I dont think btc is seen as money but simply as a store of value.
Not true. Look at the chart:
Consumer Price Index, 1913- | Federal Reserve Bank of Minneapolis
Historical data from the era of the modern U.S. consumer price index (CPI)
www.minneapolisfed.org
Inflation is not only due to monetary expansion.
More money than goods can have several causes. Monetary expansion is one of them.
A war in middle east would lead automatically to gas prices increases and inflation.
Dont know if capitalist systems are deflationary would have to look into it. It means people produce more than they consume.
The best systems i read are tally. You get money when you work. And exchange the tally. But dont know how this could translate into now.
It would mean something like everybody created their money. Of course government would need to have money.
Capitalist systems are deflationary over time because technology improvements allow things to be produced more cheaply over time. This is why consumer prices have risen at a slower rater then the rate of monetary inflation over time. Monetary inflation in the U.S.A. has averaged something around 7% in the U.S.A. since the federal reserve was created. Consumer prices have risen probably at something like 5% per annum. CPI would have risen at something like 3 - 4% per annum during that time period but it understates the reality of price increases. 5% is probably closer to reality but its hard to say exactly.
Store of value is one aspect of money. The medium of exchange and unit of account functions for Bitcoin will develop over time as its still a relatively new form of money.
Last edited:
For large transactions it is already fast enough. The speed of Bitcoin transactions if you are buying a property or sending money overseas, etc already beats the traditional financial system. And if you need to buy a cup of coffee you can use layer twos such as the lightening network to speed things up and compete with credit cards etc.
@magoo you are misinformed...I already send amounts from 1 sat to 1M sats anywhere in the world in a second or two. Try that from US to Russia with PayPal or Visa. Even US to Australia to send $600 cost me $35 in PayPal fees - if the guy had Strike or used Bitcoin it would have been $0.
@Australia Sucks you have a deep understanding of money, which is what one needs to understand Bitcoin.
I own 25 times more Bitcoin than I own gold.
But I own a little bit of gold as a hedge because there are two things I like about gold.
One it still has some industrial and consumer use so even if it gets demonetized by superior money (Bitcoin) in the future it still has some value. Therefore it has downside protection. If something superior ever comes along in 50 years time and demonetizes Bitcoin than Bitcoin will possibly go to zero as its pure monetary premium. It doesn't appear likely to happen in my lifetime but you cannot be 100% sure.
The other thing is that physical gold is physical which when the electric grid and mobile/phone grid goes down due to a crises situation EMP warfare etc you can still trade physical gold whereas anything digital will be harder to utilize. Hence it serves as a backup form of money. I also own a small amount of physical platinum, palladium and silver.
forabettertomorrow
Orthodox
My friends new news from russia, bitcoin mining banned for 6 years.
Bitcoin mining very bad for environment, they use all energy, so we ban mining. Also miner people usually very suspicious people.
In Russia soon we do not need bitcoin anymore our own cbdc begin on July 1 2025.
Russia again lead the world, this time in cbdc we are first country in the world to start cbdc on this big scale
My friends before I say this now this, mining for bitcoin is terrorism in chechnya
In Chechnya if you do mining they put you in prison 6 years.
My friends, miner people are not good people, very selfish. Sometimes no electricity in chechnya cities because they use all electricity for make bitcoin
If you live in USA I recommend doing this TODAY: you just need to timestamp a few records using opentimestamps.org
You do not send or submit anything to the IRS
You do not send or submit anything to the IRS
This doesn’t even feel like news anymore! Haha.
news.bitcoin.com
100,000 Signatures Away: How the 'Bitcoin Initiative' Could Redefine Swiss Banking – Bitcoin News
On Tuesday, Dec. 31, 2024, the Swiss Federal Chancellery confirmed its registration of the “Bitcoin Initiative.”
Platinum, diamond , and silver have similar qualities
JayR
Heritage
I just today (Jan. 1, 2025) returned from a holiday trip to find this post, and I never heard of this "Safe Harbor" stuff before now.
Am I now locked into FIFO accounting because I didn't get screenshots of all my wallets before the end of 2024?
This seems like a really important subject for Bitcoiners in the USA that flew completely under the radar.
Last edited:
They do not.
Yes, platinum is considered a conductor like gold, meaning it allows electricity to flow through it, although platinum is generally considered slightly less conductive than gold, with silver and copper being even better conductors than both of them
Platinum doesn’t rust, neither does diamond. You’ll see diamond tipped drilled because of their strength.
Copper and silver wires are both better conductors than gold. This is fact
Gold may be more malleable and scarce
Platinum doesn’t rust, neither does diamond. You’ll see diamond tipped drilled because of their strength.
Copper and silver wires are both better conductors than gold. This is fact
Gold may be more malleable and scarce
There are substances that share one or some of golds qualities but none that feature nearly as many of golds qualities, which is what makes gold unique.
Now please apologize to gold for the inexcusable slander.
I think if you can "prove" your cost basis with sufficient documentation, you can still use UTXO based cost basis or LIFO...or just coinjoin and/or never sell and simply use it as collateral for fiat loans.
I never plan on selling mine but it only took 10 minutes to do for future optionality...but I never plan on needing it, I assume you are in a similar situation and plan on never selling so I wouldn't lose much sleep over it.
Yes, it might harm the dollar...but the days for it are numbered anyway. In the end, there won't be a choice and the US will need to buy bitcoin. Will they buy it for $100k or $10M is the only question.
It is probably correct that there won't be a big announcement about buying bitcoin - in fact the best thing to do would be a secret executive order to buy.
Eventually, Russia, China, and gulf nations secretly buying will be all too obvious, and the US will need to follow suit (probably at much higher prices, and far fewer bitcoin.)