Bitcoins/Litecoins/Virtual Currencies

Foler

Asshat Foler

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Can someone give me a good 1-2 paragraph explanation on why buy BTC? I’m getting a load of normie friends asking me. Common theme is “it’s literally not tied to anything”, “it doesn’t have a use” etc.

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Flobee

Flobee

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Foler said:
Can someone give me a good 1-2 paragraph explanation on why buy BTC? I’m getting a load of normie friends asking me. Common theme is “it’s literally not tied to anything”, “it doesn’t have a use” etc.

CC Flobee Flobee
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There are entire books written on the subject and if one doesn't understand the underlying problem its hard to sell them on the solution. I'll give it a shot but honestly your hit rate is going to be low unless they're willing to do some work to understand. There is really no way to do this effectively but below is my best attempt. By all means edit this or add as you or anyone else feels is appropriate. The message really does need to be tailored to the audience and what they already know or don't know.

One of the major causes of the state of modern society is the debasement of the currency. We all spend our time and energy serving others in order to accumulate money, as such that money directly corresponds to the expenditure of that time and energy. Governments, (especially the US) and powerful financial entities backed by those governments, have the ability to create money from nothing. This is because modern money is all created from debt, and licensed entities are granted the ability to create debt from nothing. In a sense that creation of debt is borrowing time and energy from the future, without the permission of those they're borrowing (stealing) from, that is you and me. If you accept that money is energy, and debt is future energy, then the law of conservation applies and it cannot be created nor destroyed, that debt MUST have consequences. We're living in those consequences today and have been our entire lives.

Friedrich Hayek in 1984: "I don’t believe we shall ever have good money again before we take the thing out of the hands of government... all we can do is by some sly roundabout way introduce something that they can’t stop"

Bitcoin is a secure digital network that transfers value across time and space, it is a fundamental technological innovation that will reshape international finance. Bitcoin has a fixed supply on 21 million, a money with a fixed supply is literally a once in humanity event, it cannot be recreated. Bitcoin cannot be diluted it was architected as immutable and verifiable digital scarcity. Nobody can control Bitcoin due to its architecture it requires consensus for changes to be made to it. Bitcoin has a set issuance (supply inflation) schedule tied to "mining". This process is also required in order to finalize all transaction (approximately every 10 minutes) with a finality that can only be compared to a shipment of gold being moved from one entity to another, except there is no need for armored truck, armed guards, or elaborate misdirection schemes, only a private key to sign the transaction and waiting for the confirmation from the network. The creation of blocks via mining requires expenditure of energy in the real world via specialized devices running a hashing algorithm. The difficulty of this algorithm is dynamically set so as more miners expend energy in an attempt to solve the algorithm (known as hash rate) the harder it gets, thus creating a greater demand for energy expenditure, and setting a price floor as the price of that energy. Bitcoin represents the only way for digital scarcity to connect to real world energy, thus in a sense it transmutes value from the real world into the digital world in a fashion that is purely unique. This transmutation represents the core of its innovation and intrinsic value. In a digital world with increasing demand for settlement between parties across the world with no tangible relationship to build trust, Bitcoin is the only answer. All alternatives require a centralized trusted party to mediate the ledger, and that trust is what has led to the debasement we see today.
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mewkus

mewkus

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Foler said:
Can someone give me a good 1-2 paragraph explanation on why buy BTC? I’m getting a load of normie friends asking me. Common theme is “it’s literally not tied to anything”, “it doesn’t have a use” etc.

CC Flobee Flobee
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just ask chatgpt. get with the fucking program man.
 
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Haus

Haus

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Foler said:
Can someone give me a good 1-2 paragraph explanation on why buy BTC? I’m getting a load of normie friends asking me. Common theme is “it’s literally not tied to anything”, “it doesn’t have a use” etc.

CC Flobee Flobee
Click to expand...

"It's not tied to anything" - Neither is the USD in your wallet.
"It doesn't have a use" - It has just as much use as any stock you buy waiting for it to go up in price.

Unlike the USD in your wallet, it's not constantly having it's value eroded through inflation and your own government. It has value for the same reason gold, silver, and even currency does. Because people agree that it has value. And it's easier to move into and out of usable currency than physical gold or silver.

The underlying reason is that you don't want your stored value in something which depreciates (i.e. cash), you want it in hard assets which appreciate in value (real estate, to some degree stocks/bonds, precious metals, art, and now... BTC)

My personal belief is that you need a balanced blend of where you store your personal value/wealth. But in this day and age Crypto (and more specifically BTC) has earned a place in that mix. It's easier to manage than owning real estate, has a better proven track record of appreciation than the stock market, and doesn't require physical security like gold/silver.

But as mentioned, Grok that shit up. Probably a better value prop explanation there.
 
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Arden

Arden

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Flobee said:
De-Minimus exemption would be pretty sweet. No tax on payments under $600

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Interesting concept, but would need to see details on how it would be implemented. Seems like it would be super easy to abuse.

Also she's saying "crypto" not Bitcoin.
 
Flobee

Flobee

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Arden said:
Interesting concept, but would need to see details on how it would be implemented. Seems like it would be super easy to abuse.

Also she's saying "crypto" not Bitcoin.
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They always do. Don't get it twisted, this is a 💩coin administration 100%.
 
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T

Torrid

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Torrid said:
Tether is the original stablecoin and stablecoins pegged to the US dollar are what will keep the USD relevant in a future where America is not the largest economy in the world because people are not going to keep using paper as money for much longer. The feds should be thanking Bitfinex for solving their problem for them.
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Lambourne

Lambourne

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Arden said:
Interesting concept, but would need to see details on how it would be implemented. Seems like it would be super easy to abuse.

Also she's saying "crypto" not Bitcoin.
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It's not aimed at bitcoin, it's aimed at stablecoins. The idea is that you buy things from Temu with stablecoins instead of dollars, and that foreigners start using those stablecoins to trade within their own country or with other foreign countries rather than those dollars flowing back into the US. Basically, you give them dollars and those dollars stay outside the US, effectively giving the US the benefit of the goods received without having to give as much in return. This is what the dollar based oil trade has effectively done for a long time and it lets the US get away with more debt and lower rates than it otherwise could. They're trying to push that system into the next level.

If successful, this increases demand for the assets backing the stablecoins, such as t-bills. This keeps rates on them lower and lets the US get away with printing money for longer.

It's good for bitcoin indirectly in that it keeps the money printers going, which increases demand for inflation hedges. It's not without risk because once everyone flees into safe havens, those become overbought and the market sniffs that out eventually.





 
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