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(The Week)   Elizabeth Warren is mad she didn't buy the dip   (theweek.com) divider line
    More: Silly, Bank, Money supply, Economics, Federal Reserve System, Euro, Sen. Elizabeth Warren, Money, Exchange rate  
•       •       •

1153 clicks; posted to Business » on 10 Jun 2021 at 4:38 AM (10 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



80 Comments     (+0 »)
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2021-06-10 4:56:10 AM  
Well, she's not wrong.
 
2021-06-10 5:00:48 AM  
I am once again going to say, Bitcoin is silly but so is gold. Things are only economically worth what we as humans attach to them as a value, the economy being a human creation. You can argue there are more meaningful measures of value (like happiness or ecological value or whatever), but they aren't measured in cash and you sure as hell can't buy or sell them.

Elizabeth Warren strikes me as the perfect meritocrat in many ways. I like her, I even voted for her in the primary, but sometimes you get the feeling her moral vision of the world includes an image of wealth made "honestly". She's mad about Bitcoin because it breaks the rules. Obviously, those rules have been breaking a lot of people for a long time as well, she was involved in the bailouts of 2008 and so on. Were the homeowners bailed out?

She imagines a world of ethical capitalism. I would love to live that fantasy, and the policies she promoted would bring it closer... But her being angry about Bitcoin just seems silly to me.
 
2021-06-10 5:08:56 AM  
Her comment about "legitimate" digital currency from a central bank strikes me as a perfect example of the meritocrat not seeing that those legit currencies from central banks (most of which exist digitally today) have mostly made it into the hands of bankers and billionaires. The recent stimulus checks and boosted unemployment are the big exceptions, which cut poverty like a knife every time they were handed down.

Bitcoin is a gamble but for many people gambling has better odds than playing the game the right way.
 
2021-06-10 7:24:04 AM  
Pretty sure we're still in the dip. $37k now vs $60k earlier this year.  That's a lot of pizzas.
 
2021-06-10 7:30:04 AM  
She's just jealous that she had to work to get rich like a stupid idiot when all I had to do was buy Crypto!
 
2021-06-10 7:31:10 AM  

syrynxx: Pretty sure we're still in the dip. $37k now vs $60k earlier this year.  That's a lot of pizzas.


So much this - a person would be a dip to have bought this last dip.
 
2021-06-10 7:43:38 AM  
As far as currency goes, Bitcoin is the equivalent of company script that's good only at an exclusive dive bar high in the Peruvian Andes.
 
2021-06-10 8:12:36 AM  
I wonder what her Fark handle is?

Anyhow, she's right.  It's an asset class.
 
2021-06-10 8:16:47 AM  
Anyone who saw the senate hearing would come away knowing that there is only one possible fate for Bitcoin and crypto: death.  They will be banned, or taxed or regulated to death. I heard only bilateral concerns for consumer safety, and the experts all agree that current crypto is a scam that endanger the public.  They urged lawmakers to step in, and lawmakers responded with "how do we kill it" rather than "should we kill it".

If you hold any crypto, get out now.  It was always going to end this way, but now the timer on the death clock is being set.
 
2021-06-10 8:21:09 AM  

adamatari: I am once again going to say, Bitcoin is silly but so is gold. Things are only economically worth what we as humans attach to them as a value, the economy being a human creation. You can argue there are more meaningful measures of value (like happiness or ecological value or whatever), but they aren't measured in cash and you sure as hell can't buy or sell them.

Elizabeth Warren strikes me as the perfect meritocrat in many ways. I like her, I even voted for her in the primary, but sometimes you get the feeling her moral vision of the world includes an image of wealth made "honestly". She's mad about Bitcoin because it breaks the rules. Obviously, those rules have been breaking a lot of people for a long time as well, she was involved in the bailouts of 2008 and so on. Were the homeowners bailed out?

She imagines a world of ethical capitalism. I would love to live that fantasy, and the policies she promoted would bring it closer... But her being angry about Bitcoin just seems silly to me.


You think it is silly that she is concerned that people are being scammed out of their money by fraudsters?
BTW, if you saw the hearing you would know this sentiment was shared by all parties. The only question on the table is if the central bank will mint digital dollars to take advantage of any real value crypto ever had.
 
2021-06-10 8:25:36 AM  

killdawabbitt: adamatari: I am once again going to say, Bitcoin is silly but so is gold. Things are only economically worth what we as humans attach to them as a value, the economy being a human creation. You can argue there are more meaningful measures of value (like happiness or ecological value or whatever), but they aren't measured in cash and you sure as hell can't buy or sell them.

Elizabeth Warren strikes me as the perfect meritocrat in many ways. I like her, I even voted for her in the primary, but sometimes you get the feeling her moral vision of the world includes an image of wealth made "honestly". She's mad about Bitcoin because it breaks the rules. Obviously, those rules have been breaking a lot of people for a long time as well, she was involved in the bailouts of 2008 and so on. Were the homeowners bailed out?

She imagines a world of ethical capitalism. I would love to live that fantasy, and the policies she promoted would bring it closer... But her being angry about Bitcoin just seems silly to me.

You think it is silly that she is concerned that people are being scammed out of their money by fraudsters?
BTW, if you saw the hearing you would know this sentiment was shared by all parties. The only question on the table is if the central bank will mint digital dollars to take advantage of any real value crypto ever had.


They absolutely should. The currency is essentially digital anyway. There are lessons to be learned from crypto, as much as people on fark hate it. Ethereum's smart contacts wound be particularly useful to the government.
 
2021-06-10 8:26:46 AM  

SirEattonHogg: I wonder what her Fark handle is?

Anyhow, she's right.  It's an asset class.


She flew a private jet to talk about false energy FUD. The irony, it burns.

Georgia/Ukraine asked Mallers to fly over. Eastern EU up to bat. India sounds as if they are going to back track on some of their restrictions. We are witnessing what Pysh perfectly called for years ago. Nation state game theory. They are all now competing for talent and to be early adopters.
 
2021-06-10 8:31:58 AM  

AsparagusFTW: SirEattonHogg: I wonder what her Fark handle is?

Anyhow, she's right.  It's an asset class.

She flew a private jet to talk about false energy FUD. The irony, it burns.

Georgia/Ukraine asked Mallers to fly over. Eastern EU up to bat. India sounds as if they are going to back track on some of their restrictions. We are witnessing what Pysh perfectly called for years ago. Nation state game theory. They are all now competing for talent and to be early adopters.


media.giphy.comView Full Size
 
2021-06-10 8:33:25 AM  
Gotta love the petulant 'funny' votes. It just means that person is scared to reply
 
2021-06-10 8:35:23 AM  

Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply


Clowns are funny though.
 
2021-06-10 8:40:41 AM  

NuclearPenguins: Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply

Clowns are funny though.


You're among the try-hardinest of all Fark's trolls. Stick to the 'funny' votes. You won't get attention, but at least it won't be as cringeworthy as whatever that was.
 
2021-06-10 8:45:05 AM  

Likwit: NuclearPenguins: Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply

Clowns are funny though.

You're among the try-hardinest of all Fark's trolls. Stick to the 'funny' votes. You won't get attention, but at least it won't be as cringeworthy as whatever that was.


Hmmm.. should I reply to you with this:
i.kym-cdn.comView Full Size


Or perhaps this:
media2.giphy.comView Full Size


Decisions, decisions.
 
2021-06-10 8:49:28 AM  

NuclearPenguins: Likwit: NuclearPenguins: Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply

Clowns are funny though.

You're among the try-hardinest of all Fark's trolls. Stick to the 'funny' votes. You won't get attention, but at least it won't be as cringeworthy as whatever that was.

Hmmm.. should I reply to you with this:
[i.kym-cdn.com image 500x500]

Or perhaps this:
[media2.giphy.com image 358x200]

Decisions, decisions.


You seem like the kind of guy who makes a joke at the office and then says like "wocka wocka" or something when no one laughs.
 
2021-06-10 8:52:31 AM  

Likwit: NuclearPenguins: Likwit: NuclearPenguins: Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply

Clowns are funny though.

You're among the try-hardinest of all Fark's trolls. Stick to the 'funny' votes. You won't get attention, but at least it won't be as cringeworthy as whatever that was.

Hmmm.. should I reply to you with this:
[i.kym-cdn.com image 500x500]

Or perhaps this:
[media2.giphy.com image 358x200]

Decisions, decisions.

You seem like the kind of guy who makes a joke at the office and then says like "wocka wocka" or something when no one laughs.


Francis, you're not lightening up.
 
2021-06-10 8:53:40 AM  

NuclearPenguins: Likwit: NuclearPenguins: Likwit: NuclearPenguins: Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply

Clowns are funny though.

You're among the try-hardinest of all Fark's trolls. Stick to the 'funny' votes. You won't get attention, but at least it won't be as cringeworthy as whatever that was.

Hmmm.. should I reply to you with this:
[i.kym-cdn.com image 500x500]

Or perhaps this:
[media2.giphy.com image 358x200]

Decisions, decisions.

You seem like the kind of guy who makes a joke at the office and then says like "wocka wocka" or something when no one laughs.

Francis, you're not lightening up.


OK, Michael Scott.
 
2021-06-10 9:01:19 AM  
Another Fark thread where Fark Olds hate hip and cool new things they don't understand like Crypto and BTS.  The smart young people on r/buycryptonow and r/gettingrichoncrypto know what's really up.  No one there says a single negative thing about Crypto.
 
2021-06-10 9:17:08 AM  
Hold on, we're missing something... let me go page Dr. Banksters to the crypto thread as it hasn't been mentioned yet and we're terribly behind schedule.
 
2021-06-10 9:31:59 AM  
Nothing has value if it doesnt come from the government.
 
2021-06-10 9:35:43 AM  

adamatari: I am once again going to say, Bitcoin is silly but so is gold. Things are only economically worth what we as humans attach to them as a value, the economy being a human creation.


The idea that valuing anything is silly is...a take, I guess. But the fact that gold has significant utility as a material, while bitcoin doesn't exist as anything other than a gambling position, strikes me as a rather salient difference.


keldaria: Hold on, we're missing something... let me go page Dr. Banksters to the crypto thread as it hasn't been mentioned yet and we're terribly behind schedule.


I blame lazy stay at home bot owners for this.
 
2021-06-10 9:49:54 AM  
She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.
 
2021-06-10 9:52:11 AM  

State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.


This.

The funniest part of all of this is she thinks she has power over it.

Nope.
 
2021-06-10 10:16:23 AM  

AsparagusFTW: State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.

This.

The funniest part of all of this is she thinks she has power over it.

Nope.


The funniest part is you think governments can't regulate it.

Sure they can't regulate it directly, but they don't need to, they just need to regulate the exchanges where nearly all people access the currency through.. sure you can access it and trade it by other means but it's not easy or as convenient.

They can also regulate which businesses can or cannot accept it. Make it so a business can't accept it in the US and 99% of its use for US consumers goes away as no business is going underground just to accept crypto.

Sure they can't "stop" it but they can quite effectively regulate it if they really desired to. The question is how do they do that without crushing it to such a degree that everyone looses the money they invested, because contrary to everyone's thoughts, they are more concerned about it being a giant Ponzi scheme that will cost millions money they cannot afford, and they are more concerned about that than it replacing the USD the entire crypto market is barely a fraction of the wealth that the USD currently transacts or represents. It has a long long way to go before it ever becomes a serious contender.
 
2021-06-10 10:23:28 AM  

Ishkur: Well, she's not wrong.


To use the blockchain properly and securely u have to stay away from centralized exchanges and use hardwallets instead of online wallets.
 
2021-06-10 10:24:32 AM  

adamatari: I am once again going to say, Bitcoin is silly but so is gold. Things are only economically worth what we as humans attach to them as a value, the economy being a human creation. You can argue there are more meaningful measures of value (like happiness or ecological value or whatever), but they aren't measured in cash and you sure as hell can't buy or sell them.

Elizabeth Warren strikes me as the perfect meritocrat in many ways. I like her, I even voted for her in the primary, but sometimes you get the feeling her moral vision of the world includes an image of wealth made "honestly". She's mad about Bitcoin because it breaks the rules. Obviously, those rules have been breaking a lot of people for a long time as well, she was involved in the bailouts of 2008 and so on. Were the homeowners bailed out?

She imagines a world of ethical capitalism. I would love to live that fantasy, and the policies she promoted would bring it closer... But her being angry about Bitcoin just seems silly to me.


Capitalism: the jungle by other means.

Elizabeth could never figure that out
 
2021-06-10 10:25:33 AM  

SirEattonHogg: I wonder what her Fark handle is?

Anyhow, she's right.  It's an asset class.


And a store of value
 
2021-06-10 10:26:33 AM  

State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.


That is what people in 1st world countries really have a hard time grasping. We have a stable currency and instant transactions that are fairly secure, and if not secure than backed by our banks / government. Everywhere else in the world outside of Eurozone and a few wealthy Asian countries? Not so much. Cryptos offer this to the bankless and poorly run bank systems.

Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.

If we do see an inflationary event like the 70's, crypto would be a viable asset to park money in, as would stocks and precious metals.

Dog on crypto all you want, as there are many valid reasons: shiatcoins, unregulated, scammers, energy use, bloated blockchains, etc. Make no mistake, crypto currencies are here to stay.
 
2021-06-10 10:27:07 AM  

AsparagusFTW: State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.

This.

The funniest part of all of this is she thinks she has power over it.

Nope.


Yeah, there's NO way it'll get regulated.  Buy more!

/Sarcasm
 
2021-06-10 10:28:00 AM  

Brontes: ake no mistake, crypto currencies are here to stay.


frinkiac.comView Full Size
 
2021-06-10 10:30:43 AM  
Looks like the Fark No-Coiners have a new queen. Good luck with that.
 
2021-06-10 10:45:59 AM  

Earl of Chives: Looks like the Fark No-Coiners have a new queen. Good luck with that.


I can't help but read this comment as butthurt over Elon's betrayal of crypto.

Warren has always had my support as a politician, this just happens to be one more item I agree with her on. If that makes her my queen, sure why not.

Also, for what it's worth, I hope you guys are right and make money. Sincerely I hope nobody loses money on crypto but experience has taught me to be wary about anything offering returns on investment that are a fraction of what crypto has been offering since it hit the scene. If crypto was a company, you'd be demanding to see their books because it smelled like bullshiat.
 
2021-06-10 10:52:22 AM  

Brontes: Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.


Oh look, another person who doesn't understand what banks do.

Here's a hint: even if the world switched to cryptocurrencies, banks would still exist.
 
2021-06-10 10:52:54 AM  

State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.


...by replacing it with obvious fraud and manipulation by uncontrolled 3rd parties????

Think a little more about this, please.  Also, go ahead and dump all your savings into BTC.  I have some heavy bags to unload.
 
2021-06-10 10:58:28 AM  

Brontes: State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.

That is what people in 1st world countries really have a hard time grasping. We have a stable currency and instant transactions that are fairly secure, and if not secure than backed by our banks / government. Everywhere else in the world outside of Eurozone and a few wealthy Asian countries? Not so much. Cryptos offer this to the bankless and poorly run bank systems.

Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.

If we do see an inflationary event like the 70's, crypto would be a viable asset to park money in, as would stocks and precious metals.

Dog on crypto all you want, as there are many valid reasons: shiatcoins, unregulated, scammers, energy use, bloated blockchains, etc. Make no mistake, crypto currencies are here to stay.


This is what people who are bad at reasoning don't seem to understand- even if your premise for criticizing banks/currencies in third world countries are true, crypto doesn't actually solve any of these problems- like at all.  It is LESS stable than any currency I know of, rife with fraud, even INFLATION caused by fraudulent stable coins.  Fees are so high in BTC is that is not feasible for day-to-day transactions anyway, it's slow as hell, and uses ungodly amounts of energy.  Its only usecase is currently a way to bypass those pesky money laundering laws and to act as casino chips for degenerates.
 
2021-06-10 11:19:44 AM  

Likwit: NuclearPenguins: Likwit: Gotta love the petulant 'funny' votes. It just means that person is scared to reply

Clowns are funny though.

You're among the try-hardinest of all Fark's trolls. Stick to the 'funny' votes. You won't get attention, but at least it won't be as cringeworthy as whatever that was.


My favorite insult that the-people-who-post-10s-of-times-in-li​terally-every-crypto-thread throw around is that people making fun of them are "trying too hard". It's like Shaq accusing someone of being too tall
 
2021-06-10 11:28:19 AM  

trialpha: Brontes: Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.

Oh look, another person who doesn't understand what banks do.

Here's a hint: even if the world switched to cryptocurrencies, banks would still exist.


......for now.....

But , like the Dinos , banks will turn into chickens and we will eat their children every morning for breakfast.....
 
2021-06-10 11:32:47 AM  

killdawabbitt: Anyone who saw the senate hearing would come away knowing that there is only one possible fate for Bitcoin and crypto: death.  They will be banned, or taxed or regulated to death. I heard only bilateral concerns for consumer safety, and the experts all agree that current crypto is a scam that endanger the public.  They urged lawmakers to step in, and lawmakers responded with "how do we kill it" rather than "should we kill it".

If you hold any crypto, get out now.  It was always going to end this way, but now the timer on the death clock is being set.


U buy when its low, silly
 
2021-06-10 11:34:43 AM  

State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.


I know that I prefer my currencies to be manipulated by unaudited stable-coin companies from the Bahamas operating in league with shady overseas crypto exchanges.  There's no price that can't be maintained by creating a few billion Tethers and representing them as being worth a dollar.
 
2021-06-10 11:35:46 AM  

trialpha: Brontes: Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.

Oh look, another person who doesn't understand what banks do.

Here's a hint: even if the world switched to cryptocurrencies, banks would still exist.


Chickens still exist but dinosaurs are gone.....
 
2021-06-10 11:37:03 AM  

keldaria: Earl of Chives: Looks like the Fark No-Coiners have a new queen. Good luck with that.

I can't help but read this comment as butthurt over Elon's betrayal of crypto.

Warren has always had my support as a politician, this just happens to be one more item I agree with her on. If that makes her my queen, sure why not.

Also, for what it's worth, I hope you guys are right and make money. Sincerely I hope nobody loses money on crypto but experience has taught me to be wary about anything offering returns on investment that are a fraction of what crypto has been offering since it hit the scene. If crypto was a company, you'd be demanding to see their books because it smelled like bullshiat.


Crypto will be a world community not a company

Companies r so 20th century....
 
2021-06-10 11:54:06 AM  

Linux_Yes: keldaria: Earl of Chives: Looks like the Fark No-Coiners have a new queen. Good luck with that.

I can't help but read this comment as butthurt over Elon's betrayal of crypto.

Warren has always had my support as a politician, this just happens to be one more item I agree with her on. If that makes her my queen, sure why not.

Also, for what it's worth, I hope you guys are right and make money. Sincerely I hope nobody loses money on crypto but experience has taught me to be wary about anything offering returns on investment that are a fraction of what crypto has been offering since it hit the scene. If crypto was a company, you'd be demanding to see their books because it smelled like bullshiat.

Crypto will be a world community not a company

Companies r so 20th century....


Lol I honestly can't tell if you are being serious or not in your responses any more.
 
2021-06-10 12:48:17 PM  

Linux_Yes: killdawabbitt: Anyone who saw the senate hearing would come away knowing that there is only one possible fate for Bitcoin and crypto: death.  They will be banned, or taxed or regulated to death. I heard only bilateral concerns for consumer safety, and the experts all agree that current crypto is a scam that endanger the public.  They urged lawmakers to step in, and lawmakers responded with "how do we kill it" rather than "should we kill it".

If you hold any crypto, get out now.  It was always going to end this way, but now the timer on the death clock is being set.

U buy when its low, silly


Get ready to buy a lot more then.
 
2021-06-10 1:15:16 PM  

trialpha: Brontes: Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.

Oh look, another person who doesn't understand what banks do.

Here's a hint: even if the world switched to cryptocurrencies, banks would still exist.


They don't understand what a currency is, let alone what banks do.
 
2021-06-10 2:07:11 PM  

State_College_Arsonist: She's unhappy at the prospect of something which she is unable to directly control, nothing more.  Bitcoin and other crypto projects exist to free people from government currency manipulation.  Crypto is volatile as hell at this point, but it has a future.


Got it. Governments are just going to throw up.their hands and *poof* disappear, along with all government borrowing and corruption. Everywhere.

Since it will be so difficult to tax money that can't be controlled, roads, hospitals, law enforcement, national defense, poverty assistance, and public education will just spontaneously *poof* appear out of nowhere.

When particularly bad times like a pandemic or economic crises call for printing more money or making it less attractive to borrow money, since there won't be controls like that *poof* those crises will magically disappear.

Despite the neverending stream of hardware and software exploits, the world should TOTALLY rely on a software-based asset that lets hackers get away with what they steal, much moreso than current fiat currencies.

And let's make it a Bitcoin software that has all updates decided by 50%+ network agreement, because surely China's 75% of world mining and manufacturing of most related hardware would never, ever tempt them to control Bitcoin if they saw it as the shortest path to supremacy.,
 
2021-06-10 2:39:18 PM  

trialpha: Brontes: Banks are dinosaurs, scalping fees off the top of savings and checking accounts and providing little benefit other than and FDIC insured place to park some modest liquid assets. Crypto is to banks what the car was to carriages, a better means to move stuff around. There are growing pains and volatility in creating a replacement sector of the economy, but we've already reached a tipping point with countries starting to accept it as currency.

Oh look, another person who doesn't understand what banks do.

Here's a hint: even if the world switched to cryptocurrencies, banks would still exist.


Too many people believe the only function of a bank is to maintain checking accounts.
 
2021-06-10 3:29:15 PM  

State_College_Arsonist: Bitcoin and other crypto projects exist to free people from government currency manipulation.


Of course governments manipulate currencies -- it's their farking currency! They create it, they issue it, and they monitor and manipulate it to ensure it performs the greatest good for the greatest number of people. That's the whole point.

That crypto doesn't care about people or what utility it actually provides is an indictment of crypto and the principle reason why it cannot and will not supplant government-issued currency.
 
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