Cryptoflation

I once bought 0.0167 BTC at close to 1 BTC = 30k USD evaluation, I was able to sell it for double the value in late 2021, bought some really nice groceries that month. Looking at the 5 year chart it looks like I couldn't have sold at a better time, lmao.
- Good going. Nice groceries are under appreciated. But the watching fresh veggies cook is considerably therapeutic
- You could have sold now since it's 42k now.
  
  I love the future of cryptocurrency where bread will cost 1BTC today and 0.1BTC tomorrow and 10BTC the next.
  
  but 42k is lower than 60k

October’s 12 month inflation rate was 3.2% trending downwards…
- This image is almost two years old.
  
  Isn’t bitcoin up 130% for the year? I’m confused

They had me going in the first half, not gonna lie.

Don't Buy Bitcoin. It's Going To Crash!!!
- what's funny is it will crash if nobody buys it.
  
  What’s funny is you just discovered how supply/demand works. It applies to literally everything you can buy.
  
  No, it won't even go up if nobody buys it. It will instead stay the same value it currently sits at
  It will crash if everyone who still has some tries to sell it.

Holy shit only down 50% which hot crypto is that? I gotta invest, it's clearly gonna moon if it's not fallen 90% like others! Magical unicorn!!

Only half? Lucky.

Image Transcription: Twitter Post
Redacted
With inflation at 7.5%, you lose half your money in 9 years. The only way to outperform that consistently, that I have found, is crypto. Just this year I've already lost half my money.
- Thank you for the transcription! ❤️

Bitcoin is not about investment any more than Lemmy is. It is about decentralization that unfortunately has been viewed as an investment.
- The thing is that we don't want decentralisation when it comes to money.
  Money used to be completely decentralised in the past, there is a reason why we moved away from it.
  We are now re-encountering the same issues with cryto as we had in past with real money.
  For example our current system allows us to undo human mistakes, like accidentally sending money to the wrong address. With crypto, that just isn't possible.
  It is the same reason why so many crypto exchanges popped up, they are essentially the banks of crypto, who have control over the different transactions of their users.
  But because it is less regulated, tons of those exchanges are basically scams.
  To know how scummy they are, visit: web3isgoinggreat.com
  
  This is generally my take as well, though I think there may be a place for it, as another layer or for localised systems... I don't really know, I am not much of a financial person. I think it just needs to marinate a bit to find its niche, though. Monero seems cool for transactional stuff and I have played around with it a bit. It definitely has very limited use cases, though. I have a good friend who is an anarchist (defo not ancap, though) who is interested in this stuff, and I have chatted with her quite a bit about it, but I think she sometimes does not see the tech side clearly and I frankly think we need the somewhat fluid nature of our current systems as you mentioned more than we think. It's a cool idea anyway.
  Now, I admit I am stupid on this stuff and may be missing something (please correct me), but I am quite interested in ideas about regulating power and data aspects of cloud computing with it, however, maybe as a way to earn something for crunching while idle like Gridcoin; maybe for environmental reasons (less local hardware) too... Remember SETI, those old screensavers that looked for alien life in the 90s? That's where they are now. The projects that they have whitelisted are super interesting: https://gridcoin.us/guides/whitelist.htm I think that there are others like this too, but I have not gone down that rabbit hole. Even for just a closed circuit like universities, government-wide public services (large-scale GIS and flood modelling in underfunded areas!), NGOs, etc... I am less convinced about how people are trying to implement it with AI stuff or any kind of daily retail, currently anyway. Anyway, that is where my brain has gone with that one. I played with Gridcoin, and it was a fun little experiment, but I didn't want to fiddle around fixing it after something broke. It isn't monetarily really worth anything, anyway.
- Lemmy being decentralized is a solution to a problem that exists: media companies start nice and then fuck their users when they have enough of them. Decentralization means that acquiring that much power to rug pull is way harder.
  Bitcoin has been forever a solution without a problem. The concept of Bitcoin doesn't make sense, the execution of it even less. So the only use it has is taking advantage of techbros' hopium that one day an actual problem will be solved by Bitcoin.
- monero is a better option in this case
- Bitcoin doesn't even do the job of decentralization very well either. The blockchain is controlled by the wealthy miners with warehouses full of asic miners. Monero is a better cryptocurrency for that reason.
  
  I thought Monero was just for buying drugs
  
  Miners do not control the blockchain though.They just offer to verify transactions and maintain the blockchain. They have no control over the price, the algorithm, the supply etc. not saying Monero is not a good choice too.

Username checks out.
- Yeah, with a name like ~~redacted~~ talking about crypto losses just makes sense! /s

And then tomorrow it'll triple

This is good for bitcoin

Feb 22
- ominous

Bitcoin is up almost 150% this year.
- Now do 2 years
  
  It's down about 7% from December 2021.
  
  I mean, the joke is being posted in 2023. Losing half in 2023 would mean you were trading not investing.
  The joke is also from 2022 when it could be easily true.
  The joke only mentions a year.
  
  And then do 10 years
- And inflation is not 7.5%
  
  It was 7.9% in February of '22
  
  He might have confused it with interest rates. Not sure what inflation rate is right now, but it was over 7.5% for awhile.
- S-C-A-M-Μ-E-R A-L-E-R-T
  dudud (insert funfair voices and sounds)
  
  Bitcoin is not a scam. Most other crypto is though.
- It's extremely funny that you thought that was a valid reply. The level of stupidity and ignorance is astounding.
  
  Please enlighten me then.

prib