It's been a while since I posted, but with everything going on in the world, I felt compelled to revisit a topic that I’ve spoken about before: Bitcoin.

Years ago, many of us debated the potential of Bitcoin. Some were skeptical, others curious, and a few of us saw its potential to reshape the way we think about money. Now, more than ever, I think it's important to reflect on what makes Bitcoin unique and why it's increasingly relevant.

One of the key reasons I advocated for Bitcoin is its capped supply. Unlike fiat currencies, which can be printed at will, Bitcoin has a fixed supply of 21 million. No central authority can change that, and this built-in scarcity makes it a hedge against inflation and monetary manipulation. We see governments around the world printing money at unprecedented rates, and the value of traditional currencies declining as a result.

Bitcoin was designed to be different. It gives people control over their own wealth, independent of banks or governments. It’s not just a speculative asset; it’s a store of value that many are turning to in times of uncertainty.

I’m not here to say "I told you so" in any harsh sense. Instead, I want to encourage those who were once hesitant or dismissive to take another look. Bitcoin isn't just about getting rich quick; it's about protecting wealth in a way that no other system allows.

Looking forward to hearing your thoughts, especially in light of everything we've all been witnessing lately. I hope you are all doing well and living your best life. ❤️

Like any other currencies, it stop having values the day the system goes down and people need to fight against others for food and water. On paper it's good like paper money, coins and all the other means people use to do trades but the day we're going downhill (Which is going to happen sooner than expected), food and water sources will be the main currency and for that, you'll need to know how to fish/hunt/grow crops/take care of livestocks/defend your turf.

You're absolutely right that in a worst-case scenario, basic survival skills are essential. But Bitcoin's value lies in its role before we get to that poin, helping us protect and transfer wealth in a world where trust in traditional systems are failing.

What makes Bitcoin powerful in this scenario is its decentralized and anti-fragile nature. No single entity controls it, and it's not tied to the success or failure of any one government or economy. In times of crisis, traditional systems can fail, but Bitcoin’s decentralized network keeps it secure and accessible. It’s a system built to withstand chaos, providing a level of protection and resilience that no other financial system offers right now. While survival skills are crucial, Bitcoin offers a way to protect value in an increasingly uncertain world.

Don't let the end of the world stop you from living your best life right now.

This post was edited by datajunky on Sep 16 2024 03:41pm

Don't gloss over the negatives. You can't use Bitcoin in many places without reciprocating very sensitive information and government IDs to entities like Chinese exchanges. US SEC has treated Bitcoin and crypto unfavorably in recent years. Cryptocurrencies are the favorite transactional medium of scammers, and other financial crime actors. The network itself, while decentralized is still vulnerable to majority node attack vector. Bitcoin specifically not as optimal as newer crypto.


I like Blockchain, and advocate for it but let's not pretend it's without its plethora of issues.

Just a big ol' Ponzi scheme. Bitcoin doesn't exist, it's pixels that a computer screen says you have, and it has no government backing guaranteeing its value

When it crashes it will crash hard, until then if you own BTC it's up to you to make the judgement call whether you hold out for it going even higher before cashing out

Important to note: The only value Bitcoin has is that it can be traded for real money to people who want Bitcoin so they can hold onto it to hopefully trade for even more money. This is called a Ponzi scheme. There is no such thing as scarcity of a thing that doesn't exist.

How can Bitcoin protect wealth against a crash of fiat currency, when the only value it has is to be traded for said fiat currency? It's present value is derived purely as a speculative "asset" - people hoping to trade it for more fiat money than they paid for it.

/e it is absolutely tied to the economic well being of a country - if the internet or electricity stop being maintained it ceases to exist period

This post was edited by El1te on Sep 16 2024 04:24pm

One final post: The only reason you have made this thread is to convince other people to buy Bitcoin, such that the value of the Bitcoin that you yourself are holding increases in value. I will reiterate again as this is as clear as day: this is called a Ponzi scheme, where the people who are presently invested in the scheme seek to recruit additional investors, pumping up the value. You should have the decency to admit that.

I like the concept of bitcoin, but in practice I just exploit it. Buy some when there are rumblings among the normies, sell when the hype goes up, laugh when it ultimately collpases, wash rinse repeat.

Only thing I put my bullshit monopoly money into long term are index funds.

How many transactions per second does bitcoin do these days?
What is the fee structure?