Crypto Conversation

[CrazyNotCrazie]

You ain't gonna learn what you don't want to know.

The corollary to that are those who claim to be "curious" or "asking lots of questions" who are constantly looking for a new narrative to displace established ways of looking at things not because they are smarter than others (though they think they are) or are truly curious (I'm all for asking good questions) but because various charlatans and hucksters have told them the current system doesn't work for them, established institutions like the government and "mainstream media" are lying to them, and they need to find another answer that will confirm this fact.

Happy 4th of July! Sorry for the world's longest run-on sentence. My patience is zero at the moment. I am extremely skeptical of crypto but there are some intelligent people I know who are supportive so I try to listen. When good logic is mixed in with conspiracy theories and anti-establishment garbage I stop listening to the good logic.

[OldPhiKap]

Islington Forever!

Sunderland ‘til I die!

(okay, different, but a great documentary series worth watching: https://en.wikipedia.org/wiki/Sunderland_%27Til_I_Die )

[OldPhiKap]

The corollary to that are those who claim to be "curious" or "asking lots of questions" who are constantly looking for a new narrative to displace established ways of looking at things not because they are smarter than others (though they think they are) or are truly curious (I'm all for asking good questions) but because various charlatans and hucksters have told them the current system doesn't work for them, established institutions like the government and "mainstream media" are lying to them, and they need to find another answer that will confirm this fact.

The most popular “news” pundit on television makes a living doing this, surely, he’s not a charlatan….

I mean, I’m just asking the question.

[OldPhiKap]

You ain't gonna learn what you don't want to know.

You are right from your side,
I am right from mine . . . .

[OldPhiKap]

“Confusion Prince is at my door
The crown I wear is the one he wore
He's here to bring me down some more
And bend my mind”

[Section 15]

You are right from your side,
I am right from mine . . . .

I don't think I'll ever "get" crypto. I guess

I'm one too many mornings
And a thousand miles behind

[OldPhiKap]

I don't think I'll ever "get" crypto. I guess

I'm one too many mornings
And a thousand miles behind

It's a restless hungry feeling
That don't mean no one no good
And ev'rything that I'm sayin'
You can say it just as good….

[Section 15]

It's a restless hungry feeling
That don't mean no one no good
And ev'rything that I'm sayin'
You can say it just as good….

Why, thank you!

[OldPhiKap]

Why, thank you!

Don’t get too big for your britches though, or I’ll bust out some Idiot Wind. . . .

;-)

[Wheat/"/"/"]

Wheat, did you read any of the links I posted in my most recent post? Because I actually read both of yours, though they did nothing to change my mind or address anything in my links. Your initial "nasdaq" article (really just a re-print / cross-publish from Bitcoin magazine) talk of channel capacity was a big "so what?".

I did read those links and they bring up issues that are currently being addressed by the developers in this emerging technology…..as far as I can tell with my research.

There’s not a perfect monetary system out there, just yet. I’ll grant you that.

[Wheat/"/"/"]

Problem with the content:

At the start it claims BIS meeting of all 63 members is rare and only in times of crisis. FALSE. BIS actually has an annual meeting...wait for it...EVER YEAR.
https://www.bis.org/events/agm_info.htm


They also hold bimonthly meetings in...wait for it...Basil.

If you are starting off with a falsehood everything that follows is suspect (also he's from Hackney but that's my personal prejudice). This whole video plays on fears and conspiracies to generate views. Also if anyone equates central banks ensuring liquidity as "money printing" they are...to be kind...uniformed. Central bank monetary policies expand and contract the money supply so both "printing" and "burning." It's a two way street.

I’m not here to defend the accuracy of some “Guy” on YouTube. I posted his videoed thoughts because it should make us all consider the possible problems to come with CBDC’s.

We are entering new territory when it comes to new forms of digital money. There are some serious concerns out there.

“ A majority of the commenters were specifically concerned about the risk to financial privacy, the risk of financial oppression, and the risk of destabilizing the financial system.”

[Kdogg]

I’m not here to defend the accuracy of some “Guy” on YouTube. I posted his videoed thoughts because it should make us all consider the possible problems to come with CBDC’s.

We are entering new territory when it comes to new forms of digital money. There are some serious concerns out there.

“ A majority of the commenters were specifically concerned about the risk to financial privacy, the risk of financial oppression, and the risk of destabilizing the financial system.”

By posting it you give it, at minimum, an implicit endorsement. It's disingenuous to provide the video without any verification of the information or at least a disclaimer especially for a video that starts off with misinformation (in this case a flat out lie) and then further peddles conspiracies about central banks wanting to control your grocery purchases. It's also dangerous and opens a rabbit hole where at the end someone will start to believe the world is flat.

I think I've made it clear than I am not anti-Bitcoin or anti-crypto or anti-digital what's to come. What I am is a realist and a skeptic that's against misinformation and preying on people's fears, emotions and nescience. I can't defend the whole of the internet but I can plant a flag here and defend this small corner of it. And honestly this place probability doesn't need it. We are a unique community that's probably not prone to being mislead. I just want people to understand what Bitcoin is...the risks...the mechanics...the potential...the consequences...the pitfalls. Most of the information (especially YouTube but also TikTok, Telegram, etc.) all herald it as some hypothetical dystopian savior. That's not it.

[Jeffrey]

I can't defend the whole of the internet but I can plant a flag here and defend this small corner of it. And honestly this place probability doesn't need it. We are a unique community that's probably not prone to being mislead. I just want people to understand what Bitcoin is...the risks...the mechanics...the potential...the consequences...the pitfalls. Most of the information (especially YouTube but also TikTok, Telegram, etc.) all herald it as some hypothetical dystopian savior. That's not it.

Strongly agree!

In general, I believe the DBR community does an excellent job addressing bogus and misleading posts and posters. This is a very important subject (financial security) and this thread should be no exception.

[Jeffrey]

“Confusion Prince is at my door
The crown I wear is the one he wore
He's here to bring me down some more
And bend my mind”

“The friendly stranger call my name
He only wants me for his game”

[Skydog]

Bitcoin at it’s essence is just a method to move numbers around. Nothing more, nothing less.

Those numbers, unlike a dollar, have no intrinsic value. Any value they have depends completely on the stories that are being told about the numbers. Stories that need constant reinforcement via proselytizing or else they collapse into the nothingness they are.

Prove me wrong.

[bundabergdevil]

Bitcoin at it’s essence is just a method to move numbers around. Nothing more, nothing less.

Those numbers, unlike a dollar, have no intrinsic value. Any value they have depends completely on the stories that are being told about the numbers. Stories that need constant reinforcement via proselytizing or else they collapse into the nothingness they are.

Prove me wrong.

Does a dollar have intrinsic value? It has a face value and a relative value but no intrinsic value (in and of itself).

[OldPhiKap]

Does a dollar have intrinsic value? It has a face value and a relative value but no intrinsic value (in and of itself).

It may be a fiat currency, but it is backed by the full faith and credit of an extremely robust economic engine.

[bundabergdevil]

It may be a fiat currency, but it is backed by the full faith and credit of an extremely robust economic engine.

Sure, and that’s what I meant to imply with it having a face value (assigned by the government) and relative value (assigned by the markets and time).

Bitcoin has relative value but no intrinsic or face value.

[Skydog]

Does a dollar have intrinsic value? It has a face value and a relative value but no intrinsic value (in and of itself).

By law, in the US cash has to be accepted to pay any debt you owe, public or private. A merchant can refuse dollars in payment for an item but if you owe the merchant (or the government) he/she/they cannot legally refuse payment in dollars. The legal tender law gives dollars value backed by our judicial system and law enforcement agencies. The dollars value for debt payment is not dependent on youtubers and celebrities convincing us it has value.

[OldPhiKap]

By law, in the US cash has to be accepted to pay any debt you owe, public or private.

Yeah? Try paying your income tax in pennies.