means that some certain group of people can print as much as he wants, which is happening RIGHT NOW!

crypto doesn't have fiat cancer.

92.4% of the fiat "money" is all digital like crypto anyway.

the difference is that bank can keep add more zeros, literally hack money, while crypto has a certain limited number of its coins.

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yet crypto is based on fiat+constant work
and crypto tax you for giving your child's allowance

fiat money may be cancer but at least its backed by the government instead of peoples feelings

Ha...ha ha ... ha... It would be worth being in the same room with you when the realization finally hits.

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The government is a bankrupt corporation and they are writing their debts off on your value

In the future, all data centers and mining equipment will be below every single building and provide heat as a service to the city.

That is so wasteful

Passable traps. Thanks big pharma.

>submarines
>going to the moon
>going around the world in 80 days
basically anything Jules Verne wrote about

Reminder, if this bothers you; you belong on

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Imagine it beeing a digital certificate, that can't be spoofed because it is backet by a decentralized network of millions of computers in the world.
Its somewhat like bank digital money, but the bank can add and remove zeros like they want which can't be done with crypto.
The "waste" of computing power is necessary to confirm authenticity of the units and make it almost impossible for a single instance to attack the network. The computing power of the distributed Bitcoin network supercedes any supercomputer by a huge magnitude.
Its also counter inflationary because only a finite number of units exist and shit like exponential debt groth (= generation of new negative money) does not exist.

Bitcoin is very hard to understand because it's really a new concept, beeing very different from known concepts like paper money.
It is extremely brilliant though and I can only recommend you to deeper read into its mechanisms like asynchronous encryption etc. (I am aware that its not really practical in the current state)

These niggss get it.

what a killer argument, faggot

Removing gold backing from the dollar in the 70s was a huge mistake. Fiat money literally became imaginary.

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