Comments by "Mark Armage" (@markarmage3776) on "Coffeezilla on bitcoin maximalists | Lex Fridman Podcast Clips" video.
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@mirzabaig4711 I don't think you understand how economics and human behavior works, pal.
The world already has a store of value, that's in hard limited commodities that are reasonably well distributed. It's called gold and oil. Real things that people have confidence in for centuries, and with oil, decades to come.
Now the value of gold is actually full of make belief because it does nothing, but overwhelming majority of people believes in it and it has been used for hundreds of years.
That's why it's valuable. You believe in this fictional reality where Bitcoin will replace gold, but you give no reason why would anybody choose bitcoin over gold.
They possess the same characteristics, except that bitcoin is wasting energy way more than it should, so even if there's a replacement of gold as a store of value, it will be one of the alternative coins, that uses less electricity than bitcoin.
But they key is this, why would people choose a new store of value method that introduce instability to their lives? They already have one, right now. It's gold.
Proposing a new theory with absolutely no reason of why the theory is correct is just insane.
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@hipsonsogbo Keep it real, homie. Dogecoin or bitcoin or another kind of shitcoin.
It can't serve as a store of value because that depends on the value of belief. There's no reason for nearly 7 billion people around the world to wake up one day and say, hey, we already have gold and things but let's change it to bitcoin or any of the other shitcoin. The point of a store of value is that the confidence in it is stable, and that stable nature makes it very very unlikely they people just adopt a new one for no reason.
And it can't serve as a mean of transaction , at least bitcoin can not, is because it's reserves is unfairly distributed among's people. That's why in every kind of revolution against an unfair regime, the newly formed government issued their money instead of using the old currency. If it's not fairly distributed, it can not be used. Or at least, it has to be fairer than the current system, and it is not.
Bitcoin or dogecoin, altogether, they're just shitcoin.
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@hipsonsogbo That's another falsity. Gold can be moved easily already because in every single country, they have their own gold exchange and precious metal shop.
A store of value is supposed to be only used in the worst case scenario, so the "speed of transaction" is totally an unnecessary feature. Is that the best argument you can come up with?
Your baseless assumptions of bitcoin being a better system that will be integrated into society is laughable, because you have no argument to back it.
Bitcoin will never be used as the primary means of exchange, because it violates one of the first principle of money.
It's distribution doesn't fairly represent the value of labor among people. A bunch of useless people like you will be given infinite monetary power overnight for doing absolutely nothing, just because you hog a bunch of coin early. That's not going to happen, that's the human nature.
The only way a crypto currency can be accepted as a means of transaction is when a government adopts it, and the government only adopts it if it's in their favor, or their people's favors. As in it brings them back the same or more benefits than fiat. The US will have gone bankrupted 20 years ago if they can't print more money, why? Because that's the only thing the US can do when they promise endless social security programs to undeserving people. People believe in US military superiority and they believe the dollar will never fall. Because if America loses it's superiority and the dollar is rejected, there will be chaos around the globe that the value of currency is the least of your concern. You think printing money is bad? You don't understand society, kid. Printing money is the only thing keeping America alive. America is taking the global economy hostage with it's military intervention tactics, it's politic interferences tactics, all to keep the dollar important, so that they can print as many treasury bonds as they want because they know other countries need the dollar.
Legacy finance doesn't rob people, the people had voted on for legacy finance, and they will support it for as long as they could because to an overwhelming majority of them, the undeserving ones, without the ability to create infinite free money in the fiat system, there's no way they can keep the social security trap alive.
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@hipsonsogbo No, pal. In El Salvador they adopted it because it's El Salvador, it's a country that nobody really cares for and they elected a frat boy as President.
GDP is measurements of production power, not anything else, and El Salvador uses the dollars.
They accept Bitcoin but nobody in that country uses Bitcoin to price things, they're too poor for it. Anybody who uses Bitcoin for payment in the last year just lost 70% of their values. You can't use it as payment if their prices fluctuate by a few percent everyday.
So go learn some math, darling. El Salvador is the example of how you shouldn't be implementing cryptocurrency into the legal system.
It is unfairly distributed Because dummies like you probably hog a decent amount of them for doing nothing. And we don't have any intention of giving you great monetary power.
If you have to take El Salvador as an example, you're either really dumb or really desperate.
El Salvador is a transition to nothing, it's an example of a pipe dream gone wrong. The job of the government is to help the people, to bring education, healthcare systems, trade regulations. Accepting a new means of transaction does absolutely nothing for their country, the people are still poor and low level workers so go learn some math, pal.
That country is encouraging their people to pour the money they needed into speculative assets, there's nothing good about it. The ones who purchased Bitcoin in the last year lost most of their money, and they need every cent of it. It's not a rich country, it's El Salvador, not Monaco.
So go learn some math, pal. You don't understand the fundamentals of economics and human behavior, that's why you think the world will gladly give you infinite monetary power by adopting a means of transaction that creates absolutely nothing.
If there is a legal crypto means of transaction, it won't be your shitcoin.
If you don't like Dogecoin, how about shib coin? Limited amount, totally useless.
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@hipsonsogbo Again, the net gain of the total investors are zero
Just like the recently collapsed Luna tokens, FTT tokens, just because something is traded by a bunch of dummies do not mean they're in any way "valuable".
You're treating it as a commodity, and in commodity, there's a thing called bubble.
Your argument applies with Tulip flowers as well, because prices going up therefore you're always correct.
Do you see how sad that argument is?
Your argument of bitcoin forever was said when it's at 30 thousands, and then 50 thousands, and then it collapsed to 17 thousands. Who's the ignorant one when you're regurgitating arguments that you don't understand one bit?
Even the biggest Bitcoin believers Michael Saylor knows that Bitcoin is not a means of transaction. At best, it's a store of value, it's crypto property. unfortunately for him and for you, most people right now don't have enough money to store their values, they're racking up on debt. Bitcoin right now is a commodity, it's an unregulated securities, in the last year, it's down 64%, so pretty sure currently it's a horrible way to store your value. High volaitlity means it's gambling.
Go study some math, darling. You're a crippling gambling addict, nothing good can come of that.
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