Cryptoflation - eviltoast
      • Gigan@lemmy.world
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        11 months ago

        He might have confused it with interest rates. Not sure what inflation rate is right now, but it was over 7.5% for awhile.

        • TootSweet@lemmy.world
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          11 months ago

          Do you see Bitcoin more as a currency (like, something that will revolutionize how you pay for groceries) or as a security (as in “hodl”?)

          If as a currency, how do you foresee it overcoming its scalability problems? If as a security, how do you think people will continue to have faith in it such that its price won’t go in the next few years to (roughly) zero?

          • Gigan@lemmy.world
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            11 months ago

            I treat it like a security for now. I’d like to use it as a currency at some point in the future after it has more widespread adoption. I see it kind of like the internet in the late 80’s/early 90’s right now.

            I’m not an expert on the technical hurdles, but I think the lightning network can resolve most scalability problems.

            I can’t speak for everyone, but I have faith it won’t go to zero because I think it solves a real problem and that people find it useful. As a crypto it is unique because it has first mover advantage and is completely decentralized. And the longer it’s around, the less likely it is to go to zero.

              • Gigan@lemmy.world
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                11 months ago

                It’s secure and it’s decentralized. No other currency offers both. If you don’t mind trusting banks and governments to manage the money system its not a big deal. But when they fuck it up, it’s the average person that suffers. Taking that power away from them is good for humanity in my opinion.

                • Flying Squid@lemmy.world
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                  11 months ago

                  Now let’s talk about how good for humanity its carbon footprint is.

                  Bitcoin—the world’s oldest and most popular form of cryptocurrency, with a total market value that topped $1.3 trillion—now eats up half a percentage point of all the electricity consumed in the world. That puts it on par with the usage of the entire country of Sweden. In fact, Google could power all of its global operations on that amount of energy, seven times over. In comparison with more traditional online banking, a single bitcoin has the same carbon footprint as 330,000 credit card transactions.

                  https://www.nrdc.org/stories/crypto-has-climate-problem

                  Note, that’s from February of 2022. The problem has only grown since then.

                • Honytawk@lemmy.zip
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                  11 months ago

                  It isn’t secure: web3isgoingreat.com

                  And decentralisation is not something you want from a currency. All money used to be decentralised. Now we are encountering the same issues with crypto as we have had in the past with real money.

                  It is basically reinventing the wheel while claiming wood is the better material for the spokes.

          • GortexGary@lemmy.world
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            11 months ago

            I doubt zero will happen ever at this point. Too many businesses are holding it as a store of value for that to happen.

        • 768@sh.itjust.works
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          11 months ago

          Don’t spread F-U-D here. You’re lowering the value of my humoristic investment.

    • M137@lemm.ee
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      11 months ago

      It’s extremely funny that you thought that was a valid reply. The level of stupidity and ignorance is astounding.

        • hoshikarakitaridia@sh.itjust.works
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          11 months ago

          I mean you gotta be realistic: investing in crypto is either gambling or getting scammed. Bitcoin is probably more stable than most other coins but that doesn’t mean it’s not a gamble. And volatile = gambling assuming you’re not an omnipotent being.

          TL;DR don’t invest in crypto. Any crypto.

          • Gigan@lemmy.world
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            11 months ago

            If I’m being realistic, I’m not all-in on bitcoin. I have a variety of investments. But bitcoin is beating them all, by a lot. If you plan to invest in bitcoin and cash out in a few months for a profit? Yeah, that’s a gamble. But long term I think it’s a safe bet.

            • Long enough term, it’s guaranteed 100% loss though, you just feel like you’ll know when to pull the trigger. I divested everything when I 10x’ed my money… when Bitcoin were $1k each. I realized that that ride is a fucking roller coaster and I didn’t want on it. Do I wish I had $500k worth of bitcoin right now? Hell yeah, but fuck me if it couldn’t have gone the other way.

              • SuckMyWang@lemmy.world
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                11 months ago

                Isn’t regular money the same? I mean isnt it down 99% in 100 years or something?

                • Dewded@lemmy.world
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                  11 months ago

                  Depends on your currency.

                  USD or EUR? Probably more like 20-40%.

                  Venezuelan bolivar? 99% is a pipe dream.

                  • SuckMyWang@lemmy.world
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                    11 months ago

                    Since 1913 the US dollar has lost 96.8% of its value. So yes 99% in 100 years was incorrect