Bitcoins/Litecoins/Virtual Currencies

Gravel said:

And I'm consistently amazed at how devoid of what seems like common sense crypto adherents have.

I have a business degree. Maybe that's the problem is I understand how shit works, and don't have some pie in the sky mentality about how everyone is going to just kumbaya into BTC for no other reason than a bunch of assholes on the internet were first adopters and are completely bought in because otherwise their "investment" becomes worthless.

Edit: And to clarify, my entire point here isn't that cryptocurrency itself doesn't have value. I'm specifically saying there's no reason Bitcoin will be the holy coin. In fact, the entire fact that it was the first one to have adoption with the public works in direct contradiction to being useful as a replacement for fiat. A cryptocurrency absolutely could replace fiat, in fact. Bitcoin will not be it. As much as you're dreaming that your half a coin will make you a billionaire, shit just isn't going to happen, sorry.

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You clutch on to your boomer stock nest egg and I'll clutch my magical internet money and we'll see how it all works out. I'm not here to convert you. I've just done the work and I have conviction about where I think Bitcoin is going. I like this community and if I'm right about this I hope some of you will buy some and come along for the ride. We're still so early a small investment could be life changing for most of us.

I'll repeat that Bitcoin has a number of characteristics that no other crypto has or can replicate. If you actually know anything about crypto then you know this already. I suspect that someone you respect shits on Bitcoin so you follow their lead without putting in the time to investigate yourself. Understandable, I do that with all sorts of things. You've got the wrong take here though. If I'm right you'll figure that out on your own eventually. You do have that business degree after all so I'm sure you'll be 10 steps ahead of the rest of us plebs.

EDIT: People aren't going to 'kumbaya into BTC' they're going to flee to it as every other currency gets inflated to shit. It may take 5 years or 50 years but its coming. Maybe something else absorbs that value, but I don't see anything else around right now.

Furry said:

Why would anyone ever admit to owning a btc at any point? Even when a bitcoin is spent to buy something that ends up in my hands, I have no fucking clue where it came from or why they sent it to me. People signing up for coinbase and what not really just make me shake my head, cause that's not how I'd do it. Which I definitely don't.

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Probably the best advice in this thread so far. Wish I'd understood this before I got started

I’ve been mildly interested in BTC since it was sub $100 and missed out on what could have been life changing choices if I weren’t such a pussy about losing money on bullshit scams, which I thought crypto was up until say 2019.

DeFi is the game changer in my opinion. There’s a lot of APY to earn across various places.

For general info I find this guy to be among the best. Coin Bureau

Flobee said:

You clutch on to your boomer stock nest egg and I'll clutch my magical internet money and we'll see how it all works out. I'm not here to convert you. I've just done the work and I have conviction about where I think Bitcoin is going. I like this community and if I'm right about this I hope some of you will buy some and come along for the ride. We're still so early a small investment could be life changing for most of us.

I'll repeat that Bitcoin has a number of characteristics that no other crypto has or can replicate. If you actually know anything about crypto then you know this already. I suspect that someone you respect shits on Bitcoin so you follow their lead without putting in the time to investigate yourself. Understandable, I do that with all sorts of things. You've got the wrong take here though. If I'm right you'll figure that out on your own eventually. You do have that business degree after all so I'm sure you'll be 10 steps ahead of the rest of us plebs.

EDIT: People aren't going to 'kumbaya into BTC' they're going to flee to it as every other currency gets inflated to shit. It may take 5 years or 50 years but its coming. Maybe something else absorbs that value, but I don't see anything else around right now.

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If you think your average suburban mom is going to be buying groceries with Bitcoin or Eth in 5 years then you're delusional. If your answer is "they'll just convert it to cash to buy stuff" then that does nothing to solve inflation.

People have been worrying about inflation forever. It's unavoidable and it's a feature of a healthy, growing economy. Sure out of control inflation should be avoided but I've been hearing that's coming since 2007 and it still hasn't happened.

Crypto is an interesting abstraction for hyper tech nerds that's made it's way into the mainstream consciousness. 99.9% of people will never understand how it actually works beyond "buy low, sell high lol". At some point when enough money from Main Street makes it's way into crypto the sharks will snatch it all away, people will lose money they couldn't afford, the mainstream media will convince everyone it was an alt right plot thought up by Nazis and it will go back to being an abstraction for nerds in the dark corners of the Internet.

The End.

TheBeagle said:

If you think your average suburban mom is going to be buying groceries with Bitcoin or Eth in 5 years then you're delusional. If your answer is "they'll just convert it to cash to buy stuff" then that does nothing to solve inflation.

People have been worrying about inflation forever. It's unavoidable and it's a feature of a healthy, growing economy. Sure out of control inflation should be avoided but I've been hearing that's coming since 2007 and it still hasn't happened.

Crypto is an interesting abstraction for hyper tech nerds that's made it's way into the mainstream consciousness. 99.9% of people will never understand how it actually works beyond "buy low, sell high lol". At some point when enough money from Main Street makes it's way into crypto the sharks will snatch it all away, people will lose money they couldn't afford, the mainstream media will convince everyone it was an alt right plot thought up by Nazis and it will go back to being an abstraction for nerds in the dark corners of the Internet.

The End.

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Suburban mom's don't know their using TCP/IP, HTTP, or SSH either. Bitcoin is a protocol. Monetary system is going to run on top of it. I imagine people will know they're using it but they're probably not going to be memorizing seed phrases and hiding their hardware wallets. You don't need to understand the internet to use it, Bitcoin will be no different.

Inflation is a hidden tax. It has NOT always been acceptable, it is a feature of fiat currency systems. If money is based on gold you cant just make more gold. You can mine it, but that requires finding and excavating it (Proof of Work). You can only debase the money by decreasing purity, shaving coins etc. This is exactly what inflation is, it is robbing the people who use and earn the currency by decreasing the purity or value over time. They are breaking the social contract of the long term value of a unit of money in order to pay off government debts rather than spend responsibly. EVERY fiat currency does this eventually. Seemingly no government can resist the temptation to debase a currency eventually.

You think it is 'normal' because you were conditioned to think it is normal. If you look deeper into monetary history you'll see that hard money has been the norm throughout most of history and it does not have an inflation rate in the same way current money does. What we learn about economics in school is horseshit. Why is it acceptable for the value of your $ to decrease in value every year but your wages don't increase at the same rate? How does printing more $ by the Fed help anyone but those benefitting from the Cantillion effect?

It doesn't, it is a scam. You think its healthy because that's what you were told to think. You don't accept their propaganda about politics, why do you accept their propaganda about money?

This is a bunch of you when you talk about Bitcoin

I like how you went from the guy who like a year ago came into the thread knowing nothing, and now you've decided you're the ultimate authority on all things crypto.

Gravel said:

I like how you went from the guy who like a year ago came into the thread knowing nothing, and now you've decided you're the ultimate authority on all things crypto.

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Yea, I spent a year reading 20+ hours a week about it. I've been obsessed. I don't know everything, but I've put in the time to have a solid opinion.

I went deep into the "hyperinflation imminent" rabbit hole years ago, all the same voices that were saying it now were preaching it back then too. Massive money creation through QE cycles made it all seem very likely. I bought physical gold and everything. Gold tanked and went sideways for a nearly a decade afterwards.

This hyperinflation (or even 70s style high inflation) hasn't materialized. Highly leveraged assets have blown up as is common in periods of low interest rates, but we have not really seen high particularly high inflation. Investopedia has some ideas about why.


If you want more dollar FUD, Money as Debt was a good doc about it even if it's not particularly flashy. It actually came out before the 2008 crash, there is a followup that covers that too.