TheCatLady
Active Member
I intend to discuss how the coming years can be very interesting and their implications. Everyone is welcomed to add their opinion and make this a meaningful exercise. I am gonna start with bitcoin.
Bitcoin was introduced in 2009, a perfect time considering the 2008 recession which brought out the inefficiency in the current system yet again. It paved a way for a new financial system, one which is decentralized and free from control of a single entity or a group, I call it the people’s money. It’s a network that can’t be shut down, a currency that lets you spend your money as and when you want, without being answerable to anyone. The Government can freeze your bank accounts, they can’t take away your bitcoin. It makes the concept of borders obsolete, flow of money free, and cheap as against the current remittance systems like bank and western union.
The limited supply of bitcoin makes it deflationary in nature, which means, over time, the purchasing power of bitcoin will increase, and people will tend to save more than invest. But, the people have been lied to since much before bitcoin that inflation is healthy, deflation is not. It’s the same as saying “Inflation is good, savings is bad”. Doesn’t that sound preposterous to you? Now ask youself: what economy is based on little or no savings? That’s right, a subsistence economy, an economy where you are one pay check away from starvation. I will not get into much details here.
Then we have the argument that bitcoin isn’t backed by anything, which is another fallacy because the network which runs bitcoin, the network which is owned by people collectively, a network where anyone is free to hop on and start a node, the network where the people verify all transactions collectively, the network where people are rewarded for their work, this network is what backs bitcoin. And this network holds much more value than the Government’s promise, which backs the current currencies we use. Can we really rely on the promise by the government and central banks? I mean can we be sure what happened to Zimbabwe or Argentina or Venenzuela wouldn’t happen to your country? Think about it.
I was gonna touch upon Libra and central bank digital currencies, and how the cashless economy, despite of all the merits, endangers democracy gravely, but this is tl;dr already. So I am going to break this into parts and call this part 1.
p.s I am a bitcoin enthusiast so I use every platform that I can to try and bring awareness, I am doing my bit, you should do yours. Do it for yourself and your loved ones if not for the people, cuz the times ahead can be dangerous and scary. Democracy is in danger, we will know as we explore more in the upcoming threads.
Bitcoin was introduced in 2009, a perfect time considering the 2008 recession which brought out the inefficiency in the current system yet again. It paved a way for a new financial system, one which is decentralized and free from control of a single entity or a group, I call it the people’s money. It’s a network that can’t be shut down, a currency that lets you spend your money as and when you want, without being answerable to anyone. The Government can freeze your bank accounts, they can’t take away your bitcoin. It makes the concept of borders obsolete, flow of money free, and cheap as against the current remittance systems like bank and western union.
The limited supply of bitcoin makes it deflationary in nature, which means, over time, the purchasing power of bitcoin will increase, and people will tend to save more than invest. But, the people have been lied to since much before bitcoin that inflation is healthy, deflation is not. It’s the same as saying “Inflation is good, savings is bad”. Doesn’t that sound preposterous to you? Now ask youself: what economy is based on little or no savings? That’s right, a subsistence economy, an economy where you are one pay check away from starvation. I will not get into much details here.
Then we have the argument that bitcoin isn’t backed by anything, which is another fallacy because the network which runs bitcoin, the network which is owned by people collectively, a network where anyone is free to hop on and start a node, the network where the people verify all transactions collectively, the network where people are rewarded for their work, this network is what backs bitcoin. And this network holds much more value than the Government’s promise, which backs the current currencies we use. Can we really rely on the promise by the government and central banks? I mean can we be sure what happened to Zimbabwe or Argentina or Venenzuela wouldn’t happen to your country? Think about it.
I was gonna touch upon Libra and central bank digital currencies, and how the cashless economy, despite of all the merits, endangers democracy gravely, but this is tl;dr already. So I am going to break this into parts and call this part 1.
p.s I am a bitcoin enthusiast so I use every platform that I can to try and bring awareness, I am doing my bit, you should do yours. Do it for yourself and your loved ones if not for the people, cuz the times ahead can be dangerous and scary. Democracy is in danger, we will know as we explore more in the upcoming threads.
