Do you believe in bitcoin as a currency or did the gains filter you?

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I don't see how Bitcoin isn't a currency.
>b-but it's not fungible
Doesn't matter.

Also, it's very clear that the future of digital currency is Bitcoin. Ethereum and others are at best sidechains to the real deal. Future payments will be accepted in Bitcoin, stables, and little else. Eventually, it'll be only Bitcoin.

>make post
>pic criticises blind faith cult
>blind faith cultist shows up and spouts blind faith

mfw

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bump

bitcoin is not good to use as a everyday currency it's more like gold, you don't use it to pay for a coffe, but it is good as a reserve to back a currency like gold backs the dollar

Interesting. But before 1971, we did pay for coffee with gold.

Something cannot be backed by another thing if you can't convert between the two freely.
To be backed by bitcoin is to indirectly use bitcoin/gold

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No, currencies shouldn't be incentivized

Then what's the point? What is the purpose of bitcoin?

If it is analogous to gold, then it is indirectly a spendable good. If not, then isn't it just a fancy toy?

why the fuck not? the genius of bitcoin and crypto in general is that it's a superior system that benefits everyone yet is propogated by "selfish" incentives. it's a perfect system/feedback loop.

It's a storage of Value

Elaborate.

cheers Jared

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I'm not really good in explaining those kind of things but the idea is if there is a storage of value you can start building markets around it.

Like I already mentioned with Gold. I mean everything is (or at least should) be backed by gold in one way or another.

That's the best explanation I can give you at the moment sorry

Nothing is backed by gold. Fiat refers to money backed by nothing but confidence.

The closest thing to backing it has is oil, hence the name "petrodollar"

>I can see Bitcoin going to 0
Pic related

Absent of the entire internet going down, you're not going to "experience that ride" with your investments
and you're a pussy

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There's no blind faith in the absolute knowledge that nation states have lost their ability to provide sound money. If they ever had it. Point of contention there.
What other solution do you propose? That we keep using the current system that will never stop cheating working people out of their well-earned purchasing power? Inflationary economics and fiat are failed experiments. Bitcoin on the other hand is a tested system that works and is immune to corruption.

I'm only pointing out the irony that something is meant to replace money but nobody wants to spend it. Or that it is going to "back" the new money. Isn't that just fiat all over again?

An oxymoron.

I have so many questions. Why? How? What's the point if you're discourage from spending? Even gold is just a shiny yellow rock if you can't trade it for a palace.

you mean no one wants to trade it for worthless usd, right?

OP you seem dumb or unwilling to seek out basic information so I'll spoonfeed you:
>People don't want to spend Bitcoin now because number go up
>Number can't go up forever so at some point it will flatten out
>Many large conflicting interests in Bitcoin will cause the price to stabilize
>Bitcoin becomes boring money, then people spend it for things

You fell for Keynesian propaganda. The trouble with deflation isn't that people stop buying things, it's that debtors (chiefly nation states) can no longer stack more debt onto their piles and actually have to find ways to generate revenue. State actors are not entitled to having their asses wiped by taxpayers.