You hear it all the time. “The Bitcoin rabbit hole is bottomless”. If you’re like me, you’ve been obsessing about Bitcoin for years. The journey of understanding is a long one. There’s always a new “aha moment” where you unlock pockets of mind-altering information.
Bitcoin is a token, just like the dollar. There is no value but the value it transfers between users. Without value transfer, a token itself cannot be valued. Unlike the dollar, without use to renew its uniqueness, bitcoin has no value without users. It is the users who continue to impart value. Who owns that value creation? How does one properly price Bitcoin if it is not used in millions of transactions daily?
The paper dollar is impersonal and untraceable. Yes, its value can be deflated by government printing more, but contrary to claims Bitcoin can also be duplicated in unlimited supply.
The problem to be solved is controlling currency devaluation by more creation than represents value creation in society. We do that by requiring publicly traded companies to make a profit. Those who do expand currency in the process of converting borrowed funds to equity. Those who do not, default on borrowings and the default erases that amount of currency. What remains is currency thaat represents profitable contributions to society as determined by society. The dollar is intimately embedded in that system and is where it derives its token value.
To stop corruption politicians from devaluing currency, one must be politically alert and not vote them into office. Many of these people are conmen/conwomen i.e., sociopaths. They are gaming our good will , our good faith in humanity. We need to be more alert.
Bitcoin is no solution. It is made in a computer and not connected to human value creation as is the dollar.
Bitcoin is a token, just like the dollar. There is no value but the value it transfers between users. Without value transfer, a token itself cannot be valued. Unlike the dollar, without use to renew its uniqueness, bitcoin has no value without users. It is the users who continue to impart value. Who owns that value creation? How does one properly price Bitcoin if it is not used in millions of transactions daily?
The paper dollar is impersonal and untraceable. Yes, its value can be deflated by government printing more, but contrary to claims Bitcoin can also be duplicated in unlimited supply.
The problem to be solved is controlling currency devaluation by more creation than represents value creation in society. We do that by requiring publicly traded companies to make a profit. Those who do expand currency in the process of converting borrowed funds to equity. Those who do not, default on borrowings and the default erases that amount of currency. What remains is currency thaat represents profitable contributions to society as determined by society. The dollar is intimately embedded in that system and is where it derives its token value.
To stop corruption politicians from devaluing currency, one must be politically alert and not vote them into office. Many of these people are conmen/conwomen i.e., sociopaths. They are gaming our good will , our good faith in humanity. We need to be more alert.
Bitcoin is no solution. It is made in a computer and not connected to human value creation as is the dollar.