I really really really like cashless payments
I really really really dislike that my money can be whisked away at the whim of a cray government or a glitch in the system
I really really really dislike that my money can be whisked away at the whim of a cray government or a glitch in the system
https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...
Or just issuing new money at a rate that exceeds demand for the money (meaning the relative desirability of the money, which relates to the trustworthiness of the community using the money and the economic productivity of the community using the money).
Like when the population pyramid starts turning upside down and the benefits promised to older people need to come into fruition from a smaller and smaller labor supply.
Edit to respond to 4bpp:
> With cash, they can only do it to everybody at once or not at all.
I think government can use the new money to inflate the price of certain things quicker than others, effectively advantaging certain portions of the population, which is what I allude to in my 3rd paragraph.
For example, inflating asset prices lets those who own more assets (or certain assets) lose purchasing power more slowly than those who do not (see most labor sellers).
This is a somewhat related example of how a policy change for all can be designed to affect certain populations differently:
https://www.brookings.edu/articles/the-hutchins-center-expla...
Use lower CPI to update tax brackets, and higher CPI to calculate Social Security benefits, i.e. increasing wealth redistribution from young to old without explicitly saying it.
Just respond to the actual comment next time.
There's a lot wrong with the cryptocurrency world and with Bitcoin specifically. So much wrong, that I'm afraid we closed the one way out of government and corporate-controlled "digital money" and all the risks that comes with. But maybe it never was a good "way out" in the first place: maybe there never was a way out at all.
I keep hoping the grifters and scammers and marketeers move on to the next hypetrain (metaverse, ai) allowing the bitcoin or other cryptocurrencies to be salvaged and become the way out again. But that hope is diminishing.
But I also know quite a lot of people who lost a lot of money in the 2018 banking crisis. So I highly doubt your really don't personally know a single person who lost money this way.
Not everyone lives in the US. The US is not the world, but the 2018 crisis was worldwide.
Here's two (edit: three) of several use-cases in which friends and people I know, in a western European country, lost money.
A couple who signed the contracts of a house suddenly couldn't access their savings on (DSB, some local bank), a bank that went bankrupt. Eventhough they eventually got their money, after nearly a year, they lost the contract, had to pay big fines (some of which they got back after long legal battles).
A friend with a lot of money, way over €100k, in a savings many from the sale of a company meant for his early pension, lost everything above that guaranteed €100k when his bank (IceSave) failed. He still has a royal pension (I'd call him rich). But he no longer had access to his dream of a yacht and villa in the meditereanean. While you may think "I don't care of some rich guy lost money", and while I can understand that thought, he did lose money. He lost more than I'll probably end up with in my pension.
A couple in my parent's street had to sell their house because of their bad mortgage. It probably was bad to begin with, but suddenly that mattered. They had to sell that house for far less than they would've gotten without the enforcement - I know the guy who scooped it up in the auction and know how much higher he sold it a year later without any significant improvements made. What's more, the couple then had to move (costly) and rent (under pressure, so not much room to say "no" to too expensive or bad places) for way too much.
My dad lost nearly his entire "investment mortgage", which was for his pension too. He is doing fine and it was a mortgage on only a small part of the house, but the portfolio went almost worthless within months.
And so on. There are quite some stories of people who lost a lot.
Sure, that's different from "I lost my bank-card, now my whole account is gone", or "I forgot my PIN and cannot ever access my pension ever again".
But to say that no-one ever lost any money in the "traditional banking system" due to neglect or poor management is simply not true. It's simply on a different scale - but the outcome is on a very personal scale nontheless.
That’s like saying I know people who lost money due to Bitcoin volatility due to massive crashes. Losing money in the 2018 banking crisis was a result of your property value falling and thus your mortgage was underwater, not because money in the bank itself disappeared in some way.
You basically brought up something totally unrelated to the common failure modes of Bitcoin being discussed about a totally unrelated industry (2018 banking crisis was not about personal banking issues but about a massive credit crunch in bank investment arms due to speculative losses that rippled out into other markets)
It did in many European banks.
The whole thing is just postulating about a hypothetical then getting mad when it's completely wrong.
The "You cant stop our unstoppable money" to "it's disgusting that you have the power to stop our unstoppable money" pipeline
Also, bitcoin never claimed to enable privacy (contrary to monero and zcash). All it ever claimed was to be pseudonymous. It has been crystal clear to anyone in the field that "if people can link your addresses to your person, they know all your transactions". In fact, this has often been presented as a feature (though I personally don't really think it is a good one) in which e.g. all payments to and by a politician or NGO can be transparantly tracked by the public.
> Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner.
But the community at large, is still crap. Rugpulls, pyramid schemes, bad management, misleading marketing and so on, are more common than not. It's easier to get scammed or grifted than to find a good, solid provider of a service. That's even more true for the cryptocurrency world at large, but even for the "niche" of bitcoin(maximalists) this goes.
I know many people will reflexively disagree with the notion that the bitcoin world isn't entirely made up of bros and scammers.