BCan

Moving over from the 5 year market outlook thread. Orange pilling only…no sshhiittcoins.

Gooner

This is the problem. To keep it secure you have a hard time keeping it accessible. What if my cold wallet is on me when I die in a car crash. How does my currency live on? If there is a finite supply, circumstances could create permanently lost bitcoin.

Again I’m not saying it’s not viable as a value holder, just not a replacement currency.

gloopy

You don't need your wallet on you, nor do you need it to even physically exist. You can physically destroy it right after creating and funding it. All you need are the seed phrase words. You can memorize them or write them down. Share with as many or as few people as you want. You can also overlay as strong a password as you want on top of it. You can also have multi signature phrases where you need them all to have access.

The concept of "lost coins" is a feature not a bug for the overall system. The more you lose, the more the rest on the network will represent. It's already assumed that there are a couple million lost coins. The 21 million potential supply and its scheduled rollout (and the incremental division down to so many decimal places) was built on that assumption anyway.

Gunfighter

Thanks for this week's new vocabulary term.

Currency in any form is a tracking mechanism for division of labor. It has been that way in every society as their economy advances beyond the barter system. Roman coins, Gold/silver coins, GBP, USD, EUR, ILS, CNY and a hundred more have been used as a scoreboard for tracking division of labor. Rather than directly trade an hour of flying for three hours of car repair, we use currency for an intermediate exchange. With the exception of gold/silver coins (money) the fiat currencies can be systematically debased by their creator. Precious metals have the unique properties of scarcity and inherent value that can't be debased.

Along comes BTC, a currency with a guaranteed finite supply that mimics the scarcity property of gold. That feature means once all coins are in existence they will track the value of the goods and services they are divided among. In that respect it is a hedge against inflation from debasement such as 4 Trillion freshly printed Trump/Biden USD. It lacks the inherent value of gold or silver in a physical sense, so judge according.

The missing component, by design is the full faith and credit (ie military) of the national government behind the currency. There is tremendous power from inflating wealth out of the working class into the wealthy class, so replacing national currency with BTC is an unlikely proposiproposition.

At our income ranges it makes sense to own a little BTC along with gold, silver, brass and whiskey. I personally hold similar amounts of each and regularly consume the latter two.
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Nantonaku

So no ETH topics?

gloopy

Right. Although its worth noting that even gold as a currency has been debased. Romans would slightly reduce the amount of gold in coins thinking they could issue more for the same amount. We did that with silver (100% to 90% to 40% to 0%) even after FDR's illegal fake gold confiscation "executive order" (LMAFO what idiot would comply with that anyway?) followed by his immediate revaluation from $20 to $34 for those dumb enough to obey. Even now with paper gold manipulation/rehypothication etc most assume its paper price is well below its actual value when trying to get physical in hand (premium above spot can be significant at times as but one example).

Something similar even happens to Bitcoin, case in point is the insane plethora of "futures ETF's" that have been approved while spot ETF's, even with major players behind them, are intentionally stalled in the bowels of the system. Some smaller sovereigns have made some major moves making it an accepted currency and even western European nations and Canada have spot ETF's so they can only keep that crumbling dam up so long.

I agree that there's no way the current regime (regardless of who is in power any given cycle) with their Marshall Plan crack pipe fantasies of global empire and world order will ever willingly lay down their single biggest tool for wealth and labor redistribution from the poor and middle class to the rich and to themselves (the fiat monetary system) until the day it collapses. While it will 100% eventually, its very hard to guess when. In the meantime, proper diversification as you mentioned seems prudent to me as well.

BCan

my seed words are etched on a stainless steel plate…the plates are available for purchase everywhere. I keep the plate in a safe at my parents.
i have one additional password on top of the seed words.

that’s the BTC private key…I couldn’t care less about my hardware wallet.

BCan

everything you can do with ETH you’ll be doing on a BTC layer. But I don’t care…discuss!

PerfInit

Why do we continue to live under the current “slave/debt system”? The Private Central Bank aka Federal Reserve Note system is dying, intentionally due to inflation. “They” want total control over us and the monetary system. They have been successful since 1913.
Then in 1971, the Fed Reserve Note got de-coupled from Physical Gold, thus its value has steadily declined over the past 50+ years. Excited that our home value is rising? Its really that the value of the Federal Reserve Note is declining rapidly. “They” can’t control BTC since it is de-centralized currency and thus “they” tell us things like “BTC is used by criminals” and “BTC is too volatile”…. We will soon have a choice to make when the crisis hits. We must Choose wisely….

Gooner

So how is this different than just having an off shore account. Most of Crypto seems to be aimed at really replacing that space than a currency. Hence why administrative bodies fear it’s criminal and money laundering impacts.

There’s a reason criminals and sanctioned individuals deal in art and gold, hard to trace, hard to regulate/identify value. Sounds like crypto to me.