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No one keeps the Bitcoin system down. We are the Newluminati. https://www.youtube.com/watch?v=3xH1vBuDbBA HOLDING IS A USE CASE. It's called store of value. I see people post things like, "Bitcoin is meant to be used. If 70% hasn't moved, then it's not being used." A post like this assumes that Bitcoin's utility is only being met if it is spent to purchase something. But why would I use Bitcoin to buy something when I can use a softer currency like USD? I live in a major city. There are merchants around me that accept Bitcoin, but I still don't spend it. The only time I'll EVER use Bitcoin to buy something is if I've run out of fiat USD, or if the merchant ONLY accepts Bitcoin. So until then, it'll remain in cold storage. --- Bitcoin's properties are and always will be unique to bitcoin. Could another coin be created? Yes. But ask yourself, who would do the creating? Imagine you want to be the guy to create a new one. You clone bitcoin code, change some variables and names, and then put it out there. Or even get clever and write a new protocol from scratch, it doesn't matter. Then what? Who is going to use it? Nobody seems to care. So you assemble a marketing team or invite your friends and families to "invest" their dollars to bring you funds needed to get developers, servers and marketing to get the word out. Maybe you entice these friends by giving them some coins upfront before anybody in the public could have a chance to obtain them fairly. Still it's just you and a handful of colleagues running your nodes in a very centralized fashion, trying to entice the world at large to come play with you in a decentralized and leaderless way, despite being centralized with leadership. You see the problem here? You are a person or small group of people with financial incentives to "pump" your new coin to the world. And for what reason? So you can ultimately exit - i.e.. "dump" your coins on retail. Everything that's NOT bitcoin, was created in this way, with these motivations. A person or people who created the coin and remain in control of the coin or token with the intention of profit. Bitcoin was created and given to the world by an anonymous person before there was any monetary incentive, and it grew in a grass-roots way without any leadership, without any central authority or early/insider/unfair access to profits. This sort of "immaculate conception" can only happen once. All the imitators will can never share Bitcoin's best properties, in part because Satoshi Nakamoto is unique among crypto creators. It appears he/she/they acted without an interest in personal gain, considering none of their coins have ever moved. --- The dollar will continue to fall against Bitcoin Why? I can't speak to other nations, but I can guarantee you that the debt of the United States will be inflated away. In practice it will be a soft default, and the quality of pensions and entitlements will be inflated away. There is no need to cut spending, if you simply devalue it via inflation, and it's far easier politically to deal with it that way. I cannot recommend Nate Hagens two recent podcasts enough: Luke Gromen: "Peak Cheap Oil and the Global Reserve Currency" | The Great Simplification #91 Doomberg: "Our Fragile Energy Economy" | The Great Simplification #83 The dollar is clearly overvalued at the moment, but international trade is still reliant on it, which even hints at a deliberate printing of excess dollars, that are traded for international assets while time still is. This will only last so long. There is a few terminal events that have and will take place. When the US defaulted on bonds held by the Russian state with the war in Ukraine as the official cause, it in simple terms signaled to all US trade partners, that the US is willing to default on debt if they don't like you. China saw that, and the Chinese is divesting as bonds and treasuries mature. This is maybe the first nail in the coffin, as US dollars can be increasingly risky to hold if you are politically vulnerable. The question then remains on the extent that large countries and commodity producing countries are willing to increasingly hold other currencies than the dollar for international trade. Rather then saying that the dollar will be replaced, its possible we will see a bit of a multipolar currency regime, where rubles, yuan, dollars and the rupee will "normalize" their exchange rates. The value of the dollar will decline, imports will be more expensive and yes inflation will arise. And its possible that only way out for the Americans is war, which is the scary part. So yeah, there are domestic reasons for increased inflation, while international political shifts take effect as well. Whether the nominal debt is 10 or 100 trillion matters not. Nobody feels that. What matters is the future price of eggs, bread. potatoes, concrete, oil and gas in hours worked equivalents. All but a tiny few will feel that. --- https://www.youtube.com/watch?v=iy1TqiPpyJs           
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Nov 23, 2023 09:54
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| # ¿ May 21, 2024 09:10 |
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