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re: Why are so many ppl still hung up on the “non-physicality” or “non-productivity” of BTC?
Posted on 3/5/24 at 8:22 am to DVinBR
Posted on 3/5/24 at 8:22 am to DVinBR
quote:
There is already currency for transactions and things that you can purchase that hold their value
This is very true, but the purpose of BTC is to be transparent and truthful while also being decentralized. It's meant to operate outside of the existing traditional financial transactional system. "Trustless" is the big thing. Right now, if I want to send USD, I have to trust institutional 3rd parties to do this. With BTC and other cryptos, I can directly send money to someone without having to rely on the banking system. It is cryptogrpahically encrypted on my end and verified by a majority of the decentralized network of validators to be a true transaction, which is then inscribed on the immutable blockchain.
You have to understand the mindset of the original cypherpunks that created this stuff. It was a quasi-anarchistic/libertarian reaction to the 2008 banking crisis. They figured if the banks didn't care about the people's money, then why should they care about the banks? They created a system to operate independently from banks. People began to see value in that, and from there it snowballed.
To sidetrack on a political tangent, I have no idea why members of both parties would not like this. Those to the right should see the value of free-market enterprise and freedom, while those to the left should see it as a way to get out from underneath our corporate overlords and be free from "the man."
I have mixed feelings on the power consumption side of things. I've read arguments from both sides of the issue, and I can see where both are coming from.
Posted on 3/5/24 at 11:42 am to BottomlandBrew
quote:
This is very true, but the purpose of BTC is to be transparent and truthful while also being decentralized. It's meant to operate outside of the existing traditional financial transactional system. "Trustless" is the big thing. Right now, if I want to send USD, I have to trust institutional 3rd parties to do this. With BTC and other cryptos, I can directly send money to someone without having to rely on the banking system. It is cryptogrpahically encrypted on my end and verified by a majority of the decentralized network of validators to be a true transaction, which is then inscribed on the immutable blockchain.
You have to understand the mindset of the original cypherpunks that created this stuff. It was a quasi-anarchistic/libertarian reaction to the 2008 banking crisis. They figured if the banks didn't care about the people's money, then why should they care about the banks? They created a system to operate independently from banks. People began to see value in that, and from there it snowballed.
To sidetrack on a political tangent, I have no idea why members of both parties would not like this. Those to the right should see the value of free-market enterprise and freedom, while those to the left should see it as a way to get out from underneath our corporate overlords and be free from "the man."
I have mixed feelings on the power consumption side of things. I've read arguments from both sides of the issue, and I can see where both are coming from.
sure, but the problem is that bitcoin is INSANELY inefficient in performing these tasks
Posted on 3/5/24 at 12:30 pm to BottomlandBrew
quote:
You have to understand the mindset of the original cypherpunks that created this stuff. It was a quasi-anarchistic/libertarian reaction to the 2008 banking crisis. They figured if the banks didn't care about the people's money, then why should they care about the banks?
You’re ignoring the fact that it was and is used by dark money and illegal transactions.
And as long as it can trade with value, they will continue to do it.
Guess what tho: they ultimately exchange it for the USD and there’s a reason. The usd is the most stable currency.
Why would you want to support a currency that is used for , and favored by, illegal trade?
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