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Bitcoin hits record high as Trump vows to end crypto crackdown
(arstechnica.com)
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this post was submitted on 13 Nov 2024
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Every time the price spikes I get the feeling its large holders cashing out while they can and the liquid from newcomers is available. Which would make it mostly a scam, kinda like the stock market but even more shallow somehow, as if the stock market wasn't unrelated enough to actual production and very esoteric.
It really depends on the community you're talking with. In the Bitcoin community that would not surprise me in the least if it's just big holders dumping on little holders to cash out for fiat. In the Monero community however that's totally different because they want to use it as actual money. They, and I include myself in this category, believe that the government should absolutely not have control of our money supply that they can manipulate at any time for any reason or no reason at all and make everyone less wealthy, with the exception of those who they choose to give "government contracts", "incentives" or "subsidies". This is why the libertarians say that taxation is theft because they tax you on your productive hours of your life and call it an income tax and then they give it to the people who they choose to flatter and leave you homeless and shit.
ok but why not gold or silver then? also obviously without currency controls all modern countries would have drastically smaller economies.
The settlement time. Gold and silver don't work well as currency if you need to settle over long distances quickly. So like I cannot send Amazon and ounce of silver to buy a product easily. But I can send them Monero with a few clicks of my keyboard. Almost instantaneously. Lynn Alden, who is an economist, basically says that the invention of the telegraph broke gold and silver as money, because transactions could happen at the speed of light, but settlement could still take weeks, especially if, say, the United States was paying, I don't know, the UK or something.