• 1 Post
  • 31 Comments
Joined 2 years ago
Cake day: June 16th, 2023
  • ___@lemm.eetoOpen Source@lemmy.ml•The Death of Decentralized Email
    21·
    9 months ago

    That value was increased initially through usage as countries adopted ATMs and online retailers accepted bitcoin. This obviously reduced the supply due to increased demand. Then the speculators started buying it up making it even more scarce.

    It has a fixed amount. It’s normal to rise in value as it becomes more useful for either transacting, holding value, or making money through speculation. You can’t compare it to a 300 year old dollar which was unpegged from gold and has the US economy/government backing it now.

    The dollar is also manipulated, but the effects are less pronounced due to the sheer amount in circulation around the world. Some of the effects are also thrown on other economies through the Forex markets too. If bitcoin were as ubiquitous as the $, it wouldn’t be easy to manipulate either. It’s like having your own coin with only 100 physical coins in circulation. All someone has to do is buy a bunch and refuse to sell and the value rises for the uninformed.

  • ___@lemm.eetoOpen Source@lemmy.ml•The Death of Decentralized Email
    15·
    9 months ago

    No tech is perfect. And the current bitcoin is not the same as the original client. It has been modified to allow for abuse and control. The fact that we allow this to take place is more a reflection of our governments aiming to control it than any inherent property of the currency.

    Big banks would have far less control if you couldn’t print sanctioned currency to buy as much bitcoin as they want to play with the value set by sanctioned exchanges.

    I agree that bitcoin is capitalist like most monetary bills in a free market. I disagree it’s more capitalist than what we have now. It’s just being propagandized and veiled from the underlying technology to make it seem so.

  • ___@lemm.eetoOpen Source@lemmy.ml•The Death of Decentralized Email
    27·
    9 months ago

    By design, it will slowly stop inflating at the snails pace it does vs unpegged paper currency.

    A central bank regulating where money is printed and to whom it’s distributed at what contrived rates is horrifying. It’s also the default in most of the world.

    You can trade bitcoin and use it as a currency in a non-capitalist market. The fact that it has been abused and traded into stratospheric value is a result of manipulation, sanctioned exchanges, and propaganda.

    Bitcoin just allows you to write debits and credits on a distributed, verified, ledger. That’s it really. How the market is regulated is on the people, not the technology. There is nothing inherently capitalist about the technology other than allowing any individual to trade value with another in a free market manner. You would be trying to escape supply and demand dynamics to remove that “capitalist” aspect of it.

    The power draw on the other hand… the first imagining of a digital decentralized and distributed currency was bound to have some problems.