Cryptocurrency: Solves Insanity Of Hundreds Of Fiat Currencies, Central Banks, CBDC, Govt Power
grarpamp
grarpamp at gmail.com
Thu Oct 12 23:18:04 PDT 2023
Why should every country have its own money? (self.Bitcoin)
submitted 4 days ago by slvbtc
I look around the world and see countries that dont even know how to
build side walks. Why on earth should they be entrusted to manage
their own money.
Honestly I dont think theres one country capable of managing their own
money, not even America.
Bitcoin is literally the solution for 8 billion people to opt out of
their mismanaged, corrupt, society destroying national currency, they
just dont know it yet.
[–]No-Sympathy-5815 81 points82 points83 points 4 days ago* (9 children)
National currencies, whether they be fiat currencies or gold backed
currencies, centralizes power into the hands of the state and thus
into the hands of the politicians and elites that control the state.
National currencies are the single most power-centralizing force in
the modern world with militaries being a close second. One could also
argue that modern militaries could not exist at their current scale
without national currencies being used to concentrate power into the
hands of a few and being used to extract wealth from the population
through debt and inflation. National currencies don't exist because
they are 'trustworthy', they exist because they concentrate power.
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[–]rock-island321 28 points29 points30 points 3 days ago (6 children)
Without fractional reserve banking and central banks, there is no way
that todays militaries could exist at the scale they do. It used to be
you'd have a war chest, a pile of gold to fund the war. Now that war
chest is a bottomless pit of debt, funding crisis after crisis.
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[–]HalfRick 14 points15 points16 points 3 days ago (4 children)
Funding war with borrowed money is as old as our recorded history. The
difference is that today it’s generally borrowed from our future
generations rather than from other people.
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[–]rock-island321 10 points11 points12 points 3 days ago (3 children)
The big difference is that there was a limit to how much gold could be
lent. It was a finite resource and would come with a hefty interest or
even a spoil of the war if it was won. Today, the debt is created out
of thin air, which not only means that entering or creating a conflict
has no real cost in the moment, and hence, little care need be given
to the decision. Life is cheap and plentiful, and weapons, fuel, and
armour purchases are cycled back into the economy, public money going
to private individuals, which is one of the biggest incentives,
certainly for the U.S. Then you have all the contracts awarded after
the fact, usually to U.S. corporations. That is the deal.
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[–]MeetingBrilliant 4 points5 points6 points 3 days ago (0 children)
Great content bro!
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[–]No-Sympathy-5815 2 points3 points4 points 3 days ago (0 children)
Not only that, but now the United States government is running out of
organic demand for it's debt on the open market. Other nations are
selling treasuries instead of buying them while private investors are
demanding a much higher interest rate causing the budget deficit to
explode in order to cover interest payments.
We are reaching the point where the only buyer left will be the
Federal Reserve. When that happens, the USA will no longer be issuing
debt to pay it's bills, but rather just printing currency behind the
scenes via the central bank. Every possible propaganda effort will be
made to obfiscate this fact to the general public since the average
normie has no idea how "money" is actually created. The government
will blame the coming inflation on Putin, on China, on the war in
Israel, on the next pandemic, on the Germans or whatever new scapegoat
they dream up next all in order to conceal the truth from the public.
The truth being that the United States can no longer pay it's bills
without substantially devaluing the dollar and crushing whats left of
the middle class.
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[–]HalfRick 0 points1 point2 points 2 days ago (0 children)
You realise you’re just saying the same thing that you replied to, right?
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[–]superphly 3 points4 points5 points 3 days ago (0 children)
This is the best lead in to introduce Bitcoin. :)
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[–]DevDaniel260redditor for 2 weeks 1 point2 points3 points 3 days ago
(0 children)
Fascinating response, thank you. This is why I love this subreddit.
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[–]Umpire_State_Bldg 32 points33 points34 points 4 days ago (0 children)
Gee. Every organized crime mob has its own "turf".
I say, "separation of money and state".
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[–]Ima_Wreckyou 6 points7 points8 points 3 days ago (0 children)
I see it completely the other way around. Every community should be
able to create their own money. Bitcoin is the neutral money to
exchange value between different communities.
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[–]richardto4321 31 points32 points33 points 4 days ago (0 children)
And that's why we're still early.
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[–]Your_As_Stupid_As_Meredditor for 6 weeks 14 points15 points16
points 4 days ago (7 children)
I look around the world and see countries that dont even know how to
build side walks.
not even America.
This hit hard, and I live in America. Lmao
We have tons of areas with half built sidewalks that started in the
80s and still to this day never finished.
We have a bus stop around the corner on a hilly grass spot, absolutely
no sidewalk but they decided to put a bench there.... with no walkway
leading to it, or even a cement stoop for it to be on. Just a random
bench on the side of a random grassy hill. Once snow comes it's just a
snow pile from the roads being plowed, it's no longer a bus stop then.
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[–]cliff_smiff 5 points6 points7 points 4 days ago (4 children)
Not trying to downplay what you're saying, and obviously I am not
imagining the actual hill and bench accurately.
But it's funny to think about a bench on a grassy hill that nobody
will sit on because the municipal works didn't pave a walking path up
to it.
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[–]Randomd0g 6 points7 points8 points 3 days ago (1 child)
a bench on a grassy hill that nobody will sit on because the
municipal works didn't pave a walking path up to it.
Entire town is full of Rollercoaster Tycoon NPCs. Can only walk on
path. If remove from path will freeze up and panic.
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[–]mutinomonem 2 points3 points4 points 3 days ago (0 children)
Probably full of people that are disabled from the poison they eat
because big business needed to make profit from industrial waste.
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[–]Your_As_Stupid_As_Meredditor for 6 weeks 2 points3 points4 points 4
days ago* (1 child)
And it's even engraved "in memory of xxx". It's ridiculous. It's like
they were forced to provide the bench, but not obligated to provide a
walking path to it.
Edit to add. The hill is at maybe a 40°~ pitch and the bench is about
15ft uphill from the edge of the road.
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[–]Randomd0g 2 points3 points4 points 3 days ago (0 children)
That's not a bench, that's an ab workout.
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[–][deleted] 3 days ago (1 child)
[deleted]
[–]Your_As_Stupid_As_Meredditor for 6 weeks 0 points1 point2 points 3
days ago (0 children)
Well, that's partially due to our "roadways budget" is usually shoved
in someone's pocket instead of going towards the roads....
There was a scandal in my home state 400 million dedicated to the
roads was "magically gone".
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[–]StackOwOFlow 3 points4 points5 points 4 days ago (0 children)
and see countries that dont even know how to build side walks
but what about the countries that do?
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[–]igadjeed 5 points6 points7 points 3 days ago (0 children)
Why should every country have its own money?
National sovereignty
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[–]abagofmostlywater 2 points3 points4 points 3 days ago (0 children)
Because the forex business makes 3x daily what the entire world
produces in GDP. Without delivering any real value. We don't need
separate currencies. We need less greed
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[–]zakate 13 points14 points15 points 4 days ago (1 child)
Why should you be entrusted to manage your own money? You don't even
know why other countries are entrusted to manage their own money.
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[–]Shazvox 6 points7 points8 points 4 days ago (0 children)
Yeah! Besides I don't see OP building any sidewalks...
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[–]direktor4eto_rebornredditor for 3 months 6 points7 points8 points 4
days ago (1 child)
You are clueless about economics, obviously. Go study some before
getting grand ideas.
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[–]Snoo62101 1 point2 points3 points 3 days ago (0 children)
I disagree, OP's question still makes sense even if OP is clueless
about economics.
Every nation state has a strong incentive to create and use its own
currency to control and manage its own economy instead of relying on a
external/foreign currency.
However, what about the individual? What are their incentive to use
their nation currency (which is perpetually diluted away by design) vs
using hard money that no government can dilute away?
Eventually most people might store all their value in Bitcoin and use
national currencies only for practical reasons when the situation
doesn't allow using directly Bitcoin.
The current system has been working as is for so long because
technology hadn't invented an opt out solution for the individual yet.
October 31th 2018 changed that forever.
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[–]Plus_Screen4706 1 point2 points3 points 3 days ago (0 children)
The Sad truth to this wishful dream that will inevitably happen. Human
nature... the ingrained, natural paranoia against different races and
the unrelenting desire to ensure a groups safety. If bitcoin weee to
replace monetary systems across the globe, the 1% would do everything
to ensure the other races couldn't use it or at least stiffle its use
for their own gain. Its the amount if power and influence the military
have thats the greatest issue with standard of modern life.
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[–]Dolobene 1 point2 points3 points 3 days ago (0 children)
National currencies work together with state taxes raised by the
respective national government.
A country's gov enforces taxation, which can only be paid in the
currency that the gov issues. Thus, by mere existence, a citizen is
immediately in debt to the gov, as in due to pay taxes.
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[–]throwaway345t632 1 point2 points3 points 3 days ago (0 children)
Whatever people agree to exchange between themselves for goods and
services will be accepted as currency.
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[–]Pacture 1 point2 points3 points 3 days ago (0 children)
Because, generally speaking, each country has its own economy with its
own domestic markets and foreign trade agreements. The question,
really, is why would you want two economies to be chained to the same
monetary policy when their economies have their own unique needs? A
universal monetary policy necessarily means economies won't have
levers to pull when they need to confront inflation or unemployment.
Not to mention a global currency would mean a central point of
failure.
Edit: Addendum
Why are we assuming Bitcoin's monetary policy will even work for most
people? The population of the world will have almost no capacity to
change that monetary policy if it becomes problematic.
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[–]MicroAlloyDiffusion 1 point2 points3 points 3 days ago (0 children)
Side-walks are over-rated
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[–]Toamtocan 4 points5 points6 points 4 days ago (1 child)
Because it's their country.
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[–]BuyRackTurk -1 points0 points1 point 3 days ago (0 children)
Because it's their country.
With fiat, no it aint. The whole point of fiat is to dispossess people of power.
If it was the country of the people who live there, they would have bitcoin.
Bitcoin gives people back their nation.
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[–]tupidatabaredditor for 2 months 2 points3 points4 points 4 days ago
(0 children)
Not every country has its own money, Ecuador currency is US Dollar
actually. But the governments that can have would prefer it just to
print money whenever they want.
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[–]manuru-neko 4 points5 points6 points 4 days ago (9 children)
Right now Japan’s Yen is about to hit 150 / 1 USD. That’s really
shitty for me living here and interacting with my US Bank. But the
cheaper the yen gets, the more attractive it is for people to travel
here and buy products made in Japan. This increases the demand for yen
and (hopefully) leads it to an increase in the value of yen and a more
stable rate.
If every country country used the same currency, there’d be no
fluctuation.Ultra rich countries would inflate the value and there’d
be no incentive to manufacture goods in developing nations. Some
fluctuation is okay (and at times beneficial). It’s hyper inflation
(or even a fixed global rate) that would cause problems.
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[–]BastiatF 2 points3 points4 points 3 days ago (5 children)
Developing countries would still have comparative advantages such as
lower costs of production or access to natural resources. Are you
saying that without their own currency China and India would not be
industrializing?
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[–]manuru-neko 1 point2 points3 points 3 days ago (4 children)
I’m just saying that sometimes it’s okay if the value of a currency
fluctuates. And right now the cost of living in China is going up,
leading to a lot of those manufacturing jobs going to other countries.
The purpose of money is different for an individual than it is for a
country. Since I don’t work in any tourism related fields, I don’t see
any direct effects to increasing tourism. And if my wages don’t
increase (which they historically haven’t over the past 30 years in
Japan), then in the short term, my net worth is decreasing which is
why I choose BTC and their investments to retain my purchasing power.
But as a country, Japan’s weakening yen is actually giving them a bit
of a boost to the economy which wouldn’t be there if the yen remained
around 100 / $1
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[–]BastiatF -1 points0 points1 point 3 days ago (2 children)
All you're doing is making your economy artificially more competitive
by impoverishing your entire nation (apart from those with early
access to the money printers).
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[–]manuru-neko 1 point2 points3 points 3 days ago (1 child)
Not necessarily, the weak yen has already spurred a huge rush in
tourism as well as property sales and many other things that will
allow an influx of money to work its way through the economy. Plus now
all the products manufactured in Japan are being sold at a discount
globally because our wages have stayed the same, but the exchange rate
makes it so you get more yen for your buck.
I should also mention that we have had inflation, but nowhere near the
levels that are being seen in the US / Europe. Our gas prices have
gone from ~160\L to about 175/L right now. Food packages have also
shrunk somewhat, but my overall monthly expenses haven’t increased
that much since before the pandemic.
Japan’s economy is also a weird one so maybe it’s not the best
example. We’ve been fighting deflation for a while now which is a
whole different problem.
But basically I think of it like supply and demand. Most places don’t
accept paper USD in Japan, so you usually need to exchange your money
before you can buy anything here. So $1 USD is burned and 150 yen is
created (minus the exchange fees). This allows for totally new money
to be spread through the Japanese economy which didn’t exist before,
and now less money can be spread through the US economy. That’s why
tourism is so valuable, an influx of new money enters a system without
the need for any central bank to create it.
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[–]BastiatF 1 point2 points3 points 3 days ago (0 children)
No USDs are not burned and JPYs are not created when you exchange
dollars for yen. Fiat currencies are created when commercial banks
make loans and destroyed when they are repayed. Also you seem to be
equating creating money and wealth. You can't create real wealth just
by entering a bigger number in a database.
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[–]rwdrift 0 points1 point2 points 3 days ago (0 children)
The weakening Yen is just a sign that they are likely becoming a
poorer country. It's a symptom rather than a cause. Poorer countries
will always be willing to work for less.
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[–]rwdrift 1 point2 points3 points 3 days ago (0 children)
No, there will *always* be some countries that are wealthier than
others, no matter whether they use the same currency or not.
The poorer countries will be more willing to work for less (they have
a stronger desire for money), attracting more industry until they
become rich, and so the cycle continues.
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[–]trufin2038 1 point2 points3 points 3 days ago (0 children)
Eliminating currency based trade imbalance is a good thing. Its a distortion.
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[–]privacyguyincognito 0 points1 point2 points 4 days ago (0 children)
Finally someone that gets it.
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[–]Mike8219 1 point2 points3 points 4 days ago (24 children)
Why couldn’t corruption be funded by Bitcoin?
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[–]Godfreee 7 points8 points9 points 4 days ago (12 children)
Corrupt officials can't print more Bitcoin to finance their own debts and wars.
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[–]Mike8219 0 points1 point2 points 4 days ago (11 children)
They can be bribed pretty easily.
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[–]trufin2038 2 points3 points4 points 3 days ago (3 children)
Sure, but who would bother bribing them when they can't sell a power
they dont have.
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[–]Mike8219 -1 points0 points1 point 3 days ago (2 children)
There is no government if we all switch to Bitcoin?
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[–]trufin2038 0 points1 point2 points 3 days ago (1 child)
A lot less for sure.
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[–]Mike8219 0 points1 point2 points 3 days ago (0 children)
But there still is so they still have power. You’re getting rid of the
fed and treasury but why would they impact anything else?
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[–]McDredd 0 points1 point2 points 3 days ago (5 children)
In the fiat system the bribes are afforded through printing and
expansion of the currency.
Edit: they defo don't pay them with their own money.
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[–]Mike8219 0 points1 point2 points 3 days ago (4 children)
Isn’t there government and government spending in a world with no fiat
and only Bitcoin?
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[–]McDredd 0 points1 point2 points 3 days ago (3 children)
Yes, but they have to account for it. They can't just print more and
throw it around. Bitcoin says "The Can stops here".
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[–]Mike8219 0 points1 point2 points 3 days ago (2 children)
Why couldn’t they tax Bitcoin, be brided anonymously, and spend on
projects their voters wouldn’t want them to or maybe enriches them
personally?
If some legislator owns a fencing company they could still appropriate
funds collected in bitcoin to new fencing projects.
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[–]McDredd 0 points1 point2 points 3 days ago (1 child)
It's not likely to just stop at all. But much of the cronieism and the
corporate buddy buddy system is funded through a constant supply of
money made out of thin air that Jo public can't track and see the
trail of. Hopefully at least increased accountability through
increased visibility. Personally, I prefer decentralisation of power
to smaller constituencies. Then local people are hiring locals to do
the job who are then directly accountable to the locals they live
with. Seeing through to what we end up with is impossible I can only
describe what I hope is a better way and more can go, yes I like this.
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[–]Mike8219 -1 points0 points1 point 3 days ago* (0 children)
It's not likely to just stop at all. But much of the cronieism and
the corporate buddy buddy system is funded through a constant supply
of money made out of thin air that Jo public can't track and see the
trail of.
Sorry, why can’t you keep track of it now? Even if money is created we
know where it’s appropriated.
Hopefully at least increased accountability through increased
visibility. Personally, I prefer decentralisation of power to smaller
constituencies.
You mean smaller government?
Then local people are hiring locals to do the job who are then
directly accountable to the locals they live with.
When your city builds a road they don’t already hire a local company
with dollars?
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[–]BastiatF 1 point2 points3 points 4 days ago (7 children)
Power corrupts. Bitcoin remove the power to steal other people purchasing power.
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[–]Mike8219 -1 points0 points1 point 3 days ago (5 children)
I would contend the people controlling Bitcoin would be pretty corrupt
then. The rich would get richer with btc too.
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[–]BastiatF 0 points1 point2 points 3 days ago (4 children)
Nobody controls Bitcoin. You can't print new bitcoins for free to
steal the purchasing power of others. The only way to get more
bitcoins is to provide goods or services to willing buyers unlike
fiat.
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[–]Mike8219 0 points1 point2 points 3 days ago* (3 children)
The whales do.
Do you see any issues that may arise with a swap from fiat to Bitcoin?
Do you see any issues with mass amounts of wealth of the few with the
current system?
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[–]BastiatF 0 points1 point2 points 3 days ago (2 children)
Again, the whales can't print bitcoins. Under a Bitcoin standard you
can't get more bitcoins through the money printer and you also can't
consume without giving up some of your bitcoins. Your objection that
some have more bitcoins than others is a Nirvana fallacy.
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[–]Mike8219 0 points1 point2 points 3 days ago (1 child)
The cap can be changed though. It’s not written into granite. We are
just assuming it won’t but it could. History is long and the more
people using a currency means more opinions on its valid state.
And whales already do control vast swaths of it. We don’t need to make
more for control because there is a massive imbalance already. Now if
we add every human to it that imbalance will only look worse.
Do you have an issue with the wealth inequality that exists today?
With whales in the fiat system?
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[–]mutinomonem -1 points0 points1 point 3 days ago (0 children)
It corrupts even those that think the couldn't be corrupted. Humans
controlling a supply of money has always lead to debasement.
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[–]fringecar -2 points-1 points0 points 4 days ago (2 children)
Yeah, bitcoin only addresses inflation of the M0 currency. Doesn't
eliminate wealthy people; doesn't eliminate inflation of M1, M2;
definitely doesn't get sidewalks built
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[–]Mike8219 1 point2 points3 points 3 days ago (1 child)
And if it’s inflation what if whales just don’t buy anything. They
just sit on their btc like dragons. Individuals can reduce the money
supply.
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[–]fringecar 0 points1 point2 points 3 days ago (0 children)
For sure. Also inflation even without dragons would mirror global
productivity. If two people lives through different 60 year periods
but both saved 10% of their wages, then one would be wealthier than
the other.
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[–]el_rico_pavo_real 1 point2 points3 points 4 days ago (0 children)
Love this argument lol.
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[–]No-Recipe-4578 1 point2 points3 points 4 days ago (0 children)
If they cant build sidewalks, I guess they can’t use computers.
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[–]FATALEYES707 1 point2 points3 points 4 days ago (0 children)
Is currency stability not a consideration?
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[–]mSchmitz_ 1 point2 points3 points 4 days ago (0 children)
Just read up on MMT.
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[–]iskandar_kuning 1 point2 points3 points 4 days ago (0 children)
Because not all country is El Salvador?
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks 1 point2 points3 points 3
days ago (17 children)
There will be only 21 million bitcoin. How will that be distributed
between 9 billion people?
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[–]Original_Delivery_15 2 points3 points4 points 3 days ago (15 children)
Distribution is not the problem. There are other more important
limitations: - Transaction speed and cost - No. of transactions per
second (lightning network kinda solves this but has its own issues) -
Complexity! How can you preach “not your keys, not your coins” to
people that cannot even read? Even buying stocks is easier than buying
and storing BTC in a hard wallet. - BTC is a pseudonymized public
ledger. When you deposit money to someone, you know one of the wallets
of that person and you can spy on the transactions of that wallet. If
that person has many wallets and transfers funds between them, it also
becomes pretty clear which are the other wallets; it’s also complex to
manage and not free. - Fraud protection in BTC is zero. - Lose your
keys, lose everything forever
Many people have already said it: the fact it’s been 15 years and
people still say “it’s early” and the fact that people take videos of
them paying with BTC in their local shop tell you all you need to
know. You don’t see people taking videos of how they pay with cash,
credit card, phone, watch or even ring, because it’s the standard,
there’s no novelty… and paying with a watch/ring is less than 15 years
old.
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks -1 points0 points1 point 3
days ago (14 children)
How is BTC able to sustain as a currency when the people now are using
it as an investment? It's deflationary by nature, why would they spend
it if the price will rise later?
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[–]rwdrift 1 point2 points3 points 3 days ago (6 children)
Because eventually they'll have to in order to live.
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks 1 point2 points3 points 3
days ago (5 children)
So those whonalready have a lot will get richer over time and those
who don't have a lot have to spend it and can't save? Sounds as f'ed
up as the system we already have.
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[–]rwdrift 0 points1 point2 points 3 days ago (4 children)
Everyone is free to buy it at any time - the earlier you buy the
cheaper, but greater risk of it going to 0. It's the fairest way it
could possibly be.
Once things have settled down in the decades to come, and everyone has
the majority of their wealth in bitcoin, it will shut down the
banksters' money printing scam, and the natural order of the world
will begin it's long recovery, ultimately to be run by the people who
deserve the power, rather than the banksters who obtained their
unimaginable power through nefarious means (money printing)
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks 0 points1 point2 points 3
days ago (3 children)
the earlier you buy the cheaper,
Unless the price crashes/drops.
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[–]rwdrift 0 points1 point2 points 2 days ago (2 children)
The price can go to 0 at any time.
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks 0 points1 point2 points 2
days ago (1 child)
Sounds very unsafe. Thanks for the warning.
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[–]rwdrift 0 points1 point2 points 2 days ago (0 children)
Yeah, I don't think it's for you.
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[–]Original_Delivery_15 -1 points0 points1 point 3 days ago (6 children)
Well technically, improved productivity should result in falling
prices (stuff is easier to produce -> cheaper). But practically it
does not work like that, because people are greedy by nature and
prefer to hoard vs spend in general (it might feel otherwise, but
inflation it exactly what makes people want to spend more and live on
credit). Being greedy and saving is not a bad thing, but it means that
the money stays still, therefore less goes into the economy (and also
Governments earn nothing from money that doesn’t move)
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks 2 points3 points4 points 3
days ago (5 children)
So Bitcoin is marketed as a currency but people are doing the opposite
- they are using it as an investment? This is confusing to me.
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[–]Original_Delivery_15 2 points3 points4 points 3 days ago (2 children)
It is confusing to you because it is indeed confusing. People are
using to speculate and hope that one day people will use it as a
normal currency (or more people will use it as a store of value).
Nobody knows if/when that will happen. Everyone talks about price
going up because of the next halving, as if nobody knows and price has
not taken it into account already.
Nobody (not even my friends) has been able to give me a good reason
why owning BTC makes sense. Apart from the Fear Of Missing Out and the
hope that price will go up, there isn’t really much more about BTC at
this precise moment.
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[–]PM_ME_UR_CHERRIESredditor for 6 weeks 1 point2 points3 points 3
days ago (0 children)
In other words, everyone is buying it to hold until the value rises,
while hoping that everyone else will spend it.
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[–]Original_Delivery_15 0 points1 point2 points 3 days ago (0 children)
And mind you: most people that “buy” BTC don’t even own it. They use
some crypto exchanges and keep their BTC there, potentially loosing it
one way or the other (like this Binance guy). It’s gonna be even more
ridiculous with this BTC ETF.
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[–]rwdrift 1 point2 points3 points 3 days ago (0 children)
To be any use as a money (in particular, unit of account), a money
needs to be able to store value well. This is the stage bitcoin is at
- it's proving itself and will be for decades to come.
Once it's value has increased and stabilised enough that it makes a
better unit of account and medium of exchange than anything else (i.e.
$xx million/BTC), it will be used for that too. It's just maths +
nature.
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[–]McDredd 0 points1 point2 points 3 days ago (0 children)
No one is going to use anything as currency/money if it has no value.
First its recognised as a store of value then it will be used as
medium of exchange. For some recognition of its value happend long ago
and they are eager for the change/evolution to medium of exchange and
have many already started. Its not a today one way, tomorrow the
other. Bit by bit, one block at a time.
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[–]BuyRackTurk 0 points1 point2 points 3 days ago (0 children)
How will that be distributed between 9 billion people?
by merit, duh.
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[–]Old_Cartoonist7266 1 point2 points3 points 4 days ago (0 children)
Unpopular opinion. I don’t even know how to pave a sidewalk, why
should I be trusted with my money?
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[–]Numerous-Kitchen-774 0 points1 point2 points 4 days ago (0 children)
Lmao imagine thinking that governments will actually change.
Seriously though, you're wrong in the very first sentence. If they
can't be trusted to build sidewalks with their own currency, why on
earth would you expect it to be different under Bitcoin? Being a
public ledger is amazing, but just because there's a public nature to
it doesn't mean it magically eliminates corruption.
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[–]looneytones8 1 point2 points3 points 4 days ago (0 children)
Preach
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[–]Randomd0g 0 points1 point2 points 3 days ago (0 children)
Every time I see a post like this I always think it reads like the
person has only had half of the thought process.
You're having the realisation that nation state governments are
corrupt, stupid, and often act in the interests of the politicians
instead of the people. All of that is correct, so my question becomes
"Why Stop At Bitcoin?"
Sure, advocate for a world currency that is run by the people for the
people, that is a GREAT idea, but why stop there? Why not government
too? Why not advocate for abolishing nation states entirely and
running the entire planet as a truly democratic collective?
Yes, bitcoin is great, and it's a part of that puzzle but it's only
one tiny part. Let's do the rest.
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[–]Chieres 0 points1 point2 points 4 days ago (0 children)
Money control gives you a lot of power. Most governments would not
willingly give that up. Even in EU a lot of countries are reluctant to
adopt a common currency.
People should want that, governments never will.
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[–]Dettol-tasting-menu 0 points1 point2 points 4 days ago (0 children)
They aren’t “entrusted”…
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[–]theoreoman 0 points1 point2 points 4 days ago (1 child)
You know that if the world decided on a global crypto currency they
would just make Thier own amd not use BTC
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[–]LifeIn6thGear23redditor for 4 weeks 0 points1 point2 points 4 days
ago (0 children)
That is the next step “institutional crypto brought to you by the
Federal Reserve with the catch phrase “trust us” we know what’s right
for you
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[–]nothingbutmine 0 points1 point2 points 4 days ago (0 children)
Jfc.
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[–]rock-island321 0 points1 point2 points 3 days ago (2 children)
So who's going to fix that sidewalk?
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[–]Original_Delivery_15 1 point2 points3 points 3 days ago (1 child)
BTC, obviously
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[–]rock-island321 2 points3 points4 points 3 days ago (0 children)
I've got a bit of painting needs doing at home. Reckon btc could find time?
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[–]DirkDiggler1888 0 points1 point2 points 3 days ago (0 children)
"Why should they be entrusted to manage their own money". Wow, what a
truly American thing to say.
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[–]ryoma-gerald -1 points0 points1 point 4 days ago (0 children)
So that the governments can continue to dominate and exploit their subjects.
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[–]finnypiz -1 points0 points1 point 3 days ago (1 child)
To tax their folks via inflation.. ;)
Bitcoin is freedom from slavery.
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[–]Flat_Argument_2082 0 points1 point2 points 3 days ago (0 children)
You’ll have to fill me in on how inflation is a tax because generally
when a country levies a tax they actually receive that revenue. But
let’s not let obvious knowledge deficits get in the way of a good
circlejerk.
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[–]meatismoydelicious -2 points-1 points0 points 4 days ago (0 children)
Yeah, we know. Stop screaming it. We're trying to stack before they
figure it out.
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[–]lalich -1 points0 points1 point 4 days ago (1 child)
🥂
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[–]lalich -1 points0 points1 point 4 days ago (0 children)
And 🏴☠️🤙
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[–]idreamofjeanshorts -1 points0 points1 point 3 days ago* (0 children)
Id guess Gresham's law leaves nothing left in the country for people
to exchange. They also had no cell phones or means of even
rationalizing or conducting alternative exchanges.
Now with modern cellphone value can be retained in the internet, which
is pretty neat.
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[–]traviszzz -1 points0 points1 point 3 days ago (0 children)
Government is just like a private corporation and the most of
important thing is to generate revenue. You can collect or print.
Wouldn't you want to be able to print money?
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[–]Cardanoarkredditor for 3 months -1 points0 points1 point 3 days ago
(0 children)
Oh preach it brother! (Or sister!) Well said!
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[–]mohitesachin217 -1 points0 points1 point 3 days ago (0 children)
Improved my some of knowledge
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[–]jt7855 -2 points-1 points0 points 4 days ago (0 children)
The great thing about BTC is that those countries without sidewalks
and few natural resources can mine BTC.
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[–]Freshysh[🍰] -2 points-1 points0 points 4 days ago (1 child)
They tried to make everyone in Europe to use Euro. But many countries
just said no. Out own money is superior 🤷
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[–]rwdrift 1 point2 points3 points 3 days ago (0 children)
A good reason for that is because by handing control of the supply to
someone else, they aren't getting the same proceeds from printing
money - the proceeds are going to someone else.
No one can print bitcoin. No one can increase the supply other than by
putting in an equal amount of work in exchange. Its the monetary end
game.
Some countries will try to hold onto the power to print their own
currency, but inflating their supply will simply cause their currency
units to go down in value compared to bitcoin, and no one will want
it.
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[–]GenghisBanned -2 points-1 points0 points 3 days ago (0 children)
Every country having a different currency is utterly stupid if you
think about it.
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[–]sylsau -3 points-2 points-1 points 3 days ago (0 children)
Bitcoin is the Solution.
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[–]FreitasAlan -4 points-3 points-2 points 4 days ago (0 children)
According to them, you can’t be too “libertarian” or there would be no
one to build road. In the age of AI and these people are discussing
roads. It’s just embarrassing.
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[–]RevolutionaryPick241 -5 points-4 points-3 points 4 days ago (0 children)
It shouldn't. Money is a private invention that governments
individually had monopolized.
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[–]Guguhirse 0 points1 point2 points 3 days ago (0 children)
Lol „Not even america“…US is biggest shithead of all the countries.
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[–]SoggyChilliredditor for 3 months 0 points1 point2 points 3 days ago
(0 children)
The same reason theme parks and arcades give you fake money to use.
It's easier to manipulate
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[–]WebexBlackredditor for 6 weeks 0 points1 point2 points 3 days ago
(0 children)
Every country produces its own economic value. If every country used
the same currency some would just own more of it than others. Currency
and services or products are all the same. It’s similar to 2+2=4 you
can separate it and say 2+2 equals to 4 or you can say another way of
saying 4 is 2+2 (or 3+1 etc). Right now there are other annoying
things in the mix from letting the markets stabilize and I think low
key that’s what the governments want to maintain, but in general it’s
mostly unavoidable. So there is no actual need for countries to use
different stuff, it’s just that right now they do for various reasons.
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[–]Infinite_Recover5772 0 points1 point2 points 3 days ago (0 children)
I dunno after what just happend in canada I've lost faith om btc the
government just made a bunch of stupid regulations about what u can
and can't do with ur btc affectivly making it impossible to trade om
tje country if you have less then five million dollars as a way of
"protecting us from ftx style collapses" even though ftx only
collapsed because binnace started a bank run when they took all of
their ftx tokens and put them for sale on the market in one shot
created a janga effect om the ftx price and they had liquidity
crisis.cause 11 billion was wiped out in the course of two days.
Leaving the company insolvent I don't believe he was committing fraud
he was just stupid and over invested in him self, but now because an
exchange collapsed that was being run by a child with no financial
experience we all have to suffer and only the super wealthy get access
to the instruments needed to play the game, you can only buy crypto om
canada at scam exchanges that charge lile 4 percent just to purchase
the asset trading in out of your position isn't profitable with fees
associated its basically u can buy crypto Nad your going to be at
mercy of the Ritch espically with crypto getting put on traditional
finacial rails with etfs we the people will be left un able to do
anything cause they will use there millions abd Create maximum pain to
shake u out of ur tokens and we won't be able to band together. To
stop it. Watch I guarantee the us adopts similar rules in the near.
Future it's a fucking joke no one in canada is doing anything as per
usual the government fucks us over and we just except it hear this
country is full of push over fukc sticks who take it up the ass god I
can't wait to give up my citizen ship the first chance i get fucking
pay all that tax for ahit health care and support those useless fuxks
who work in the government just to over regulate the shit put of
everything fuck Trudeau and the csa u fucking booomers ruin everything
just fukcing go. Out in a field and die already your generation is the
worst fukcing greedy pigs making it impossible for the next generation
to succeed like ur under an illusion ur house value going up doesn't
make u richer its just making it so every can't own a home its fucking
non sense your getting secretly taxed because ur making the money
worthless u retards anyways btc was supposed to stop this shit but I
don't see any exchanges saying fuck u to canada government and taking
our bussiness if we use vpns bunch of fucking pussy ass cunts like why
the fuck does binnance and everyone else just bend if we aren't making
the trades on Canadian soil u should fucking take our bussiness anyway
cz a fucking pussyge leaves his fellow candiams in position where they
only have access to a loosing bet and no margin when he could easily
accept our bussiness if we used a VPN. And no in canada is fighting
this shit if this happend in the states it would be in court the first
fucking day no one would take this shit our crypto regulations have
destroyed the industry on canada explain to me how stable coins are
securities 1 coin equals 1 dollar lol fuck this fucking baron fucking
wasteland 1 million more immigrants in desperate plea to revive the
housing market canada only export houses to foreigners only no one is
dumb enough to buy at fucking 8 percent interest rates so they are
going to be renting so housing prices will fall but rent will probably
go up lol that's smart leader ship and our dollar is going to collapse
lol hahaha and we can't trade crypto lol at any of the big exchanges
stuck on a sinking ship.
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[–]ardevd 0 points1 point2 points 3 days ago (0 children)
In fairness, during the gold standard national currencies were pegged
to the gold reserves and having national currencies was just a matter
of practicality (not having to carry lumps of gold around, etc).
However, after leaving sound money principles behind national
currencies are now prime tools to try to steer the economy (with
varying degrees of success)
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[–]Ur_mothers_keeper 0 points1 point2 points 3 days ago (0 children)
I think every person should be able to choose their own money, in a free market.
You're right, governments have no business maintaining a money.
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[–]sn0wballa 0 points1 point2 points 3 days ago (0 children)
they create the money so you play by their rules, simple.
complete control over all facets of life as long as you adhere to
their currency.
bitcoin is anti-this-system and why they hate it.
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[–]Extra-Dentist-3878 0 points1 point2 points 3 days ago (0 children)
Because they can ?
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[–]vtelmo 0 points1 point2 points 3 days ago (0 children)
Countries should manage their money, and they do.
The only difference with hard money is that governments & its
populations are then liable for the wrong or right doings of its
politicians.
Accountability!
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[–]glkwO 0 points1 point2 points 2 days ago (0 children)
It only looks like the big nations do a better job of managing their
fake money because they have so much more capital to destroy.
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[–]Thin-Tap3836 0 points1 point2 points 2 days ago (0 children)
Live in reality…Fiat currencies will never go away.
Bitcoin is the first thing that gives the population of the world a
fighting chance to have an asset the governments can’t fuck with
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[–]Crypto__Sapien 0 points1 point2 points 2 days ago (0 children)
You raise a thought-provoking point. There are arguments on both sides
of countries maintaining monetary sovereignty:
Reasons for separate currencies:
Allows countries to set monetary policy tailored to their economic conditions
Provides fiscal flexibility, like printing money and managing interest rates
Symbols of national identity and independence
Necessary in very large or diverse currency unions
Reasons for shared currencies:
Eliminates currency volatility and exchange rate risks
Promotes stability and transparency when managed by credible institutions
Increases trade and financial integration between nations
Provides resilience against local mismanagement or corruption
Cryptocurrencies like Bitcoin provide an alternative model of
"monetary policy by algorithm" that transcends borders. But fully
opting out of national currencies has major complexities around
financial regulation, taxes, instability, and adoption challenges.
Overall there are reasonable arguments on both sides. For large
diverse economies, localized monetary policy may make sense. But for
smaller nations, the benefits of currency unions or crypto could
outweigh independence. There are many nuances to this issue and smart
people can disagree. But the discussion of optimal currency systems
will likely continue as global economics evolve.
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