You're on HN. Crypto isnt liked because it might steal jobs/shake up the status quo. More threads will be posted as user adoption continues and especially when price rises.
Last temper tantrum was like 6 months ago so its probably about that time.
Last temper tantrum was like 6 months ago so its probably about that time.
The thing about it all is that it has use, but 98% of all who are pro-crypto are just trying to get in on the gold rush rather than actually make it useful. Diamond hands is good for your position but awful for making it an actual currency.
I'm sure I'll get some five paragraph long response to this pin pointing little bits here and there that might make it possible but the fact of the matter is that as it currently exists and is being propped up, it is just burning our planet for a potential goldrush.
Its useful to have a money system that isnt abused by central banks, destroying what you've worked for your whole life. The problem is accelerating and people seem to have found a solution. And energy "waste" is 1) an opinion of its utility and 2) more a function of grid structure. If the energy grid globally was all green then btc would be all green. It also less than 1% of global energy usage and does not scale with usage. It scales with price discovery which eventually maxes out long term.
You dont need to participate if you dont want to but sweeping it under the rug as all a scam is head in sand behavior.
“I'm not a bitcoin supporter,” Dimon said during The Wall Street Journal CEO Council summit on Tuesday. “I don't care about bitcoin. I have no interest in it.”
Edit: sorry, I got the wrong bank (jpm vs jmp). Thanks for clarifying below.
There was also a crypto-downturn in their years of operation and these two protocols didn't need "bailouts" to survive.
[0] which it can’t partly for the same reason the U.K. dropped out of the ERM, partly because inflation is economically useful, partly because it replaces one-man-one-vote with one-computational-resource-one-vote and therefore is explicitly plutocratic instead of democratic, partly because no sane government would expose itself to the risk a different nation that chose not to use crypto would perform a 51% attack against it and the only defence against that is an arms race to control more than half of humanity’s compute resources even if that means a von Neumann manufactured Dyson swarm, partly because the transaction rate means that scale can only be achieved with intermediary layers that end up looking indistinguishable from the existing banking sector
Im not sure of the rant you're going on. There is no argument that the govt is adopting bitcoin over the dollar. Its a private value store that can be transacted with as they wish.
-- Posting my response to below here since I hit a max:
Thats a perception and its not econ 101. If you take the feds balance sheet and divide it by the SPY, its flat over the past 10 years. Inflation does not drive growth. Production in the US is not up. Only the numbers are. Zimbabwe stock market is a top performer. Their production is trash.
You could make the argument were in the drowning phase as deficits widen relentlessly and asset prices are going parabolic.
I have heard basically nobody suggest the US govt is going to adopt bitcoin as the standard currency. Value store is the dominant narrative.
> There is no argument that the govt is adopting bitcoin over the dollar.
On the contrary, roughly 75% of the time this topic comes up I see bitcoin supporters absolutely advocate for that.
If you’re going to argue with multiple nobel laureates about their own field of expertise WRT evidence for inflation being useful, we’re done here.