Bitcoin
Out of context: Reply #2292
- Started
- Last post
- 2,675 Responses
- nb4
@section_014
The pro-crypto thinking is that eventually Bitcoin would become so widely used that it would inherently become stable. This could be possible but not without making early adopters like WILDLY wealthy. So the pro-crypto crowd wants this to happen and think it will and doesn't mind the idea of getting hella rich.
The catch-22 is that BTC billionaires and megamillionaires will need to distribute a ton of their wealth in order to make BTC used by the masses. This would stabilize and maybe get us to a place of BTC as a real currency, but then they won't be rich.
It's a game of last-man-standing. Or, it would be if they weren't all hoarding the wealth.
Also, in order for BTC to replace something like the USD, you have to get around the people who benefit from the USD being the global reserve currency. Turns out this is not so easy because a lot of powerful people are invested in USD. The IRS considers every single BTC payment to be taxable event! I mean, you think that's an accident? They're fighting to keep it away from the mainstream.
Now people will tell you that disruptive technologies always win in the end, but that's only because they're ignoring the mass of disruptive technologies that fizzled out. It's the swimmers' body fallacy.
- But hey, regardless of what I say, you would be nuts not to invest a little money in BTC. There are years and years worth of gains to be madenb
- people keep thinking bitcoin and crypto in general as a 'currency'. Like youre going to go buy a cup of coffee with it.inteliboy
- Rather, it's a technology with a ton of uses (most so far is Ponzi bullshit) But theres already Defi products out there that put conventional banks to shame.inteliboy
- Thank you for the detailed reply!section_014