Bitcoin doesn't care what we think, whether we adopt it, whether we cancel it, what its price is etc. It just keeps rolling along. Place your bets everyone.
Have to agree with Charlie Munger on this one, it's rat poison², if for no other reason than the ridiculous amount of resources to run it. We should be using that energy/computing power for something more productive (Ray Dalio is right, productivity is the key to having a healthier economy).
have my own criticism of bitcoin but Munger is a fossil that probably doesn't understand technology of block chain . Furthermore , suspect he doesn't have same opinion of fiat currency that is also created out of thin air backed by nothing other than sovereign promises.
Great point! While I like the Hayek principles that were discussed, what people miss is that if BC became truly threatening to governments, they can shut it down. Energy use and pollution are vulnerable , easy to disrupt choke points. A government would have the resources to regulate the energy consumption of miners particularly under the clean energy flag
The free market decides what is worthy of energy, capital or effort. Not college-educated, unproductive intelligentsia. The resources are not required to "run" it (you can run it with a RasberryPi blitz in your home on dial up internet). The resources are spent by miners who want to capture the new bitcoin, and deem the price to be worth the price of electricity. I think you need to spend a bit more time understanding how it actually works before you agree with a 99 year old man on technology.
Money is a unit of measurement. Why are you over complicating it? You speak of it as if it is a god.
Imagine if the length of the inch or centimeter varied or changed from day to day the way the value of the dollar does. Imagine how difficult that would make the world. Then imagine you were the one that got to control the length of a foot or a meter, and how powerful that would make you.
Money like other forms of measurement should be a constant........or damn close to it.
If you couldn't measure Bitcoin in dollars, what would it be worth to an American? Gold used to place a constant value on the dollar (When the world functioned properly). When that was removed, the power of those that print the dollar was increased exponentially as they became the determiners of the value of everything priced in dollars.........including Bitcoin.
Money is the most important technology? Back in the day, you would have said tulips were the most important plant........as people starved to death.
The world operated for thousands of years without people running around with "money" in their pockets to buy shit with. They made their own stuff and grew their own food, and traded for other things. Money is a convenient technology, but not the most important one.
Given the marginal uptake in El Salvador of digital Tulip Bulbs (Bitcoin), color me skeptical. Bitcoin is an attempt to create what Gold already provides - something that cannot be printed at will.
If your first consideration towards anything or anyone today is not suspicion of "controlled opposition," then you are being naive. For me, Tucker Carlson is controlled opposition. Chump is definitely controlled opposition. For instance, look at all the influential, popular people that have been "cancelled" by the cancel culture or censored by the entire media complex, but Tucker Carlson is allowed to go on Twitter to the tune of 100 million views? Because Twitter is a bastion of "free speech"? Because it is now run by the patriot and champion of liberty and freedom, Elon Musk? Give me a break.
Which brings us to Bitcoin. The argument that it is "unstoppable" is childish and ridiculous. If the US government outlawed it and refused it as legal tender, it would be DOA by tomorrow. Enter my "controlled opposition" skepticism. Not only have they not made it illegal, they offer futures contracts on it and regulate it by the SEC.
Last I checked........."§5103. Legal tender United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts."
Bitcoin is illegal under Constitutional Law. So why is it tolerated at all? Because it is controlled opposition. It is the gateway digital currency. How do you make sheeple want something? Tell them they can't have it.......while allowing it to be available for their use. Make them think they are "sticking it to the man" while in fact doing exactly what the "man" wants.
Digital......whatever.......is about control and loss of freedom. Digital money is the apex of a tyrannical society. The debate is silly at this point, but when we are just now getting around to debating whether a man can be a woman, I guess this silly debate about digital money makes those debating it look like geniuses.
I like Hayek's perspectives, and, in a perfect world the crypto system would solve many problems. That is why the powers that be in the dark government will crush it sooner than later IMO
the fundamental problem is that bitcoin is stoppable. Merely kill the protocol going through backbone routers and voila . Despots everywhere already doing for everything that threatens their power.
With respect, you might need to spend a bit more time understanding Bitcoin. I would recommend Lyn Alden's articles on her website. And "Understanding Bitcoin" which is free on GitHub.
Bitcoin doesn't care what we think, whether we adopt it, whether we cancel it, what its price is etc. It just keeps rolling along. Place your bets everyone.
Have to agree with Charlie Munger on this one, it's rat poison², if for no other reason than the ridiculous amount of resources to run it. We should be using that energy/computing power for something more productive (Ray Dalio is right, productivity is the key to having a healthier economy).
have my own criticism of bitcoin but Munger is a fossil that probably doesn't understand technology of block chain . Furthermore , suspect he doesn't have same opinion of fiat currency that is also created out of thin air backed by nothing other than sovereign promises.
Great point! While I like the Hayek principles that were discussed, what people miss is that if BC became truly threatening to governments, they can shut it down. Energy use and pollution are vulnerable , easy to disrupt choke points. A government would have the resources to regulate the energy consumption of miners particularly under the clean energy flag
The free market decides what is worthy of energy, capital or effort. Not college-educated, unproductive intelligentsia. The resources are not required to "run" it (you can run it with a RasberryPi blitz in your home on dial up internet). The resources are spent by miners who want to capture the new bitcoin, and deem the price to be worth the price of electricity. I think you need to spend a bit more time understanding how it actually works before you agree with a 99 year old man on technology.
Money is the most important technology. Why wouldnt you invest large amounts of resources into it, if its the best available.
And how could you judge, if there is something more productive to do with the energy. The people running bitcoin miners seem to disagree with you.
Money is a unit of measurement. Why are you over complicating it? You speak of it as if it is a god.
Imagine if the length of the inch or centimeter varied or changed from day to day the way the value of the dollar does. Imagine how difficult that would make the world. Then imagine you were the one that got to control the length of a foot or a meter, and how powerful that would make you.
Money like other forms of measurement should be a constant........or damn close to it.
If you couldn't measure Bitcoin in dollars, what would it be worth to an American? Gold used to place a constant value on the dollar (When the world functioned properly). When that was removed, the power of those that print the dollar was increased exponentially as they became the determiners of the value of everything priced in dollars.........including Bitcoin.
Money is the most important technology? Back in the day, you would have said tulips were the most important plant........as people starved to death.
The world operated for thousands of years without people running around with "money" in their pockets to buy shit with. They made their own stuff and grew their own food, and traded for other things. Money is a convenient technology, but not the most important one.
lol its 50% of every transaction
Given the marginal uptake in El Salvador of digital Tulip Bulbs (Bitcoin), color me skeptical. Bitcoin is an attempt to create what Gold already provides - something that cannot be printed at will.
Are you a ‘convert’ now?
America had Free Banking in the1800s. The Robber Barons story was written by Communists.
If your first consideration towards anything or anyone today is not suspicion of "controlled opposition," then you are being naive. For me, Tucker Carlson is controlled opposition. Chump is definitely controlled opposition. For instance, look at all the influential, popular people that have been "cancelled" by the cancel culture or censored by the entire media complex, but Tucker Carlson is allowed to go on Twitter to the tune of 100 million views? Because Twitter is a bastion of "free speech"? Because it is now run by the patriot and champion of liberty and freedom, Elon Musk? Give me a break.
Which brings us to Bitcoin. The argument that it is "unstoppable" is childish and ridiculous. If the US government outlawed it and refused it as legal tender, it would be DOA by tomorrow. Enter my "controlled opposition" skepticism. Not only have they not made it illegal, they offer futures contracts on it and regulate it by the SEC.
Last I checked........."§5103. Legal tender United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts."
Bitcoin is illegal under Constitutional Law. So why is it tolerated at all? Because it is controlled opposition. It is the gateway digital currency. How do you make sheeple want something? Tell them they can't have it.......while allowing it to be available for their use. Make them think they are "sticking it to the man" while in fact doing exactly what the "man" wants.
Digital......whatever.......is about control and loss of freedom. Digital money is the apex of a tyrannical society. The debate is silly at this point, but when we are just now getting around to debating whether a man can be a woman, I guess this silly debate about digital money makes those debating it look like geniuses.
I like Hayek's perspectives, and, in a perfect world the crypto system would solve many problems. That is why the powers that be in the dark government will crush it sooner than later IMO
the fundamental problem is that bitcoin is stoppable. Merely kill the protocol going through backbone routers and voila . Despots everywhere already doing for everything that threatens their power.
“You can’t protest a government whose money you depend on.” It’s that simple, in my opinion.
But Bitcoin is not money. It has no intrinsic value and has repeatedly shown that it is not secure or beyond the reach of governments.
your paper money has no intrinsic value either
but you can go to circle K and buy milk with it. Until you can do that, bitcoin is a slot machine.
But it is backed by a national government. Bitcoin has nothing but notional value.
With respect, you might need to spend a bit more time understanding Bitcoin. I would recommend Lyn Alden's articles on her website. And "Understanding Bitcoin" which is free on GitHub.
Understanding bitcoin is simple. It is a digital ledger entry. Nothing more.