jerrymiller
Joined 9 years ago
Karma
149
Submissions
34
Member since
Jul 28
Recent submissions
Comment · 5 years ago
Comment · 5 years ago
Satoshi has not envisioned ASICs, no. But it doesn't matter what Satoshi thinks/thought of. Bitcoin is not controlled by anyone; anyone can introduce a better way to mine/use it.
Comment · 5 years ago
Are you saying this has helped people in Venezuela?
Comment · 5 years ago
It helped and is helping people escape oppressive regime in Venezuela. Your snarky question comes from the place privilege as you've never experience this kind of oppression.
More info: https://www.coindesk.com/bitcoin-adoption-venezuela-research
Comment · 5 years ago
And yet people mine it. And it follows the "I can get out before you" game the OP describes.
Comment · 5 years ago
Comment · 5 years ago
How did this help Venezuela keep the value of their currency? Bolivars are also claims on taxes.
Comment · 5 years ago
To describe Bitcoin as a ponzi, you must apply a very loose definition, which will necessarily be applicable to other assets as well. More on this: https://www.swanbitcoin.com/why-bitcoin-is-not-a-ponzi-schem...
Comment · 5 years ago
Now, what about gold?
Comment · 5 years ago
BTC is liquid enough today for companies to move $1B without moving market (see MicroStrategy). Granted, money (USD specifically) is even more liquid, but that's why it's money -- by definition, money is the most liquid good.
BTC's liquidity has been increasing and will continue to increase in the future, so it's just a matter of time.
And you are again conflating SoV with volatility. Todays cash (USD) is not volatile but it's a terrible SoV. That's why no one is storing their wealth in USD and flee to harder assets (stocks, bonds, gold, and BTC).
Highly recommend this video for how investment firms think about BTC and SoV and how you should too: https://www.youtube.com/watch?v=KlXqfibqb38
Comment · 5 years ago
Case in point still. The contradictions you make are astounding. What's more astounding is that you are not even noticing them.
> Huge investment firms diversifying into crypto
> this is an indictment of the cryptocurrency community's basic financial literacy
I suggest that maybe it's you who lacks basic financial (and econ) literacy, not investment firms or the "cryptocurrency community"
> You can't just call a speculative instrument a "store of value" because every who bought into it in the past two months has seen a positive return
No, everyone who bought BTC at _any point in the past_ and didn't sell are seeing positive returns. This is the definition of a good store of value. You are conflating SoV properties with volatility. They are orthogonal. SoV is a long-term play.
What's discussing is handwaving real-world problems because they don't fit your agenda.