WTF is now wrong, all cryptos down?

[cherry]

isn't it beautiful that the optimal strategy is the simplest and most effortless? just accumulate what you can and watch the bad guys and latecomers do the job for you

But right there you just described the pyramid scheme. The price is held up by nothing but people's greed. Pyramid schemes are not reliable money-makers.

 

[void]

But right there you just described the pyramid scheme. The price is held up by nothing but people's greed. Pyramid schemes are not reliable money-makers.

it's not (only) greed - it's necessity and self-preservation that will make people convert the obsolete defective and misused stores of value to bitcoin - the "price" you're talking about is just a temporary concern and a relict

 

[W Fish]

But right there you just described the pyramid scheme. The price is held up by nothing but people's greed. Pyramid schemes are not reliable money-makers.

Besides what void said, historically the money with the least inflaion/debasement has always replaced the previous one with higher inflation.
Inflation has equaled easy to source, mine, make more of....
Generally a new, better money has always came along due to some technological advancement. And WHEN a new better money emerges that carries value better to the future, it is very far from just greed.
Its like one guy holding value in apples and the other in metal coins.

 

[369]

Only problem BRICS new currency and the final monetary system are also deflationary so the argument for crypto will be gone and other than bitcoin it won't be based on a ponzi

 

[cryptofriendly]

Only problem BRICS new currency and the final monetary system are also deflationary so the argument for crypto will be gone and other than bitcoin it won't be based on a ponzi

Let the the BRICS debut their currency first. As all currencies, these one too will be made inflationary in the end.

Until then, I see just BTC and metals as a store of value (and U308 maybe),

 

[void]

Only problem BRICS new currency and the final monetary system are also deflationary so the argument for crypto will be gone and other than bitcoin it won't be based on a ponzi

to create (good) money you need (absolute) scarcity which is extremely difficult to achieve and this property must be grounded in a permissionless decentralized manner/protocol - no centrally installed rule of law, even coercive enforcement can ever achieve that - rules and promises get broken - bitcoin solved this by the ingenious mechanism of projecting physical power (Joules per unit of time) to information

 

[JackAlabama]

Only problem BRICS new currency and the final monetary system are also deflationary so the argument for crypto will be gone and other than bitcoin it won't be based on a ponzi

no, whos gonna trust me bro brics currency over bitcoin? No one would, id rather have usd then.

 

[369]

to create (good) money you need (absolute) scarcity which is extremely difficult to achieve and this property must be grounded in a permissionless decentralized manner/protocol - no centrally installed rule of law, even coercive enforcement can ever achieve that - rules and promises get broken - bitcoin solved this by the ingenious mechanism of projecting physical power (Joules per unit of time) to information

Thats nonsense since bitcoin will fail.Why do i know it will fail ?Because the creators of bitcoin decided so when creating bitcoin.
You can belive it or not i do not care but beliving bitcoin is the solution to fiat is very naiv

no, whos gonna trust me bro brics currency over bitcoin? No one would, id rather have usd then.

People like you and me are irrelevant.
Big institutions are relevant and asian and african ones prefer BRICS anytime over USD.
You would also need to understand what a BRICS gold currency would cause.
Everyone not having a gold backed currency at the time BRICS will bring out their currency will have within two years high inflation and this is based on ecomeny and maths and there is no way to avoid it.
USD is backed by nothing.BRICS currency is backed by gold.
What does it mean ?
Since BRICS have an export surplus of over 2 trillion USD per year to the west and their currency is backed by gold it would mean that at status quo the west would lose within 2 years all its gold to BRICS to pay the negative diffrence to BRICS.USD won't be accepted anymore because BRICS currency is backed by gold and only gold will be accepted.
What does it mean ?
It means to not lose all your gold you need to close the surplus gap of BRICS.
How do you do that quickly ?
High Stagflation to put consume down
High Inflation on commodities like gold to make the surplus of BRICS based on amount of gold lower.
Start producing localy again.

And thats exectly the agenda of elite to stop world trading and go back to produce localy again.
When BRICS will implement the gold standard the west will add bitcoin into their new monetary system.
Ours will fail on purpose to create the second final monetary system via SDR linked to gold.
However the west going the route with bitcoin in their monetary system will first cause a massive never seen impoverishment in the west.
Never wondered why governmental staticstics like deagel only showed impoverishment in western countries but not in africa or asia etc ?
Now watch which countries will use the BRICS currency and which not and you will understand

 

[W Fish]

to create (good) money you need (absolute) scarcity which is extremely difficult to achieve and this property must be grounded in a permissionless decentralized manner/protocol - no centrally installed rule of law, even coercive enforcement can ever achieve that - rules and promises get broken - bitcoin solved this by the ingenious mechanism of projecting physical power (Joules per unit of time) to information

Exactly.
Because of this Bitcoin is the best money so far.
For a new money to replace or even compete with BTC, evolution must point to a fault in BTC (like not being scarce is only one of many of fiat) and technology must give the means of fixing that fault.

 

[diro]

For a new money to replace or even compete with BTC, evolution must point to a fault in BTC (like not being scarce is only one of many of fiat) and technology must give the means of fixing that fault.

let's hope so.