"accidentally"
Do you always feel superior to other people? or is it just today?
Do you always feel superior to other people? or is it just today?
Bitcoin doesn't do anything that electronic banking can't do better, and it causes a lot of harm in wasted energy and space.
Cars don't do anything that busses, trains, and bicycles can't do better, and they cause a lot of harm in wasted energy and space.
When you see the entire stock market move because the Fed chairperson makes an offhand comment about when they'll start or stop doing xyz policy, you realize having such a highly centralized system is dangerous.
How your investment porfolio reacts to a change in monetary policy has nothing whatsoever to do with the utility of your checking account.
Trust in centralized financial institutions is not a problem. In fact it's is the opposite of a problem, it's an enormous benefit. Centralized financial institutions with government backing ensure the availability and safety of deposited funds.
Nobody has ever had their bank account drained in the US since the introduction of FDIC in 1933. In the last 10 years alone, over a billion dollars in bitcoin has been stolen out of people's wallets by hacked exchanges and smart contract exploits, money that can never be returned because blockchain is irreversible by design. Does that really sound trustworthy to you?
Plenty of people have had their bank accounts drained when they fell victim to "identification theft." That is quite a crafty euphemism -- banks fail to create secure systems, attackers steal funds from victims' bank accounts, and instead of owning up to their failure, banks blame the victims of the thefts by saying the victims' "identities" were "stolen."
I'll give the banks some credit, however: they'll prop up a seemingly empathetic customer service representative who will repeatedly say how "sorry" they are on behalf of their employer. If the victim is persistent enough, the customer service rep will eventually promise to initiate a lengthy investigation, after which the bank will perhaps reinstate the funds that were stolen from their system. Do they fix their broken, insecure system? Of course not. But at least the victim isn't clogging the customer service lines any more.
What happens if your bitcoin details get stolen, hm? What happens when somebody drains your bitcoin wallet? Who can you complain to to get your cryptographically secure irrevocably transferred money back?
Some people are fine with that risk. Others are not. It's totally cool. More than one value transfer system can coexist in the world.
These are all reasons that banks are more trustworthy and more secure than blockchain, which sees tens of millions of dollars of irreversible theft annually.
I move USD from my checking account into my investment accounts in order to buy equities, and I do that more when the Federal Reserve is pumping more liquidity into the market via low interest rates. There are many folks out there using e.g. TSLA as an inflation hedge (which is why it has a P/E > 1000) because they know that USDs will decline in value as liquidity keeps getting pumped.
If we're all using a decentralized currency like Bitcoin with a fixed inflation rate, you're going to see a lot more sanity and price stability in the equities markets.
Then you see that Bitcoin moves more when Elon tweets...
Really, there are plenty of use cases for cars. Right now where I live its incredibly cold with biting winds, and bicycling or even walking 20 minutes to a stop and waiting in the cold would be murder.
Also, deflationary monetary policy is insane and nobody should want it. Economies grow from continuous re-investment and commerce, not from people stashing away their money and watching its value increase for no reason.
edit: also, the fact that bitcoin is deflationary is entirely incidental, that was just Nakamoto's choice. It would have been just as easy to make bitcoin highly inflationary. The only thing that blockchain guarantees is that monetary policy can't ever change, which is also a thing that no sane person would ever want, there are lots of good reasons to modify the rate of inflation/deflation.
Small amounts of inflation like 2% are necessary because of productivity improvements and full employment. Every year the economy becomes slightly more productive and that means that supply is rising naturally over time. If you print a tiny bit of money then that money can be spent on the excess production and thus companies are encouraged to produce more and employ more people since future prices are always higher than in the past. Think of the opposite. Deflation reduces prices of goods and thus makes it harder to employ people. The coming years can only get worse.
The reason why we have fiat money in the first place is that money has to adapt to us and our economyy, we don't want to adapt to the money.
Ok, now onto the second point. Hyperinflation isn't the same as inflation. Hyperinflation is primarily caused by the inability to exchange currency to purchase basic necessities. If there is a war and all the farmers have died there is not enough bread for everyone. No matter how much paper you have you can't conjure bread out of nothing. The currency becomes worthless, precisely because you can no longer use it for anything useful like buying food. The government/super market will have to import food from a different country. That country uses a different currency. So you either have to borrow the foreign currency or exchange your money into the foreign currency. Money is leaving your economy and being put into foreign people's hands. Every single coin or bank note that is being printed to e.g. pay back debts or buy food in a foreign currency will instantly turn into inflation and since there isn't enough food for everyone you can never stop the printing press. The bigger and more resilient your economy, the lower the potential for hyperinflation.
The central bank might be doing crazy things but it is not forced to do them. Nobody is putting a gun to their heads and forcing them to do this. If they stopped creating more money the worst thing that could happen is a crash and we had so many of them and lived through all of them that it's really no big deal, compared to hyperinflation.
Look at the ecological damage humans have caused! Several other animals extinct because of us, we've taken over their space on earth too. Our greed has caused this.
We must boycott all new things until nature heals.
Besides, I don't care about these fake points. You can keep them.