Tamworthram Posted Saturday at 13:53 Share Posted Saturday at 13:53 36 minutes ago, NottsRam77 said: No iv been discussing why financial system is broken and designed to keep us the average jo poor and how bitcoin offers people a chance to break/ escape that system.. and how and why it does that If u think im convincing then uv answered the above questions lol Well, not exactly. You've constantly preached about the virtues of Bitcoin v the traditional monetary system (which, I'm not sure is actually "designed" to keep the average Jo poor). Which is far enough. It's something you seem to feel quite strongly about. I really don't have a problem with that (hence the smiley face). The only thing I do have a problem with is saying "iv" instead of "I've", "u" instead of "you" and "uv" instead of "you've". 😀😀 (two smiley faces in case you think I'm being remotely serious). Link to comment Share on other sites More sharing options...
Stive Pesley Posted Saturday at 14:47 Share Posted Saturday at 14:47 40 minutes ago, Tamworthram said: the virtues of Bitcoin v the traditional monetary system (which, I'm not sure is actually "designed" to keep the average Jo poor). Correct - traditional monetary systems aren't "designed" to keep the average joe poor, but they are exploited by those in power to make sure that happens. BTC on the other hand is specifically "designed" to (in theory) not let that happen. Brilliant if it works, but even in the past 12 months we've seen the powerful finance corporations like Black Rock move in and start to hoover up as much BTC as they possibly can - hence my concern that this was not part of Satoshis model. He designed it to be a decentralized secure currency that was supposed to be resistant to manipulation in the way that traditional currencies are not. Mass institutionalised investors getting involved, essentially because they are chasing the same long term profits that the average joe is, could become very dangerous as it ties up the fortunes of BTC with the wider financial market and therefore will not be quite so immune to manipulation as the BTC model envisaged. For example they could exit all their bitcoin - causing the price to drop, then buy it all up again at a much cheaper price. Rinse and repeat Not saying that will happen but if I were a regular holder of BTC that's probably the thing I'd be most concerned about. Link to comment Share on other sites More sharing options...
NottsRam77 Posted Saturday at 15:47 Author Share Posted Saturday at 15:47 1 hour ago, Tamworthram said: Well, not exactly. You've constantly preached about the virtues of Bitcoin v the traditional monetary system (which, I'm not sure is actually "designed" to keep the average Jo poor). Which is far enough. It's something you seem to feel quite strongly about. I really don't have a problem with that (hence the smiley face). The only thing I do have a problem with is saying "iv" instead of "I've", "u" instead of "you" and "uv" instead of "you've". 😀😀 (two smiley faces in case you think I'm being remotely serious). Im sure you’ll get over it 😉 lol Link to comment Share on other sites More sharing options...
NottsRam77 Posted Saturday at 15:51 Author Share Posted Saturday at 15:51 (edited) 1 hour ago, Stive Pesley said: Correct - traditional monetary systems aren't "designed" to keep the average joe poor, but they are exploited by those in power to make sure that happens. BTC on the other hand is specifically "designed" to (in theory) not let that happen. Brilliant if it works, but even in the past 12 months we've seen the powerful finance corporations like Black Rock move in and start to hoover up as much BTC as they possibly can - hence my concern that this was not part of Satoshis model. He designed it to be a decentralized secure currency that was supposed to be resistant to manipulation in the way that traditional currencies are not. Mass institutionalised investors getting involved, essentially because they are chasing the same long term profits that the average joe is, could become very dangerous as it ties up the fortunes of BTC with the wider financial market and therefore will not be quite so immune to manipulation as the BTC model envisaged. For example they could exit all their bitcoin - causing the price to drop, then buy it all up again at a much cheaper price. Rinse and repeat Not saying that will happen but if I were a regular holder of BTC that's probably the thing I'd be most concerned about. Agree re institutional investment / manipulation being a concern… on the flip side it brings more money, more validity and more publicity to the space so its a double edged sword in my opinion re keeping us poor. Genuine question have you ever stopped and wondered why we have inflation and are told to expect everything to go up in price over time and not down. i mean technology is forever improving and we’re able to do things way more efficiently than 10 , 20 ,30 years ago so say in retail and v leymans example..instead of having lines of cashiers on min wage we now have lines of automated scanning machines with 1 guy over seeing 20 checkouts.. one lot of min wage but ur shopping is more expensive than it was 2,3,4,5 years ago similarly this kinda thing would be mirrored across the whole production line from Field to shelf… more machines , less people faster , cheaper, more efficient so if were able to produce things more efficiently why do they keep going up in price? because deflation would cause a 2008 style financial crash becuase the whole system is built on ……….. prize for the missing word lol Edited Saturday at 16:03 by NottsRam77 Link to comment Share on other sites More sharing options...
Stive Pesley Posted Saturday at 17:16 Share Posted Saturday at 17:16 1 hour ago, NottsRam77 said: becuase the whole system is built on ……….. prize for the missing word lol Is it "greed"? Inflation is a lot more complicated than just costs vs price though. Supply and demand for example - but I get your point. We may stray into politics, but under capitalism if someone can increase their profit margin then they will. That's the rules. Something costing less to make/provide will very rarely result in the price going down, if demand is high. Although BTC is designed to be deflationery it remains to be seen how the economics of supply and demand will work out if BTC ends up being the new transactional currency. Given that we've never had a modern society run on a deflationary finite currency before, it could get interesting! Link to comment Share on other sites More sharing options...
NottsRam77 Posted Saturday at 18:46 Author Share Posted Saturday at 18:46 (edited) 1 hour ago, Stive Pesley said: Is it "greed"? Inflation is a lot more complicated than just costs vs price though. Supply and demand for example - but I get your point. We may stray into politics, but under capitalism if someone can increase their profit margin then they will. That's the rules. Something costing less to make/provide will very rarely result in the price going down, if demand is high. Although BTC is designed to be deflationery it remains to be seen how the economics of supply and demand will work out if BTC ends up being the new transactional currency. Given that we've never had a modern society run on a deflationary finite currency before, it could get interesting! Tbf … it could quite easily be greed lol The word is debt the great race to the bottom, as long as your not last your winning … kinda .. what a way to live lol Edited Saturday at 18:47 by NottsRam77 Stive Pesley 1 Link to comment Share on other sites More sharing options...
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