All money is fiat money. It has an agreed upon value outside of its intrinsic worth. If you want to get away from fiat money you have to go back to barter.
It’s backed by math. There is a fixed amount of Bitcoin. We have never had the concept of “digital scarcity” before. There are thousands of computers running independently that are following a consensus algorithm. it’s an open, permisionless, trustless system that anyone on the planet can be part of.
You would rather have money controlled by corrupt governments? Hilarious.
That is part of the problem. As long as the economy grows, then Bitcoin is deflationary. This encourages people who have it to hoard it, rather than to move it around and drive the economy. It is almost perfectly designed to be used as a speculative investment rather than an actual day-to-day currency.
Having a fixed pool of money to represent your economy only makes sense if the total value of the economy will never change. This doesn’t happen in the real world. Populations grow, new technologies add value, and poverty generally goes down. This is all fairly simple math.
Bitcoin is digital gold. Other cryptocurrencies will become used as well for basic payments. Eventually you will be able to pay cross chain so it wont even matter which coins you hold.
Ah, I see, you think that because you can mint Schmecklebux or whatever and use it as a medium of exchange, you’re somehow exempt from the laws of whatever country you’re in when the trade goes down? Tell me, does your flag have a fringe on it?
Why do you assume I think I’m exempt from laws? I paid over $300,000 usd in taxes last year! I’m not using crypto to break laws, I’m using to to become wealthy.
ipv4 addresses. Also bitcoin is the worst example here, as it’s just an asset. It’s not bearable as real money, you can’t trust its always changing value. It’s also a victim of constant market manipulation. XMR on the other hand is a relatively stable currency.
Bitcoin is also a privacy and ecological nightmare.
In general it’s also really fun that you can lose all your money without doing anything wrong.
I think crypto could have its place as the cash of the internet. No one can watch your transaction, but if the other person takes your money and runs you are shit outta luck. No way to revert transactions, perfect for money laundering, but also anonymous, which can be a plus.
But all this makes it completely unsuitable in everyday use.
Also: yes, there is a fixed amount of Bitcoin. But you know what governments all over the world did when Inflation was sky high? Change the interest rates to change the amount of money that goes into the economy to make everyday items affordable again.
And for Bitcoin in particular, if everyone actually uses it as intended the artificial limit of the transaction rate would only allow you to perform one transaction every two yearsor something like that.
Fiatmoneycanbe:
* Anymoneythatisnotbackedbyacommodity.
* Moneydeclaredbyaperson, institutionorgovernmenttobelegaltender,[5]meaningthatitmustbeacceptedinpaymentofadebtinspecificcircumstances.[6]
* State-issuedmoneywhichisneitherconvertiblethroughacentralbanktoanythingelsenorfixedinvalueintermsofanyobjectivestandard.[7]
* Moneyusedbecauseofgovernmentdecree.[2]
* Anotherwisenon-valuableobjectthatservesasamediumofexchange[8] (also known as fiduciary money).[9]
Doesn’t have to come from a government. Crypto is three of these. The article even starts with “Fiat money is a type of currency that is not backed by a commodity, such as gold or silver.” Nothing about government there either.
Money is a social construct that only has value because people agree it has value. Bitcoin and Ethereum are the best forms of money humans have ever invented. Once we have privacy at the base layer, fiat money is dead.
Money has value because it is an efficient medium to facilitate trade. Specific forms of money have value because of what backs it and it acts as a medium for trade. And yeah I’m sure what society really values will at some point be a money that limits the ability to deal with economic crises. Or that slowly disappears, because privacy Bob didn’t believe in banks but his SSD failed, or because Crypto Karen forgot her password. Or a hacker loots an exchange.
I mean, it’s not like those are fundamental problems that could bring an economy to it’s knees right? But hey, at least the money has privacy (it won’t) and we don’t have to worry about inflation (deflation on the other hand…).
Cryptocurrency is the most efficient money we have. It doesn’t require any middle man bankers. Sure, hackers can hack and loot exchanges, but right now we have the government looting us with inflation.
The problems you mentioned are being worked on. There are ways to backup and restore your wallet that will become easy.
The global economy doesn’t need to only rely on Bitcoin, so the argument that we have to worry about deflation is just wrong.
This is the wild west of innovation. Scammers like money, so of course they will be attracted to cyrptocurrency. They are also very attracted to fiat currency.
All of the references on that page have to do with random NFT projects and shitcoins.
You should try to separate the concept of “Crypto” from the concept of base layer blockchain protocols that actually have value.
Brave, the browser, is very useful in a practical sense. It has some nice features out of the box, and if you disable the naughty out of the box features it’s pretty decent. However, you have to trust that each update from the developer is good, and past experience raises very serious questions with this particular business.
Maybe you might be seeing some returns from the cryptocurrency. My undestanding is that users have lost far more than they’ve gained - and that’s before you actually look into the true value of what users are sacrificing in exchange for their tokens. Meanwhile, Brave are pulling a steady revenue making money from their users, milking them just so.
Yepp, I started just using vanilla chromium though instead, as that offers a barebones option to guarantee I don’t need to mess around to test something works.
Brave has built in ad-blocking that is good to test against. One of our tools wasn’t able to submit new issues to jira because atlassian.net was being blocked by the browser.
There is nothing wrong with Brave. It’s a great browser. I like the cryptocurrency aspect of it.
you like baked in ads, crypto, falsely using people to promote your browser… oof
The browser works well. I am very much into crytpocurrency. I think Bitcoin and Ethereum are the future of money.
You don’t need to turn on ads in Brave. It blocks ads really well.
Crypto is a scam and you’re being duped.
“Crytpto” is not a scam. Bitcoin and Ethereum are the future of money.
There are a lot of shitcoins out there, but don’t let them fool you into staying poor. Fiat money is dying.
All money is fiat money. It has an agreed upon value outside of its intrinsic worth. If you want to get away from fiat money you have to go back to barter.
That’s not true. Fiat money is money created and managed by a government. We need separation of State and Money.
from The American Heritage® Dictionary of the English Language, 5th Edition.
from Wiktionary, Creative Commons Attribution/Share-Alike License.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
So you prefer your currency to backed by the full faith and credit of… nobody? And you think you’re not being duped. Hilarious.
It’s backed by math. There is a fixed amount of Bitcoin. We have never had the concept of “digital scarcity” before. There are thousands of computers running independently that are following a consensus algorithm. it’s an open, permisionless, trustless system that anyone on the planet can be part of.
You would rather have money controlled by corrupt governments? Hilarious.
That is part of the problem. As long as the economy grows, then Bitcoin is deflationary. This encourages people who have it to hoard it, rather than to move it around and drive the economy. It is almost perfectly designed to be used as a speculative investment rather than an actual day-to-day currency.
Having a fixed pool of money to represent your economy only makes sense if the total value of the economy will never change. This doesn’t happen in the real world. Populations grow, new technologies add value, and poverty generally goes down. This is all fairly simple math.
It’s a great place to store and hold wealth.
The concept you are describing is Gresham’s Law. https://bitcoinmagazine.com/culture/how-does-greshams-law-relate-to-bitcoin
Bitcoin is digital gold. Other cryptocurrencies will become used as well for basic payments. Eventually you will be able to pay cross chain so it wont even matter which coins you hold.
Edit: Using ChainLink: https://twitter.com/0xShmn/status/1696169139168059896
Ah, I see, you think that because you can mint Schmecklebux or whatever and use it as a medium of exchange, you’re somehow exempt from the laws of whatever country you’re in when the trade goes down? Tell me, does your flag have a fringe on it?
Why do you assume I think I’m exempt from laws? I paid over $300,000 usd in taxes last year! I’m not using crypto to break laws, I’m using to to become wealthy.
No, it’s backed by the power grid. Shut off the power, and you have nothing.
Also trying to create scarcity in a realm where none actually exists shows how greedy and scammy it is.
It’s worse than any other fiat currency. There’s literally nothing behind it.
ipv4 addresses. Also bitcoin is the worst example here, as it’s just an asset. It’s not bearable as real money, you can’t trust its always changing value. It’s also a victim of constant market manipulation. XMR on the other hand is a relatively stable currency.
Bitcoin is also a privacy and ecological nightmare.
In general it’s also really fun that you can lose all your money without doing anything wrong.
yeah, but we have ipv6 now. ipv4 was never designed to be a scarce asset, and it’s managed by a centralized authority.
XMR is one of the best cryptocurrencies. Big fan of privacy!
I’ve been holding bitcoin since 2011. Haven’t had any instances of “losing all my money without doing anything wrong”.
I think crypto could have its place as the cash of the internet. No one can watch your transaction, but if the other person takes your money and runs you are shit outta luck. No way to revert transactions, perfect for money laundering, but also anonymous, which can be a plus.
But all this makes it completely unsuitable in everyday use.
Also: yes, there is a fixed amount of Bitcoin. But you know what governments all over the world did when Inflation was sky high? Change the interest rates to change the amount of money that goes into the economy to make everyday items affordable again.
And for Bitcoin in particular, if everyone actually uses it as intended the artificial limit of the transaction rate would only allow you to perform one transaction every two yearsor something like that.
you should read “what is money” by mitchel innes. he shows very well that pretty much any money ever has been fiat money
Fiat money via WIkipedia:
Fiat money can be: * Any money that is not backed by a commodity. * Money declared by a person, institution or government to be legal tender,[5] meaning that it must be accepted in payment of a debt in specific circumstances.[6] * State-issued money which is neither convertible through a central bank to anything else nor fixed in value in terms of any objective standard.[7] * Money used because of government decree.[2] * An otherwise non-valuable object that serves as a medium of exchange[8] (also known as fiduciary money).[9]Doesn’t have to come from a government. Crypto is three of these. The article even starts with “Fiat money is a type of currency that is not backed by a commodity, such as gold or silver.” Nothing about government there either.
at this point we are just arguing over semantics.
The differences and implications are important, and it’s hard to make a convincing argument if your base premise is incorrect.
Crypto is a dead end at best, a scam at worst. I mined for years and can’t believe I drank the koolaid tbh
“What if Chromium had its own fake money?”
Money is a social construct that only has value because people agree it has value. Bitcoin and Ethereum are the best forms of money humans have ever invented. Once we have privacy at the base layer, fiat money is dead.
Ha. Hu ha ha. Ha. Hahaha.
Money has value because it is an efficient medium to facilitate trade. Specific forms of money have value because of what backs it and it acts as a medium for trade. And yeah I’m sure what society really values will at some point be a money that limits the ability to deal with economic crises. Or that slowly disappears, because privacy Bob didn’t believe in banks but his SSD failed, or because Crypto Karen forgot her password. Or a hacker loots an exchange.
I mean, it’s not like those are fundamental problems that could bring an economy to it’s knees right? But hey, at least the money has privacy (it won’t) and we don’t have to worry about inflation (deflation on the other hand…).
Cryptocurrency is the most efficient money we have. It doesn’t require any middle man bankers. Sure, hackers can hack and loot exchanges, but right now we have the government looting us with inflation.
The problems you mentioned are being worked on. There are ways to backup and restore your wallet that will become easy.
The global economy doesn’t need to only rely on Bitcoin, so the argument that we have to worry about deflation is just wrong.
You are either misinformed or brainwashed.
https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html
https://www.whitehouse.gov/ostp/news-updates/2022/09/08/fact-sheet-climate-and-energy-implications-of-crypto-assets-in-the-united-states/
Definitely the best form ever made, no funky things going on with it, at all… (/s)
This is the wild west of innovation. Scammers like money, so of course they will be attracted to cyrptocurrency. They are also very attracted to fiat currency.
All of the references on that page have to do with random NFT projects and shitcoins.
You should try to separate the concept of “Crypto” from the concept of base layer blockchain protocols that actually have value.
There is plenty wrong with Brave, the business.
Brave, the browser, is very useful in a practical sense. It has some nice features out of the box, and if you disable the naughty out of the box features it’s pretty decent. However, you have to trust that each update from the developer is good, and past experience raises very serious questions with this particular business.
Maybe you might be seeing some returns from the cryptocurrency. My undestanding is that users have lost far more than they’ve gained - and that’s before you actually look into the true value of what users are sacrificing in exchange for their tokens. Meanwhile, Brave are pulling a steady revenue making money from their users, milking them just so.
Pwrsonally I don’t use Brave due to it being chromium, outside of that itis a good browser. If they were a firefox fork I would absolutely use them.
I love firefox. It’s my main browser for everything. When I need a chrome based browser for testing things, Brave is my go to browser.
Yepp, I started just using vanilla chromium though instead, as that offers a barebones option to guarantee I don’t need to mess around to test something works.
Brave has built in ad-blocking that is good to test against. One of our tools wasn’t able to submit new issues to jira because atlassian.net was being blocked by the browser.